Getting started Trading the Naz Minis...

T

Trader 3SiX

Hi...i currently trade stocks through a chat room...(PLEASE DO NOT ASK ME WHICH ONE IT IS CAUSE I WON'T TELL YOU) which i unfortunately over rely on for my trading decisions...the only time i really traded for myself i lost money...but would and want to supplement that with trading the nasdaq eminis as a sort of fresh start....the only thing is i don't really have a trading methodology...any advice??? i'm trying to stay away from like flag patterns and such...looking for something different...and i know there must be hundred's of different strategies out there....so if someone could just give me a basic idea i'd be most grateful...

thanks...harry
 
Originally posted by Trader 3SiX
the only time i really traded for myself i lost money...but would and want to supplement that with trading the nasdaq eminis as a sort of fresh start
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Harry, if that's true, then I would think the last thing you'd want to do is start trading the eminis, fresh start or not. Why not get stock trading, where you do the picks, profitable first?
 
Trader3six

Your living in a dream world. Do you honestly think somebody, with a paragraph or two, can give you a key to making money in the market? If your lucky enough to be making money following someone, stick to that person like glue until you learn what and how he/she is doing.
 
I'm not asking for anyone to give me a system or explain to me how to trade....that's not what i'm asking for...just a brief idea...maybe a book...a website...something like that...any help again...would be greatly appreciated
 
read everything you can find - dont pay for anything - find the simplest strategy - the cheapest broker - the best charting software you can get - then trade the smallest size you can - 1 trade a day, if the market moves 1 tick against you - close the position - if the market goes your way, hold the trade until you feel that the market will turn against you - watch what happens after you close the trade - then go back and analyse what happened and why the position did or did not work out - but the main thing - is that you will be learning to get out the market with a loss - but a very very smal loss, and learning to never let a winning position become a loss

watch how when you win - you feel you are a genius - and when you lose - a) you feel shit and hate yourself - or - b) you decide that it is the markets fault, or the broker or your trading platform or hedge funds that caused you to lose

if its b) - quit trading and try another hobby - if its a) spend a year trading small size and learning to hold wins and take small losses

if you are still around after a year, you will probably be on your way to making some great bucks - and you will know a lot more about yourself than when u started
 
it's not rocket science and the charting/technical analysis is the same if you're making the short trip from L2/direct access trading to E-Minis.

The E-Minis are "direct access" in that you're going to through the GLOBEX.

I watch and trade both the ES and NQ contracts. Make sure you know the top five or ten holdings in each that way you know that if certain stocks come out with major movement/news you're not caught off guard.

I personally find trading the E-Minis much more enjoyable and "easier" than stocks. ("Easier" in that with the E-minis you are trading THE barometer of the market.)

Each morning I lay out two day/one minute candlestick charts with volume only. I'm not concerned with indicators, just price action.

I find the audio S&P pit squawk is an excellent tool.

I mark significant price levels from the prior trading sessions then get to work typically after the first 7-20 minutes of trading. (Avoid the clearing period until you get the rhythm of it.)

A longer term chart like a 10 day/10 minute can call bottoms and tops to your attention as well an significant support and resistance.

Spend some time studying a few days of intraday action as often as you can and you will see certain patterns over and over again. Keep a sharp eye on time and learn to understand how prices move from one level to another.
 
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