hello everyone just a newbie with a few questions :)

April 5th, 2016, 02:09 AM

yea thats what i was worried about sadly. i made this post wondering if there were some other instruments that required less capital i can start out with. on the upside i got a ninjatrader sim working through top step trader, and im thinking about subscribing to their plan. Does anyone have any experience with them. i saw one of their videos with big mikes youtube channel so thought some people may have opinions.

thanks again for everyone's time.

April 5th, 2016, 02:17 AM

update got level 2s working on nt and working on understanding it now thanks for all the help guys

April 14th, 2016, 12:26 AM

ashfsderse

Hello everyone i'm currently futures trading on paper money, and studying for about 4-6 hours a day.

I'm very excited about getting into live trading, and am in the process of developing a plan. I originally thought about putting in about 5-6 thousand dollars into an account and attempt /es on live market, but couldn't get over the huge amount of leverage. i am prepared to lose all of the 5 to 6 thousand dollars, but the idea of a huge debt from noob mistakes turns me away. I've been coming out positive 200-300$ at the end of my days trading 1 contract at a time (i usually trade in the mornings 3-4 days a week for the past couple months) but read about how different paper trading is from live, and again do not want to risk losing everything.

I rethought my plan into using a different instrument with a less risk to continue learning as i save more money/make small wins with my "education." My problem is i do not really no what other instruments i should begin practicing and looking more into. Is there anyone out there with some suggestions.

i also practice/study while i'm at work. (i work at an internet cafe for a decent wage, and find myself in a empty room full of high powered gaming computers for 4-5 hours so day trading and still keeping my full time job is very much an options.)

other than that thanks for the read and im glad i found this forum.

Problem as I see it is ES is a great instrument but you are up against some of the best and most well capitalized traders on the planet. It's King. Period. I did hear CME was coming out with a micro ES but don't know if it's true and or still happening and might be a long time from now. And you need very strict rules regarding draw downs with your account size which can be hard to flow especially going live for the first time. What if you took a look at CME's E-micro Euro M6E? It fits your account size. $1.25 a tick. The you can trade a 2 lot and scale in and out. A must have skill you can't learn on ES currently. Today it had a little over 14600 for volume. I think its still the E-micro with the most volume.l but have not looked at the micros for a while. https://www.cmegroup.com/trading/fx/e-micros/e-micro-euro_contract_specifications.html. It's not going to be as liquid as ES but it's a ton more forgiving and you are going to be up against traders more at your levels.

Good luck and keep posting ......

Ron

April 14th, 2016, 02:54 AM

with a small account you would be better off trading forex where the brokers allow small size trades

April 23rd, 2016, 02:46 PM

I am a huge advocate of trading the Nikkei 225 Mini (on the Osaka Securities Exchange) if you have a small account. One tick is only 500 yen about $4.50). It is highly liquid, with daily volume sometimes surpassing the ES. It trades from 9AM to 3:15PM Tokyo time, so it is a great evening trading instrument for US traders - you can therefore keep your day job while trading this while you learn. It moves similarly to the ES since it is an index futures contract just like the ES. I definitely suggest staying away from Forex if you are interested in intraday trading. Futures provide a far more transparent and level playing field.

April 23rd, 2016, 02:48 PM

mangolassi

I am a huge advocate of trading the Nikkei 225 Mini (on the Osaka Securities Exchange) if you have a small account. One tick is only 500 yen about $4.50). It is highly liquid, with daily volume sometimes surpassing the ES. It trades from 9AM to 3:15PM Tokyo time, so it is a great evening trading instrument - you can therefore keep your day job while trading this while you learn. It moves similarly to the ES since it is an index futures contract just like the ES. I definitely suggest staying away from Forex if you are interested in intraday trading. Futures provide a far more transparent and level playing field.

What data do you use for it please?

Ron

April 23rd, 2016, 02:50 PM

Blash

What data do you use for it please?

Ron

IB offers it, and now AMP offers it and uses CQG as its data feed. AMP's commission is unacceptably expensive, however

April 23rd, 2016, 05:24 PM

mangolassi

IB offers it, and now AMP offers it and uses CQG as its data feed. AMP's commission is unacceptably expensive, however

Thought AMP was the same as IB now ie 40 Yen.

I think @mattz at Optimus is offering it as well so he can confirm comms.

EDIT: now with AMP 15 April email extract confirming price reduction

April 23rd, 2016, 07:38 PM

ive been trading 6e mainly on tst using ninja now. ill definitely look into nkd. and everyone was right i made some good wins on sim but the cl and es quickly destroyed me lol. after practicing and studying though i've gone from being a horrible trader to a slightly less but still horrible trader. i feel like this slight improvement came from learning to let go of trades and some basic risk management. this definitely saved me from losing as much, but when it comes to entries i cant seem to find high probability trades that stand out to me in real time. is this just something a trader learns with experience? does anyone have any advice or webinars or there own methods they are willing to share with me? i've been consuming webinars and articles, but never had any personal recommendations before.

April 24th, 2016, 12:56 AM

ashfsderse

ive been trading 6e mainly on tst using ninja now. ill definitely look into nkd. and everyone was right i made some good wins on sim but the cl and es quickly destroyed me lol. after practicing and studying though i've gone from being a horrible trader to a slightly less but still horrible trader. i feel like this slight improvement came from learning to let go of trades and some basic risk management. this definitely saved me from losing as much, but when it comes to entries i cant seem to find high probability trades that stand out to me in real time. is this just something a trader learns with experience? does anyone have any advice or webinars or there own methods they are willing to share with me? i've been consuming webinars and articles, but never had any personal recommendations before.

What I do is dump 10 years of market data into Excel and hunt for high probability trades using Pivot tables finding some as high as 80% in Treasuries for gap close. Other things to look for is Over Night High and Low fade/tag, yesterday's VPOC tag trades also yesterday value area high low (YVAH YVAL) trades and many others. There is a thread here called some like Master homework that I posted a Treasury Excel sheet in a few months ago.

Ron

hello everyone just a newbie with a few questions :)

Discussion in Traders Hideout

hello everyone just a newbie with a few questions :)