Excellent video Virillo! I use Interactive Brokers to trade futures and I think that it is not a good platform to do it. Have you used the Sierra platform to trade futures? Should you do a separate video about all futures contracts, for example, a video about ES and MES, another about EQ and MNQ, and others? Thank you!
It’s very unlikely that this will be your active income source. But if it is, then you could record it as business income. If you record it as investment income, then it is capital gain or capital loss.
Veeery Great video i have question how much time did you took to learn how to read order flow did u bought courses about it or did you just stare at it until it clicks ?? (BTW you sound like david patrick bet)
Thanks! A lot of screen time and still a lot more to go. I did study courses yes, a whole bunch of them. The answer is in the title, around 3 years to get to a level where I can pick up how the order flow can shift in and out of sweet spots. Still a lot to work on.
Hello I am Canadian and I love your explanation about everything!! I would like to know which platform I should trade futures because lots of your video about IBKR ( I did IWS ) but I see that you have another one that look better? Would you help clarify both platforms please? Thank you
Awesome video!!! I've got a question. I have an account with Edge Clear running Sierra Chart and another account with Ninja Trader. How can I take advantage of using one data feed to trade futures for the both accounts?
I trade multiple accounts on ATAS platform simultaneously with the portfolio group. It can be finicky, but after week of practice you should be fine. Figure I share, can’t speak for other platforms.
If you are trading each account separately you can do so by using multiple installations of Sierra Chart. Last I checked you can run up to 3 separate installations at the same time without issue. As long as it is on the same machine, you are allowed to use the same data feed and connect to different Trading Services. Sub instances might also work in the case that you need more than 3. If you need to do trade copying between your accounts, I have seen traders do this too with Sierra, though it probably requires a third party solution.
I don't switch around too much to be honest. Crude, Bonds, Indices would be the top three at this point. I believe in going where the money flow is. Why would you trade a dead market just because you have experience in it when your skillset can be leveraged in a different place. That's one way of seeing it. Some traders also prefer to stick around and tough out the slow periods in their specialty market. Maybe it gives them more context to when things start to eventually pick up they can be two steps ahead of the traders trying to catch every trend.
Hello, I really appreciate the content. I have a few questions if you can answer. I live in Toronto and I will be starting to day trade futures coming year after I am done with my demo trial. I still quite not understand taxes for it. Do I get taxed for every individual trade or at the end of the year my profits and losses cancels each other and get taxed for end of the year profit if i have any ? Also how can I / you do taxes and how much an accountant charge in Canada for tax filing for day traders ? Can you recommend any for a futures trader? I have been researching for a week now and couldn't really have any solid answers and makes me worry. Thank you
You get taxed on the end of year profit or loss on the trades. Some brokers will provide a statement showing the profit loss. Others won't and you'll have to keep track of it yourself. If your funds are with an offshore broker you could also defer the paying of those taxes until you start withdrawing profit from the account. Always consult a professional. I do know an accountant in Canada his name is Shihab. He has a youtube channel here: www.youtube.com/@ShihabPersonalFinance
@@VerrilloTrading Thank you for the detailed answer. I have an IBKR account and I live in Canada. I am not sure if it's offshore but I have to do another research about that since you mentioned. I also watched some contents of Shihab's youtube channel. They are very informative. I learned few stuff from him. My plan is to connect my IBKR to Tradingview and trade on tradingview and also connect my premium TurboTax(planning to pay the top subscription so they can do taxes for me) to my IBKR (if it is possible) so it can track my each and every trade. I appreciate your answer again. Good luck with all !
