you might want to trade DIA in small size ( 100 - 250 shares ) to test out your strategies ... that way if you have some losses it will not be as bad as YM while you are starting out it is possible to turn 10K into 100K but in order to do so you need an "edge" and the skill and time to grind it out to the next level but there is no guarantee YM is going to make you rich ps there are other markets out there too to trade good luck
Well guys thank a lot for your advice i have been down $15K this year trading like 5 $2500 accounts and the ony thing i have learned is that never aevrage down The most money i have lost is well %100 of the money i have lost is due to average down I hte it I have turend a $300 losser to $1500 I have decide to keep a stop loss of 3 point on the ES YM 30 points with 1 car as i am new in stop losse please elebroate if it is a decnt stop loss Also can some one name me a few web site where i can get a free trial so My goal is not to make 100K the first year but to make $20K with expensive that is like $500 a week $500 X52 = 26K If i succeded i can ad in more money to make it $50 K and trade the dax at night also if things work out I have to say 35% is hard work knowledge Discipline and 65% is luck SO GOD HELP ME
Astrologer, For a free trial of a useful trading system try www.easysignal.com What you need is a set up that's, momentum based and which will grab you a quick 10-20 points (YM) or 1-1.5points(ER2) within a few minutes of entering, with a 10 point or 1 point stop loss respectively. This will build your confidence and get you out of the market early. My first trade of the day is usually my biggest - it's usually on the ER2 and I load 10 contracts with a 1point target and a 1 point stop. After that I reduce my position size to 3 contracts and go in for trades with at least a 2:1 profit to risk ratio. On a $20,000 account you should be able to clear $500 - $1000 a day on average. Also, try not to listen to those who'll tell you that it's not possible or that failure is imminent. Futures trading is about trading your set-ups consistently and having the discipline to stop trading once you've hit your target profit or loss limits. Take care and happy trading! tfuad.
http://elitetrader.com/br/ as you can see many brokers to choose from, read all review select at least 3 that sound good then search them for more detail review. your first discipline learn to be patient , try to lose as little as possible when you learn the rope, which mean most of day you will either paper trade or stand aside; only take a trade if you know what you are doing, do not hurry in spending the big sum of money to gain a superior knowledge, that not how thing suppose to work.
If everyone could make $500 to $1K a day with 20 K i think every one would have done it It is not that easy it look,s easy but it is not
ksonsinc, I appreciate your reply and agree that trading is not easy. But making $500 to 1000 off a $20k account is not only possible, it's being done by a lot of people. With day trading margins on the e-minis as low as $500, it's possible to put on 10 ER2 contracts and scalp a point out of the session open with reasonable consistency. Alternatively, you can put on 5 contracts and go for a 1pt-2pt target off the mid-morning reversal of the end of day move. Day trading is about knowing the contract you're trading and taking only a couple of well practiced set-ups. Some days you'll be able to take 5-6pts out of the market and others will be down 2pts. At the end of the week your average should be 1-1.5pts per day. Happy Trading!
I agree to take 1 , 1.5 er point is nothing a day if it can be done in a consistent but size doen matter 10 contract on ER is no joke Well i agree it has been done and it can be done but not with @20 K A person should have enough $= power to play like 10 ER contact
Well, ksonic I don't know what to say to you. A $20k account is enough to trade 10 contracts and consistantly take 1pt out of the ER2 everyday. Perhaps your trading style or method doesn't suit this objective which is fine if it's working for you. But for me, well, let's just say I started with $15k and 5 contracts and am now full time. Enjoy your trading.
tfuad, I couldn't agree more. Although, with a small acct the emotions of fear & greed tend to be higher, due to the potentially high ROI. Thus, one needs to recognize that to do this will take a lot of discipline. Plan your trade, understand your plan and trade your plan. Be willing to fold your hands when uncertain and cut your losses when you're wrong.
Tfaud Well i do have a small account less the 20 K may be that is why i am afraid to trade bigger size I try to trade more contract when i am really sure or when i have hit my set-up ( i never touch the ER but a lot of my friend have asked me to scalp as the ER is more scalable then ES and YM Well i am happy to see u have started part time and i am looking to do that but still working and doing part time So hope fully i will watch the ER from now Thanks for your advice