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Newbie trader needs help deciding
Started:April 28th, 2012 (05:55 PM) by DavidK Views / Replies:607 / 3
Last Reply:April 28th, 2012 (06:50 PM) Attachments:0

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Newbie trader needs help deciding

Old April 28th, 2012, 05:55 PM   #1 (permalink)
Elite Member
Orange County
Futures Experience: Beginner
Platform: TOS
Favorite Futures: TF, Currency
Posts: 13 since Mar 2012
Thanks: 4 given, 2 received

Newbie trader needs help deciding

Hello everyone,

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 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.

Last edited by DavidK; April 28th, 2012 at 06:19 PM.
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Old April 28th, 2012, 05:55 PM   #2 (permalink)
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Old April 28th, 2012, 06:19 PM   #3 (permalink)
Elite Member
desert CA
Futures Experience: Intermediate
Platform: NT7, TOS
Broker/Data: AMP/wCQG, TDA
Favorite Futures: CL,YM
Posts: 1,994 since Jul 2011
Thanks: 2,171 given, 1,498 received

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 would very much recommend listening to this webinar before starting out:

my journal notes on the webinar:

GLGT (goodluck&goodtrading)

Last edited by Cloudy; April 28th, 2012 at 06:44 PM.
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Old April 28th, 2012, 06:50 PM   #4 (permalink)
Elite Member
Orange County
Futures Experience: Beginner
Platform: TOS
Favorite Futures: TF, Currency
Posts: 13 since Mar 2012
Thanks: 4 given, 2 received

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.

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