Futures Trading - Set a Winning Stop-Loss Micro E-Mini Futures
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- Опубліковано 24 вер 2024
- ✅ *BOOK* : Over 500 FIVE-STAR Reviews - Join thousands who have use this book to get a fast start: Check out the Amazon listing (free Prime shipping) at this link: bit.ly/daytrade...
✅ Must See The two most common mistakes made trading the Micro E-MInis:
• "Want to Make Bank? St...
✅ SCALPING Video Keeping Profits in Fast Trades Video. Here's the Math on scalping Math on Micro E-MInis. Here's the numbers. Start the scalping Math here: • Micro E-Mini Day Tradi...
FREE Training Videos at BEGINNERS PLAYLIST:
✅ "BEGINNERS" PLAYLIST #1: • Day Trading Micros - I...
✅ "BEGINNER PLAYLIST #2: MACD WINNERS" • MACD Winners for Micro...
✅ How to Configure Trade Screen and How to Use BRACKET/OCO Orders
bit.ly/Bracket...
✅ NEW LIVE TRADES PLAYLIST #3: bit.ly/PlayLis...
*Must See* ✅ Rule #1: bit.ly/RuleNum...
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Free Trade Simulator
👍You can be practicing in only 5 minutes.
✅ Here is a FREE TRADE SIMULATOR with no ads and that will keep your trade ledger for you. It is FREE for signing up (no credit card or personal info required) at the CME (Chicago Merc Exchange) at this link: bit.ly/TradeSi...
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Three Steps to Get Started Learning to Trade the Micros:
✅ BROKER: Trade With the Same Screen you see in the videos: This is the exact same software I use on this channel. Free software. Free Data Feeds. Low Commissions. Free money transfers in/out of your bank. Very low commissions, no robot help lines, just real live smart people ready to help you.
✅Just fill out the account application, no deposit or credit card required - and you do not have to fund your account until you are ready. For account type select "The Works" - and you will have an account for trading the Micros. When your application is approved: Just fund your account and you are reading to begin trading real time.
✅Use the FREE TRADE SIMULATOR until your TastyTrade-- (formerly TastyWorks) --account is ready. bit.ly/TradeSi...
**tastytrade, Inc. (“tastytrade”) has entered into a Marketing Agreement with Day Trading Micro Futures(“Marketing Agent”) whereby tastytrade pays compensation to Marketing Agent to recommend tastytrade’ brokerage services. The existence of this Marketing Agreement should not be deemed as an endorsement or recommendation of Marketing Agent by tastytrade and/or any of its affiliated companies. Neither tastytrade nor any of its affiliated companies is responsible for the privacy practices of Marketing Agent or this website. tastytrade does not warrant the accuracy or content of the products or services offered by Marketing Agent or this website. Marketing Agent is independent and is not an affiliate of tastytrade.
Do you want to boost your success as a trader? If so, then you need to learn how to pick micro emini winning trades. In this video, I'm going to teach you how to find winning trades on the micro emini futures market.
Micro emini futures trading is a very exciting and profitable market, and by learning how to pick winning trades, you'll be on your way to becoming a successful trader! In this video, we'll cover everything you need to know about micro emini futures trading, from how to find a good trading platform to how to make the most of your trading profits!
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I really wish I saw these videos before spending $2K on a course. I use your simple strategy and it really does work. Who knew this crazy old man was the best trading "influencer" on youtube!
Thanks Maty for the very kind words. Buying those "makes lots of money" courses are often far to expensive. Fortunately, I keep my videos and teaching free here on the channel. My book sales support the channel, so I can keep things going here. All the best and thank you- Don
The older generation shows u patience and wisdom 💪🏾
Don is the real deal 🙂 so under rated he should have hundreds of thousands of subscribers.
People don't know what valuable information he is providing.
Thanks again Don
You made my day PK. Thank you and best of luck to you - Don
Hey Don, I really appreciate your calm, level-headed approach to trading. I've watched a lot of videos from people who make futures trading seem very complicated and intimidating, but my results have been much better since I've started following your simpler common sense approach. Thanks for all the help!
Prunesquallor... I have no idea what that means, ha😃😀😀
Thank you and welcome to the channel. A new video comes out this weekend; watch for it.
This stuff is of course frustrating but it ain't rocket science either. You hang in there, do lot so paper money trades at the same size trades you will be doing as you go live. Best of luck to you - Don
Don's videos are so great, this is down to earth, real life trading for non professional traders trying to grow slowly. None of the insane 15 mini contracts yolo trades you see regularly on YT.
Very educational and helpful. Thanks Don
Awesome! Thank you Maverik and all the best to you in 2024. Glad to hear from you. - Don
Another great video Don! The only thing I'd like to always see is what the MACD looked like right as you entered the trade. You do that in a lot of your videos, but not all. That perspective between MACD and current price you are looking at when you pull the trigger is always helpful. Thanks again Don!!!
You can watch the video again and stop the screen during the trade setup to see the MACD. I did not feature the MACD in this trade but you will find both lines below zero line. They were moving up slightly at the time of my trade but still well below zero values. For those reading this comment I remind that I do not mechanically trade from signals generated by MACD, though I do use them as a sort of 'weather report' on what the general market is going.
For those searching for a simple formula to just 'rinse, wash, and repeat' your way to wealth I want to remind everyone that is a false narrative. There is no such thing; such a system is like the Easter Bunny or Toothfairy.