Thank you ,could you explain how the contract roll over works in practical terms if you hold these contracts longer terms and how the overnight holding fees impact profitability.? I am also not sure how the marking requirement for ES and NQ are calculated by brothers s.a. IBKR, thanks again
Thank you for your question. It is up to the trader to decide when they want to roll over their contract. When you roll over you will start by closing the existing futures position and then open the same position in the next month contract. Some brokers let you do this with one spread order but you can also do it manually. This video explains it clearly: ua-cam.com/video/73RMlTVGCUc/v-deo.html When it comes to overnight holding, there are no interest fees like their would be for holding a stock position on margin overnight. The only thing to keep in mind is that between the period of 5PM to 6PM ET (during the week) and from Friday 5PM until Sunday 6PM (weekend), the CME futures markets are closed and your broker will require you to maintain the full exchange margin in order to keep open positions in those contracts. Each broker might do margins differently when the market is open but all of them follow the rule I mentioned above when the markets are closed. Some of them might even require higher than the exchange margins during periods of higher volatility.
This was excellent V, The next newbie I speak to who's interesting in futures I'm sending them here....Not even gonna go through it with them, you literally covered so much relevant stuff here.
Thank you for the video . I am looking for beginner video on options on futures, like what happens if assigned a sold put on /mes, how to wheel by selling covered call ..
Glad it helps. That is an interesting topic regarding futures options. I think a futures option represents 1 underlying futures contract so if you get assigned a sold put you will need to purchase the futures contract at the strike price.
Good question. I've never dug too deep into it but my ears have been open to the topic. I hear all kinds of stories that traders tell about their experiences. Personally I wouldn't touch any online prop firm unless it offers a professional environment like a legitimate prop firm. Correct me if I am wrong but I don't think these companies like Topstep, Leeloo, Apex are called prop firms. Online futures funding firms would be a better description. I am not well versed on this topic as I prefer to trade my own capital but anybody else is welcome to share their experiences.
Hi there, I am in Canada and I am looking to trade futures, I know when trading US stocks in Canada the CAD has to be converted to USD (Norberts Gambit) but because Futures use points and ticks do I have to convert to USD?
With a margin account it is not necessary at any time to convert currency. Please see this newer video that covers some of these items: ua-cam.com/video/T1rF9g3aot8/v-deo.html
👏🙌🙌🔥🔥🔥 well done video. Ohh yes I remember the day you came in with jigsaw. Now many cycles later and still many many more to go. Keep moving forward. Well done sending you the energy 🙌🙌
Personally haven't used the futures to hedge, just to trade. I use the currencies themselves and sort of speculate on the exchange rate at times. Exchanging at times when it is more favorable. You can use a margin account if you hold both currencies, withdraw in the currency you operate business in and reinvest the funds somewhere else. If the exchange rate works in your favor, the debt costs less to pay back, and more if it moves against you. Just some ideas. This type of thing is probably very common for businesses that operate in multiple currencies.
Yes and no because those higher margins are typically a much better reference from a risk management standpoint. From a capital allocation standpoint of course it is not ideal to need to allocate that much but it depends on the trading strategy. If the trades are very short term then it might be better to seek out a broker that offers the lower intra day margins. IBKR has margins that are similar to the exchange overnight margins, sometimes they are higher. You can always reference the official overnight margins on the website of the exchange and compare them.
Many props to you for putting all that work in and growing your channel! I quit looking at the (future) markets about two years ago because I, at one point, got overwhelmed by everything one could and should look at. But now I want to get back into it and got a question: Should I start off by focusing on one market exclusively as well as just on the tape, for instance, or should I try to gather and combine all information I can get from early on? What is your advice for building all those different skills effectively and what has your experience shown you in that regard? Thanks a lot for your channel overall (starting from your first videos) and for answering in advance!
