 |
Handle123
Registered: Aug 2007
Posts: 1037 |
02-16-12 04:22 PM
Quote from cyoungmark:
Hey oldtime. Thanks for sharing your past experience. I love reading these types of things. You basically said you would hate to have to scalp the ES again. What is your advice then, to a fairly novice trader, should I be trying to learn to scalp/trade daily or learn to position trade and manage a portfolio?
I think most traders do it backwards, usually cause they don't have much cash to trade long term stocks. I was lucky when I started, there was no day trading for retail in late 1970's, so I was forced to do charts by hand and had all night to think if a trade would be good. So, I think it best to first get good long term trading, and work down into day trading after a handful of years, by then you will understand Price Action much better.
|
| |
|
Edit/Delete • Quote • Complain |
oldtime
Registered: Jun 2011
Posts: 7348 |
02-16-12 04:53 PM
Quote from cyoungmark:
Huh? I was just wondering if you could go back again, would you trade a different style..
I would spread ES against YM or NQ. Handle123 explained on another ES thread how to trade ES. That's exactly the way I did it, but he claims it is not for young traders, I claim it is not for old traders.
Most start out scalping because not enough money to hold a position.
But to be honest with you if I was just starting out again, which actually I am, I like forex, so both you and I are just beginners over there, and that is a good place to start out and learn, which is what I am doing. I Like it because no matter how small your account is, in forex, you are never undercapitalized. And that is probably the biggest problem for every independent trader. Even just one ES contract can be too much for a small account, and then you lose the option of averaging down, which inspite of what everybody tells you is a necessary evil unless your entries are flawless.
But like I said, don't take advice from me, because all I know is how it use to be.
|
| |
|
Edit/Delete • Quote • Complain |
oldtime
Registered: Jun 2011
Posts: 7348 |
02-16-12 05:25 PM
also, I had a few years just watching as a broker, and then 13 years trading full time for a living (until I blew up) and then after a 9 year hiatus (running my own business) I traded wheat, corn and beans, for a year (on a 28k account) before I ever put on my first ES trade. So I didn't really ever start ES as a beginner trader, but when I saw what a great deal globex was for the little trader, I closed out my commodity account (ES was about all they traded electronically, no beans or crude or gold) and opened an account with IB and just traded ES exclusively.
|
| |
|
Edit/Delete • Quote • Complain |
cyoungmark
Registered: Dec 2010
Posts: 213 |
02-16-12 06:25 PM
Quote from oldtime:
I would spread ES against YM or NQ. Handle123 explained on another ES thread how to trade ES. That's exactly the way I did it, but he claims it is not for young traders, I claim it is not for old traders.
Most start out scalping because not enough money to hold a position.
But to be honest with you if I was just starting out again, which actually I am, I like forex, so both you and I are just beginners over there, and that is a good place to start out and learn, which is what I am doing. I Like it because no matter how small your account is, in forex, you are never undercapitalized. And that is probably the biggest problem for every independent trader. Even just one ES contract can be too much for a small account, and then you lose the option of averaging down, which inspite of what everybody tells you is a necessary evil unless your entries are flawless.
But like I said, don't take advice from me, because all I know is how it use to be.
Yeah I've been following forex for a year or so now. Mostly the EUR/USD. The only problem is the lack of transparency for me. I don't like how the quote you get is from the bucket shop, and thats what you have to go off of.
|
| |
|
Edit/Delete • Quote • Complain |
rknas
Registered: Feb 2012
Posts: 51 |
03-04-12 02:27 AM
ES is great, only issue being that you need patience for your targets, especially if you are swinging. For my style, I can't really make it to work scalping.
I am also looking at the CL as it seems to give quick movement and may be a good way to augment ES swings with some CL daily trades, especially when I am not in an ES trade.
|
| |
|
Edit/Delete • Quote • Complain |
austinp
Registered: Apr 2006
Posts: 3079 |
03-04-12 04:33 AM
Quote from cyoungmark:
Yeah I've been following forex for a year or so now. Mostly the EUR/USD. The only problem is the lack of transparency for me. I don't like how the quote you get is from the bucket shop, and thats what you have to go off of.
not at all... I chart the 6E, 6B and 6S currency futures but fill executions in EUR, GBP and CHF. Other than the 6S - CHF being inverted, all are identical across futures and spot.
No different than trading SPX or OEX or SPY index options off ES charts.
At this point in time, I don't even look at spot FX charts when trading FX... pretty much just the currency futures charts 
|
| |
|
Edit/Delete • Quote • Complain |
| Receive
an email whenever a new post is added to this thread by subscribing
to it. |
|
|
|
|