Anyone who insists on a pure technical trading formula and will forgo all your experience, thinking, learning and any hard work or common sense, ---- then I can promise you it will work slightly better than voodoo. -- Don
Don - much appreciated. The most important lesson I had to learn was something you stressed in this video "trade in your comfort zone". I thought I knew what this meant but it took about 20 years for me to really understand this. Great advice.
Thanks for the nuggets of wisdom
Glad it was helpful! Good to hear from you and the wonderful progress you are making. - Don
Been watching for a good while now. Definite game changer.
Thanks TF. I wish you good luck. Thanks for joining the channel. Glad to hear from you. - Don
Hey Don, love the videos!! Could you possibly upload a video of your settings/setup within the tastytrade platform to get it to look like that? I'm new to the platform and yours is completely different. Appreciate all of the help, can't wait for my book to arrive!!!
I hope you will enjoy the book and welcome to the channel.
I have a video on how to setup TastyTrade to the exact screens and settings I use her on the channel:
There are four videos in this playlist including one to change your screens to the configuration I use.
Here's the link: ua-cam.com/play/PLv6Fasp51T9KvkIWqQ5D29RqJ9dTflTk7.html
For anyone wanting more info on TastyTrade here a link where you can sign in and explore their website:
bit.ly/2ZUYjtS
You can choose to just create a sign in username and explore their webiste and/or you can fill out an account application (with no obligation to fund it until you are ready. If you apply for an account please BE SURE when asked for the 'account type; to choose or enter "the works" --- this will automatically include all the info you need to trade the micro eminis and everything else they do.
have a great '24 thank you. -Don
You know what. You have amazing info here. I will gladly purchase your book!
So very nice of you, Thanks. Enjoy your weekend. - Don
Here are some links to help you explore the channel:
🎥 *Avoid the two worse mistakes in Micro E-Mini Trading* ua-cam.com/video/9GIfxs27H3c/v-deo.html
✅ *NEW* LIVE TRADES PLAYLIST #3: bit.ly/PlayListNumber3
**Must See** ✅ Rule #1: bit.ly/RuleNumber1
*TastyTrade*- the broker I use in the video on the channel -- is offering *BONUS CASH for new signups* now. Check out the the details at this link: bit.ly/TastyBonus
✅ **BOOK** : Over 550 FIVE-STAR Reviews - Join thousands who have use this book to get a fast start: *Check out the Amazon listing* (free Prime shipping) and read the book reviews and see the Table of Contents at this link: bit.ly/daytrademicros
*Free Trade Simulator*
👍You can be practicing in only 5 minutes.
✅ Here is a FREE TRADE SIMULATOR with no ads and that will keep your trade ledger for you. It is FREE for signing up (no credit card or personal info required) at the CME (Chicago Merc Exchange) at this link: bit.ly/TradeSimulatorFREE
✅ Join our 20k+ subscribers FREE & Get notified when new trade videos are posted each week: Subscribe Now at this link bit.ly/3mTTMTn
So happy to find this chanel!!
Thank you Don!.
For sure will order your book..
Hello Andrey- & welcome to the channel. Awesome, thank you! best of luck to you- Don
Here's some links you can explore on the channel:
🎥 *Avoid the two worse mistakes in Micro E-Mini Trading* ua-cam.com/video/9GIfxs27H3c/v-deo.html
✅ *NEW* LIVE TRADES PLAYLIST #3: bit.ly/PlayListNumber3
**Must See** ✅ Rule #1: bit.ly/RuleNumber1
*Free Trade Simulator*
👍You can be practicing in only 5 minutes.
✅ Here is a FREE TRADE SIMULATOR with no ads and that will keep your trade ledger for you. It is FREE for signing up (no credit card or personal info required) at the CME (Chicago Merc Exchange) at this link: bit.ly/TradeSimulatorFREE
✅ Join our 20k+ subscribers FREE & Get notified when new trade videos are posted each week: Subscribe Now at this link bit.ly/3mTTMTn
FREE Training Videos at BEGINNERS PLAYLIST:
✅ "BEGINNERS" PLAYLIST #1: ua-cam.com/play/PLv6Fasp51T9L99jOWgLdB2ZylXpzaXByo.html
✅ "BEGINNER PLAYLIST #2: MACD WINNERS" ua-cam.com/play/PLv6Fasp51T9JGVQCNmRaliEbIpzLQh0od.html
✅ How to Configure Trade Screen and How to Use BRACKET/OCO Orders
bit.ly/BracketScreenSetup
✅ **BOOK** : Over 500 FIVE-STAR Reviews - Join thousands who have use this book to get a fast start: *Check out the Amazon listing* (free Prime shipping) at this link: bit.ly/daytrademicros
Just have ordered book on spanish Amazon@@DayTradingMicroFutures
@@DayTradingMicroFuturesthank you!
Thank you for the excellent educational videos, keep them coming! I really appreciate this channel, and have a copy of your book. Good Stuff!
You're very welcome! Good luck to you - Don
You are awesome Don! Thank you for your priceless knowledge.
