Opinions please.............???

SimpleMeLike said:
Hello ADONAI1ST,

I like day trading future cause by the end of the day I know if I made or lost money.

Futures are more centralized and not bother by company earnings and so forth.

I prefer trading NQ, CL, and ES.
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Duly noted. Thanks for your input Sir!
 
comagnum said:
Trading futures with little cash and no experience will put you at a major disadvantage - you probably will not last more than a few hours or days max. Your odds of making it are mathematically nearly impossible. Many successful futures traders started out on equities/ETFs to gain the experience needed to make a go of trading futures.
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Little cash is not that big of a deal if you KNOW HOW to daytrade the ES and ARE willing to trade 1 contract with a $50.00 dollars OR max $100.00 stoploss per trade...no if... ands or buts about it. You must be disciplined about it. Must never deviate. If you know what you are doing it is rare to get more than 3 losses in a row. The Daytrading good faith margin is $500.00 you have to have a 1:1 min RR BUT 2:1 or even 3:1 is better. 3000 dollars is a feasable amount to start with in my opinion providing you have a viable system..trade 1 contract..can stick by your guns on your stop losses...and can maintain constant AVERAGE reward to risk of at least 1:1 on about 50% of the trades and 2:1 or more on the other 50%. And of course you need a pretty good win rate. 70% is generally good enough.

Now if you don't know what you are doing then that can be real problems and you can burn thru your $3000.00 muy pronto.
 
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pinabetal said:
Little cash is not that big of a deal if you KNOW HOW to daytrade the ES and ARE willing to trade 1 contract with a $50.00 dollars OR max $100.00 stoploss per trade...no if... ands or buts about it. You must be disciplined about it. Must never deviate. If you know what you are doing it is rare to get more than 3 losses in a row. The Daytrading good faith margin is $500.00 you have to have a 1:1 min RR BUT 2:1 or even 3:1 is better. 3000 dollars is a feasable amount to start with in my opinion providing you have a viable system..trade 1 contract..can stick by your guns on your stop losses...and can maintain constant AVERAGE reward to risk of at least 1:1 on about 50% of the trades and 2:1 or more on the other 50%. And of course you need a pretty good win rate. 70% is generally good enough.

Now if you don't know what you are doing then that can be real problems and you can burn thru your $3000.00 muy pronto.
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I understand some of your post, honestly, not caught up on all the acronyms yet. Can you suggest a few videos or readings here/elsewhere to get me up to speed again. My only experience was with TOS and options, watched a huge amount of Dough videos, and read, read, read. Now I'm having to learn ETF's and Futures. What platform do you use to trade and do your research? Thanks for your replay.
 
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pinabetal said:
Little cash is not that big of a deal if you KNOW HOW to daytrade the ES and ARE willing to trade 1 contract with a $50.00 dollars OR max $100.00 stoploss per trade...no if... ands or buts about it. You must be disciplined about it. Must never deviate. If you know what you are doing it is rare to get more than 3 losses in a row. The Daytrading good faith margin is $500.00 you have to have a 1:1 min RR BUT 2:1 or even 3:1 is better. 3000 dollars is a feasable amount to start with in my opinion providing you have a viable system..trade 1 contract..can stick by your guns on your stop losses...and can maintain constant AVERAGE reward to risk of at least 1:1 on about 50% of the trades and 2:1 or more on the other 50%. And of course you need a pretty good win rate. 70% is generally good enough.

Now if you don't know what you are doing then that can be real problems and you can burn thru your $3000.00 muy pronto.
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pinabetal,

I agree, trading ES with one contract is what I sim trade manual backtest now with a system. 1 contract is doable.
 
SimpleMeLike said:
pinabetal,

I agree, trading ES with one contract is what I sim trade manual backtest now with a system. 1 contract is doable.
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Not sure what ES means, but I do understand sim trade. Not sure how to back test manual. How much can you make off one contract? Are some of the ETF's/Futures cheap?
 
You will need a great deal of money to lose first during your 10,000 hours of screen time, you getting good advise when told Rental Houses, buy 1-2 a year, every year. It is going to take so many years of insaneness to get profitable, can you program? Buy one of the books day trading for Dummies, they are to the point and easier to understand, just the name is dumb. Took me handful years to get to 65% winning traders. And surprisingly that is not high enough for day trading, you will be very surprised how much you will average per trade, it often with me ticks.

