ES ponential Journey - futures io
futures io



ES ponential Journey


Discussion in Emini and Emicro Index

Updated
      Top Posters
    1. looks_one GregLGTP with 11 posts (12 thanks)
    2. looks_two Coastline with 2 posts (4 thanks)
    3. looks_3 Narcissus with 2 posts (3 thanks)
    4. looks_4 Big Mike with 1 posts (3 thanks)
      Best Posters
    1. looks_one Big Mike with 3 thanks per post
    2. looks_two Coastline with 2 thanks per post
    3. looks_3 Narcissus with 1.5 thanks per post
    4. looks_4 GregLGTP with 1.1 thanks per post
    1. trending_up 2,732 views
    2. thumb_up 24 thanks given
    3. group 7 followers
    1. forum 19 posts
    2. attach_file 0 attachments




Welcome to futures io: the largest futures trading community on the planet, with well over 125,000 members
  • Genuine reviews from real traders, not fake reviews from stealth vendors
  • Quality education from leading professional traders
  • We are a friendly, helpful, and positive community
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts
  • We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community.  It's free and simple.

-- Big Mike, Site Administrator

(If you already have an account, login at the top of the page)

 
Search this Thread
 

ES ponential Journey

(login for full post details)
  #1 (permalink)
 GregLGTP 
Austin, TX
 
Experience: Beginner
Platform: NinjaTrader
Broker: NT Broker
Trading: ES
 
Posts: 121 since Mar 2015
Thanks: 258 given, 70 received

Greetings All,

I'm creating this thread as an absolute beginner wanting to learn (and, relatively soon, trade) the ES.

I'm focused on intra-day trading, larger than scalp timeframes but rarely an overnight. I'm not edgy enough to be a scalper and don't have the pockets for multi-day swing.

I have many, many questions to ask so this isn't a journal, but a place for me (and perhaps others) to ask questions, seek advice, and get some mentoring, direction, & constructive suggestions for trading the ES in the intra-day timeframe. I'm sure that some of the questions are probably already answered on the forum somewhere so Links will be appreciated.

A bit about myself:
I'm looking forward to the challenge of trading successfully. I tend to learn best via interaction and then taking what's been suggested and testing it out and validating. I'm skeptical of things that can't be quantified, but realize the value of intuition. I have been reading the forums and have taken a few of the suggested tutorial offerings mentioned in them. I find great value in informal education that involves reading and interaction followed by "playing around" with the concepts learned.

Purpose of the thread:
I'm at the point where I need to start asking questions about things I've read and don't feel I have a good grasp of the concept or technique. Soon I'll be opening a tradeable account so I can experience some of the learning at a low (1 contract) loss level. Those lessons will be considered tuition.

Invitation to participate:
I may enter more than one Question at a time, feel free to comment on anything - even if it's old. And, PLEASE interject your own questions - you'll probably ask something that I'm not learned enough to ask yet and we'll all benefit.

Special Invitation:
I'm hoping the successful traders & thinkers (such as @Big Mike and @tigertrader and @tturner86 and @Fat Tails and @PandaWarrior and @DionysusToast and @trendisyourfriend and so many more ) in the intra-day & swing timeframes will participate to provide insight, focus, & suggestions (and even reproof when needed) for me and others who may participate in this thread. For myself, I would really appreciate their advice.

Looking forward to the journey,-g

Started this thread Reply With Quote
The following 3 users say Thank You to GregLGTP for this post:

Journal Challenge April 2021 results:
Competing for $1800 in prizes from Jigsaw
looks_oneMaking a Living with the Microsby sstheo
(620 thanks from 61 posts)
looks_twoSalao's Journalby Salao
(162 thanks from 29 posts)
looks_3Learning to Profit - A journey in algorithms and optionsby Syntax
(115 thanks from 27 posts)
looks_4Deetee’s DAX Trading Journal (time based)by Deetee
(94 thanks from 30 posts)
looks_5Maybe a little bit different journalby Malykubo
(53 thanks from 32 posts)
 