I appreciate that! Go Dillon.. have a great 2024! - Don
Gr8 content, i just sub.. found your older video about a year ago today and look at a few, and you share gr8 knowledge..i was trading forex, but with all this craziness im leaving forex and actually just bought a topstep combine and will be watching your vids for knowledge and will give u a update on my new journey lets go futures
Thanks Hustle and welcome to the channel. Trading the Micro is great fun - and also can look a lot easier than it actually is. I strongly suggest a round of practice trading. I'll put a few link here (see below) that might help. Good luck to you. - Don
🎥 *Avoid the two worse mistakes in Micro E-Mini Trading* ua-cam.com/video/9GIfxs27H3c/v-deo.html
✅ My most recent LIVE TRADES PLAYLIST #3: bit.ly/PlayListNumber3
FREE Training Videos at BEGINNERS PLAYLIST:
✅ "BEGINNERS" PLAYLIST #1: ua-cam.com/play/PLv6Fasp51T9L99jOWgLdB2ZylXpzaXByo.html
✅ "BEGINNER PLAYLIST #2: MACD WINNERS" ua-cam.com/play/PLv6Fasp51T9JGVQCNmRaliEbIpzLQh0od.html
✅ *NEW* LIVE TRADES PLAYLIST #3: bit.ly/PlayListNumber3
**Must See** ✅ Rule #1: bit.ly/RuleNumber1
I've been watching your videos and is there somewhere where you show exactly how you're setting your stop loss and target gain? Are you pretty fluid with how much you aim to gain, and how much you're willing to lose? Or do you have hard numbers you like to target (example, 20 points in the MES for a stop loss, gain of 60). I think Tasty only allows you to put a percentage in instead of ticks. Do you have a video you'd recommend?
Great videos. Really enjoy them.
Hello James,
Thank you for your comments.
TastyTrade DOES allow you to put in the exact numbers. There is also a provision/choice where you can put in a percentage.
Say you sold an option for a credit and wanted to target a 50% profit for example. You can enter either the price OR the percentage.
The Bracket/OCO entry also has an automatic calculator, when you type in a price or a percentage ---, it computes the dollar amount for you automatically.
I DO enter my bracket with a specific amount for the stop loss. It varies according to my conviction (think: my opinion of the trade.) I do not used a fixed amount, although a common rule of thumb is to never risk more than 1% or 2% of the account balance.
To put in a computed TARGET price is a useless. Why? Because you cannot 'tell' the market how much money to give you. For this reason, the TARGET price is a most ambigious figure. I just place it well out of the way, (still visible on my chart) and only change it if I am using my stop loss order thant target to box in a trade as I try to get the most out of it. The Stop-Loss on the other hand is very important. I put in my maximum I will risk on the trade and rarely if ever move it to allow me to increase my risk during a trade. When one moves the stop during a trade hoping it turns in your favor-- you are only hoping - and hope is not a trading strategy.
I'm going to put the link here to my most recent trades in chronological order. Notice, I put a TARGET out of the way. I put in a stop-loss amount according to my opinion of the trade... and the enter order is just whatever the market is trading as I 'send' the trade.
Below I will also put a link to the two most common mistakes when trading Micros.
Oh be sure you practice trade as you learn the basics. In my book I explain a regimen of practice trading that many find useful. Good luck to you and welcome to the channel. More than 175 Micro trading videos here - all free.
'
🎥 *Avoid the two worse mistakes in Micro E-Mini Trading* ua-cam.com/video/9GIfxs27H3c/v-deo.html
✅ *NEW* LIVE TRADES PLAYLIST #3: bit.ly/PlayListNumber3
**Must See** ✅ Rule #1: bit.ly/RuleNumber1
*Free Trade Simulator*
👍You can be practicing in only 5 minutes.
✅ Here is a FREE TRADE SIMULATOR with no ads and that will keep your trade ledger for you. It is FREE for signing up (no credit card or personal info required) at the CME (Chicago Merc Exchange) at this link: bit.ly/TradeSimulatorFREE
✅ Join our 20k+ subscribers FREE & Get notified when new trade videos are posted each week: Subscribe Now at this link bit.ly/3mTTMTn
✅ **BOOK** : Over 550 FIVE-STAR Reviews - Join thousands who have use this book to get a fast start: *Check out the Amazon listing* (free Prime shipping) and read the book reviews and make up your own mind. Thank you. link: bit.ly/daytrademicros
@@DayTradingMicroFutures Thank you so much! I really appreciate the reply. What I'm hearing, which seems consistent with what I thought I was seeing, is that you basically manage your trades almost exclusively through the stop loss and take your profits that way, while not limiting a run on the positive side by a profit target.
Is there a stop loss that you think is too small? With the MES, with one contract, 8 points is about .04% and that's 10 bucks. I intend to practice using the site you recommend (thank you), but is there a nice starting point for a stop loss with a 5k account? I was thinking somewhere around 10-15 dollars.
Looking forward to really diving more into your live trades. Thanks again for the reply.
@@jamesmcdonald1724 ok. I didn't follow your figures there: ".04% and that's ten bucks" ten bucks = .04% of $250
I my previous post I wrote: *I do not used a fixed amount, although a common rule of thumb is to never risk more than 1% or 2% of the account balance.* 1% of a $5k account = $50 This means I would not risk MORE than $50 using this rule of thumb
For myself in this example: I would use a stop of about $16 to $28 dollars- as I mentioned 'depending on my conviction of how good a trade it might be.' This is as much art as math. With experience comes familiarity after you have seen scores of trades you are actually practicing your 'trade selection' and an integral part of that --is to refrain from over-trading and gain experience evaluating trades before you enter them. It's a kind of intuitive experience, certainly NOT a math formula. Like a baseball pitcher or batter, who gets a type of muscle memory plus knowing evaluating the batter he is up against. He learns a certain amount of flexibility is required to do his best.
I'm out of time for now.. but I want to leave you with this to consider.
