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Futures Beginner Asks for Resources


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Futures Beginner Asks for Resources

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  #1 (permalink)
Arlington
 
Experience: Beginner
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Posts: 27 since Jul 2009
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I have been trading stocks quite frequently for over a year, have made and lost money, and have kept my account basically even through money management and dedication to learning.

I am tired of stocks as its a harder market to pay attention to when you are swing trading 10 stocks or day trading 4 stocks and have a full time job....

That said, I am entirely interested in books about futures, I want to concentrate on one or two markets - mostly the e-mini nq, es, etc - and want some good resources on these instruments. I have read alot on cme, cbot, chatted with a few good traders, but I desire more.

Any books or links that could help me would be appreciated. I don't need indicators, or technical analysis as I have a simple system that works for me and it hasn't failed me (too much ;-) heh)

Any advice from experts or people who have taken my route would be totally appreciated!!!

Thanks for your time

tr3nt

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  #2 (permalink)
Boston
 
 
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First book I would read is the most recent one by Al Brooks.
His self taught observations of market behavior over the last 20 years is a hybrid, summation and real world application of most other books on trading.

And if you like that one so much, head over to the CMT and check out their reading list. It is their job to sift through all the books and find the best and most pertinent ones.

Finally, I would stay away form internet resources. They are good for reference like candlestick patterns, but even still they are pretty worthless, especially compared to what Martin Pring could tell you about them in his book.

I hope you find this helpful. On a last note, I would recommend you study just one market on one timeframe only until you become profitable.

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  #3 (permalink)
Houston, TX
 
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Hello all,

I'm relatively new to Big Mike's Trading blog / forum and wanted to take this opportunity to introduce myself. I started trading several years ago (penny stocks (Pennaluna) / 10 - 50 shares in publicly traded companies, varying based on "recommendations" in newsletters, etc (Scottrade) and got 'the trading bug'. Didn't do well, but didn't lose horribly either. I knew there must be a way to make a living at this & that started me on my journey. Finally found Interactive Brokers (some of the lowest commissions around) and that eventually led me to NinjaTrader, which I've been using in SIM mode for the past 2 years, in search of the Holy Grail (I know, everyone says it doesn't exist, but I keep looking). Anyway, being a small business owner & responsible for the continued employment of everyone here, I decided to stay in SIM mode until I found something that I was comfortable with - that COULD make me a living, in the event the business crashes (?) or I decided to sell. Having run it for 21 years, I'm tired of working 8 - 5 M-F with only the occasional vacation (every 2 or 3 years). So, that's my story. I'm creating a HOLY GRAIL thread today (7/22/09) because I've cobbled together a system of indicators that could very well be just what I've been looking for. Please check it out & give me your feedback / suggestions on improving it.

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  #4 (permalink)
Houston, TX
 
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Tr3nt,
Checkout my Holy Grail thread post for today. It may help.
As far as books go, I've read (and thoroughly enjoyed):
Tools and Tactics for the Master Day Trader, by Oliver Velez & Greg Capra
The Art of Trading, by Bennett McDowell (breakout trading system)
Stikky Stock Charts, Stikky.com

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  #5 (permalink)
Leipzig / Germany
 
Experience: Intermediate
Platform: NT / TS, MC and Clones
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Posts: 28 since Aug 2009
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Hi TrEnd,

I am seeking for good Books about Futures too. I find out, that they behave in an other Way than "normal" Stocks...
A verry valuable Book for the Beginning - in my opinnion - was "John Carters - Mastering the Trade". It was nice to read, and he gives us a lot Informations and hints about Futures.

Best
Trendseeker

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  #6 (permalink)
Anderson IN usa
 
 
Posts: 16 since Aug 2009
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ES 09-09 is the current contract I think for ES? Correct?
When does it change to 10-09 or what ever the next contract is?

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  #7 (permalink)
Concord, NH USA
 
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alpine4133 View Post
ES 09-09 is the current contract I think for ES? Correct?
When does it change to 10-09 or what ever the next contract is?


Alpine the rollover of Sept contracts to the (DEC) 12/09 is the 2nd Thursday of this month 9/10/09.

Jeff

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  #8 (permalink)
Anderson IN usa
 
 
Posts: 16 since Aug 2009
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ok so it goes from 09-09 to 12-09 / is there a calender that shows this some place?


jdella View Post
Alpine the rollover of Sept contracts to the (DEC) 12/09 is the 2nd Thursday of this month 9/10/09.