Best Threads (Most Thanked)
in the last 7 days on futures io
I finally blew up an account
124 thanks
The Crude Dude Oil Trading System
85 thanks
Spoo-nalysis ES e-mini futures S&P 500
65 thanks
The tiyfTradePlanFactory indicator
31 thanks
Building a Crypto Mining Rig
19 thanks
 
(login for full post details)
  #3 (permalink)
 GregLGTP 
Austin, TX
 
Experience: Beginner
Platform: NinjaTrader
Broker: NT Broker
Trading: ES
 
Posts: 121 since Mar 2015
Thanks: 258 given, 70 received


For my first question, what do y'all (Texan plural you, very similar to the northeastern youseguys) think is the best set of chart timeframes for intra-day trading of the ES? Why?

I'm thinking 5 min for the smallest (entry and exit), 15 min for general management, and 120 min for overview. I also keep a set of really long charts on another monitor for general reminder for where things have been.

More Q's coming, but I'll try to feed them in one at a time (no guarantees on that point).

Started this thread Reply With Quote
The following user says Thank You to GregLGTP for this post:
 
(login for full post details)
  #4 (permalink)
 Narcissus 
Vancouver Canada
 
Experience: Beginner
Platform: Investor RT & Ninja
Broker: IB & IQ DTN
Trading: ES
 
Posts: 1,106 since Nov 2014
Thanks: 2,132 given, 1,653 received


GregLGTP View Post
Purpose of the thread:
I'm at the point where I need to start asking questions about things I've read and don't feel I have a good grasp of the concept or technique. Soon I'll be opening a tradeable account so I can experience some of the learning at a low (1 contract) loss level. Those lessons will be considered tuition.

The cheapest tuition for me is trading SPY ETF instead of ES. I highly recommend you save 25k or whatever is needed to day trade stocks rather than jumping into futures trading. (Lower Margin requirement for futures is tempting but often deadly). Sim trade by all means, but try to go live ASAP.

I recommend BigMike's original webinar about his trading evolution and FT71's trading psychology webinars.

I was a poorly disciplined swinger last year. Instead of fixing my weakness, I tried scalping this year but soon realised it was a sucker's game. Atleast for me anyways. I am back to swinging and use 1500 tick & 15 mins charts to refine my entries and use Market profile to select my areas. I would say the timeframe or the type of chart is very personal and often irrelevant. I aim for only 1 or 2 days a trade. You can read more about it in my journal.

I suggest you continue to follow other traders journals for your questions. Ofcourse all the successful and kind traders you mentioned do chip in with useful feedbacks but I wouldn't rely too much on their direct contribution due to their busy lives. I know it can be daunting at times (unbelievably huge useful info here) but it's well worth the time and effort you put in futures.io (formerly BMT).

Good luck on your long and hopefully successful journey.

Reply With Quote
The following 2 users say Thank You to Narcissus for this post:
 
(login for full post details)
  #5 (permalink)
 GregLGTP 
Austin, TX
 
Experience: Beginner
Platform: NinjaTrader
Broker: NT Broker
Trading: ES
 
Posts: 121 since Mar 2015
Thanks: 258 given, 70 received


Narcissus View Post
Good luck on your long and hopefully successful journey.

Thank you. I have taken the webinar you mentioned and read thorugh the thread of similar subject, but not yet FT71's material. I'll put that in the Queue of things to study. I'm currently working my way through Adam Grimes' TAAS course after doing his webinar and his book is next in the "to read/digest" list. Thank you for the reference. Several other books have made it into my list as well from some other "getting started" type threads.

I'm pretty sure I couldn't successfully scalp as I don't have that temprament. That's why the day-trade timeframe for me. If the ES isn't right for me, I will learn in due course. Perhaps over the course of this thread. At this time, however, the reading I've done seems to point me to the ES.

In the OP, I only mentioned TimeFrame, but I guess I should also have asked about Type (minute, vol, tick) and their associated periods as well. Thank you for making me think of that. I've been looking at the Minute charts, but I know that many look at Volume as well. Ditto for Ticks I'm sure. If you have a specific reference I'd love to look it up.