I have a good friend, an almost genius IQ, engineer type with scary good math skills. I told him I would help him learn to trade. He's the kind of guy who is probably the smartest person in the room most of the time. After exchanging dozens of emails and a few long phone calls I had to tell him, "James, you are to smart to learn to trade; you are never going to make it." No matter how often I told him that good trading takes imagination, visualization, creativity, and lots of practice ---- he would take whatever I said, read it and memorize it---and then HE TURNED IT ALL INTO A MATH FORMULA. Engineers especially good ones, are often trained to turn everything into a repeatable series of steps that consistently lead to success. I tried to explain to him that it was the same habits that made him a great engineer that would prevent him from being a profitable trader. Every time he made a losing trade--- in his mind ---this meant he had a flaw in his method, so he changed the way he did things. I explained to him that even the best micro emini traders if they are good win /loss about 60%40% and through streaks of good and bad luck - the win rate won't be over about 6 in 10 trades. This is because stock equity index futures are inherently risky and there is nothing you can do about that. This trading has so many factors that influence price swings that are not tabular and cannot be bent to portend price changes accurately. So you have to get comfortable and accept you will lose about 4 in 10 of your trades. We are still friends and he gave up micro trading (I suggested he try stock options which have many characteristics than can be calculated with a good amount of formulation.)
I found out later, that he treated that sort of trading exactly as he approached the micros and he made most of the same mistakes. Again, I told him, "You are just too smart to be a good trader." Not everyone has the right skill set to do this stuff.
The old comedian Will Rogers said, "Everybody is ignorant, just about different things."
In micro emini trading, you have to give up the idea that when you lose a trade, that the reason is you made a mistake. When you trade-- never make the mistake of thinking you have a solution for every trade. (In math class that is usually true, but not in trading.) There are factors over which you can never gain complete control. 😀
@@DayTradingMicroFutures This is a fantastic reply. Many years ago I looked into this and the person I was learning from was very fixed in his strategy. It was a very hard 8 ticks up, 4 ticks down stop setup. If the trade didn't work, it was because I read the chart wrong. This is an entirely different philosophy which I very much enjoy.
Since you replied last, I watched about 4 more of your videos and I think you sold a book :) I will continue to digest and practice with the simulator until I feel like I can get a grasp on it intuitively. I will also trade the Nasdaq micro since it appears pretty forgiving price-wise. I really can't thank you enough for such a meaningful response.
Time to change the way I think about this stuff and have some fun!
Ty Sir
aloah! Good luck to you. Welcome aboard. -Don
The best educator I have seen --Well done
Thank you kindly, Nuny. Best of luck to you - Don
Bought your book, great read. I really appreciate your knowledge!
Awesome, thank you! Good luck to you. - Don
Hi Don, enjoying the vids as I begin my trading journey. Quick question, why do you use the 5 minute chart and not the 1 minute or 10? I haven’t seen a video yet that explains this.
Hello Kevin. I don't have any exotic answer for you. Many of the trades I do barely last five minutes. I find a 1-minute interval 'noisy' (think: false, quick, unusable.) As you will see/ have seen in my videos... a lot goes into trade selection besides only some technical indicator.
A very important aside as I answer your question: avoid 'hopscotching' --- here's a video that explains the two most common mistakes in this sort of trading:
ua-cam.com/video/9GIfxs27H3c/v-deo.html
Thank you and good luck - Don
I would also like to add:
You are definitely on the path as you realize so fully this game we are playing. Those who search for a 'formula' of indicators that a trader can use as though 'rinse, wash, and repeat' ---- are wasting time. They mistakenly think that removing all thinking, creativity, and emotion from trading is the goal - and in doing so are creating their own failure which they take with them with each new day. Mark Twain said, "Denial is not just a river in Egypt." It is as though they believe the Earth is flat and 5,000 years old. Trade signal indicators are tools, similar to a weather report. They can be very useful when applied in conjunction with a trader's experience and knowledge but they do not replace it.
Here, for anyone are a few link to help explore the Micro E-Mini channel:
🎥 *Avoid the two worse mistakes in Micro E-Mini Trading* ua-cam.com/video/9GIfxs27H3c/v-deo.html
✅ *NEW* LIVE TRADES PLAYLIST #3: bit.ly/PlayListNumber3
**Must See** ✅ Rule #1: bit.ly/RuleNumber1
*Free Trade Simulator*
Great video Don, thank you so much. One question, do you have a target when you enter a trade and if so, what is it? Thank you.
Yes, I almost always enter my trading using the Bracket/OCO type of order. I dont' place a lot of importance on the entered TARGET price. While the ENTRY price and STOP LOSS are very important, the TARGET PRICE is more a placeholder than anything (think: you cannot tell the market how much money to give you, so the TARGET price is actually pretty much fiction.
There are times when I have locked in profits with my stop-loss. In fact I do that in most of my trades. Sometimes I will move the TARGET price but not that often.