"Few videos or readings" ROFLMAO LOL I give this guy 2 months till he is broke.
 
ADONAI1ST said:
Not sure what ES means, but I do understand sim trade. Not sure how to back test manual. How much can you make off one contract? Are some of the ETF's/Futures cheap?
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Hello ADONAI1ST,

ES means S&P 500 Emini Future contract. Every point it moves, its worth $50 per contract.

@Handle123 @Xela (or any other experienced traders) I would appreciate your comments on the advice I am giving ADONAI1ST. Do I sound about right?

Backtesting manually means if you think of an idea trading that you believe will make money. Then you open your chart or whatever tool you think will make money with trading and test your belief over previous market days.

I currently back test manually and forward test 2 ideas I believe will make money and record the profit/loss daily, along with other parameters I record incase the system is profitable. If after about +100 trades, I can review the stats of my ideas. If the stats presents a profit expectancy or decent win ratio, I may have a profitable system. At this point its your decision to trade with real money or paper money after testing the idea for +100 trades.

Notice I use the word "may" above. I say may because I only tested the system over +100 trades. Ideally, +1000 trades is reasonable and for ultimate results of a future profitable system(s) it is recommended to test your idea trading strategy over +10 years of historical data. This way your idea is tested over many market conditions (ie, bear market and bull market, sideways market, etc.).

So now, you probably wondering, how do I backtest for +10 years this idea I have to make money. Don't worry, I just discovered this as well and planning accordingly. You use a trading software/platform like Tradestation, NinjaTrader, Mulitcharts, and many many other platforms.

Using one of the platform, you can then program your idea(s) and the software will backtest this idea in a matter of 2-5 minutes. The software will provide you performance metrics over historical data for any amount of years. This will require some programming, which I am learning myself now and some time.

I hope this makes sense. Other can input as well.
 
SimpleMeLike said:
Hello ADONAI1ST,

ES means S&P 500 Emini Future contract. Every point it moves, its worth $50 per contract.

@Handle123 @Xela (or any other experienced traders) I would appreciate your comments on the advice I am giving ADONAI1ST. Do I sound about right?

Backtesting manually means if you think of an idea trading that you believe will make money. Then you open your chart or whatever tool you think will make money with trading and test your belief over previous market days.

I currently back test manually and forward test 2 ideas I believe will make money and record the profit/loss daily, along with other parameters I record incase the system is profitable. If after about +100 trades, I can review the stats of my ideas. If the stats presents a profit expectancy or decent win ratio, I may have a profitable system. At this point its your decision to trade with real money or paper money after testing the idea for +100 trades.

Notice I use the word "may" above. I say may because I only tested the system over +100 trades. Ideally, +1000 trades is reasonable and for ultimate results of a future profitable system(s) it is recommended to test your idea trading strategy over +10 years of historical data. This way your idea is tested over many market conditions (ie, bear market and bull market, sideways market, etc.).

So now, you probably wondering, how do I backtest for +10 years this idea I have to make money. Don't worry, I just discovered this as well and planning accordingly. You use a trading software/platform like Tradestation, NinjaTrader, Mulitcharts, and many many other platforms.

Using one of the platform, you can then program your idea(s) and the software will backtest this idea in a matter of 2-5 minutes. The software will provide you performance metrics over historical data for any amount of years. This will require some programming, which I am learning myself now and some time.

I hope this makes sense. Other can input as well.
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Does anyone else here agree with Simple and his input?
 
ADONAI1ST said:
All,

What instrument do you recommend and why? i.e. ETF's, Futures, options, to trade?

I have limited experience and cash, look to grow an account over time and supplement my income in retirement, or retire early.

I understand that there are risks no matter which way you choose to trade, I guess my question is which is the safest most consistent money maker IYO?
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spend the money u have on educating yourself about the market

the day will come and u will know where to invest without asking the forum... it does not mean that you will make money, but at least will have enough knowledge to hold on your own

ps. it does not matter in what to invest , what matters - how
 
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