I'm reading as much as I can on futures.io (formerly BMT) and that every day. It's very full of info. Much more than I could fully digest in a short period. I'm hoping via this thread to get pointers to specific good stuff that's here related to the question as well to help focus what I should look at.

Started this thread Reply With Quote
The following user says Thank You to GregLGTP for this post:
 
(login for full post details)
  #6 (permalink)
 Narcissus 
Vancouver Canada
 
Experience: Beginner
Platform: Investor RT & Ninja
Broker: IB & IQ DTN
Trading: ES
 
Posts: 1,106 since Nov 2014
Thanks: 2,132 given, 1,653 received


GregLGTP View Post
I'm reading as much as I can on futures.io (formerly BMT) and that every day. It's very full of info. Much more than I could fully digest in a short period.

You seem to be on the right track and avoiding many typical beginner's mistakes. That's a great start.

Trading is no longer sprinting for me. It's more like bodybuilding. I try to be disciplined, consistent and gently push my limits with regular rests for the muscles to grow. Effort will produce results provided I give it time.

Reply With Quote
The following user says Thank You to Narcissus for this post:
 
(login for full post details)
  #7 (permalink)
street
Seoul South Korea
 
 
Posts: 14 since Jun 2014
Thanks: 0 given, 6 received

The best advice I can give newbies trading ES is to avoid going short overnight, and be careful going long at the open at 9:30 AM. And trade small, and don't have your stops too tight, because the market is choppy and if your stops are too tight, you will get chopped up for a bunch of losses.

Reply With Quote
 
(login for full post details)
  #8 (permalink)
 GregLGTP 
Austin, TX
 
Experience: Beginner
Platform: NinjaTrader
Broker: NT Broker
Trading: ES
 
Posts: 121 since Mar 2015
Thanks: 258 given, 70 received

I do understand that the ES is a cash settlement, but I'm unsure of exactly what happens. I've tried reading numerous articles and even the CME settlement process, but I remain unclear about what I have if I hold a contract to settlement.

So,

Supposing I Buy 1 ES Contract at a price of $2000.

And further suppose at settlement the price of the ES contract is $2100.

Who owes whom and how much?

Can you show me the math?

Started this thread Reply With Quote
 
(login for full post details)
  #9 (permalink)
 BarfMcGee 
Nashville TN/ USA
 
Experience: Advanced
Platform: IB
Broker: IB
Trading: ES
 
BarfMcGee's Avatar
 
Posts: 905 since Jan 2015
Thanks: 400 given, 965 received


GregLGTP View Post
I do understand that the ES is a cash settlement, but I'm unsure of exactly what happens. I've tried reading numerous articles and even the CME settlement process, but I remain unclear about what I have if I hold a contract to settlement.

So,

Supposing I Buy 1 ES Contract at a price of $2000.

And further suppose at settlement the price of the ES contract is $2100.

Who owes whom and how much?

Can you show me the math?

It's almost irrelevant because most brokers won't let you hold your contract to expiration. If you don't understand the process of delivery yet I would suggest not trading ES.

Reply With Quote
 
(login for full post details)
  #10 (permalink)
 GregLGTP 
Austin, TX
 
Experience: Beginner
Platform: NinjaTrader
Broker: NT Broker
Trading: ES
 
Posts: 121 since Mar 2015
Thanks: 258 given, 70 received



BarfMcGee View Post
It's almost irrelevant because most brokers won't let you hold your contract to expiration. If you don't understand the process of delivery yet I would suggest not trading ES.

I would have to agree with your two points.

I'd like to note, however, that I did already know that most brokers won't let you hold to expiration and that I'm not yet trading anything. I am still in discovery phase. The reason for the post is that I cannot seem to find this answer in a way I understand. Trying to relate a cash settlement to a truckload of pork bellies just hasn't clicked.