I wouldn't spend much time trying to calculate a TARGET, it is mainly just a placeholder and none of us can know how a trade will go until we get into it.
hope that helps. Thanks for your question; great to hear from you - Don
Here's are some links you might find interesting:
✅ Join our 20k+ subscribers FREE & Get notified when new trade videos are posted each week: Subscribe Now at this link bit.ly/3mTTMTn
✅ **BOOK** : Over 500 FIVE-STAR Reviews - Join thousands who have use this book to get a fast start: *Check out the Amazon listing* (free Prime shipping) at this link: bit.ly/daytrademicros
This one is very popular on the channel: 🎥 *Avoid the two worse mistakes in Micro E-Mini Trading* ua-cam.com/video/9GIfxs27H3c/v-deo.html
FREE Training Videos at BEGINNERS PLAYLIST:
✅ "BEGINNERS" PLAYLIST #1: ua-cam.com/play/PLv6Fasp51T9L99jOWgLdB2ZylXpzaXByo.html
✅ "BEGINNER PLAYLIST #2: MACD WINNERS" ua-cam.com/play/PLv6Fasp51T9JGVQCNmRaliEbIpzLQh0od.html
✅ How to Configure Trade Screen and How to Use BRACKET/OCO Orders
bit.ly/BracketScreenSetup
✅ *NEW* LIVE TRADES PLAYLIST #3: bit.ly/PlayListNumber3
**Must See** ✅ Rule #1: bit.ly/RuleNumber1
Yes indeed Don. Trading is so much fun. Thanks for another excellent very informative video and your book Don. I'm so appreciative. Peace out.
Thanks for you very kind comments Mr.Nathan. Very nice to hear from you again and that things are going well. - Don
You are awesome Don love you video
Thank you Joe and welcome to the channel.
Here's some links to help you explore: good luck - Don
✅ Join our 20k+ subscribers FREE & Get notified when new trade videos are posted each week: Subscribe Now at this link bit.ly/3mTTMTn
✅ **BOOK** : Over 500 FIVE-STAR Reviews - Join thousands who have use this book to get a fast start: *Check out the Amazon listing* (free Prime shipping) at this link: bit.ly/daytrademicros
🎥 *Avoid the two worse mistakes in Micro E-Mini Trading* ua-cam.com/video/9GIfxs27H3c/v-deo.html
FREE Training Videos at BEGINNERS PLAYLIST:
✅ "BEGINNERS" PLAYLIST #1: ua-cam.com/play/PLv6Fasp51T9L99jOWgLdB2ZylXpzaXByo.html
✅ "BEGINNER PLAYLIST #2: MACD WINNERS" ua-cam.com/play/PLv6Fasp51T9JGVQCNmRaliEbIpzLQh0od.html
✅ How to Configure Trade Screen and How to Use BRACKET/OCO Orders
bit.ly/BracketScreenSetup
✅ *NEW* LIVE TRADES PLAYLIST #3: bit.ly/PlayListNumber3
**Must See** ✅ Rule #1: bit.ly/RuleNumber1
Another enjoyable video. Always learn something. Thank you.
Glad to hear it! Great you find some things here on the channel to help you along. Good luck to you - Don
Hi Don. Early in your trade you had an unrealized profit of about $20. But you still had a stop loss set at about negative $10 (1 or 1.5 point above your cost).
So what is the reason you don't bring the stop loss close to your entry point?
I have had trades where i had an unrealized gain of $20 on S&P micro with one contract. But I ended up losing or break even. The index didn't move enough for me to put stop loss at say 1 or 1.5 points above my entry point to lock in the profit.
Any recommendations?
Thanks for great videos and trade strategies.
I think you may have both asked and answered your question.
To be honest, the trade was about two months ago -- and I can't recall my exact thoughts at that exact moment in the trade, nor can I tell you what I had for lunch that day.
I can tell you this: Using the S&P500 Micro, the trading is $5 per point. It is my habit to keep my finger on the left mouse button during a lot of trades. My best-guess as to what I was thinking is that if the trade turned on me, the odds are I could get out very close to even money. Obviously, I opted to risk the $20 unrealized gain to stay in the trade.... so in my mind losing $20 isn't what I would call a 'terrible' outcome - and it could be (I can't recall for sure)
You ask a great question here really. My first goal --after I hit the 'send' button and the trade is underway- is to try and make it a 'free trade' (think: getting my stop-loss down to very near 'even money.' I almost never move my initial stop-loss amount to take on more risk.
Now, my honest answer to your question is "I don't remember" - but I can tell you for a fact I was watching the trade as closely as that lizard on the thumbnail 😁
There is an interesting 'psychology of trading' point here too. I would guess that nearly 100% of all traders will look back on a trade once it is over - and try to think 'how could I have done better.'
The result of this is that we so easily choose to give ourselves a bad grading of the trade because, all the charts AFTER a trade--- clearly generate what we might have done *only in hindsight*.
I almost beg and plead with traders to remember that the chart see *during* a trade is dynamic and changing moment-to-moment. The chart we see *after* the trade is static (unchanging.) So you see, the chart after a trade that gives us that 'genius of hindsight' is never the chart we used during the trade.
If you have ever wondered why technical trade signal indicators in charts appear to be so very accurate almost 100% of the time (resulting in this type of trading looking so easy) this is why.
Rarely, do trading gurus (so-called) discuss this 'fatal flaw' in seeing charts AFTER a trade. Of course, the technical indicator post-trade is NOT a representation of what the candlestick looked like during the trade.
Those who unknowingly attribute such accuracy to charts in 'technical trading' are (perhaps unwillingly) naaive. This is why 'technical trading' is so highly regarded; it is attributed an accuracy that is undeserved.
In long term stock charts the technical indicators do indeed record points of price resistance and support and can be quite useful in that way. For traders to carry over for second-to-second analysis in this very fast and risky type of equity index trading simply is just not an accurate fit. The 5 minute candlestick charts do often indicate a very short-term indicator of price movement and momentum - but in a way that is more a 'weather report' for very short term price movement and momentum. And once each candlestick is closed and recorded, *it does NOT show price behavior as it looked during the trade.*
Simply put technical indicators do help in considering possible price movement and momentum during a trade day but they cannot accurately predict the second-to-second variations with any great degree of accuracy.
