Come on you lot.
It's all relative. Your $50/point is childs play to some people but titanic to others.
If you think $50/point is a "big deal" it's because it's too big for your account. There is no other argument.
No experience- do not to start real trading
- Thread starter Jack Francisco
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Come on you lot.
It's all relative. Your $50/point is childs play to some people but titanic to others.
If you think $50/point is a "big deal" it's because it's too big for your account. There is no other argument.
new_trader
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First, you have to understand that $50/point is the MINIMUM size you can trade on the ES futures (E-mini S&P500) because it represents 1 contract. If a person wants to become a proficient trader of the ES futures contract then they either START at $50/point or they trade demo.
Secondly, there is essentially no difference between 10¢/point and demo trading if the aim is to eventually trade the ES futures at $50/point.
Thirdly, when trading micro accounts (which are only available through Spread betting as far as I know) people are likely to be just as reckless as demo trading. They will most likely use wide stops and even move stops when they shouldn't. They will develop strategies that don't involve strict money management because it is "only" 10¢/point.
Finally, nobody should commit even 1¢/point until they have a sound methodology first. Why complicate matters by trying to solve a methodology issue and an emotional issue simultaneously? It doesn't make any sense.
tar
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Yes it is relative , but it isn't linear , 50/point is not big yes but it isn't really nothing when it comes to individuals , you can be 200 pips offside in one day easily ( one loss , or multiple ) = 10K in one day , however in a micro account it is just $ 20 , even if your account is very tiny the magnitude is not the same - even if it was the same percentage loss though - , $20 is recoverable very easily 2 hours flipping burgers or a loan from a friend , $20 is a joke ...
When I suggested minimum of 50p per point I was not considering SP mini. That must be the most boring intrument in the market for trading at that stake. There are plenty more where interesting money can be made and lost for a low amount per point.
I am not a professional--nowhere near it. I am a retired guy who has found something of interest. So far, 10 quid has been my maximum stake size and, normally, it is much less. FT, Dax, cable and some other major pairs is where I, usually, am but I have never bothered with demo trading, myself.
I did have a while with a broker but, honestly, I did not like the heat in the kitchen.
Everyone's criteria must be to enjoy what he is doing, as much as possible, It's bad enough having a job, but to retire and jump in the deep end of an unknown element is not coducive to a good night's sleep.
I am not a professional--nowhere near it. I am a retired guy who has found something of interest. So far, 10 quid has been my maximum stake size and, normally, it is much less. FT, Dax, cable and some other major pairs is where I, usually, am but I have never bothered with demo trading, myself.
I did have a while with a broker but, honestly, I did not like the heat in the kitchen.
Everyone's criteria must be to enjoy what he is doing, as much as possible, It's bad enough having a job, but to retire and jump in the deep end of an unknown element is not coducive to a good night's sleep.
Crazy is probably a bit of an overstatement. I never bothered to practice for 6+ months like some people suggest here. I dove straight into the deep end after doing my research, getting to know the basics and formulating an idea of a strategy etc.
To be fair, I had very limited success (frequently up and down) and did end up losing quite a bit of my initial deposit (which I was able to regain after re-thinking things through) but I feel I learnt a lot quicker than I would have than if I had just simply demoed it for a long time.
I don't think demoing can teach somebody whats it's going to be like when you're trading with real money and temptation/discipline comes into play in a major way. My advice would be to do some research, get to know the basics etc, then start trading with relatively small stakes. Everyone is different though so I'm sure what works for some won't work for others.
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