Education is The Point of this particular post. I would like to claify just what I'd have (loss, gain, and how much) if such a thing did happen. I'm trying to come to an understanding on the price I "buy" ($2000) with the value of the contract at that time (50*$2000 I believe) and what would be the numbers IF held to expiration. The price settlement in my example was $2100. Does that mean the contract is now valued at 50*$2100 ?

I can think, in my ignorance, of several different ending scenarios. I'd like to KNOW what the fundamental was and the fundamental I'm most concerned about is how much gain or loss would there be. I asked for math, if possible, because math is rather unambiguous.

Some questions:
  • When I buy a contract, am I buying a position in or a portion of a contract or am I buying the whole thing?
  • If I bought the whole thing for $2000 and it settled at $2100. Do I get $2100*50? That would be wonderful so I rather think not.
  • If I buy a position in/portion of for $2000 and it settled at $2100. Do I gain $100? If so, why talk about the 50* thing at all? This is exactly what happens if I buy and sell before settlement.
  • Did I miss it entirely? Thus the reason to ask for math to elucidate my understanding (or lack thereof).
Blessings,-g

Started this thread Reply With Quote
 
(login for full post details)
  #11 (permalink)
 Coastline 
PA
 
Experience: Intermediate
Platform: NT
Trading: ES
 
Posts: 27 since Jul 2010
Thanks: 265 given, 37 received


Quoting 
Some questions:

When I buy a contract, am I buying a position in or a portion of a contract or am I buying the whole thing?
If I bought the whole thing for $2000 and it settled at $2100. Do I get $2100*50? That would be wonderful so I rather think not.
If I buy a position in/portion of for $2000 and it settled at $2100. Do I gain $100? If so, why talk about the 50* thing at all? This is exactly what happens if I buy and sell before settlement.
Did I miss it entirely? Thus the reason to ask for math to elucidate my understanding (or lack thereof).

- In futures, you control a contract (as defined by the exchange). For the ES contract specifications, see https://www.cmegroup.com/trading/equity-index/us-index/e-mini-sandp500_contract_specifications.html

- I recommend thinking about the ES as price points, not dollar values. The ES contract size is $50 x the index value (which is currently around 2100.00 points). So, if the ES is trading at 2100.00 points, the value of one contract is $105,000.00

- So, in your example, if you buy the ES at 2000.00 and sell at 2100.00, your profit would be the change in the contract value, which is (2100.00 points - 2000.00 points)x$50 per point = $5,000.00. Keep in mind, that if you had first bought at 2100.00 (not sold) then exited (sold) your position at 2000.00, you would have a loss of $5,000.00.

- For the ES, volume and open interest tend to roll from the current contract month to the next contract month roughly one week prior to the contract expiration. The June contract is the current "front month". The June contract expires on Friday, 6/19/15. So, volume and open interest will likely roll from June to September around 6/11/15.

- As a "speculator" (as we all are), rather than a "hedger", you will need to roll your position (if holding overnight positions) to the next contract month, rather than hold to expiration.

Reply With Quote
The following 3 users say Thank You to Coastline for this post:
 
(login for full post details)
  #12 (permalink)
 GregLGTP 
Austin, TX
 
Experience: Beginner
Platform: NinjaTrader
Broker: NT Broker
Trading: ES
 
Posts: 121 since Mar 2015
Thanks: 258 given, 70 received

Thank you @Coastline. I appreciate your informative post & helping me shed light on my Grey areas.


Coastline View Post
So, in your example, if you buy the ES at 2000.00 and sell at 2100.00, your profit would be the change in the contract value, which is (2100.00 points - 2000.00 points)x$50 per point = $5,000.00. Keep in mind, that if you had first bought at 2100.00 (not sold) then exited (sold) your position at 2000.00, you would have a loss of $5,000.00.

Looking at the above and then re-reading my post I clearly goofed up the statement. Yes, 100 pt difference would be * 50 so it would be $5,000.00. Thank you for taking the time to make sure I wasn't totally off base. That would have been real painful. So much for typing a post when I've got customers around needing my attention.