There is a bit of *good news* in this fact, traders should not judge themselves too harshly with the 'genius of hindsight' because they are looking at a chart with candlesticks that are presumed to be an accurate dipiction of dynamic price movments ---- When in fact, they are only reading the 'sports scores' AFTER the game is completed. (aka: "Monday morning quarterbacking.") So go forward with your trading with the knowledge that beating yourself up over what is on a static recording of price movement is of almost no value at all.
I suspect the snake oil salesmen of our day who sell 'slam dunk' trading systems for this type of trading are more eager to display back-tested results than pointing out this false-narrative of 'plug and play' formula trading in these very short-term trades that only last a few minutes and sometimes only seconds.
Trading the Micro E-Minis in short interval increments, more often than not,-- happens between your ears other than on the charts.
Great question. Thank you very much and good luck to you.
-Don
Don , how much amount of capital do I need to start trading micro futures
Greetings Alex:
You can phone any broker or check their website for fees.
Most people new at it will often shop for the very lowest commission rate. You should know that all brokers will give a commission price. What is not so obvious is that there are also other fees. All the brokers have to add 'an exchange fee' and also often 'a transaction fee.' Virtually all brokers have 'free software' but some of the brokers, after signing up new customers will offer an 'enhanced' for 'full features' version of their software for a small additional price. There are two other major 'add ons' that newbies might not see coming: a 'data fee' to pay for quote services (usually around $25 a month)--- and the one that is the 'biggest surprise' is often call a 'wire fee' to transfer money in/out of the customers bank account. Wire fees are often free to fund the account but $30 per transaction to take money out of one's bank account. At TastyTrade, there are no charges for USA domestic bank transfers for in/out money transfers.
I am an affiliate of TastyTrade. I use their software in all my videos. I can tell that there are no 'up charges' for software features- all of it is free. Same for data feed charges; at TastyTrade that's zero. And you can transfer money in and out of your bank account free both ways all the time. There are no application fees or any other add-ons.
In futures trading, as soon as you close a trade, all your money can be used 'again' immediately. (unlike stocks trades that have a settlement delay.)
Also the PDR, pattern day trading rule does NOT apply to futures trading. No $25,000 minimum to trade more than 3 times a week; the PDR only applies to stock trades not futures.
At TastyTrade a account balance of $2,500 qualifies to use the much lower initial margin rates during the day session.
A COMMENT: You can start with less at some of the other brokers - but it is really tough to start with just a few hundred because if you have a few losing trades, you have to stop until you make another deposit. Something in the $3k to $5k range is a good starting amount and is a better experience.
Using my affiliate link if FREE and won't cost you even a penny. It helps support the channel and keep it all free here on the channel. Here's my affiliate link to the application: People start with less, but I recommend an account $2500 to $5000 to start. With TastyTrade, I get live real-time data free. Free
affiliate disclaimer: **tastytrade, Inc. (“tastytrade”) has entered into a Marketing Agreement with Day Trading Micro Futures(“Marketing Agent”) whereby tastytrade pays compensation to Marketing Agent to recommend tastytrade’ brokerage services. The existence of this Marketing Agreement should not be deemed as an endorsement or recommendation of Marketing Agent by tastytrade and/or any of its affiliated companies. Neither tastytrade nor any of its affiliated companies is responsible for the privacy practices of Marketing Agent or this website. tastytrade does not warrant the accuracy or content of the products or services offered by Marketing Agent or this website. Marketing Agent is independent and is not an affiliate of tastytrade.
Hi Don, first of all you're the goat (google that), I find myself torn between using the 5min chart vs 1min to primarily trade on as with my current smaller capital as a student, the 1 min would seem to allow more close and quicker decisions as I keep my stop loss small but this does have a downside, the 5 min would however allow for often longer trades that follow the general overall trend instead of making quick irrational decisions. Lots of components to consider really, any advice?
This post is a duplicate and has been answered already. Thank you.
@@DayTradingMicroFutures Cheers Donny can’t wait for the next vid 👍🏻
Blown accounts: then I would venture to say you weren't using Don's method. Find or make $500 to put into your account & then watch all of Don's videos & do what he does
thanks Larry.
love the content!
Thanks J and welcome to the channel.
Great video. My question is: after you close the position how long does it take for your cash to settle? is it 24 hrs? or instantly?
One of the great things about trading futures is that the moment a trade is closed the profit or loss is immediately in your account balance. No waiting at all, you can trade your account immediately.
I loved this video and trade Don - thanks for it, and thanks for showing us that pre-opening trend- very enlightening. Leverage - can be a beautiful or scary thing.
Thank you Kent. I always enjoy your comments and appreciate them. Hope you are off to a great start in 2024 my friend. - Don
Don, do you ever trade the Micro E-minis pre-market or just stick to after market open for better movement and follow through?
I trade 99% in the regular (day session). The lower 'intraday' margins apply and there is always sufficient OI and VOL.
Whats ur mentoring experience on trading out side trading hours please?
if u have the time!😀
Here's some videos that could help:
ua-cam.com/video/5fV_EFRuwDg/v-deo.html
ua-cam.com/video/f1IkJ_YGQS0/v-deo.html
ua-cam.com/video/wkNDtj11Vo4/v-deo.html
your book is amazing thank you for the Videos !
You are so welcome! Thank you I hope you enjoy your journey to trade the micro eminis. -Don
PS: be sure and email me (as in the book email) for the bonus material
what page in the book is your email?@@DayTradingMicroFutures
We ❤ Don!
