Hello, im fairly new to trading, and read all the threads for a beginner, and decided im gonna buckle down and give it a shot. My friend orignally brought the idea of trading to my attention, and was telling me about trading futures. He has since moved away, so im a bit lost on what sort of software I should use for futures. He had used trade station securities. I was going to go along with the same software, but i was wondering if there was a better program to trade futures for a noive trader like myself? Much appreciated you guys. Thanks
timsk
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Hi Goviak,
Welcome to T2W.
TradeStation is very popular software and, if you're into programming and automation, then it's a very powerful tool. However, if you're not, then you may end up paying for bells and whistles you don't need or want. If you open a brokerage account with them, then the software is free. However, you might want to hold fire on that front until you've got some experience under your belt and you know which way is up. If you've not yet seen it, then this FAQ might provide a few useful pointers: Can You Recommend a Data Feed, Charting Software & Broker?
Enjoy!
Tim.
Welcome to T2W.
TradeStation is very popular software and, if you're into programming and automation, then it's a very powerful tool. However, if you're not, then you may end up paying for bells and whistles you don't need or want. If you open a brokerage account with them, then the software is free. However, you might want to hold fire on that front until you've got some experience under your belt and you know which way is up. If you've not yet seen it, then this FAQ might provide a few useful pointers: Can You Recommend a Data Feed, Charting Software & Broker?
Enjoy!
Tim.
Pazienza
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Sup G.
Where are you based? If you just need to get your feet wet, there are good ways of doing it fairly cheaply.
If you want a reasonable demo to try things out, look at Lions. They'll give you a demo version of the Open E-Cry set up for a month as standard, although if you ask them they'll extend that for a couple of months. That should give you plenty of time to get comfortable with a platform.
They're not cheap for trading, but platform / data / charting costs are all in and so if you're starting off and trading small they're a good choice.
What contracts / methods are you considering? I trade futures so I might be able to give you some pointers if you want.
Where are you based? If you just need to get your feet wet, there are good ways of doing it fairly cheaply.
If you want a reasonable demo to try things out, look at Lions. They'll give you a demo version of the Open E-Cry set up for a month as standard, although if you ask them they'll extend that for a couple of months. That should give you plenty of time to get comfortable with a platform.
They're not cheap for trading, but platform / data / charting costs are all in and so if you're starting off and trading small they're a good choice.
What contracts / methods are you considering? I trade futures so I might be able to give you some pointers if you want.
Global Futures will also give you a free demo on various platforms. Their GS Trainer is basic but sufficient and you can get live data on the e mini S&P, the Bund and the Eurostoxx. These are the most liquid contracts with low margin and commission levels.
Im located in southern california. I have about 5,000 saved up to start trading with. Im still deciding on the contracts though.
rawrschach
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That'll barely cover intraday margin.
i planned on trading small, until i can save up more for an account. My situation makes it hard to save up a mass amount of money.
Pazienza
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The trouble is you'll find it difficult to trade futures with that kind of money. You'll be under-capitalised, and that is likely to prove fatal.
If you can't trade a sufficiently small percentage each time it will seriously hamper your decision-making.
I honestly think you'd be better off demoing whilst you save a more suitable account size.
B
Black Swan
Pazienza
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what a whopper...
LOLZ
That only works if you post it after something silly. Advising someone not to trade futures with only $5000 is not silly, it's very sensible. Which you would understand if you traded.
B
Black Swan
LOLZ
That only works if you post it after something silly. Advising someone not to trade futures with only $5000 is not silly, it's very sensible. Which you would understand if you traded.
Lol the whopper speaks..what happened to the enforced rest, meds worn off, doctor increased your Ritalin dose?
You had no "use for forums" having left your stench on this one, expected you to retire your latest nic and make a lazarus style comeback using a hibernated one..so what can we expect, same pathology, creep up to the few newbies who don't know your form, then light up once again? Maggot..
Pazienza
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That's interesting...
I'm still not clear what it was about the advice to not begin trading futures with only $5000 that inspired you write "what a whopper".
And I'm not on ritalin, it's diazepam.
EminiPicksDotCom
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dont get discouraged
goviak
Dont let anyone discourage you. 5000 USD is enough to get started but dont think you are going to quit your day job right away. you can find day trade margings for the eminis for around 500 usd per contract.
with 5,000 dollars I dont suggest you trade more than one contract at a time and I also suggest you don't practice with real money until you have done it with a sim. not only trading but to get comfortable with the platform. I still remember when i was starting out i lost plenty of money because i would click on the wrong button to get me in or out of the market.
I actually just started a thread in the journals section that I started trading a $1,000 dollar account and i will be trading it until the end of the year and donate it to charity. the rules for trading are in the second post and it breaks down exactly how i will manage risk and losses. i suggest you read that over so you get a feel of what you need to do to get started.
My biggest suggestion to you is dont get overwhelmed by the information out there and dont take anything anyone says as correct info. do your own due diligence and if it is too good to be true then it probably is.
I am a successful trader now but it took me a lot of lost money and frustration and trying to find the holy grail and it wasnt until I decided that I was going to be disciplined and get rid of my ego that I started being profitable. consistency is key.
http://www.trade2win.com/boards/tra...es-trading-journal-supply-demand-charity.html
follow my thread and before you trade real money, learn learn learn...
-G
Lead, follow or get out of the way!!!
goviak
Dont let anyone discourage you. 5000 USD is enough to get started but dont think you are going to quit your day job right away. you can find day trade margings for the eminis for around 500 usd per contract.
with 5,000 dollars I dont suggest you trade more than one contract at a time and I also suggest you don't practice with real money until you have done it with a sim. not only trading but to get comfortable with the platform. I still remember when i was starting out i lost plenty of money because i would click on the wrong button to get me in or out of the market.
I actually just started a thread in the journals section that I started trading a $1,000 dollar account and i will be trading it until the end of the year and donate it to charity. the rules for trading are in the second post and it breaks down exactly how i will manage risk and losses. i suggest you read that over so you get a feel of what you need to do to get started.
My biggest suggestion to you is dont get overwhelmed by the information out there and dont take anything anyone says as correct info. do your own due diligence and if it is too good to be true then it probably is.
I am a successful trader now but it took me a lot of lost money and frustration and trying to find the holy grail and it wasnt until I decided that I was going to be disciplined and get rid of my ego that I started being profitable. consistency is key.
http://www.trade2win.com/boards/tra...es-trading-journal-supply-demand-charity.html
follow my thread and before you trade real money, learn learn learn...
-G
Lead, follow or get out of the way!!!
