EOM

Have a plan before you execute.

Fib

Pick your time frames to trade during the 24 hour session each day, and learn to go flat or rest otherwise. Futures trade with liquidity from Asia, Europe, and North America each 24 hour session.

master a art of fetching 5/15+daily es-points!
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Trade small at first.

Every time you put a position on, as soon as you know your execution price, put a stop in. EVERY TIME.

If you don't know exactly where you want your stop yet, put one in anyway at the maximal loss you're willing to take. You can move it.

Take the time to figure out your money management discipline. How much you're going to commit to an approach, what type of losses you might expect, will those losses at any time keep you from trading, etc. and adjust accordingly.

Don't put any more with a futures brokerage than you reasonably need to in order to trade. You can wire funds in and out fairly readily. As old Jon Corzine showed us, we don't want to be sitting with vast sums in a futures account, if we don't have to.

Mark

Mark,

That's a good suggestion. That's what i am doing these days. Have enough money to cover your margin and additional buffer to handle losses. Wiring money is quick and easy. Can't trust these brokers anymore.

ww4321,

Make sure you don't lose more than 1-2% max per trade. Design a system (or beg, borrow or steal) which has a positive expectancy. I like systems which can give me a positive expectancy after 10 trades. In other words, after 10 trades, i should see net profits in my account. With that kind of a system and 1-2% max risk, you will never end up in ruin and will win in the long run. Do not counter trend. Do not focus too much on analysis and message board drama. Focus on execution. Good luck !

this is worth a look. The 7-Point Template To Create Your Trading Plan


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mk

That's good stuff!