Hello, thanks for the great question. I think that every person has some skills they have developed, and unique strong points that help them identify certain things. What I could say is right now if you don't know what are some of your main strong and weak points in trading, to try and start to gather information about that first. With that you can begin to adjust your trading plan. For example I noticed I pick much better trades when I spend a lot more time doing my multi timeframe preparation work and research regarding a particular market. When I am more well informed and it comes time to trade, I am set to make better trades and manage the trades better as there is less dissonance in what I am seeing and looking for in the market. I plan it and wait for the market to give me more info and execute it because most of the work is already done in the prep. If what I am expecting does not happen I sit on my hands and keep waiting. It could take weeks for some trades to set up. It's not so much about the individual tools you know how to use, but more about how they work together to form your trading system that ultimately gives you an edge. It's great to spend a bunch of time studying one tool like DOM or time and sales but remember it's just a tool and it should be understood this way because the markets are very complex. There are always a lot more moving pieces involved. Personally I focus on only a couple futures markets and I shift around. With a busy schedule I became more of a swing trader these days so I keep my eyes on about 10 symbols but when I spot one that is setting up, all my focus goes to that market. Then I might narrow down the list to 3 symbols with things setting up, you get the idea. I don't think it is good to only trade one market but there are exceptions like when we had high volatility, you could just trade ES every day. Markets changed a lot even in the last few years. I am not trading very actively right now but I plan to get back to it too.
Do you still use orderflow? There's this dude by the name of Brian Watt, He's a little bit of a loose cannon, he did an order flow masterclass video two weeks ago using motive wave. And the way he had it set up it was color coded to show stacked imbalances as well as color coded absorption algos using Delta footprint charts but it was one of the best ones I've seen visually.Could not tell if it was a custom script. Of course the guy deleted his videos again for the millionth time😅
Hey man yes I use it definitely, don't see why anybody wouldn't. Order flow is such a broad term though, there's so many ways to dive into the same data. I have seen the guy he has good videos, all the best!
If you can define profitable I will let you know. I'm doing well this year but trading less frequently. No it's definitely not a waste to continue pursuing trading because I believe trading has positive (and negative for some people) carryover to other areas of life. It's different for everyone and their circumstances.
Definitely not a waste of time to pursue one of the most challenging and stimulating endeavours that exists in the modern world. Many well known traders all blew up multiple times in their career. It’s the things you learn on the journey that make it worth sticking around for.
CFD may have similarities but the products are different. From what I know there can be multiple CFDs on a market, fx brokers can provide their own CFDs. I would stick to traditional futures any day due to the centralized and regulated nature of this market.
The idea that you need to be "sophisticated" in order to trade Economic Data is a fallacy. Retail Traders SHOULD seek to educate themselves and learn to trade Economic Data, certain events and data release outcomes offer as close to a binary guaranteed outcome as you will ever get in Futures, as well as significantly outsized risk:reward ratios.
@@VerrilloTradingyou are not giving money to the markets anymore and your account size is increasing slowly.. or, you are regularly extracting more money than putting back in
Everyone trades differently. @robertinoEvil i’m doing just fine. Never ever claimed to be a rich trader. I swing trade more now. I also don’t buy the slow stacking profits method. I believe in going big on high conviction plays and accepting the emotional impact and responsibility of it.
Excellent video Virillo! I use Interactive Brokers to trade futures and I think that it is not a good platform to do it.
Have you used the Sierra platform to trade futures?
Should you do a separate video about all futures contracts, for example, a video about ES and MES, another about EQ and MNQ, and others?
Thank you!
Thanks! Yes Sierra Chart is my preferred platform. What did you want to know about ES and MES, NQ, MNQ for example?
Hello Verillo, I would like to know what kind of indicators should work to trade futures. I want to learn more about it.
Do you live in Ontario?
if you are day trading futures, is it considered capital gain or income? ( assuming that is all you do ) in Canada
It’s very unlikely that this will be your active income source. But if it is, then you could record it as business income. If you record it as investment income, then it is capital gain or capital loss.
@@VerrilloTrading but you are personally, trading futures as Canadian, pay 25% or 50% on your gains?
Veeery Great video i have question how much time did you took to learn how to read order flow did u bought courses about it or did you just stare at it until it clicks ?? (BTW you sound like david patrick bet)
Thanks! A lot of screen time and still a lot more to go. I did study courses yes, a whole bunch of them. The answer is in the title, around 3 years to get to a level where I can pick up how the order flow can shift in and out of sweet spots. Still a lot to work on.
