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chaotic1
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I don't know anything about the EUR/USD, but being in a highly liquid market is best for new traders. If a the market starts to go against you, it is easier to close your positions in a market that has a lot of liquidity. If you are in a market without much liquidity, and then it moves against you, you may not be able to close out your position until you have taken a much greater loss than planned. It could even wipe you out and leave you with a debt in the futures market. Also, thinly traded futures markets can go limit up or down. If this happens and it it is limiting against you, then you stand to lose a lot of money. I personally only trade the ES and have no interest in trading the thinner markets, until I have more experience and trading capital. Leave the thinly traded markets to those who are more sophisticated (ie those with lots of experience and proven themselves consistent winners elsewhere). Good trading. -
Thank you for your comment. How does one go about finding a real trader who would be able to help in a similar fashion. Finding a no frills discount broker would be easy. As a side note, I will be holding off on getting into futures for a while. Going to build my account doing what I know, until perhpaps at such a time I go live as a "day trader". Not sure if I would actually become a year round trader, probably just a seasonal day trader when work is slow and I can take extended leave. Thanks again for that comment, that is more or less what I would really like to do, just not so sure about how to go about it. And not that I haven't been looking.
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I have. And If I were a successful trader who was in a position to help others and add to my own account, then I most certainly would. I have no doubt there are some very successful traders who help others all the time in a similar fashion. I also know there are many more that are charlatans and would rape me of anything I send to them.
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I would say my greatest roadblock is being too impetuous. This is especially problematic if I have not made a trade in some time. I am still developing my rules to mitigate this, but it can be devastating. This is a problem much greater than if I have had a losing position or even if I have been put into a position of damage control when the market has jumped against me. When I get impulsive (impetuous) the positions is almost certain to go against me, even if it fits into my rules and by all rights everything should work as planned. :crap:
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Can you really properly define whether a person is qualified to have a certain career by the amount of money they make? I qualify a professional trader as someone whose primary income is earned through trading.
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It has taught me that I don't know as much as I would like to think. What I am learning is that I know even less. What I like most about the markets is that it rewards us based on our skill, talent, and willingness to work hard. We can make mistakes and yet comeback from them to become a better trader. My current job rewards failure with a kick out the door. Hopefully one day I will join the ranks of successful daytraders. The other aspect of the markets I like is the people. They are the most positive folks in the world. I know one trader where his whole world can be falling apart and he is like a rock. Concerned, but not freaking out and just dealing with whatever situation as it comes to him.
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OK, two saying stay away may be something to take note of. I just wish you could be a bit more specific rather than cryptic. :cheers::cheers:
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Tams, do you have a broker whom you would recommend that would meet my needs (as best as you can understand from my previous post)? Perhaps I should stick with RJO. It seems difficult to find futures brokers who can meet my needs/wants. Or perhaps I am misunderstanding something. I would appreciate any advice. But I must be honest, it will be hard to go against one negative opinion. You may after all just had a bad experience. Thanks for your replies.
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Hello all. Not sure if this is the correct forum or not, but it seems like the best place to ask. I am looking for a broker who specializes in trading options in the futures market. I found three. One requires more to fund than I have. Another has a style and service that I am not sure fits me at this time. The last one (Option Investments Inc) there seems to be some reason to be sceptical, although I have not recieved a reason why. I currently trade options in the cash indexes, typically I will sell a credit spread on one side or do an Iron Condor. Sometimes I will buy straight out calls and puts, but never have I sold a debit spread. This trading style I have done very successfully paper trading as well as live (although not as well as on paper ). I would like to replicate this style in the futures market. I recently opened an account with RJO but they seem more suited to those who day trade the futures not for traders who trade options. Mostly I don't like their charting. If I could use a third party software like NT, than I would be more likely to give them a go. When speaking to the broker/salesman at RJO, he was not even aware of third party software like NT, optionvue, etc. Seems odd but they seem to be well known/recognized in TA of Stocks and Commodities. Perhaps I should go with IB, TS, Options Express, or some other? Because of the nature of my job, I think I would rather a full service type of broker who would be able to take a trade off if the trade has made its profits or is at the stop loss limit. This is what has impressed me about Options Investments. Or they are very good salesman who knew exactly what I needed, even though I never told them at first. I will be speaking again with Option Investments later this week. The RJO guy calls three times a day wondering when I will fund even though told him roughly when I would send the funds, this alone makes me want to leave these guys. Please advise with your two cents , thank you.
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Introduce Yourself Here - Don't Be Shy!!
chaotic1 replied to trading4life's topic in Beginners Forum
Good luck going live. Sounds like you have a plan to meet your goal, I hope you stick with it and find your dream. :thumbs up: I hope to be able to go live daytrading in a few years myself. Although I would rather take a furlough for a few months each year when everything slows to a snails pace and they don't really need me around. It would be a great break. I don't think I have the focus to daytrade full time year round. I have found trading in the late winter early spring to be the most profitable. Trading this time of year has generally been bad and sometimes I give back the winter earnings. :doh: -
Introduce Yourself Here - Don't Be Shy!!
chaotic1 replied to trading4life's topic in Beginners Forum
Good luck friend. Since it sounds like you have been doing this a few years now, how have you been doing and what type of trader are you (ie stock, options, futures, fx, short/longterm, etc)? I just like to hear about what makes other people tick and what kind of trading they do. -
Any particular reason Tams? Thanks.
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I am looking for comments regarding the reputability of opvest. I had a conversation with one of their brokers regarding the full service side and it sounds like they have a trading style similar to my own. The primary benefit is there would be someone who can monitor my positions when I am out of town and cannot monitor them. I am not a futures trader but have wanted to move into the futures market. I would start with a small sum and see how they do. Regardless of how well things work out I would likely always trade the bulk of my funds myself. The fees seem high, but should be worthwhile given the benefits if it all works out. Thank you for your comments regarding your experience. Edit: I recently opened an account with RJO Futures but do not feel they can meet my needs and am uncomfortable with their order setup and charting. Opvest seems more streamlined and easier to use, sort of like they set it up with the option trader in mind. Also Opvest can use third party software like NT and Option Vue (I don't have either but plan to get NT and/or Option Vue at some point). When speaking with a fellow at RJO the broker did not even know about NT and third party software. My RJO account is not funded. Currently I mostly sell credit spreads on the cash indexes. Sometimes I will buy puts or calls if I think the market will move sufficiently to make it worthwhile. I don't buy debit spreads. Thanks again.
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Anyone familiar with this firm? I recently had a conversation with one of their brokers and am thinking that I would like to try their full-brokerage service for trading options in the futures market. I understand the risks and know the style that I would like to be trading in the futures market. What I need is another pair of eyes to watch my positions and help develop trades for me. This is what they said they will help with. The commissions seem high, but by the sounds of it they trade the method and style that I currenlty trade. My day job sometimes sends my out of town where I can't watch the markets the way I would like. This seems like the very sort of poeple I have been looking for. I am also new to trading options in the futures market. I want to add futures options to my repertoire and diversify my account. I would start with a small sum to see how they work out. And regardless of how they work out, I will manage most of my money myself. My question, does anyone have any experience with them? Mostly I am looking to find out their reputation. I have never heard of them and :crap: can't recall where I found them. :doh: Thank you for your comments and insights. :missy:You can find them at: http://www.opvest.com