Futures Trading, Custom Programming, and Commentary

9 Responses

1. Michael Lomker Says:
   November 28th, 2007 at 6:49 pm

   Richard, not to pry but I assume you have other investments in addition to learning futures? I’m assuming that a guy couldn’t get by too long on $12.50/day. ;)

   My plan is invest most of my money in more certain things and keep perhaps 10% in an account that I can use to learn. I’m giving some thought to Multicharts since the clips and things that I’ve read look pretty cool.

2. Richard Says:
   November 28th, 2007 at 7:02 pm

   I have saved off pleeenty of money this year trading stocks, such that I can sit around learning on futures as long as I need to. (it was $50 today, btw, and a lot more last week, though after commissions $12 today is probably closer to the truth)

   I don’t think anyone should try trading ANY instrument for a living unless they have money set aside to live off of during lean times. If I really needed some cash quick, I’d do some stock research and scalp out some cash. (hopefully I haven’t forgotten how!) For now, I feel like just focusing on futures. The money will come. You’ll see!

3. Marc Says:
   November 28th, 2007 at 7:31 pm

   Richard,
   On those poitn and Figure charts what is your setting in regards to time: 1min, 3min or 1 tick?
   Can you please help?
   Thanks

   Marc F.

4. Zoomie Says:
   November 28th, 2007 at 7:50 pm

   Man, don’t people realize you need to start small when learning? No wonder most blow out accounts. We here at MtM are trying to set an example….how is a trader gonna make money trading 5 contracts when he can’t make money trading 1 contract? You are witnessing 2 (seasoned)traders trying new methodologies, and doing it in the correct fashion, so we PRESERVE capital till we know what the F we are doing. If you trade small, you will trade the charts and not the money. When you make a bit, increase size…not the other way around. Jeeeez.

5. Richard Says:
   November 28th, 2007 at 8:25 pm

   Marc: on ES I use 0.50 x 2 and on YM I’m watching 5 x 2… so a reversal is 1pt on ES and 10pts on YM. I use 1 tick, so that I get every nuance of the action. 1 minute would also be fine, but it would update less often and it misses some of the fast choppy turns (put side-by-side charts up and you’ll see it). For some purposes you may prefer the smoother 1 minute version. It just depends on what your style is.

6. Marc Says:
   November 28th, 2007 at 8:28 pm

   Appreciate the response have a good night.
   Marc F.

7. Bass Ackward Trader Says:
   November 29th, 2007 at 2:23 am

   zoomie: LOL…or they can try the old method of starting with 10 contracts while they are learning, and work down from there — blowing out cash as they go…they will get to 1 eventually :-)

8. Michael Lomker Says:
   November 29th, 2007 at 6:54 am

   Zoomie, I’m assuming that comment was a response to mine and that you have some pent-up anger that is being misdirected. If you re-read my post you’ll see that I am planning to set aside 10% of my account. It’d take ten tries to blow out an account that way.

   Richard, my understanding was that ES ticks are $12.50 so there must be four to a point. You do make a good point about commissions. I think a lot of websites understate their performance by not deducting the commish on lost trades…it certainly adds up.

9. Richard Says:
   November 29th, 2007 at 9:14 am

   yep, it’s 12.50 a tick and 4 ticks per point, so when I say I made +1 pt today, that means $50 minus commissions.

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