YM daytrade beginner advice

Discussion in 'Index Futures' started by newguy05, Feb 14, 2008.

  1. Hi i just started researching into futures daytrade, YM specifically. I like it better than stocks for the obvious reasons: 1 symbol to manage, easy routing, no level2 monitoring needed, not limited 9:30-4 (i work full time) etc...

    Looking for help on a couple questions thanks!

    My setup is ninjatrader, connected to zen-fire feed from mirusfutures.com using their demo login/password.

    1) YM suppose to be very liquid right? but it doesnt seem have much volume at all. I have the T&S window open, and it barely has like 7 trades on there after 10 mins?! as oppose to stock where T&S is just constant spams. Same is reflected on 1sec charts, it looks very choppy like a low volume stock graph.

    What am i missing? does it have to do with the fact that it's 2AM EST? or i am using a demo account (although i think they said the feed is real not demo)? There is no way you can daytrade this, i must be missing something...

    2) Which YM month contract do people usually trade? is it always the current contract month? in this case - march 08?

    3) What basic setup do you need to trade index futures such as YM? You got the charts, T&S window, order window. Any other core component i am missing? For example in stocks you would definitly want the level2 window + market depth etc..

  2. cvds16


    look back in a few hours
  3. ok so it is a timing issue? that because it's 2AM? all the daytraders are asleep? :)
  4. sorry i dont get it, this is the hours listed:

    M-TH 3:30 pm - 4:30 pm and 5:00 pm - 3:15 pm next day
    SUN 5:00 pm - 3:15 pm next day

    so right now it's around TH 2AM, that's within the 5PM - 3:15PM next day range, so the market should be open? not closed
  5. its open but the action is between 8:00am EST and 4:00pm est, else there no volume.

    if you want to trade something while youre not at work, youll have to trade the markets from another continent.
  6. still i have confusion. It say it running 24 hrs electonically .Do you mean only trading occur btween 8 am to 4 pm.
  7. Each market has its optimum hours for trading.

    These hours are when the institutions, hedge funds, foreing investors and large indvidiual retail traders are transacting business.

    For the bread-and-butter financials indices, those hours are 9:30am ET to 4:15 ET

    Slightly earlier if you want to trade the Notes.

    Now would be a good time to sit, watch and trade if your market of choice were the curriences.

    Do your research, put in your screen time, and good luck.
  8. Thank you very much. So opening gap i have to consider closing time today 4.30pm yesterday and today opening time 9.30 am.
  9. cvds16


    if you want to trade now at this moment, have a look at eurostoxx50plenty of liquidity and trades there at the moment
    #10     Feb 14, 2008