My first day live

Discussion in 'Index Futures' started by Drew07, Oct 31, 2007.

  1. great!!... how exactly will you do it...fitting it into your schedule...I.E...trade from this time and go to class and work etc...how will your approach trading the YM with all your schedule?..the Best trading to you!!
     
    #31     Nov 5, 2007
  2. Lot of pretty good advice in these posts. Let me add my two cents.

    You have to understand that day trading is a hard way to make money in the markets. The shorter the timeframe, the more random price movement is. So to be successful as a day trader, you need to wait for the absolute layup entry. You need a few go to patterns or setups and you must exercise iron discipline not to trade anything else. Buying because "they look strong here" or because "they ought to bounce" is a recipe for disaster.

    Your post suggested you did many round turns on your first day. I know some here will disagree with me, but I think more than three or four round turns a day in the index futures is too much, particularly for a newbie. Personally, I seldom do more than a couple and there are plenty of days I don't do any. I might trade individual stocks, or oil or currency futures, but index futures cannot be forced. Commissions add up rapidly, particularly if you aren;t making much per trade. The goal is to make money, not entertain yourself or prove how smart you are or put some excitement into your day.

    Perhaps you could explain to us what your entry criteria are and you might get some useful feedback. Good luck.
     
    #32     Nov 5, 2007