The E-Mini Pit
If you currently trade, or are interested in learning to trade, the CME E-Minis, this thread is for you. As opposed to just another market direction discussion thread, our focus here will be on providing a traders resource of specific information on the E-Minis, including discussions of brokers, trading platforms, order types, trading methodologies, money management techniques, futures-specific tax issues, etc. In addition, feel free to post your trades if you like, but please include your reasoning, so we can all learn. Links to charts, articles, seminars, and other message boards dealing with E-Minis or futures trading are encouraged. Also, please check this original post from time to time to see any new links we post here and to check out The Post of the Day, which will be selected from daily contributions to the board.
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A Few Thread Guidelines:
This is a moderated thread, so please respect these few posting guidelines:
1. Please stay on topic. If you want to discuss corn, beans, or stocks, there are lots of other threads for those.
2. Please no bashing, profanity, or boasting of your fabulous trading prowess. Show respect for the folks who wish to post here. Help out the new folks who want to learn.
3. If posting trades or market predictions, please tell us why you are taking that position.
4. Have fun, and help us make this board a valuable resource to Futures Traders.
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POST OF THE DAY:
(EDITED, With Apologies to the Author)
From: booters Friday, Jan 18, 2002 11:00 PM
This is a great idea and I wish you all the luck. The indexes are becoming much more popular and a good thread will be a lot of help. If one is new to the futures market my advice would be to stay VERY simple and flexible. I would paper trade for at least a month, just sit and watch the action all day long, day after day and absorb. Even the experienced stock trader will see things happen they would not believe could.(Go to the Interactive brokers thread and read the last few days post about spikes and look at the chart loomis put up showing a 300 point spike in 2min. Few stock traders have seen a $6000 per contract move in that time span. That happened just a year ago.)
Be aware of the leverage you are using and do not trade large enough to scare yourself. If you do, you will be :)
If your system or method has any fixed numbers in it I do not believe it will last long. ( stops like 5 points, or fixed profit targets and the like ). Everything should be variable and tied to the current market. The futures market changes dramatically very often. Its size, its movements, its reactions, its caricature all change a great deal and it can happen over night.
Your methods need to be market wise, not market specific. Always think about what you are trying to do and ask would it still work if the market was "This way" or "That way". Find some 1 min or 5 min charts from a few years ago or even just a year ago and study them closely. Would what you are doing now have worked then. If the average 1 min bar was 15 points instead of the current 3 or 4 points would your system still work?
You WILL be caught in a spike! What will you do. Which brings up a good point. Before you make a trade, every trade, know exactly what you will do if something happens. In the futures market you will not have time to think. You must KNOW. Make sure you do before you enter every trade.
After saying all that let me add that I think the NQs are a traders dream. The perfect market and a lot of fun. With a little time you should find the futures easier and more rewarding than stocks and much simplier to trade.
Good luck to all.
boots _____________________________________________________________
Key Links for E-Mini Traders:
E-Mini Contract Specifications:
cme.com
E-Mini FAQ: cme.com
Register for Free E-Mini Real-Time Quotes:
realtime.barchart.com
E-Mini Charts (Delayed): futuresource.com
Information on Futures Brokers: elitetrader.com
Futures Trading Free Seminars: zapfutures.com
NFA Home Page: nfa.futures.org
Louis Lambrecht's Pivot Lines Spreadsheet: lvlamb.itgo.com
Tax Site for Investors and Traders: board.fairmark.com |
