I plan to start trading the YM next week. This will be my first time in the futures market. Have been trading stocks full time for the past three years. I will start with only $2500 and trade 1 contract intraday. Nothing special about my system (if you can even call it that). I use eSignal for intraday charting and Stockcharts.com for longer time frames. Still getting use to the lingo but I have read a few hundred posts on various forums here on ET. Very knowledgeable folks and I hope some of you will contribute here.
OK....Got the first day under my belt and lived to talk about it. Took some time to get use to the trading platform and over the fear of making a mistake pushing buttons. Made two YM trades, both short. Timing was WAAYYY off. I say that but it did as expected (at first) but I didn't take the quick profits before it went the other way ;-) This baby moves like a basket of stocks on steroids. Still could have made good points but ended up covering scared and watching from the sidelines - plus $10 whole bucks....Now have confidence in the relationship between the trading platform and my mouse. Note to self: TAKE PROFITS
Welcome to the wonderful world of YM.... i too am brand new to it. Its true what they say..... once you go YM, you never go back to stocks. So far i like the feel of it. Good luck!
Hey lil duck i have to agree to that I am learning how to trade the YM and it is great and fun to trade it If everything work out well i will start in 1 month
Day 2 was a little better. To say it was exhilarating would be like saying King Kong is just a monkey ;-) Ended up plus $220 on two long trades. Lots of room for improvement. Note to self: Taking profits is good but ya gotta let your winners run when the trend is clear....
I'm back after reading another 1000 or so posts on ET and looking over my trades all weekend. Got SPANKED on Day 3 when the YM bottom fell out. Made some of it back when the bottom fell out again briefly Friday ;-) In both cases I was short to begin with and would have made good money if I wasn't trading like a drunken monkey. Nailed the bottom Friday 2 points from the low because every morning I write down support/resistance levels and pulled the trigger during the blood-letting. Only positive.... Did some reading today about Tradestation. May give that a try down the road and work on a mechanical way to trade my charts. Really like eSignal but something like that would be impossible for me to do. The charts are performing well but the button pusher needs work ;-) Down $80 first week including commissions....
hey ragin would u mind telling me which broker u r using and can you tell me how you YM trading has been going and how much you made or lost every day so that a newbie like me could get an idea how to trade when i start andany good tip are greatly appreciated
Once bitten - Twice shy....Still recovering from last week. Maybe I should hang out on the Psychology board for a spell. Had a long in @ 10893 and sold it @ 10894 just before the big run ;-) It was juking & jiving and I just couldn't stand the thought of another loss. CNBC was spewing that OBL crap....Lost some again Tuesday and made some yesterday. Account is down $42 since I started....Feeling better about things though. Getting use to the speed and the way the game is played. Don't have this many problems with stocks but I ain't trading with $2500 either....
Try trading the spread between the nasdaq and the spooz or Russell and the dow whatever and take a breather for some bigger move, margins ain't that bad and you are actually will learn this business and live to tell about it. right now you are living on borrowed time and shooting craps in the world biggest casino, nothing more.