Respect elders, irrespective of knowledge or wealthy..
Good morals are superior than Knowledge.. 👍 Nice Chris 1:07
Much appreciated!
Hello I am Canadian and I love your explanation about everything!! I would like to know which platform I should trade futures because lots of your video about IBKR ( I did IWS ) but I see that you have another one that look better? Would you help clarify both platforms please? Thank you
Thank you for the kind words! The platform I use is TWS and the other that I use is Sierra Chart.
Ok thank you I will look into SIERRA and yes I mean TWS but is it still okay TWS for future or you suggest start with the other?
Awesome video!!! I've got a question. I have an account with Edge Clear running Sierra Chart and another account with Ninja Trader. How can I take advantage of using one data feed to trade futures for the both accounts?
I trade multiple accounts on ATAS platform simultaneously with the portfolio group. It can be finicky, but after week of practice you should be fine. Figure I share, can’t speak for other platforms.
If you are trading each account separately you can do so by using multiple installations of Sierra Chart. Last I checked you can run up to 3 separate installations at the same time without issue. As long as it is on the same machine, you are allowed to use the same data feed and connect to different Trading Services. Sub instances might also work in the case that you need more than 3. If you need to do trade copying between your accounts, I have seen traders do this too with Sierra, though it probably requires a third party solution.
Why do u keep switching futures instead of specializing in one? Also, how to take advantage of the spread btw front, back?
I don't switch around too much to be honest. Crude, Bonds, Indices would be the top three at this point. I believe in going where the money flow is. Why would you trade a dead market just because you have experience in it when your skillset can be leveraged in a different place. That's one way of seeing it. Some traders also prefer to stick around and tough out the slow periods in their specialty market. Maybe it gives them more context to when things start to eventually pick up they can be two steps ahead of the traders trying to catch every trend.
Hello, I really appreciate the content. I have a few questions if you can answer. I live in Toronto and I will be starting to day trade futures coming year after I am done with my demo trial. I still quite not understand taxes for it. Do I get taxed for every individual trade or at the end of the year my profits and losses cancels each other and get taxed for end of the year profit if i have any ? Also how can I / you do taxes and how much an accountant charge in Canada for tax filing for day traders ? Can you recommend any for a futures trader? I have been researching for a week now and couldn't really have any solid answers and makes me worry. Thank you
You get taxed on the end of year profit or loss on the trades. Some brokers will provide a statement showing the profit loss. Others won't and you'll have to keep track of it yourself. If your funds are with an offshore broker you could also defer the paying of those taxes until you start withdrawing profit from the account. Always consult a professional. I do know an accountant in Canada his name is Shihab. He has a youtube channel here: www.youtube.com/@ShihabPersonalFinance
@@VerrilloTrading Thank you for the detailed answer. I have an IBKR account and I live in Canada. I am not sure if it's offshore but I have to do another research about that since you mentioned. I also watched some contents of Shihab's youtube channel. They are very informative. I learned few stuff from him. My plan is to connect my IBKR to Tradingview and trade on tradingview and also connect my premium TurboTax(planning to pay the top subscription so they can do taxes for me) to my IBKR (if it is possible) so it can track my each and every trade. I appreciate your answer again. Good luck with all !
Thank you ,could you explain how the contract roll over works in practical terms if you hold these contracts longer terms and how the overnight holding fees impact profitability.? I am also not sure how the marking requirement for ES and NQ are calculated by brothers s.a. IBKR, thanks again
Thank you for your question. It is up to the trader to decide when they want to roll over their contract. When you roll over you will start by closing the existing futures position and then open the same position in the next month contract. Some brokers let you do this with one spread order but you can also do it manually. This video explains it clearly: ua-cam.com/video/73RMlTVGCUc/v-deo.html
When it comes to overnight holding, there are no interest fees like their would be for holding a stock position on margin overnight. The only thing to keep in mind is that between the period of 5PM to 6PM ET (during the week) and from Friday 5PM until Sunday 6PM (weekend), the CME futures markets are closed and your broker will require you to maintain the full exchange margin in order to keep open positions in those contracts. Each broker might do margins differently when the market is open but all of them follow the rule I mentioned above when the markets are closed. Some of them might even require higher than the exchange margins during periods of higher volatility.
