Don. I like the guy's letter he sent you. In my opinion he didn't lose his $125.00. Rather, he paid $125 in tuition to have learned what he did and to gain the experience of having 80 trades under his belt! Thanks for sharing his story Don!
I was really waiting for this video. Thanks Mr. Singletary and as always I hope life blesses you with health so you keep bringing us this amazing content! This channel is so unique and powerful I wonder why it doesn’t have millions of subs.
J: You are always so kind. Thank you and I hope you have a wonderful week. The channel is starting to grow faster and I'm pleased with things. Thank you for your support and good luck - Don
Thanks for another great video Don. I appreciate you sharing the viewer e-mail as well, and also appreciate his attitude. As you teach regularly, 80 trades in a month is a lot, but, hey we need our own path to experience and I wish him the best. Plus he has a great teacher. Take care.
Hello Norman. Good to hear from you. The daily options on MNQ and MES might be a great idea but there are very, very few OI and Volume at this time, so I won't touch them for now. (FYI: low OI and VOL on index options does not make for efficient pricing and liquidity.)
Hi Don, A while ago you suggested some pre-market news sources to look at before trading on a given day. Appreciate if you could give us those again. Thanks
Sure David glad to. the CNBC "morning squawk" and the Robinhood daily "Snacks". you can google for the link to sign up, they are both FREE. Good luck to you. If you can find them, let me know. - Don
i tryed CME today not the same thing you are showing and does not follow the market at all nq i waned to trade. how do i get the platform you are on to try it. like your videos thanks
Hello Bob, The quotes/data feed for the trade simulation are delayed 5 minutes -which work great for practice trades using it. By the way, that CME trade simulation program captures your trades in a file that is compatible with Excel, which makes it handy to keep a log of trades. If you are ready for live trading, I recommend TastyTrade and I'll put some info on it here for you: re: Which Broker? I use an affiliate link for TastyTrade (*formerly TastyWorks.) I chose TastyTrade to recommend. Here's why: A little over 3 years ago, I started the Micro E-Mini UA-cam channel. My very next decision was to choose to recommend a broker. I chose TastyTrade/TastyWorks here on the channel since one can trade from one page and slide your order prices up/down with a mouse on the chart screen (so everything is literally one page and easy to manage.) I did realize that a majority of viewers to the channel were likely new to futures trading, often to 'day trading', and that a great many new traders are not schooled in 'how to shop' a broker to use. The array of brokers and types of investing have evolved very fast, particularly in the last five years. For example, all the major brokers do 'zero commission' stock trading. Most people new at it will often shop for the very lowest commission rate. I can tell you virtually all brokers put forth a sort of 'half-truth' when using their low commission rates in advertising. Something, they ALL do. 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 $15 to $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. New traders of course won't know to ask about these things (now YOU do if you didn't already.) For traders with no experience trading 'futures,' it can be confusing due to the new terms that are very different from simply 'stock trading.' Here's an interesting fact I took into consideration when selecting a broker: Only 3 of each 100 stock traders, trade options. Only one in ten option traders also trade futures. So you see, for most of the people learning to trade the Micro E-Minis, they are learning about 'trading futures' for the first time. Most people new to futures trading are also trying 'day trading' for the first time. As you have already discovered (I suspect)-- Futures is quite different than stock trading. Futures use a totally different system of leveraging from stocks. Futures are more risky. And not surprisingly-- almost all new futures traders by default will assume trading futures will be a 'add on' to what they know about stock trading. This isn't true. Futures are an entirely different product. The PDR known as 'the pattern day trading rule' (applies to stock trading, but NOT to futures trading.) PDR: According to FINRA rules, you're considered a pattern day trader if you execute four or more "day trades" within five business days. What happens if you break the pattern day trader rule? So what happens if you break the PDT rule? Your account is subject to a margin call. You'll need to deposit enough cash to get your account over the $25K limit. If you don't, your account will be restricted for 90 days. So when you trade futures, the PDR does NOT apply; you can trade as often as you like. And the profits you make are immediately available in your account (no delays at all.) One of the most FAQ's I get is 'which broker' and 'how much to fund the account.' It varies from broker to broker. I suggest $3k to $5k if you can. If you are considering TastyTrade, please use my affiliate link. That affiliate link and book sales are how I support this channel with over 150+ free videos. *How to Start:* Just fill out the account application at this link bit.ly/TW-Link *No deposit or credit card required - and you do not have to fund your account until you are ready.