/esz3 or /nqz3 for a beginner to futures?

[SicilianTM]

Quote from Dominic:

I said I plan on trading 5 contracts and plan on excepting a 2.0 point loss ($500) from S&P eminis. My original question was whats the best e mini to trade with the above info.

The question doesn't make sense to me. How many S&P eminis are there? ES and what else?

 

[ElectricSavant]

Well...back to your question....

I have traded the large contracts as well as the ES. I am now trading the NQ. I find the YM difficult to trade but that is my problem.

So I feel qualified to comment only on what I have traded. I like the NQ as it seems to be spikier than the ES.

Michael B.

Quote from Dominic:

No doubt there are others that post on this board that are by far more intelligent traders/individuals than I am. One common theme that I find is that these guys are forever running tests and testing models of trading software and think that they have or will create the Holy Trading Trader Software package that can predict what the markets are going to do. My answer to that is read the book called The Predictors. No one knows what is going to happen; even the rocket scientist.

Sure TA comes into play as a lagging indicator, lagging being the key word. How does TA predict that a bomb will be dropped tomorrow or some diaster or good news? The futures are driven by emotions from events; are the guys in the pits trading off of their computers or emotion?

I feel that TA is mostly useless; just look at all the experts on TV for years who are mostly wrong yet have more resources available to them than you and I do and yet still lose money. Wallstreet is just like a car dealership; the big guys are trying to off load or sell you something.

So answer your question: Yes I use risk management; thats why I used 5 contracts compared to 1-20 and yes, I do have 6 screen with charts on them but they don't tell me whats going to happen next; no one knows. plenty of wealthy have gone bust and the less intelligent and uniformed succeeded.

 

[nononsense]

Quote from Dominic:

No doubt there are others that post on this board that are by far more intelligent traders/individuals than I am. One common theme that I find is that these guys are forever running tests and testing models of trading software and think that they have or will create the Holy Trading Trader Software package that can predict what the markets are going to do. My answer to that is read the book called The Predictors. No one knows what is going to happen; even the rocket scientist.

Sure TA comes into play as a lagging indicator, lagging being the key word. How does TA predict that a bomb will be dropped tomorrow or some diaster or good news? The futures are driven by emotions from events; are the guys in the pits trading off of their computers or emotion?

I feel that TA is mostly useless; just look at all the experts on TV for years who are mostly wrong yet have more resources available to them than you and I do and yet still lose money. Wallstreet is just like a car dealership; the big guys are trying to off load or sell you something.

So answer your question: Yes I use risk management; thats why I used 5 contracts compared to 1-20 and yes, I do have 6 screen with charts on them but they don't tell me whats going to happen next; no one knows. plenty of wealthy have gone bust and the less intelligent and uniformed succeeded.

Dominic.

Thank you for telling us that TA is mostly useless.

Bring your money to the brokers and get going with your 5 contracts.

Do us a little return favor please. Start yet another journal thread about your going. Success will be assured! We like those kind of shows around here.

Good luck,

P.S. Don't forget to turn on your "risk management".


nononsense

 

[mbradley]

This is a disaster waiting to happen

 

[LongShot]

Quote from nononsense:



Dominic.

Thank you for telling us that TA is mostly useless.

Bring your money to the brokers and get going with your 5 contracts.

Do us a little return favor please. Start yet another journal thread about your going. Success will be assured! We like those kind of shows around here.

Good luck,

P.S. Don't forget to turn on your "risk management".


nononsense

Yeah dominic BRING IT ON DUDE start placing those 5 lots trades if you got the stones which I doubt

 

[ElectricSavant]

Sorry to bother you with these silly questions...but one more please.

Was that a total of $2.50 inclusive fees per side per contract?

Michael B.

Quote from Dominic:

$2.50 per side per contract.

 

[hypostomus]

...why all this envious negativity? Let's think positive here, and enumerate everything that Dominic has going for him:

- CyberTrader has an unblemished record of futures execution, since they never did it before

- he has a wealth of experience in stock trading he can transfer to the futures, and it is well known how similar the two are

- he knows that TA is crap

- from these very pages he has learned that system development is unnecessary

- he is well capitalized, having no fear of a $500 loss trading 5 contracts

- and he will not have to overcome the psychological hurdle of working up from 1 contract to 5

I am very optimistic for his prospects, and stand ready to dispense whatever advice might be of use. Were he trading NQ, I would be generously willing to let him take the other side of my trades.

 

[LongShot]

you such a sweet heart hypo

 

[dbphoenix]

Why is everyone so eager to adopt the role of parent?

Good grief!

 

[hypostomus]

...you old grouch, here is an opportunity to learn something new about futures trading from a real pro at stock trading. I have numerous choice bits of futures trading wisdom I feel the need to pass on to the younger generation. Also, I think that my risk tolerance is too low, and I would like to learn how to be more aggressive. I myself rarely trade five contracts at once, even after nearly two years of trading NQ (don't really need to make that much money), so I might be emboldened by association to increase my size. Get it on!