Thank you so very much and good luck to you. - Don
Question: if price hits your stop loss and moves very quickly past it, does one lose money where price finally stops or only to one's stop. Hope this makes sense. Been practicing and notice I am losing a little more after trade closes. Maybe it's due to slippage.
Try using a 'stop market' rather than a 'stop limit' order if you are trading in the day session. Using a stop-limit, it is possible for the prices to 'run thru' (past) your price without it being filled for you.
My book explains the difference between using the two types of 'stop loss' orders: the "stop-market" and the "stop-limit."
You can also google "types of stop-loss orders" and find info there. good luck to you- Don
My book link on Amazon is at this link; you can read the description and contents of the book at this link: bit.ly/daytrademicros
thanks for your comment/question.
Hi Don, I've been trading a system for months now and focusing on maintaining its rules as much as possible, what I'm experiencing is that I'm consistently losing (5 points max loss a day), however, I cannot make profits consistently despite being committed to the rules of trading.
how can I turn the corner on this in your opinion?
Mo, I welcome your comment thank you. You seem to hold a belief that 'committing-to-the-rules' will find a solution to profitable trading. I think that actually may be the problem.
You should stop losing money immediately: Use a trade simulation program to practice. Here's a link to a good one that is free:
*Free Trade Simulator*
👍You can be practicing in only 5 minutes.
✅ Here is a FREE TRADE SIMULATOR with no ads and that will keep your trade ledger for you. It is FREE for signing up (no credit card or personal info required) at the CME (Chicago Merc Exchange) at this link: bit.ly/TradeSimulatorFREE
Give up the idea that some trading formula for success is a search for an equation that works. Let go of that idea and begin again in trade simulation. This type of trading is risky and not for everyone. Stop losing your money immediately.
You will not find a mechanical method to just 'rinse, wash, and repeat' that makes money. It doesn't exist, it is a false narrative.
Here's a playlist that has my most recent 30 or so videos. Not one of those videos is teaching a fix formula for trading is a solution for profits.
I wish you well of course. Here's the link to the playlist that may offer some ideas that might help.
✅ *NEW* LIVE TRADES PLAYLIST #3: bit.ly/PlayListNumber3
Great video sir👍
Thanks 👍 and good luck to you- Don
Awesome Don, do you always wait for 0930 to trade?
I do almost all my trading during the day session Eastern Time: 9:30am - 4:15 pm (for index futures, the stock market closes of course at 4 pm ET.)
Hello, thank you for these helpful videos! I was in a trade but unable to use the 'tastytrade mouse' trailing stop, do you already have a video demonstrating this feature? If not could you make one? Thanks!
Greeting Deon: TastyTrade has mobile, web, and desktop (3 different trading platforms). In the videos here on the channel, I use the desktop platform.
And I enter my trades using a "Bracket OCO."
To SELL, I click on the BID price.
To BUY, I click on the ASK price.
Next: click on the (lower left) BUY or SELL
Next: click on the "Bracket { }"
Enter the trade price, stop-loss, and target values.
I cant drag the stop loss down when trading equities is this only available when trading futures in TastyTrade??
The TastyTrade customer help number is: (888) 247-1963 Give them a call. BTW, I use the Desktop app in the videos here on the channel. They also have mobile and web versions.
Everyone always talks about price per point in p/l. How much real money has to be in trade account at this price point to even enter the trade? 4785? Are you putting up 4785 dollars to make 10-20 dollars?
Hello Eric and welcome to the channel. I have two playlist for beginners that include a lot of the basics for trading the micro eminis. Here the links:
FREE Training Videos at BEGINNERS PLAYLIST:
✅ "BEGINNERS" PLAYLIST #1: ua-cam.com/play/PLv6Fasp51T9L99jOWgLdB2ZylXpzaXByo.html
✅ "BEGINNER PLAYLIST #2: MACD WINNERS" ua-cam.com/play/PLv6Fasp51T9JGVQCNmRaliEbIpzLQh0od.html
✅ How to Configure Trade Screen and How to Use BRACKET/OCO Orders
bit.ly/BracketScreenSetup
✅ *NEW* LIVE TRADES PLAYLIST #3: bit.ly/PlayListNumber3
**Must See** ✅ Rule #1: bit.ly/RuleNumber1
Don im pretty sure the market does have ears. It hears where I put my stop loss no matter how gently I place it
If we could only invent software to take the other side of your trades. Do you ever wonder if you could successfully make ten losing trades if you tried?
Of course, I'm kidding but the thought did cross my mind.👍
Once I even considered opening an account that had a goal of losing money and hoping I'd be really bad at it.
.s you see in my videos: My strategy is quite simple. I enter all trades with a Bracket/OCO with both a stop-market (stop-loss) order. and a target price (which is pretty meaningless as the market doesn't care where your target is. The target price is the most arbitrary thing in trading - and is no better than a wild-ass guess.) Be patient enough to only trade when a momentary trends provides an opportunity greater than 50/50%, then aggressively use the stop-loss order. This type of trading is- as I remind people all the time--just inherently risky and even if the trader is 'good' only wins about 60/40 win/loss on the average (there will be runs of both good and bad luck, but for the long haul 60/40 is 'as good as it gets'.
It might be hard to believe in the beginning, but one does get better at trade selection with experience. You (stating the obvious here) don't move your stops to chase a trade---- that abandons all planning and common sense.
The traders job is to manage risk. good luck to you and thanks good to hear from you- Don
@@DayTradingMicroFutures may we all be great losers 👍
@@eggspanda2475 best of luck to you eggspanda!