This was excellent V, The next newbie I speak to who's interesting in futures I'm sending them here....Not even gonna go through it with them, you literally covered so much relevant stuff here.
Glad it helps!!
Thank you for the video . I am looking for beginner video on options on futures, like what happens if assigned a sold put on /mes, how to wheel by selling covered call ..
Glad it helps. That is an interesting topic regarding futures options. I think a futures option represents 1 underlying futures contract so if you get assigned a sold put you will need to purchase the futures contract at the strike price.
@@VerrilloTrading Yes , that's what I found after some research :)
Great recap... what do you think of all the prop firms offering futures trading particularly apex?
Good question. I've never dug too deep into it but my ears have been open to the topic. I hear all kinds of stories that traders tell about their experiences. Personally I wouldn't touch any online prop firm unless it offers a professional environment like a legitimate prop firm. Correct me if I am wrong but I don't think these companies like Topstep, Leeloo, Apex are called prop firms. Online futures funding firms would be a better description. I am not well versed on this topic as I prefer to trade my own capital but anybody else is welcome to share their experiences.
Hi there, I am in Canada and I am looking to trade futures, I know when trading US stocks in Canada the CAD has to be converted to USD (Norberts Gambit) but because Futures use points and ticks do I have to convert to USD?
With a margin account it is not necessary at any time to convert currency. Please see this newer video that covers some of these items: ua-cam.com/video/T1rF9g3aot8/v-deo.html
👏🙌🙌🔥🔥🔥 well done video. Ohh yes I remember the day you came in with jigsaw. Now many cycles later and still many many more to go. Keep moving forward. Well done sending you the energy 🙌🙌
Thank you brother, sending that energy right back!
Hi Chris, another very informative video. As a Canadian trading US options and stock, have you use currency futures to hedge against rise in USD?
Personally haven't used the futures to hedge, just to trade. I use the currencies themselves and sort of speculate on the exchange rate at times. Exchanging at times when it is more favorable. You can use a margin account if you hold both currencies, withdraw in the currency you operate business in and reinvest the funds somewhere else. If the exchange rate works in your favor, the debt costs less to pay back, and more if it moves against you. Just some ideas. This type of thing is probably very common for businesses that operate in multiple currencies.
Do you think the margin for futures on ibkr is to high, 1x ES aroud 9k ?
Yes and no because those higher margins are typically a much better reference from a risk management standpoint. From a capital allocation standpoint of course it is not ideal to need to allocate that much but it depends on the trading strategy. If the trades are very short term then it might be better to seek out a broker that offers the lower intra day margins. IBKR has margins that are similar to the exchange overnight margins, sometimes they are higher. You can always reference the official overnight margins on the website of the exchange and compare them.
I miss your old live trading/chating. Nice video
More to come, thanks!
3:44 what AI extension is this? Looked pretty cool!
It's Aria from the Opera browser, cheers!
Dow futures are the only thing I trade, less risk per contract.
Good to know!
Many props to you for putting all that work in and growing your channel! I quit looking at the (future) markets about two years ago because I, at one point, got overwhelmed by everything one could and should look at. But now I want to get back into it and got a question: Should I start off by focusing on one market exclusively as well as just on the tape, for instance, or should I try to gather and combine all information I can get from early on? What is your advice for building all those different skills effectively and what has your experience shown you in that regard?
Thanks a lot for your channel overall (starting from your first videos) and for answering in advance!
