I almost think that Gain must have not adjusted their pricing for the micro because the number you quote is astronomical. With IB, its 47 cents per side for both MNQ and MES. This means that for MNQ, you need 2 ticks profit to cover commission, and then you're left with 6 cents. For MES, the $1.25 profit on 1 tick leaves you with 31 cents. As for spreads, the MES has been pretty tight, usually 0.25, but for MNQ, it can easily be 1 point wide, but this is me looking while we have been getting these pretty fast moves. For both MES and MNQ, the highs and lows of bars can be off by a tick, but in the whole grand scheme of things, I don't think any strategy will suffer greatly by switching between these instruments.
I am not sure about MES and MNQ but a big issue i had with trade MGC was that stop placement needed adjustment to be way bigger than on big brother GC. The MGC would blow through levels that held on GC and I would get stopped on trades that I should not have if I was trading the read deal. This was 2 years ago, things may be different now.. Something to keep in mind when trading micro contracts.
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Good info ... so it sounds as though profit limit orders are fine but that stop losses should be manual. Also complicates entry of entering on a stop as the micro may tick te entry but the mini does not and instead reverses. AMP has data fees as well it seems. Yes, any platform/data fees will not be included for the sake of the initial stake. If the liit on the initial stake is $200 and the fees are $50, then $the additional $50 will not count, but also, that additional $50 cannot be used as margin if it is sitting there the whole month and the broker doesn't take it until July 1st. Unlike Dest, I feel no need to show my full blotter. Second, the idea is to start with an amount, e.g. $100 - $200 that would force most to at least double the balance before they'd be able to trade a full mini. I assume most of us have more that a couple of hundred bucks in our trading accounts. The point is to force everyone to start the month trading the micro. If by the end of the month you have accumulated enough capital to trade a 10 lot o the mini, that's all well and good, but we want everyone to start from the micro. Also, the requirement is to post a blotter shoring commission and NFA fee's, not just executions, which could be sim. Nothing wrong with sim, but this is contest is for real money (even if small stakes).
I'm taking my entire ignore list down so I can be awed by the true ET Illuminati in the June blotter contest
I should think so ... though we probably want there to be a minimum number of trades to be eligible to claim the crown. We wouldn't want some lucky top or bottom caller to make one trade and sit on it then never make another trade. Probably require something like four or five trades as the minimum, but as long as you have the margin required by your broker to hold overnight then anything goes. I think it should be open to any market that has a micro available, and if someone manages to trade to a level that alows him/her to trade a full mini, then that is allowed as well. The only requirement is that one starts with no more than $200 tradable equity + $$ for platform/data fees so that everyone has to start from a micro level. So overnights might need to be closed briefly and re-opened at the end of each day if the overnight margin is more than the account equity. We probably also need a way to let people back in if they want back in after they blow up their first stake lol I'll post a thread later so people outside this journal know about it to give anyone who wants to participate a chance to open/fund an account.