Sure, I'd like to hear about how to get the RT cost down.
My Head is Spinning
- Thread starter DocPMD
- Start date
Sure, I'd like to hear about how to get the RT cost down.
- get the right broker/fcm. i recommend you take a look at advantage futures or tradovate.
- to get even lower on cme: get an exchange membership
- to trade almost for free on eurex: join tradovate or advantage futures and at the same time, apply for the eurex tdp program
- or join a futures prop trading group like tower trading group (remote is possible)
While opinions are easy to come by, here are a couple thoughts.
Best to narrow the focus to one instrument whether forex or equities or futures.
Which makes the most sense to you? or you like more than the other?
Journal everything. What are your thoughts? what do you observe?
Use a screen capture software to visually capture repeatable patterns and observations.
Reduce noise... less is more. One can drown in information.
Clearly you have a high interest in trading and that helps tremendously. Many have fallen off the path long ago while you are still persisting.
I wish you the very best. It is a journey of not only learning the markets but of yourself too.
Best to narrow the focus to one instrument whether forex or equities or futures.
Which makes the most sense to you? or you like more than the other?
Journal everything. What are your thoughts? what do you observe?
Use a screen capture software to visually capture repeatable patterns and observations.
Reduce noise... less is more. One can drown in information.
Clearly you have a high interest in trading and that helps tremendously. Many have fallen off the path long ago while you are still persisting.
I wish you the very best. It is a journey of not only learning the markets but of yourself too.
@Shawnovision I can't tell you how many times I've tried to do exactly what you described. I know it's vitally important to the learning process, but I always seem to quit after a while. This time I am committed, though.
Thanks for the suggestion.
Thanks for the suggestion.
What is the eurex tdp program about?
Trading for Eurex, as if Eurex were a prop firm ?
No, it is a rebate program, if you trade enough volume they pay you back all your Eurex exchange fees. Combine that with a deep discount broker and voila, you can trade the Eurex contracts for something like below 0.50 EUR per contract (total cost).
Here's my advice to you, for what it's worth.
Steer clear of index futures, options, forex, etc, at least to start with.
So many new traders are drawn to index futures or forex, but very few can trade them with any sort of consistency.
1 Trade equities.
2 Specialise.
Choose a few medium to large cap companies in a sector you are interested in, and get to know the way they trade, day in, day out, week in, week out, month in month out.
3 Trade small to start with, and maybe concentrate on one period of the day (my preference is the opening hour, stocks often make their move of the day during this period).
4 Record everything - entry times, exist times, reasons for the trade, trend or countertrend, targets and stops.
5 Analyse you data - what works ? Do more of that !
What doesn't work - do less (none) of that !
Rinse and repeat, refine, adapt to changing market conditions.
It should be faily dull, but this is a business - if you want excitement, visit a casino out of market hours.
Just my tuppence worth.
Steer clear of index futures, options, forex, etc, at least to start with.
So many new traders are drawn to index futures or forex, but very few can trade them with any sort of consistency.
1 Trade equities.
2 Specialise.
Choose a few medium to large cap companies in a sector you are interested in, and get to know the way they trade, day in, day out, week in, week out, month in month out.
3 Trade small to start with, and maybe concentrate on one period of the day (my preference is the opening hour, stocks often make their move of the day during this period).
4 Record everything - entry times, exist times, reasons for the trade, trend or countertrend, targets and stops.
5 Analyse you data - what works ? Do more of that !
What doesn't work - do less (none) of that !
Rinse and repeat, refine, adapt to changing market conditions.
It should be faily dull, but this is a business - if you want excitement, visit a casino out of market hours.
Just my tuppence worth.
%%
Good word,but if someone is the kind of person, who prefers a expensive education; ES, or any leveraged item loses money much faster.Good record keeping helps; wins + losing money faster shows up on records.
Doc,
If you are looking to scalp, stand back from the chart (ES is what I trade) and really see what it looks like. Not the minutae of MACD, EMA or other indicators but what is price doing?
Example if RTH open is within yesterday's range it likes to stay in yesterday's range, at least enough scalp/fade the edges. If price opens above yesterday's range I'd be looking to take higher highs on your timeframe of choice.
These are but 2 tips/ideas to consider. These "fundamentals" do not change over time. That doesn't mean they always work, but they don't have to in order to make money.
Pick a fundamental type setup that you believe in and JUST TRADE IT.
The just trade it is the part that separates profit from the pack.
Good luck.
If you are looking to scalp, stand back from the chart (ES is what I trade) and really see what it looks like. Not the minutae of MACD, EMA or other indicators but what is price doing?
Example if RTH open is within yesterday's range it likes to stay in yesterday's range, at least enough scalp/fade the edges. If price opens above yesterday's range I'd be looking to take higher highs on your timeframe of choice.
These are but 2 tips/ideas to consider. These "fundamentals" do not change over time. That doesn't mean they always work, but they don't have to in order to make money.
Pick a fundamental type setup that you believe in and JUST TRADE IT.
The just trade it is the part that separates profit from the pack.
Good luck.
Haven't been back for a while. Thanks to everyone who provided sincere feedback. So many different opinions it's hard to decipher what's good and what's bad.
At this point, I'm starting to understand that there are a lot of ways to skin the cat. Guess I just need to find a way to trade that's comfortable for me.
So far I have been spending time learning to read order flow and applying that to trading the charts. My biggest problem is still letting losers run. If I can fix that, I think I'll be in pretty good shape.
At this point, I'm starting to understand that there are a lot of ways to skin the cat. Guess I just need to find a way to trade that's comfortable for me.
So far I have been spending time learning to read order flow and applying that to trading the charts. My biggest problem is still letting losers run. If I can fix that, I think I'll be in pretty good shape.