Hi Don, I’m curious as to why do you use the 5min chart vs. the 1 min?
I find 'less noise' (think: unreliable signaling) in the 5m is my answer. Of course, you can do as you please. Tim, whatever you choose for you is up to you of course.
Use a trade simulation such as this free one from CME and try and learn without real bucks on the line, while you try various things. When you practice be SURE to use a consistent setup and also trade only amounts that you will be using in live trades. Otherwise, you risk practicing NOT what you will actually be doing.
Below here: Links to Trade simulator (free, no ads or credit cards required) and a video link about the two most common mistakes for Micro traders. Good luck to you- Don
✅ Avoid These Two Most Common Mistakes *Must See* ua-cam.com/video/9GIfxs27H3c/v-deo.html
✅ "BEGINNERS" PLAYLIST #1: THE BASICS: ua-cam.com/play/PLv6Fasp51T9L99jOWgLdB2ZylXpzaXByo.html
✅ "BEGINNER PLAYLIST #2: MACD WINNERS" ua-cam.com/play/PLv6Fasp51T9JGVQCNmRaliEbIpzLQh0od.html
How to configure your screens to the setup I use on the channel (per TT): ua-cam.com/play/PLv6Fasp51T9KvkIWqQ5D29RqJ9dTflTk7.html
@@DayTradingMicroFutures thanks for the info. I was actually gonna ask you about the trade simulator cause, apparently, Tastytrade do not offer this feature.
Hay Don!
Its been a while since ur last video, u ok!🤔😁
I hear you, should put a new on up late today or tomorrow. Good luck to you Rob. Thank you- Don (2/23/24)
@@DayTradingMicroFutures cheers!
$18 left in account now!!😢
I hope you are paper trading until you learn more. This is tricky trading for sure, great fun but practice is required.
Sound like you trading with to much size
@@blackdef7114 I was trading without stop loss!! 🥲😭
Hello Don, I love your videos and the way you teach , is there a way we can chat outside of your youtube videos,, by email maybe,, I am just getting starting with Apex eval account and would love to get your opinions on a few things,,
I don't post my email here on the channel, as it would take hours each day to answer them all. An email to contact is in my book, so if you have it - you can use that be sure to put 'get busy living' in there so I can know it's you. Thanks.
Having said that; you are asking about a specific company that I have neither data nor personal experience- so for the sake of fairness, I have no comment on them specifically.
There are literally hundreds of types of 'trading offers' out there from these 'we fund your account' promoters and other who - as it true in just about every type of business -- are offering 'trading systems' and that may or may not be viable.
I go by the old adage: "If it sounds too good to be true, then it probably is." I try to keep things positive here on my YT channel - critiquing the many 'offers' out there is not my purpose here.
I have 175 videos free here on the channel. I do NOT sell any proprietary trading systems. I offer free training videos for beginners. These are all free and I have no plans to change that. Support for this channel is from two sources: my Micro E-Mini book and I am an affiliate of TastyTrade brokers. This means, at no cost to the customer, I do get paid a nominal referral fee - as the people I refer fund their accounts. I never require anyone to buy or use either of these, it is entirely optional - and to all the videos and material here on the channel are provided free to all - indeed free.
There is a story in my book about how I got scammed about 30 years ago. I sent a 'veteran floor trader who had fully documented trade results $5,000 and I received one 5.25 inch floppy disk with a 'proven formula' that resulted in me losing my money and a few friend's money that went in together with me to purchase it. I call and emailed many times and never got any response or offer of any refund.
I read years later that this fellow was prosecuted by the CFTC (USA agency that regulates) and had to pay $150,000 fine. It also said he and his silent partner sent out false claims and had collected about $3 million dollars from people like me. (So they got that 'slap on the wrist' and made lots of money off people like me who were willing to suspend my disbelief long enough for them to cash my check.)
I had shown the promotional materials to my friends and they trusted me... we lost all but a few dollars of our trading money before we quit 'trying' the system. At the time I had two small kids and was a typical 'non-rich' school teacher just trying (maybe too desperately) to improve my financial position.
The type of trading I promote here on the channel is a high-risk and highly leveraged type of investing. You won't find a single claim in all my 175+ videos that promises any 'get rich quick' philosophy. I am enthusiastic about this type of trading because it allows people without the experience or large amounts of money to give it a go. I state over and over again, this trading is risky and NOT for everyone.
I do promote my book here and I am so gratified that people find it and my channel contents useful. You can go to this link and read the reviews on my book. It has over 550 5-star reviews on the amazon page there - and it also has a few people who have been disappointed in my book. Make up your own mind of course. The channel now has about 25,000 subscribers and I've never paid even a penny to advertise it.
I have intimated to a few good friends that 'all I have to do my UA-cam channel to succeed is to just 'tell the truth without exaggeration.' That I admit-- is a 'low bar.'
While I love trading the Micro and helping other give it a fair go, I do have plans for a (low-priced) stock option video course for those with small / medium accounts - and will have an audio book out (hopefully by Fall of 2024) on trading psychology and in it I will explain the merits of what is now being called 'stock replacement strategy' - a new a quite modern approach that many find attractive because it give personal investors a way to get more bang for the buck...than traditional stock buying/selling.
I didn't mean to make this such a long reply... but I felt your question deserved a decent response - and I know others might be eager to hear some of the information here. Thank you and good luck. - Don
PS: You guard your hard-earned money like you are the meanest junkyard dog inside the fence. Thank you.