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After looking through various threads (optimus, amp, etc) I still can't decide whats best for me.
About me:
First live account and I will be putting in $10,000.
I am going to be mainly trading ES ( generally 5min and up....no tick charts) and 6E (5min intra and 4H swing)
On a mac..but possibly/most likely running Ninjatrader on Parallels if I have to
I do not want high commissions (seems like $5 roundtrip is the norm for the popular brokers?)
I trade naked...price action and S/R .. dont need fancy indicators and such
I will appreciate if the more knowledgable people can help with my indecision.
I'm sure I'm speaking for many wishing I was in your position starting out for the first time knowing what I know now. If this is the first time you're starting out live, for 10k maybe find a non MT4 forex broker and platform. FT71 recommends 15k per 1 contract for a futures account.
The main problem is averaging in instead of stopping out. I think one must learn to manage stops and learn to take stop losers in a stop management strategy on a live account to help prevent losing all of one's trading funds. I still have a hard time stopping myself from averaging in. My earlier goal was to stop averaging in more than once , but I did it again twice more last week. If you've been practicing sim without averaging in and sticking to stop-outs , then that's great because you've practiced not averaging in. Once averaging-in, it's a bad habit to shake. Maybe the only justification for averaging in is when one is an "advanced" experienced trader and is actively using half of one's normal contracts initially if there's any justification at all with some method.
"averaging in" is adding leverage by adding more contracts in a losing trade i.e. "doubling down". What they call not wanting to be "wrong" instead of preserving capital. Which is a psychological paradox hard to train one's mind through in live trading. The temptation to leverage in order to lower the break-even point is very strong especially on a losing day session. Not saying absolutely you may run into this problem but over-leveraging in seems to affect > 50% of all new traders.. A real life institution example is MF global which over-leveraged over 30x according to news and they had put funds in England because the rules were relaxed there in that they could use ways to over-leverage their bet even more. (all the while drawing more funds where they could get away with including the infamous 1.6 bill of segregated customer funds!)
I listened to this webinar again for the 2nd time. I was astounded to realize more details I hadn't registered before. This guy had said he started trading sim futures for two years. But 8 months before …
Thanks for the advice and will definitely watch the webinar..but to be clear you are recommending me to trade forex until I have $15,000? =\ Pretty set my eyes on trading futures only.
I was also fortunate to make all the major mistakes when SIM trading. (I never add to losing positions anymore and have been humbled by the market when overleveraged) Will only trade 1 contract for every $10,000 and will gradually increase size as my account grows (assuming everything goes right ) and hard stops at the beginning of every entry.
Hi all i am currently on TOS. Trying to shift to NT8
The bad experiences: its very limited in programming. its a scripting language with very little help. I know NT has c# as a base so that helps
Tos is not able to add automated label to yesterdays high, RTHL , RTHH , ONL, ONH ect... can NT do it? I have to every day in the morning create an excel sheet to look at it manually because it hard to keep a track on many windows or charts that i have opened. I have to actually enter it manually all the values on all the charts i am looking at. Can NT do it automatically or you have to type the numbers in also if you have to type in all the number is there an easy way to recall it instead of typing it everytime
Volume profile can NT automatically identify Value area high and low
Can i draw volume profiles in min, hr or daily ect. ie that it looks similar to window trader
How easy is it to program?
and to share charts on tos i can share a link can you share a chart like the way you are looking at?
how good is the footprint is it as good as the market delta and what are the limitations
thanks a lot for all responses
I wrote a reply to you but then realised it was highjacking the original posters thread, forgot to scroll up, if he says its ok ill post my replay to ur question
call up each broker ur looking at and talk with them after you talk to each one you will know which one you want. Use the search feature in this forum to read threads already started about each one and then you can decided for yourself.
Thanks a lot, when i tried to submit it came up with all the suggested threads to post it in. So i choose the above instead of creating a new thread. I did not want to create my own I thought of it. but too many threads clutters the readability. Thanks though will wait for your response
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