help needed

F

freddie77

Hi Guys

I am soon to start training as a backed futures trader. I don't know a great deal about futures and was wondering if anybody has any advice for me.
Also can anybody tell me what the 'auction concept' is?
And what the terms high tick/low tick mean?

Many thanks for your help with this . . .
 
thanks protrader. i am indeed reading several books, but can not find the specific answer to those questions.
i also thought that experienced traders may have a few words of advice to somebody setting out in the same career as them.
thanks for your time anyway.
 
high/low tick is the highest/lowest actual traded price for a particular contract on a given day. for example, if i say september crude had a high tick of 59.70 today, that is the highest printed 'tic' today.

the auction concept is how futures are traded. yes, you can trade them electronically, but ultimately they are traded in a pit by guys yelling out their bids and offers and trading when they come to agree on a price. i've been to the crude pit: awesome experience. hate to admit it, but i felt like michael j fox in 'the secret of my success'. the whole atmosphere was intoxicating.
 
Freddie,

Visit the CBOT website. Browse around and look at some of the basics in there. There is more information there that is more relevant than in many books. Good luck.
 
Hello Freddy,

You might want to check out George Angell "Winning in the Futures Markets"

Are you starting on one of REFCO's trainee programs? If not I'm curious to know what place if BACKING traders ?

Regards,
-Chris
 
Freddie:

I have twelve years of futures trading under my belt: Here's my suggestions:

1) Read whatever you can get your hands on regarding trading, technical analysis.
2) Learn how to read a chart like reading a book.
3) Develop your OWN opinions on market direction based upon your chart reading and research.
4) Develop a very simple trading strategy. Do not start with day trading. Look into trading swings, trading with the trend, maybe spreads (lowers risk).
5) Start trading it! Start small with low margin contracts.
6) Hone your skills daily. Learn your strengths and weakness. Develop psychological skills (patience, controlling fear/greed).
7) Repeat steps 1-6 until successful.

Persistance and drive is key. Good luck!
 
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