Coastline View Post
For the ES, volume and open interest tend to roll from the current contract month to the next contract month roughly one week prior to the contract expiration. The June contract is the current "front month". The June contract expires on Friday, 6/19/15. So, volume and open interest will likely roll from June to September around 6/11/15.

Yes, If I understand correctly, Settlement is the Third Friday of the Quarter End Month. In June that would be 6/19. On the Thursday eight days prior to the settlement at 5pm (6/11), the next contract (ES 9-15) would become current. If I have an active overnight trade going that went from before 6/11 @ 5 pm to after 6/11 @ 5pm the trade would still stay in the (now old) ES 06-19 contract.

Is that correct so far? Particularly the time. The "Day" starts at 5pm in my understanding (Monday's Day starts at 5pm Sunday, Friday's Day ends at 4:15pm Friday).

I believe the Settlement refrences SOQ and so it's not really a Close or Open price.


Coastline View Post
As a "speculator" (as we all are), rather than a "hedger", you will need to roll your position (if holding overnight positions) to the next contract month, rather than hold to expiration.

I also understand that volume is going to drop to near zero and staying in is not a good idea.

But supposing I did hold to settlement? Do I have just the $5000? (50*2100)-(50*2000)? In otherwords a forced Sell at 2100?


Thanks again to all here ! -g

Started this thread Reply With Quote
 
(login for full post details)
  #13 (permalink)
 Coastline 
PA
 
Experience: Intermediate
Platform: NT
Trading: ES
 
Posts: 27 since Jul 2010
Thanks: 265 given, 37 received


Quoting 
Yes, If I understand correctly, Settlement is the Third Friday of the Quarter End Month. In June that would be 6/19. On the Thursday eight days prior to the settlement at 5pm (6/11), the next contract (ES 9-15) would become current. If I have an active overnight trade going that went from before 6/11 @ 5 pm to after 6/11 @ 5pm the trade would still stay in the (now old) ES 06-19 contract.

Is that correct so far? Particularly the time. The "Day" starts at 5pm in my understanding (Monday's Day starts at 5pm Sunday, Friday's Day ends at 4:15pm Friday).

I believe the Settlement refrences SOQ and so it's not really a Close or Open price.

The September and December contracts are currently trading now, but the volume and open interest in these contracts are much lower than the current front month (June). My reference to the week prior to expiration was just to highlight the fact that the highest values for volume and open interest tend to move to the next contract month around this time. So, one week prior to 6/19, you will see volume/OI falling in June and rising in Sept as traders roll their positions from June to Sept. The Thursday eight days prior to the settlement is not a hard date. It is just usually around this time when you see most of the roll activity. However, the June contract will continue trading up until expiration on 6/19. In response to your specific question about the overnight trade on 6/11: Yes, you could remain in the June position (since it will still be active up until expiration on 6/19). However, longer term traders who intend to hold positions often like to stay in the contract with the most volume/OI, so some traders will decide to roll their position from June to Sept when they see the OI transition from June to Sept. It depends on how you plan to manage the trade.

Regarding time, the ES sessions for one day are as follows:
- Globex night session, 18:00 ET - 9:30 ET
- Globex day session, 9:30 ET - 16:15 ET
- Globex session, 16:30 ET - 17:15 ET
Note the breaks in trading from 16:15 ET-16:30 ET and from 17:15 ET to 18:00 ET. The electronic trading open for the day is at 18:00 ET. The "day session" open is at 9:30 ET. The official settlement is as of 16:15 ET.



Quoting 
I also understand that volume is going to drop to near zero and staying in is not a good idea.

But supposing I did hold to settlement? Do I have just the $5000? (50*2100)-(50*2000)? In otherwords a forced Sell at 2100?

I don't have direct experience with holding a position into expiration, so I suggest asking your broker to get more clarification. But, if you bought at 2000.00 and sold (exited - due to expiration) at 2100.00, then I think your profit would be $5000 (less any fees that your broker charges you to un-wind the mess created by holding to expiration). As you noted, staying in is not a good idea, and there is no reason for it since the ES is very liquid and rolls are easy.