Hello, thanks for the great question. I think that every person has some skills they have developed, and unique strong points that help them identify certain things. What I could say is right now if you don't know what are some of your main strong and weak points in trading, to try and start to gather information about that first. With that you can begin to adjust your trading plan. For example I noticed I pick much better trades when I spend a lot more time doing my multi timeframe preparation work and research regarding a particular market. When I am more well informed and it comes time to trade, I am set to make better trades and manage the trades better as there is less dissonance in what I am seeing and looking for in the market. I plan it and wait for the market to give me more info and execute it because most of the work is already done in the prep. If what I am expecting does not happen I sit on my hands and keep waiting. It could take weeks for some trades to set up. It's not so much about the individual tools you know how to use, but more about how they work together to form your trading system that ultimately gives you an edge. It's great to spend a bunch of time studying one tool like DOM or time and sales but remember it's just a tool and it should be understood this way because the markets are very complex. There are always a lot more moving pieces involved. Personally I focus on only a couple futures markets and I shift around. With a busy schedule I became more of a swing trader these days so I keep my eyes on about 10 symbols but when I spot one that is setting up, all my focus goes to that market. Then I might narrow down the list to 3 symbols with things setting up, you get the idea. I don't think it is good to only trade one market but there are exceptions like when we had high volatility, you could just trade ES every day. Markets changed a lot even in the last few years. I am not trading very actively right now but I plan to get back to it too.
Thanks!
Appreciate it!
Do you still use orderflow? There's this dude by the name of Brian Watt, He's a little bit of a loose cannon, he did an order flow masterclass video two weeks ago using motive wave. And the way he had it set up it was color coded to show stacked imbalances as well as color coded absorption algos using Delta footprint charts but it was one of the best ones I've seen visually.Could not tell if it was a custom script. Of course the guy deleted his videos again for the millionth time😅
Hey man yes I use it definitely, don't see why anybody wouldn't. Order flow is such a broad term though, there's so many ways to dive into the same data. I have seen the guy he has good videos, all the best!
Are you profitable?
If not , do you think its waste time to continue pursuing trading
If you can define profitable I will let you know. I'm doing well this year but trading less frequently. No it's definitely not a waste to continue pursuing trading because I believe trading has positive (and negative for some people) carryover to other areas of life. It's different for everyone and their circumstances.
Definitely not a waste of time to pursue one of the most challenging and stimulating endeavours that exists in the modern world. Many well known traders all blew up multiple times in their career. It’s the things you learn on the journey that make it worth sticking around for.
i read trading CFD is same as trading future but it is not available for the US citizenship traders
CFD may have similarities but the products are different. From what I know there can be multiple CFDs on a market, fx brokers can provide their own CFDs. I would stick to traditional futures any day due to the centralized and regulated nature of this market.
Good and solid info from the grand wizzard! :D
Thanks bro!
The idea that you need to be "sophisticated" in order to trade Economic Data is a fallacy.
Retail Traders SHOULD seek to educate themselves and learn to trade Economic Data, certain events and data release outcomes offer as close to a binary guaranteed outcome as you will ever get in Futures, as well as significantly outsized risk:reward ratios.
I agree, news trading is one of my most consistent tactics, since these economic releases tend to cause huge 1 way flows for at least a short time.
Agreed and thank you for sharing!
Thanks for the video...
You bet!
27:46
Thanks for stopping by
nice chris
Thanks!
are you profitable yet?
yes he is
Define profitable and I will let you know.
@@VerrilloTradingyou are not giving money to the markets anymore and your account size is increasing slowly.. or, you are regularly extracting more money than putting back in
How long you are following this channel??
I’m sure u r not eligible to ask this question..
Watch the content before disrespecting others..
Everyone trades differently. @robertinoEvil i’m doing just fine. Never ever claimed to be a rich trader. I swing trade more now. I also don’t buy the slow stacking profits method. I believe in going big on high conviction plays and accepting the emotional impact and responsibility of it.
A warning to people interested in trading - stay out. You'll see why. Market is fixed. Read this again.
The market is 2 sided... long and short. If you think one side is fixed then why not take the other side of the trade ?
@@jahufar WAY MORE COMPLEX THAN THAT.