My 1st day trading futures

Quote from Cocaine:

um, why did you not disclose this is paper trading?
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1. Sim? Coming from him, why is this a surprise?

2. Disclosure? Sure he did. It is written right on the attachment.
 
Normally I catch something like that and call the person out, must be slipping in my old age :)

Acerbits was on point there.

Quote from Tums:

1. Sim? Coming from him, why is this a surprise?

2. Disclosure? Sure he did. It is written right on the attachment.
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The shorter the time frame, the less helpful SIM is. For intraday swing trading, I'm sure its not a big deal the speed of SIM vrs live mkt but for scalping and short holding periods, it makes a HUGE difference. You'll see :)

Quote from cashmoney69:

well in that case, I don't know if I'd be able to handle the real thing :eek: ..at least nothing more than 2 contracts.
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when i was day trading on paper the platform was just as fast as the actual market..only difference was I didnt understand the commission structure.

If they're going to SLOW down the sim, then TELL people that!...only reason I can think of why they wouldnt is so they can rob people of their money after the poor trader realize what they got themselves into. Thanks for telling me.
 
Quote from The Swordsman:

I trade using Xtrader too (through Velocity). If you SIM through Velocity, the market is actually much slower on the SIM than the actual real market. Take a look for yourself, the real market is flat out faster. Guys at Velocity said their SIM is just for learning functionality of the keys/buttons and is not for emulating the actual market, FYI
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What do you think is the actual 'real market" ??? If you're trading in the cash market you really dont know what the real market is, you only know what the market on your screen says. The cash currency market is so huge you have NO way of knowing where the real markets are and what the size money is doing.

When they offer you "commission free" trading on tight markets how do you think they're making their money on you?
 
Quote from The Swordsman:

I trade using Xtrader too (through Velocity). If you SIM through Velocity, the market is actually much slower on the SIM than the actual real market. Take a look for yourself, the real market is flat out faster. Guys at Velocity said their SIM is just for learning functionality of the keys/buttons and is not for emulating the actual market, FYI
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WHAT do you mean by SLOWER ?????

as in stretching a 1 min bar to 5 mins ???

as in reduced volatility ???? changing a 20pt swing to a 10pt swing ?

as in reduced volume ????

as in delay in fill ????




or do you mean by delayed data feed ?
 
I'm guessing less frequent updates on bid/ask, last price etc.


Quote from Tums:

WHAT do you mean by SLOWER ?????

as in stretching a 1 min bar to 5 mins ???

as in reduced volatility ???? changing a 20pt swing to a 10pt swing ?

as in reduced volume ????

as in delay in fill ????




or do you mean by delayed data feed ?
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Record the DOM on SIM and then record the DOM on your live acct. Or just watch the two for a bit. XTrader's SIM is slower, refresh rates arent the same. I cant speak for all brokers and platforms but it is the case here.


Quote from Tums:

WHAT do you mean by SLOWER ?????

as in stretching a 1 min bar to 5 mins ???

as in reduced volatility ???? changing a 20pt swing to a 10pt swing ?

as in reduced volume ????

as in delay in fill ????




or do you mean by delayed data feed ?
More...
 
Quote from Cocaine:

dude, its his FIRST day. Nice work Cash but seriously forex-forex do you think that its a good idea to try and learn from someone brand new? No offense to cash but its possible he got lucky today,not saying he did of course, but one days worth of data is pretty darn small.
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Good point....but questions on stops is important and opinions from newbies or pros are good. Three YM "stop" stories I would like to share, all 1 contract.

  • My first trade using IB's WebTrader I decided to set a stop 20 points below my entry, I entered it as 13000 should have been 20. Market flies past my incorrectly entered stop and of course it's not activated. Market then retraces and I manually close at a profit. LUCKY BREAK.
  • My second trade I correctly enter the stop as 20. Stop is activated for a loss and then the market retraces back without me.
  • My third YM trade I set no stop and close 40 minutes later for a profit.

Quote from cashmoney69:

ok I made the changes letting people know it was paper...but it was still done off live data. What are typical commissions for ym trades?..i didnt take this into account, but still amazing for a 1st timer :)
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Commissions with IB are less than $5.00 open and close for each contract. I round it up to $5.00 or one YM mini dow tick.
 
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