Reply With Quote
The following user says Thank You to Coastline for this post:
 
(login for full post details)
  #14 (permalink)
 GregLGTP 
Austin, TX
 
Experience: Beginner
Platform: NinjaTrader
Broker: NT Broker
Trading: ES
 
Posts: 121 since Mar 2015
Thanks: 258 given, 70 received


Coastline View Post
The official settlement is as of 16:15 ET.

@Coastline I thank you again. I thought that was when based upon reading. Thanks for confirming that. Also, I should have mentioned my times were CT so we have equivalent times.

I don't actually have a broker yet but I'm in talks (if you can call email "Talks") with a couple.

-g

Started this thread Reply With Quote
 
(login for full post details)
  #15 (permalink)
 GregLGTP 
Austin, TX
 
Experience: Beginner
Platform: NinjaTrader
Broker: NT Broker
Trading: ES
 
Posts: 121 since Mar 2015
Thanks: 258 given, 70 received

All Right!

I bit the bullet and opened a funded trading account. The focused month of sim trading had been profitable. There is still much that I would like to know, but I have enough to start dabbling I believe. Many folks say you don't really learn until you have skin in the market.

Last Monday (6/1) was to be the first day of trading, but some setup issues got in the way so only Wed. & Thur. actually saw trades. I made some, lost some, overall profit. A good beginning. Friday was a bleh day. Except for the intial open area, not enough movement, price-wise, for me so I never got in.

Today is much the same as Friday. In fact it's an "Inside Bar" to Friday as I type this.

Markets:
I currently only trade the ES and I am not yet tracking any other markets. Got to digest this one first.

Setup:
I currently run a VWAP indicator and two Keltner Channels (10/1.5 & 20/2.5) and a 100 period SMA. I focus on a 5 min chart with the 15 min chart beside it watching the price action. I also have some long charts off to the side monitor (a daily for several years and a 2-hr) for ease of history reference and a pair of really short (1 min, 5 sec) on the side monitor for looking back at if I've had my attention pulled away from my 5-min.

I also have a Volume Bar panel and a Range Bar panel below the main charts.

Trading Style:
I guess I would class myself as a day-trader. I am funded enough to hold several contracts overnight if necessary. I'm nowhere near knowledgeable enough to be a Swing (multi-day) trader and don't have pockets for that. Conversely I'm nowhere near snap decision-able to be a Scalper - just doesn't fit me. That, I guess, makes me a day-trader.

I have a good start funding wise. I am comforatable with a 2 contract entry and can hold up to 6 comfortably. Beyond that I can hold more but it gets really uncomfortable and I won't do it - just not enough wiggle in the overnight if things don't go well. I have set out account boundaries for when I'll be able to enter with 3 & 4 contracts. We'll see what actually happens.

OK, that's enough for this post.

Anyone want to offer some advice for a newb?

TIA & Blessings,
-g

Blessings & Good Trades
Started this thread Reply With Quote
The following 3 users say Thank You to GregLGTP for this post:
 
(login for full post details)
  #16 (permalink)
 DeadCatBounced 
Baltimore MD US
 
Experience: Intermediate
Platform: NinjaTrader
Trading: ES, NQ
 
DeadCatBounced's Avatar
 
Posts: 293 since Apr 2013
Thanks: 1,514 given, 725 received

Great job in going live.

I wouldn't worry about the trade size as of yet. Having the ability to fund an account that allows you to trade multiple contracts puts you ahead of many of the beginning traders out here.

It isn't a bad idea imo to infact trade smaller then you have too when first getting going - ie: lets say your normal trade size is you enter with 2, add 2 and add 2 for a total of 6.

Sometimes cutting your trade size in half (1+1+1) is not the worst thing as it allows you to now feel what it is like to be in the market with real money but not feel like you are 'risking your account' on every trade.

