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New to Futures, but Hitting the Wall


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New to Futures, but Hitting the Wall

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  #31 (permalink)
Amsterdam Netherlands
 
Experience: Advanced
Platform: Ninja Trader
Trading: Futures
 
Posts: 12 since Aug 2015
Thanks: 1 given, 17 received

You said 3 weeks, 25 hours a week? Make that 3 years and 80 hours a week. Nobody learns to trade futures in a couple of weeks, months or a year or two.

Did you start with real money? Trade SIM man, get consistent and profitable before even thinking about real money.

Good Luck, take your time to learn!!!

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Can you help answer these questions
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help to convert from thinkscript to ninjascript
NinjaTrader
T​​​​​​radestation datafeed (real time and historical) to NT8
NinjaTrader
Stacked Imbalances.
Sierra Chart
OPEN_CLOSE_DOTS
ThinkOrSwim
EQIX - Digital REITs - any experiences?
Stocks and ETFs
 
 
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  #32 (permalink)
Plano Texas USA
 
Experience: Beginner
Platform: TradeStation, TOS, Ninja
Broker: Ninja Trade
Trading: ES, YM
 
Posts: 9 since May 2018
Thanks: 13 given, 5 received

After youíve traded SIM and youíve cleaned up your trade plan the best you can in SIM then look at trading a micro mini. In SIM you trade like you donít care, in some ways that has to be brought over to live and the Micro Mini can help with that. The volume on MYM is a little low so you can have some slippage but at $.50 a point per contract the pain is not as bad. The benefit is you are trading live but the pain is not as great when price moves against you. Also go with a broker where the transaction costs are greatly reduced. I use Phillips Capital on the Ninja Trader platform and my intraday margin for Micro Mini indexes are $50.00 per contract and for the Micro itís only $500.00 per contract. My fee for Micro Mini indexes are $.81 per contract per side. But I have a lifetime license with NT so I have a good discount on my fees.
Hope this helps.
Good luck!

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  #33 (permalink)
Bellevue, WA/USA
 
Experience: Advanced
Platform: NinjaTrader, TOS, TDAmeri
Broker: ThinkOrSwim, TastyWorks.com, TDAmeritrade, Interactive Brokers (soon)
Trading: Index and Stock options, Stocks (seldom), Nadex (just starting), Forex
 
Posts: 33 since Oct 2012
Thanks: 47 given, 26 received



Wizard3ootz View Post
So, itís probably my third week trading futures (day trading) and sadly, Iím not doing so well. Iíve gotten trapped a lot, with a great deal of false breakouts, making bad decisions, like chasing a breakout, and then putting in a limit order in way too high on the move, and then watching it pull back and getting f******. Mostly, though, itís perhaps overtrading, getting eaten up by commissions, and all of the tiny losses that are accumulating massively.

Iím feeling pretty defeated. I know I need to lower my position sizes. At this point, I had considered walking away, and taking my money off the table (Iím down about 1300)

Donít get me wrong. I have made some beautiful trades. I caught two gorgeous second entries this morning.

That being said, I really need to find some better direction. I was pretty damn successful in my stock trading, and I have never allowed myself to lose this much money in my life. However, Iím getting to the point where something has to change, otherwise, this is clearly a poor investment.

From you experienced/profitable traders out there, if you have any solid advice you might give, please feel free to pass it my way. I study/read about the market probably 25 hours a week, so I am in no way lacking dedication/motivation.

A couple questions for you.. 1. What futures are you trying to trade? (start with one and get good at it is my suggestion) 2. What timeframes are you using? (1 min , 5 min, 10min, tick, range or?? etc.) 3. what are you using for signals and have you backtested these signals for entry and exit before putting real money on the table? 4. How are you managing your risk? (max risk per trade?) 5. do you always have stops in case your platform or network or computer crashes during a trade? 6. What is your max loss in a day that stops your trading? 7. What is your max loss in a week that stops your trading and sends you back to your paper account for a week?

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  #34 (permalink)
Orlando, Florida United States
 
Experience: Intermediate
Platform: MultiCharts
Trading: ES
 
Posts: 15 since Nov 2010
Thanks: 14 given, 12 received

Hi,

Bend, Oregon is really beautiful. One summer I worked on a fire crew fighting forest fires.

However, when someone is starting to trade you should know that the CME states that electronic trading is instantaneous. And that is true. Electricity moves at the speed of light. When the mouse is clicked to send in a trade, even before you can remove your finger from the mouse, the order has been received and a fill has been made.

