New E-Mini traders (under 25K traders) trading journal

Discussion in 'Index Futures' started by GaretJax, Oct 3, 2001.

  1. GaretJax



    Today was my first day trading e-mini's - I traded the NQ. I had been trading stocks for two weeks and my account was locked out after 3 trades last friday. I opened a futures account at IB and transferred some funds. Today was easy because of the market - +$950 trading only 1 contract. I don't understand why I can only buy 1 NQ contract with >$20000 in my account at IB - from reading other threads on this board I thought I could trade 3 at least.

    It is definitely a lot less distracting when you concentrate on 1 stock. Also I found that stops actually worked well - if I had a stop at 1220 I actually got a price of 1220. Also the NQ's bounced real well between bollinger bands so entry and exit points were fairly predictable - at least today :)

    Anyone else have anything to share with emini trading?

  2. Do you actually have >$20,000 in your futures account or you are counting funds from your equity account as well? You should be able to buy 3 NQ contracts.
    Also I don't think today was a tipical NQ trading day. It looked more like YHOO from early 2000.
  3. GaretJax



    I started the day with a little over $19,000. I first tried buying 3 and I got rejected - I could only buy 1.

  4. dozu888


    you need to change the futures limit for your account
  5. GaretJax



    Thanks for the advice!- I just went onto IB and requested to raise my contract limit. This site is the best!

  6. GaretJax:

    Don't take today to be the norm.

    I would say about once a month you will see a trading pattern like today. You can tell from early in the day that it will only trend in one direction by how tight the trading range is.

    Good Luck :)
  7. I traded the S&P e-mini for the first time today, and was profitable. As mentioned, it was an easier day than many lately, so I won't let it go to my head.
  8. juggernaut

    "You can tell from early in the day that it will only trend in one direction by how tight the trading range is. "

    Would you mind expanding on that statement a bit. I have found it extremely hard to predict a trending day early on. I'm glad they dont happen too often as I usually get killed trying to short the top. I'm a little confused when you say "trading range" cause I didnt see any today.
  9. Nicodemus,

    You didn't see any because it was very tight.
  10. :D Thanks michealday. Enjoyed that immensely:D
    #10     Oct 3, 2001