Your decision to not scalp is admirable I think. What is your definition of scalping, what kind of targets are you swinging for?

One thing about the markets is that their are alot off intermarket correlations. A good start to understanding these things would be too make one chart with an indicator called "showmethemoneyflow" by SrgTroy.

This allows you to make a single chart and put things on their like bonds / some forex futures / and different equity markets to see how they function. Check this thread out here:

I guess I would say in the long run now that you are live it would be more important to trade a smaller size and become comfortable with being live then maxing out your contract size right from the beginning.

Visit my futures io Trade Journal Reply With Quote
The following 2 users say Thank You to DeadCatBounced for this post:
 
(login for full post details)
  #17 (permalink)
 GregLGTP 
Austin, TX
 
Experience: Beginner
Platform: NinjaTrader
Broker: NT Broker
Trading: ES
 
Posts: 121 since Mar 2015
Thanks: 258 given, 70 received


DeadCatBounced View Post
Great job in going live.

Thank you. I'm both happy to be moving along but still very cautious. There is SO MUCH that I don't know. Heck I'm having trouble understanding some of the questions, much less the answers.


DeadCatBounced View Post
Your decision to not scalp is admirable I think. What is your definition of scalping, what kind of targets are you swinging for?

To me, there is a continuium from Swing, thru Day-trading to Scalping. Where the points are between them probably depend upon the personality of the one making the judgement. I see Scalp as the intentional get in and get out quickly for a few ticks. Tight Stops and close profit targets. Day-trading is outside that. Perhaps one could call it "Intra-day" swing trading". Swing trading (to me) is larger still in that the swings are multi-day in scope.


DeadCatBounced View Post
One thing about the markets is that their are alot off intermarket correlations. A good start to understanding these things would be too make one chart with an indicator called "showmethemoneyflow" by SrgTroy.

This allows you to make a single chart and put things on their like bonds / some forex futures / and different equity markets to see how they function. Check this thread out here:

I've seen that one mentioned several times. At this point I wouldn't know what to put in it. I want to get a High-Beta/Low Volatility chart up next now that I have the data. Any suggestions on what to put in the ShowMe indicator?


DeadCatBounced View Post
I guess I would say in the long run now that you are live it would be more important to trade a smaller size and become comfortable with being live then maxing out your contract size right from the beginning.

Many have said here, Good Account, Small Size, No Margin, & start sooner than later with real funds. I'm am right in the middle of that and cautious to boot. So I'll probably miss several opportunites while I get used to the whole thing.

Hopefully I'm looking for advice in all the right places - but there is so much chaff!

Blessings,
-g

Started this thread Reply With Quote
 
(login for full post details)
  #18 (permalink)
 GregLGTP 
Austin, TX
 
Experience: Beginner
Platform: NinjaTrader
Broker: NT Broker
Trading: ES
 
Posts: 121 since Mar 2015
Thanks: 258 given, 70 received

I must say, live trading does bring in a load of baggage probably best left at the door.

I had Sim traded for the entire month of May. Journaling every transaction along with the Whys & Wherefores in copius detail on a paper journal. Discussed the ins and outs of each decision with my wife of 30+ years (she will also be a live trader in the relatively near future) and tried to come to a serious understanding of what I did and why I did it each and every trade.

I ended up (undoubtedly beginners luck) trading a small package of between 2 & 4 contracts with an occasional stretch of 6. The account is sized well enough to carry 10 overnight if it was required, but that would be way too tense for me so I just won't go there. I did manage to make a fair profit (admittedly on the strength of two outstanding days where everything just worked) for the month.

Because of that, because of the careful investigation, because of the extensive reading and watching of material and because of the community here, I decided to give live trading a go.

I got started in the first of June but due to technical difficulties (and dare I say stupidity on my part) I didn't actually make a real $$ trade until Wednesday. Wednesday ended well.

And I nearly goofed a trade on Thursday so bad that it gave me the spooks. It ended well enough, but I did get spooked.