The CME also states that when an order has been received it will be filled at the close of price the instant the order is recognized. This is something you should check. Get someone to help you and make a test. Trade only one contract. When you send in a trade have your friend write down the current price at the moment you click the mouse. Also, write down the time. If everything goes the way the CME has said, then the amount of the fill that you receive should be the same value as the current price on your monitor.

If the amount of the fill is substantially different, then you should suspect a problem. You wrote down the time the order was sent in - now watch the market and see how long the market has to trade before it reaches the same amount as the fill that you received. Now write down the time when the market finally reaches the same amount as the fill you received. Some people have noticed that it took a half hour before the market reached the same value as the amount of the fill that they received. When you think this over, you will realize that the amount of such a fill did not exist at time it was given.

All the best,

WCwings

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  #35 (permalink)
LAS VEGAS NEVADA USA
 
 
Posts: 3 since Apr 2019
Thanks: 8 given, 0 received

Hello everyone, the obvious answer is to develop an algo trading bot. Take the emotion out. Back test and optimize, then deploy live trading with some few contracts. My question back: WHAT is a good software package for future options robot trading? I sure cannot find one. The goal is to find some momentum following style that will generate consistent return. Many indicators to use for trade point signals. Look at the $$$ that could have easily been made today! Early morning gap down pre-market. Using ES options, your robot would have jumped in buying puts and/or selling calls, and you would be ahead almost no matter when you exited today. Thanks for reading.

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  #36 (permalink)
MedellŪn, CO
 
Experience: Intermediate
Platform: NinjaTrader
Trading: Playing with eMinis, coming from Options
 
Posts: 80 since Jun 2015
Thanks: 14 given, 43 received

Well. If you can't get the discipline and patience to read the whole book and you need Cliff notes maybe you don't have the discipline and patience to trade. Once you get through the book. The chapter 15 is where the gold nuggets on trading are.

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  #37 (permalink)
MedellŪn, CO
 
Experience: Intermediate
Platform: NinjaTrader
Trading: Playing with eMinis, coming from Options
 
Posts: 80 since Jun 2015
Thanks: 14 given, 43 received

Noted from the book from chapter 15

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  #38 (permalink)
phx AZ US
 
Experience: Intermediate
Platform: sierra chart
Broker: Infinity
Trading: es
 
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Posts: 211 since Feb 2010
Thanks: 479 given, 266 received

One more thing...you do not hit a wall in 3 weeks ...you hit a speed bump :-)

You can practise your skills all day long, but it's comparatively easy to get better at playing. The hard thing is to get better at winning--anonymous
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  #39 (permalink)
LAS VEGAS NEVADA USA
 
 
Posts: 3 since Apr 2019
Thanks: 8 given, 0 received

Thank you Lady! I see you use Ninja, I agree that is a good platform. Will you please tell us the name of this book you are referring to?

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  #40 (permalink)
hollywood
 
Experience: Intermediate
Platform: thinkorswim
Broker: TD
Trading: futures
 
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Posts: 213 since Jun 2010
Thanks: 65 given, 163 received



Wizard3ootz View Post
So, itís probably my third week trading futures (day trading) and sadly, Iím not doing so well. Iíve gotten trapped a lot, with a great deal of false breakouts, making bad decisions, like chasing a breakout, and then putting in a limit order in way too high on the move, and then watching it pull back and getting f******. Mostly, though, itís perhaps overtrading, getting eaten up by commissions, and all of the tiny losses that are accumulating massively.

Iím feeling pretty defeated. I know I need to lower my position sizes. At this point, I had considered walking away, and taking my money off the table (Iím down about 1300)

Donít get me wrong. I have made some beautiful trades. I caught two gorgeous second entries this morning.

That being said, I really need to find some better direction. I was pretty damn successful in my stock trading, and I have never allowed myself to lose this much money in my life. However, Iím getting to the point where something has to change, otherwise, this is clearly a poor investment.

From you experienced/profitable traders out there, if you have any solid advice you might give, please feel free to pass it my way. I study/read about the market probably 25 hours a week, so I am in no way lacking dedication/motivation.

3rd week!!!!!

whoa whoa....slooooooow down.

a) stop trading with live money

b) do you know what you're doing?

c) slow down...if you're feeling defeated after 5 years----then its ok to feel that way a little

d)imo---with no idea what/how you're trading---in general-----trade less, trade small and larger time (volume?) frames

...nothing wrong with trading off daily or weekly or even 1hr, 2hr, 4hr...ect and trade 1contract.....20 shares....an i dont care size

Have a plan BEFORE you enter

then FOLLOW plan. No impromtu trades. no plan no trade~

everyday week and month review trades.

its not you need to learn more----its more of learn more about you and your personal statistics


just my 2c

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