To ,for example, trade mini s&p futures am I correct in saying that you need,
1 Charting package
2 Data feed
3 Online broker
Please keep it simple and give suggestions for the three.
Where I get confused is I thought I've read sometimes in here that you can get charting with data feed included with some brokers and other combinations .
I am currently doing a little spreadbetting on the daily dow with cmc and using the free lycos/quote.com for the INDU but have recently subscribed to the $10 a month ES02 chart plus £10 per month CME exchange fees.
Having seen the 'real' prices going through on globex and comparing them to cmc I am now thinking that I would prefer to attempt trading futures.
The Lycos/quote feed has proved very unreliable so far and its scope is very limited.
I want something better but do get confused as to what is available.
I dont want to be doubling or tripling up on fees .
I know it's easy to get confused by the myriad of offerings available.
Don't take what I am going to say in the wrong light: it is meant to be helpful.
Trading and making money consistently means hard work, dedication and perseverance. Have you got that? If you have to ask for help on the issue , question your own dedication.
If you do want a cheap start, Sierra plus Mytrack Silver service are probably the best cheapest way of starting (I use IRT - more facilities and cost). As for a future broker, Interactive Brokers are very cheap and require a low deposit to start with.
But lets not kid ourselves. Anyone with dedication will find the best way themselves. If you are not, IB's low starting deposit will become your first loss.
If after all this you want to continue then ask away..What's your TA like? If the answer is not very good , don't even think about trading futures until you know some very well.
It's VERY VERY VERY easy to lose 5 Spoos points (=$250). Do that for a few weeks and it's very costly.
If your trading system is not very good (do you have one? if not just stop !) then you are 100% certain to lose long term...
Remember you are up against 1000s of people .. 99.99% are smarter, more knowledgeable and have done it longer than you. What are your chances of winning consistently at the start?