And Why? Well because the money was real. I was, I guess, as prepared as I could be about the matter of real $$ going on the line, but education and reading notwithstanding, I still wasn't able to keep that baggage out of the door. I think, because of the reading here, I handled it better than I could have, and managed to stay calm enough to turn a sizeable loss into a reasonable loss. But I was still spooked.

I laid off Friday. Nothing obvious presented myself.

Monday I missed a great trade on opening becasuse I was, you guessed it, spooked. I also missed the next one and by this time I knew what it was. I went ahead and made a trade knowing that it might go wrong and, sure enough it did, I bailed on it more intelligently than Thursday and got back on the train going the other way. Monday ended well.

Today was also a day full of learning. I learned that its very difficult to win on shorts when the trend is up. I will confess that I was thinking the day would be mostly down and made my moves accordingly. I did pull the chestnuts from the fire before they got burned, but it took all day.

It's my understanding that for a new trader, beating the cost of commissions is considered good. I have made 10 round trip trades in the last week, some with mutiple legs. Some were loss, most were wins (0.01 over commissions is a win) and my account balance is up 1.48%.

I am well satisifed and fully cognizant that I'm probably a victum of good luck.

Blessings & Good Trades

Started this thread Reply With Quote
The following 2 users say Thank You to GregLGTP for this post:
 
(login for full post details)
  #19 (permalink)
 GregLGTP 
Austin, TX
 
Experience: Beginner
Platform: NinjaTrader
Broker: NT Broker
Trading: ES
 
Posts: 121 since Mar 2015
Thanks: 258 given, 70 received

Oh, and I've opened a Journal to document my trade progress. You can find it here:

Greenhorn Greg's ES Foray

I'll still post non-journal type stuff in this one as the case arises.

Blessings & Good Trades
Started this thread Reply With Quote
The following 2 users say Thank You to GregLGTP for this post:
 
(login for full post details)
  #20 (permalink)
 Big Mike 
Site Administrator
Swing Trader
Data Scientist & DevOps
Manta, Ecuador
 
Experience: Advanced
Platform: Custom solution
Trading: Futures & Crypto
 
Big Mike's Avatar
 
Posts: 50,068 since Jun 2009
Thanks: 32,534 given, 98,494 received


GregLGTP View Post
Anyone want to offer some advice for a newb?

Slow and steady wins the race.

Plan that your education will take a long time, and you need an alternative primary source of income to cover all living expenses as well as fund your trading education (aka losses).

Spend as much time as you can watching the webinars on futures.io (formerly BMT), I believe the majority of them are extremely useful.

Journal. It's not about a spreadsheet of entries and exits. Take 2 minutes and write down a sentence on why you entered, and why you exited. Then go back each weekend and read the last two weeks of entries. Each month read the last two months. It is this process that will allow you to see patterns and improve upon them.

Trade with cash, not sim. If you are a 'newb', this means you shouldn't be trading futures. Start with swinging stocks for example. But put some real cash on the line so you can start the real learning process. You'll need to decide the amount of money that doesn't jeopardize your living but also is sufficient enough to make you work at it.

Mike

We're here to help -- just ask

For the best trading education, watch our webinars
Searching for trading reviews? Review this list

Follow us on Twitter, YouTube, and Facebook

Support our community as an Elite Member:
https://futures.io/elite/

Visit other sites? Please spread the word about your experience with our community!
Follow me on Twitter Visit my futures io Trade Journal Reply With Quote
The following 3 users say Thank You to Big Mike for this post:


futures io Trading Community Traders Hideout Emini and Emicro Index > ES ponential Journey


Last Updated on June 17, 2015


Upcoming Webinars and Events

NinjaTrader Indicator Challenge!

Ongoing

Journal Challenge w/$1,800 in prizes!

May 7

The Cold Hard Truth: Maybe I Am Not Good Enough w/Chris Gray @ Earn2Trade

Elite only
     



Copyright © 2021 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, Ph: +507 833-9432 (Panama and Intl), +1 888-312-3001 (USA and Canada), info@futures.io
All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts