Hi, I am a newbie trying to learn how to trade index futures such as ES, TF, etc. Any recommendations or suggestions will be appreciated. Thanks in advance.
Permit me to recommend that you approach futures as if you were a naturalist attempting to fathom a naturally occurring behavior. Pay no attention to anyone else's advice. Simply observe. You are looking for evidence of collective behaviors possibly different from what you know from trading other instruments. You seek something no one else has observed. Anything published is worthless. You want to be Darwin. Not Nasruddin.
Spend everyday in front of your screen for 5 years, watch the action in both bull and bear cycles. There are no short cuts. It's 99% mental confidence. Good Luck!
Hi Guys, Thanks for the advice. Should I observe one type of index futures, eg. ES for a long period of time ? Or should I study two or three of them, eg. YM, ES, TF simultaneously ?
I recommend that you pick one. They all behave differently IMO. But soon, if we are blessed, Jack Hershey, the undisputed maven of intraday futures trading, will weigh in and resolve any uncertainties for you. I am just the warmup act.
frankly, index futures are probably not the best choice for a newbie. If you read enough in the newbie threads, you would likely see this. The general thought here seems to be they are difficult to trade profitably. They are targeted by everyone, especially financial institutions. You may have better success with individual stocks or non-index futures (metals, grains, energies, softs, etc.). Also, spend a LOT of time reading all the newbie type threads on ET. Learn from the questions and the responses of many prior ETers. Don't just dive in without serious study.