Why are you asking stop-setting advice from a person who started a thread called "My 1st day trading futures " ?? EDIT - I see someone else also asked this later in the thread LOL
It might be my first day in futures, but I've been in stocks for a long time now. To answer your question: I didn't set stops because I didn't know how far down to set them givin the speed and volatility of the YM. In equities I set a 1% stop on my capital..not sure if this is realistic on futures. cm
How come you pick an arbitrary amount (arbitrary to the mkt that is) as a stop? My recommendation is learn the YM as best you can (probably need 6 solid months of really watching) and then you'll have a better idea where to set your stops. Picking a % or whatever is only significant to you, the mkt has no idea you are even there but you know its there
JJ....As you can see from my post I have experienced that with my trades. Now the tricky part is how much of a beating are you willing to take and risk not having a retrace? 20? 50? 100? 250 points? At $5.00 a tick it adds up.
nice dream. if you can't sim one at a profit, anything else is just a silly game that bemuses the bored. Obviously realistic profitability is not your desired destiny.
ecry paper trade ranks at bottom of the heap, within 5m of playing with it I started pulling in some serious number. Your best bet is switch to ninja interface or some other platform that offers more realistic fills.