You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an alternative browser.
You should upgrade or use an alternative browser.
advice for newbie trader please
- Thread starter futures
- Start date
Quote from Spiker:
Your stop may have been hit at ASK .
i did wonder that, but other sources suggest that ASK wasnt hit either.
Quote from FrankSlaughtery:
assuming your trading exchange traded instruments, place your stop just below support/above resistance where you say "if price goes below/above x I am wrong" - there is nothing else you can do. Don't worry about HFT, GS, stop hunting, anything. Give your stop just enough room not to get shaken out by small moves but not so much that you take a big loss before you know you're wrong (I know, I know, easier said than done). Try using 2 ATR as a stop.
thanks for the advice. im looking to try to trade NG market swings for around 2/1. i'll use stop losses again i think
Quote from nazzdack:
Look at a 1-minute, bar chart of NG at ~9:30am (Chicago Time) today. :eek: :eek: :eek:
i guess this is a good example why stop losses are important.
do you by chance know made this market go north 150 points in such a short time?
Quote from emg:
u want my advice? the truth will hurt
im looking for as much advice as possible no matter how harsh.
Quote from TheGoonior:
Despite what you believe, you actually have a stop-loss in place. It is called your entire account balance.
thanks thats a good point.
Quote from Swan Noir:
You are clearly trading through a bucket shop and not on Globex. The tip off is you are "trading pennies". You are probably being robbed and you should get your account balance back to your bank and then look for a broker that is for real.
thanks for the advice.
futures - the huge move at 10:30 EST was from the weekly inventory report. I strongly suggest you mark this event on your calendar (I put audio alerts on my computer alerting me of economic/scheduled market moving events like this so I'm flat before they're announced. NG jumped 7 cents instantly then ran another 12 cents so anyone who tried to fade got run over. If NG starts to run you do not want to be on the wrong side.
Hey newbie welcome to the trade!
Just know that you're going to lose. Its a matter of time. If you can take the losses and learn from them, then you may be profitable. Trading futures has a high start up cost.
Just know that you're going to lose. Its a matter of time. If you can take the losses and learn from them, then you may be profitable. Trading futures has a high start up cost.
Quote from futures:
hi Frank.
yes i noticed NG very can be very volatile. i have found though, once the swing starts to find resistance its a good time to reverse the trend.
im also finding NG appears to do the opposite of crude oil.
Re the first quote - I agree. This is simple technical analysis however you MUST use a stop at that resistance if you're shorting to prevent being run over.
Re the second - this is true to some extent. The other energies (HO, RB) move w/ CL more than NG. Remember to focus solely on the price action of what you're trading - not another instrument or TEMPORARY correlation. I was long gold before and exited w/ a small gain b/c I saw the dollar start to tick up so I thought gold would go back down. Guess what happened. Gold ignored the rise in the dollar and exploded higher. Remember if you lose money don't lose the lesson! So here's the lesson - focus only on the price action of what you're trading b/c it tells you everything you need to know.
Some other advice - you must have a plan that details your trade setups and risk management. If you're more discretionary/price pattern trading and can't code this, at least limit the trades to certain types w/ low risk (e.g. if you trade triangle/flags say to yourself "is this a triangle/flag? if not pass. If so where do I place my stop? Target? Should I trail stop? Move to BE?) This all needs to be worked out ahead of time.
Feel free to ask more questions. We all started trading knowing nothing (nobody was born knowing what convert bond arb is).