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Can you open an account with $3000? and start trading the ES
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Can you open an account with $3000? and start trading the ES

  #31 (permalink)
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noyss View Post
Im a beginner also, I loose my 5000$ account, after being a winner during 3 months in SIM. I've never felt that feeling in my stomach and my back and it also hurts me. I had really pain in my back during the next 2 months because my nerves. You can not understand why can win in SIM, and then REAL blow your account.
Cheers

My first two busted accounts, which were only about 1600€ resulted in a shingles and a pneumonia.
Even if i was maybe a very fit guy before I lost that money.
Therefore even loosing a small amount of money can result in serious psychosomatic deseases.

Therefore I aggree, for a beginner it is maybe a good idea to realize that the money he transfered to his acount
will never come back into his hands. Then he or she should decide how much money is possible to burn for the first steps.

Choosing a broker, I would never use a broker which is not compatible to either ninjatrader or multicharts.
Because I think those have the highest user account and therefore must be reliable in order execution.

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  #32 (permalink)
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budfox View Post
What is the absolute minimum you need to open an account and start day tradingthe ES ?

https://www.mirusfutures.com/online_futures_trading/support/account_FAQ


Mirus will let you start with $2500, and trade one contract ES per $500 in your account. When you get below $500 you are done until you wire in more money. I know because I have blown up a few there. Good luck.

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  #33 (permalink)
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budfox View Post
What is the absolute minimum you need to open an account and start day tradingthe ES ?

Check my reply post #7 on this thread.

Successful people will do what unsuccessful people won't or can't do!
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  #34 (permalink)
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Funny the comment about pilots learning to fly on simulators
Coincidentally, I am a pilot, a real one hehe... and I recall that by law you are allowed maximum 5hrs on simulator out of the minimum 45hrs required to take your first license (PPL) that allows you to fly the simplest type of airplanes...

Further on, there are only some type of training that work well on simulators, and if you are in the know, these are IFR related. But one can't learn how to take-off, fly, and land on a simulator you need real vision, perspective, wind, turbulence, and real life situation of radio communications, co-ordination with a real tower service and other airplanes evolving around you in the airspace.

Was just a small parentheses, but to go back to the main topic, no I don't believe one can become a complete trader just by simulator practice. One needs real life experience of at least slippage, spreads, order fills, let alone feelings, psychology, and overall stress knowing you are risking your own and real money.

Successful people will do what unsuccessful people won't or can't do!
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  #35 (permalink)
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Fadi View Post
Funny the comment about pilots learning to fly on simulators
Coincidentally, I am a pilot, a real one hehe... and I recall that by law you are allowed maximum 5hrs on simulator out of the minimum 45hrs required to take your first license (PPL) that allows you to fly the simplest type of airplanes...

Further on, there are only some type of training that work well on simulators, and if you are in the know, these are IFR related. But one can't learn how to take-off, fly, and land on a simulator you need real vision, perspective, wind, turbulence, and real life situation of radio communications, co-ordination with a real tower service and other airplanes evolving around you in the airspace.

Was just a small parentheses, but to go back to the main topic, no I don't believe one can become a complete trader just by simulator practice. One needs real life experience of at least slippage, spreads, order fills, let alone feelings, psychology, and overall stress knowing you are risking your own and real money.



Woudl you let anyone fly a plane that has not have sim practice before? I would rather crash a plane in sim, than in real life anyday.


Obviosly there are some differences between sim vs live trading, but sim is absolutely vital to get half a clue to what you doing.

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  #36 (permalink)
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Fadi View Post

Was just a small parentheses, but to go back to the main topic, no I don't believe one can become a complete trader just by simulator practice. One needs real life experience of at least slippage, spreads, order fills, let alone feelings, psychology, and overall stress knowing you are risking your own and real money.

Ok besides psych, and order fills what else make live trading different?

What is this spreads you are talking about?

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  #37 (permalink)
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budfox View Post
Woudl you let anyone fly a plane that has not have sim practice before? I would rather crash a plane in sim, than in real life anyday.

Obviously there are some differences between sim vs live trading, but sim is absolutely vital to get half a clue to what you doing.

LOL no my friend; I wouldn't let them fly even if they have practiced on a simulator. There are flight instructors that come with you onboard and fly with you until they feel confident you can manage by yourself to let you go alone
.. And believe it or not, this is why trading tutors exist too!

But no retail investor thinks of this option usually since we are not talking about life and death here... and in any case, we private traders don't usually have easy access to quality tutors to start with.

Try applying for a trading desk when you first graduate from a business major or so, and then you tell me if the fund or bank will not put you under a tutor and with the strictest trading rules for at least a full year if not more

The difficulty of doing it all by ourselves, is exactly this lack of forced discipline and tons of rules to abide by when trading.
At a desk, all the risk management plan, trade management rules, and overall approach is set for you and fixed in stones. You don't respect them, you are out.

If you manage to do that for yourself from the beginning, and religiously abiding by it, you don't even need to pass through a sim period in my opinion, if not for just learning how your platform works, how to place orders and technically manage your trades, etc...

Successful people will do what unsuccessful people won't or can't do!
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  #38 (permalink)
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Why?


noyss View Post
Im a beginner also, I loose my 5000$ account, after being a winner during 3 months in SIM. I've never felt that feeling in my stomach and my back and it also hurts me. I had really pain in my back during the next 2 months because my nerves. You can not understand why can win in SIM, and then REAL blow your account.

You need to feel this, better with a small account, though. But prepare yourself at SIM and had to know you will lose your money. Trading is like that, learn about theese feelings and maybe with 1 or 2 years more after loosing your account training simulated you can try again with a bigger account, 5000 or 10000$. Who knows, if we prepare well and fight again exciting and could be more patience will be winners some time...

Cheers

I see people here are complaining "lost my whole entire account":

To all those that were successful trading on sim, and then blew their live accounts please answer these questions:


1. Did you cut your losses quick?
2. What were the reasons for your bad trades?
3. Did you have a trading journal?
4. What will you do differently next time?
5. Did you rush into trades?

Thanks.

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  #39 (permalink)
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budfox View Post
Ok besides psych, and order fills what else make live trading different?

What is this spreads you are talking about?

Yeah spread is not really an issue on the ES don't worry about that... but it is the difference in ticks or points if you want between the bid and ask. You might face similar to real life situations in your practice account if you have a quality simulator - as most should be nowadays.

Successful people will do what unsuccessful people won't or can't do!
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  #40 (permalink)
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GaryD View Post
https://www.mirusfutures.com/online_futures_trading/support/account_FAQ


Mirus will let you start with $2500, and trade one contract ES per $500 in your account. When you get below $500 you are done until you wire in more money. I know because I have blown up a few there. Good luck.

So all I have to do is deposit 2500 and then they will let me start trading?

What questions did they ask you before you were approved?

Thanks.

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