Share your opinions and experiences on Futures Trading.
4/6/2008 6:07:29 PM
bsncali
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I dont have 10k to invest yet.what membership level should be at? is worth to be more than a copper member? What does a new novice do first?
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4/6/2008 8:49:02 PM
sewmuch2do
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if you will sign up for gold level and attend mid-day classes, they will be your best learning tool. then when you have enough money and feel ready to trade you should have enough knowledge not to lose it right away.
and as a gold member you will receive the flash updates immediately. set up a paper trading account and use the alerts to trade (without any money being used.) do this seriously as if you were risking your money.
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4/7/2008 3:18:20 PM
VITOCORLEONE
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Hi There , iam also a copper member still, I have my own tradingmethod and still simtrading it with mixed results , iam at most a BE to small profit trader, i only focus on the ES and no other markets for now. ( maybe i should like he awesome Soybean call by Oscar last Friday ! )
iam waiting to have my account with Tradestation to be reopened , they have a build in Simulator now, My goal is to start trading my own method soon ( in May 08 probably ) I positiontraded stocks in the past but lost a lot of $$ doing that ( buy and hold method :x )
I never daytraded futures live before, iam not sure what would be best for me , Gold+ or Premium room . i like to take between 3 and 7 intraday trades in the ES and obviously ALWAYS be out by the close .
The Premium room calls could confirm my own set ups or add extra trades during the day i would otherwise miss , OR keep me out of bad trades ( risk of overtrading ) ...
Again , i have to wait for TS to be reopened and for the funds to arrive there ( Iam from the netherlands and the 'cheapest' online broker here charges $25 !!! per RT commission per lot !! that's a ripoff ... US broker commissions are below $5 per RT !
Thanks and good trading to you all
Vito 8)
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4/7/2008 4:22:52 PM
vmcd62
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Just my two cents...if you're new to trading futures...stick with the indices, as they don't move as fast, on average, as other markets such as Soybeans...and all it would take is one or two bad experiences with the grain markets to damage your trading mindset(which I have experienced trading the grains,e.g., deer in headlights look and moving the stop away, or getting out prematurely)...which should be to make the losses as small as possible. That said, sometimes you have to keep a 10-15 point stop in the grains, which to a 10K account, is fairly large.
Also, to get started trading correctly, the Premium Room is where you should go.
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4/7/2008 5:50:33 PM
bsncali
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Anyone feel a certain article, book , video..gave them a better perspective/understanding of future trading and analizing the market?
plus Thanks for the imput on gold membership.
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4/7/2008 6:08:01 PM
VITOCORLEONE
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thanks vmcd , I think you are right ! i better stick with the indices , better yet stick with trading one index . ES is my case and learn how to trade that index well, before moving over trading more than one market at the time.
Does Oscar trade the ES in the premium room almost every day ? He said he calls out live trades there that are not posted in the omni section of the site !
Are the stops in the premium room smaller ( better tradelocation also ? ) I find 10+ point ES stops rather large , if the PO is +20 points than its OK for a win/loss ratio of 2/1 but when the PO would be 5 to 6 points and the stop 10 to 12 ,, the risk/reward ratio would be 1/2
I do not know in how many trades the fullstoploss is hit or in how many trades he can minimize the stops once in the trade as it goes his way .
So i would like to know what is the average win/loss ratio and % of winners v. losers in the Premium room , Gtrader has done a lot of research on the Omni recommendations since Dec. 06 and told me that over 80% accuracy . i think he has done a great job on that !! WTG G. !! so iam just curious if the premium room has also 80% accuracy i.e. winners .
thanks
Vito 8)
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4/8/2008 12:53:40 AM
lambro
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the book thread is here
http://www.livewithoscar.com/modules.php?name=Forums&file=viewtopic&t=824
my advise to anyone is not to rush in.
first work on your mental framework. Mark Douglas books are key.
then learn technical analysis, first pure price analysis then the tech indicators
then develop a set up and a signal, ie your method, Elders book is very good for this.
then paper trade it
then go live
stay steady stay focused plan your trade and trade your plan
do it in baby steps, have realistic expectations, test your patience and self control to make sure you can stick to your plan
no matter what method they used to get there, all pro traders exhibit these traits. lesson there is, don't re-invent the one handed back hand...copy Federer, we know that works lets use it. Very creative people might have a hard time with following in the footsteps, but this is not an art exhibit, you are looking for a statistical edge against the most menacing opponent of all time, your mind.
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8/18/2008 6:51:52 PM
Merk
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"bsncali" wrote:
I dont have 10k to invest yet.what membership level should be at? is worth to be more than a copper member? What does a new novice do first?
You can study-up and try most popular ETF's for starters, they're among the
safest. :P [/color:a85fa58e34]
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9/12/2008 5:05:39 PM
Brian63
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Reminiscences of a Stock Operator by Edwin Lefevre
The New Market Wizards by Schwager
Trading In the Zone by Douglas
The Disciplined Trader by Douglas
There are a few that I hav found that give you that light bulb monents
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1/8/2009 10:15:27 PM
Hell7
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Forget all the rest: Trading for a Living by Alexander Elder is the first and last book you need
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1/12/2009 3:50:22 AM
turkeyburger
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The most recent trading book I've read is by Stan Weinstein, "Secrets for Profiting in Bull and Bear Markets." Very good read.
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1/12/2009 3:51:08 AM
turkeyburger
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Next book on my list to read is William O'Neil's "How to Make Money in Stocks".
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1/12/2009 3:51:45 AM
turkeyburger
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Another good book. By Nicolas Darvis, "How I Made $2 Million in the Stock Market".
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3/8/2009 7:34:54 AM
Tradz618
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Any & all books by Michael Jenkins...especially his latest book:Basic Day Trading Techniques...very helpful, and will arm you with some good tools. Of course, Michael Douglas is a mandatory read. Market psychology is a corner stone to the foundation you build.
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3/13/2009 1:56:59 AM
dctrade69
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lambro's earlier post is great advice. Don't rush in! You'll be out of money before you find what works for you.
I am new to this site. I trade a simple set of rules currently once or twice a day and make money doing it but am looking to branch out a little. I run my live account but also run a paper account to work on new ideas. This keeps me away from taking chances with real money but allows me to stay active in the markets and learning what works and what doesn't.
Best of luck to all
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3/15/2009 4:37:08 PM
AceTrader
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another great book is
John Piper's
The Way to Trade
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3/22/2009 9:28:04 AM
rickyholland
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a novice should always be a member of oscar...
being copper now....going for gold
succes traders!
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3/24/2009 5:25:12 PM
Patti
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Can you open an account with Oscar and just trade paper money? What is the minimum you have to deposit in real money to be able to trade with paper money? I only have $2500. I am doing options with it now.
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4/1/2009 11:34:53 PM
happyhappy
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If you are a beginner I recommend going directly to premium room before you learn bad habits. I wouldn't recommend trading with less than 10k, Oscar always says 1 contract per 10k.
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4/2/2009 2:06:06 AM
77
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call the office and see if dorman has a paper trading or 'demo' option
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