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Game Plan
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Created: by blackberry Attachments:19

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Game Plan

  #11 (permalink)
Trading Apprentice
newport coast, california
 
Futures Experience: Intermediate
Platform: MultiCharts
Favorite Futures: RB, DAX
 
Posts: 48 since Aug 2015
Thanks: 59 given, 17 received


pilotui View Post
Yes, Day Trading Margin may be $1K but your Maint Margin is probably at least $3K. what brokerage are you with?

For the maint margin, you r absolutely correct. I should have written in the first note that I have no intentions to hold any trades overnight till my account is at least $10000, AMP clearing is my broker. Their margin requirement looked very good to me.

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  #12 (permalink)
Elite Member
Oklahoma City OK/USA
 
Futures Experience: Intermediate
Platform: NT7
Broker/Data: NT7
Favorite Futures: CL
 
pilotui's Avatar
 
Posts: 129 since Apr 2012
Thanks: 110 given, 97 received


blackberry View Post
For the maint margin, you r absolutely correct. I should have written in the first note that I have no intentions to hold any trades overnight till my account is at least $10000, AMP clearing is my broker. Their margins looked very good for me.

Oh OK...in my experience I couldn't trade CL until my account bal was the Maint Margin+Day Trade Margin. So I started with YM and built my account up and then switched to Crude later.

Awesome for you though!

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  #13 (permalink)
Trading Apprentice
newport coast, california
 
Futures Experience: Intermediate
Platform: MultiCharts
Favorite Futures: RB, DAX
 
Posts: 48 since Aug 2015
Thanks: 59 given, 17 received

Friday Index \ CL potential


From the price action so far, Friday looks to be bearish. The bears are dancing very strong.

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  #14 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 46,238 since Jun 2009
Thanks: 29,350 given, 83,221 received


blackberry View Post
Game plan is to deposit $2000 and to start trading live.

Just to be clear, when you lose all the money what will you do? Put more in?

You are gambling, not trading. You are using ridiculous margins, highly leveraged products, on a tiny micro account. It's going to end badly, just donate the money to charity or go have a party in vegas.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

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  #15 (permalink)
Trading Apprentice
newport coast, california
 
Futures Experience: Intermediate
Platform: MultiCharts
Favorite Futures: RB, DAX
 
Posts: 48 since Aug 2015
Thanks: 59 given, 17 received


Big Mike View Post
Just to be clear, when you lose all the money what will you do? Put more in?

You are gambling, not trading. You are using ridiculous margins, highly leveraged products, on a tiny micro account. It's going to end badly, just donate the money to charity or go have a party in vegas.



Mike


Thank you very much for your concern Mike. As I see it, every school has a cost. Such is life.

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  #16 (permalink)
Trading Apprentice
newport coast, california
 
Futures Experience: Intermediate
Platform: MultiCharts
Favorite Futures: RB, DAX
 
Posts: 48 since Aug 2015
Thanks: 59 given, 17 received

Friday Index \ CL reality

Yes, dancing bears Friday. Funds will be available by the end of the day today, which gives me Monday as my first live day.

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  #17 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 46,238 since Jun 2009
Thanks: 29,350 given, 83,221 received


blackberry View Post
Thank you very much for your concern Mike. As I see it, every school has a cost. Such is life.

Yes, but I recommend setting yourself up for success, not failure. Your choices have set yourself up for failure.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

Reply With Quote
The following 3 users say Thank You to Big Mike for this post:
 
  #18 (permalink)
Elite Member
Austin, TX
 
Futures Experience: Intermediate
Platform: F-16CM-50
Favorite Futures: JDAM
 
tturner86's Avatar
 
Posts: 5,784 since Sep 2013
Thanks: 9,848 given, 11,155 received
Forum Reputation: Legendary


blackberry View Post
Thank you very much for your concern Mike. As I see it, every school has a cost. Such is life.

Don't waste $2000.

I am starting to think people around here hate money. They seem so determined to kill it.

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  #19 (permalink)
Market Wizard
Sarasota FL
 
Futures Experience: Intermediate
Platform: NinjaTrader, Sierra Chart
Favorite Futures: ES
 
Posts: 3,633 since Jan 2013
Thanks: 26,745 given, 11,108 received
Forum Reputation: Legendary


blackberry View Post
Thank you very much for your concern Mike. As I see it, every school has a cost. Such is life.


Big Mike View Post
Yes, but I recommend setting yourself up for success, not failure. Your choices have set yourself up for failure.

Mike


tturner86 View Post
Don't waste $2000.

I am starting to think people around here hate money. They seem so determined to kill it.

You cannot really learn that much from being told by other people; you just have to learn from experience.

So, I wish you a good learning experience. It may not seem to be all that good when or if it happens, but it's the way to learn.

And who knows? I could be wrong, which would make me much happier. Either way, some learning will happen.

Bob.

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  #20 (permalink)
Market Wizard
Bamberg, Germany
 
Futures Experience: Beginner
Platform: Sierra Chart
Broker/Data: IB, SierraCharts data
Favorite Futures: mini FDAX, ES, GC
 
Posts: 924 since Oct 2014
Thanks: 10,743 given, 2,005 received
Forum Reputation: Legendary



blackberry View Post
Thank you very much for your concern Mike. As I see it, every school has a cost. Such is life.

$2000 will get you about 1 minute worth of "school" with the as mentioned instruments.. For futures, $50k is a good starting tuition after thorough live studying at the school of ETFs, stocks, futures.io (formerly BMT),and Adam Grimes IMHO.

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