Jeff


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  #9 (permalink)
Concord, NH USA
 
Experience: Intermediate
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alpine4133 View Post
ok so it goes from 09-09 to 12-09 / is there a calender that shows this some place?


I don't know about a calendar, although you could probably go to the CME website and find that info, I just know that the index futures trade MARCH/JUNE/SEPT/DEC and they always expire the 3rd Friday of MARCH/JUNE/SEPT/DEC. But rollover into the next active contract is always the Thursday before the Friday exp., which would make it the 2nd Thursday of that expiring contract. Hope that makes sense.

Jeff

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Houston, TX
 
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Alpine, Here is a link that shows expiry dates for futures / options:

Expiry dates for ASX options, LEPOs and Futures contracts

AND if you want to buy a wall calendar with all this info on it for the coming year:

https://www.commoditycalendar.com/

Or - simply google : "futures expiration calendar" & you'll get:

https://www.google.com/search?client=safari&rls=en&q=futures%20expiration%20calendar&ie=UTF-8&oe=UTF-8

Hope that helps.

After all, it's what you learn AFTER you know it all, that counts!
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  #11 (permalink)
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Here is a simple xcel spreedsheet that you can use to calculate your risk/reward and risk per contract. Just enter symbol, entry, stop, and target. To modify the formulas if needed the sheet password is 1234.

Some of the values look unrealistic and that's correct, just test input to make sure the math was correct, just never cleared the cells.


Attached Files
Register to download File Type: xls futuresWorksheet.xls (36.5 KB, 165 views)
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  #12 (permalink)
Anderson IN usa
 
 
Posts: 16 since Aug 2009
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This helps so much! Thank you


TraderJesse View Post
Here is a simple xcel spreedsheet that you can use to calculate your risk/reward and risk per contract. Just enter symbol, entry, stop, and target. To modify the formulas if needed the sheet password is 1234.

Some of the values look unrealistic and that's correct, just test input to make sure the math was correct, just never cleared the cells.



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  #13 (permalink)
Anderson IN usa
 
 
Posts: 16 since Aug 2009
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Let me see if I understand. For ES for instance
ESE-mini S&P 5000.250000$50.00$5.00

if I see .2500 as the tick size I need to devide by 1 to find out it takes 4 ticks to = one contract. and it the cost for .25 is $5. then that means for a contract to move one point for ES the cost or profit would be $5 x 4 = $20 per contract to move 1 point. Correct.

See attached speadsheet. - let me know if my added columns are correct.



TraderJesse View Post
Here is a simple xcel spreedsheet that you can use to calculate your risk/reward and risk per contract. Just enter symbol, entry, stop, and target. To modify the formulas if needed the sheet password is 1234.


Attached Files
Register to download File Type: xls futuresWorksheet.xls (39.0 KB, 48 views)
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  #14 (permalink)
Denver
 
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alpine4133


Some how it looks like you got the Futures List resorted with but not all values were sorted with the symbol correctly. From the original spreedsheet.

Original



The one you uploaded



The orignal sheet shows $12.50 Tick Amount which is correct for ES.

Your modified version shows $5.00 Tick Amount which is incorrect for ES.


Example ES

Riskpoints/tick size=ticks per risk * tick amount = risk per contract

4 point risk
4/.25 = 16 * $12.50 = $200.00

1 point risk
1/.25 = 4 * $12.50 = $50.00

The risk sheet does a lookup from the list sheet keyed off the symbol, so if the list sheet is sorted incorrectly, the risk sheet will be wrong.

Risk sheet from original





Sheet with same values in your modified version


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  #15 (permalink)
Anderson IN usa
 
 
Posts: 16 since Aug 2009
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OK, here is one sorted with the cost per 1 contract. Does it look right?


TraderJesse View Post
alpine4133


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Register to download File Type: xls futuresWorksheet.xls (46.5 KB, 88 views)
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  #16 (permalink)
fort worth, tx usa
 
 
Posts: 5 since Dec 2009
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i am a member of a trading room and i see a lot of posts on a must read book (trading in the zone) i plan on doing an internet search of the book and you may want to also. sorry i dont have any more info than that on the author.

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