* PLUS, even though you cannot trade until you fund, you can still operate the software and check it out. I think you'll like it. 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 ready to begin trading real time. 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. The CME has a free, no deposit, no credit card required, zero cost trade simulation program you can practice with while you get the basics down. You can be up and running in about five minutes (and if they are busy at least same day.) : www.cmegroup.com/education/practice/about-the-trading-simulator.html Welcome to the channel - Don If you have any question about this, just drop me an email. I'll be glad to help. Good luck to you BTW, TastyTrade not only is easy to use for trading the Micro E-Minis but they have one of the best option trading platforms in the world, so when you trade options that is a huge plus to have. Here's my affiliate link if you choose to use it: bit.ly/TW-Link Thank you - Don
Read the fine print carefully - and ask lots of questions. The trader seeking funding will have requirements and may find themselves in a position of having to 'qualify' by subscribing to a course of training. Most things that sound too good to be true, usually are.
Tastytrade actually does have a 'ladder' I think it is labeled 'active trader' mode', check it out. Click on the center panel TRADE, then at the top of the column is TRADE MODE, just select ACTIVE... voila, there it is! The setup I use on the channel is a fast way for beginners to get setup and keep every thing on one page. Traders with lots of experience can easily visualize all that is going on during the trade, new traders often need a more visual representation when learning. TastyTrade, as many other platforms offers a variety, something for everyone. I personally, trade lots of options and TastyTrade caps expenses on each leg to a MAXIMUM of $10, so trading higher numbers it's a deal, really a great deal. Plus the options trading at TastyTrade is very intuitive, easy on the eyes, and there's no better analytical mode anywhere w/ charts, analyze, stats, or changing dates, strikes, and entering exit prices are mostly one-click each to change any of them. I do provide and affiliate link for TastyTrade, it helps me keep all the video here on the channel free, so people can learn faster and easier. I wanted to put up free videos, so people can try it all out without having to buy anything (not including my book, ha... it's less than $19 and like the videos here on the channel, it is straight to the points and speeds up learning.) Another thing I can do here is what I enjoy the most. This is risky trading, not for everyone, and since I'm not burdened with trying to sell some 'easy path to riches' I try to point out some pros and cons of this futures trading - and strive to provide both an inexpensive and practical way to get started. Thanks for you post and welcome to the channel. Good luck to you. - Don Here's a few links: ✅ In about two business days, you account should be ready (no funding required and if you change your mind, no fees or obligation whatsoever. Fill out your TastyWorks application at this, my affiliate link: bit.ly/2ZUYjtS today. ✅ Join our almost 20k subscribers FREE & Get notified when new trade videos are posted each week: Subscribe Now at this link bit.ly/3mTTMTn *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 ✅ **BOOK** : Over 425 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 ✅ *NEW* 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
No Bob, not all all. commissions are charged only when a trader buys or sells. moving orders and changing /modifying are all no charge. Good to hear from you. thanks for the question. - Don
Hey don I'm loving the videos and I'm just getting started with this trading setup. I would like to know more about drawdown. Let's say I had $100 in my account. I know I need more than that but just for understanding drawdown hear me out. Does that mean my account can cover $100 worth of drawdown? Or if the drawdown at one point reaches $150 but goes back in my favor does my $100 account sustain itself through the point it reached $150 or do I need enough in my account to cover whatever drawdown occurs during a trade?
You need enough in your account to cover the drawdown, or you will get a 'margin call' for more money. see more details here: www.investopedia.com/terms/m/margincall.asp#toc-what-is-a-margin-call Please be you understand how this works in 'futures trading.' Also, if you need more details or have questions, talk to your broker.
Hello Mr. Don. Happy to see a new video. What do you think of the new micro mid 400 mid cap? The CME had a webnar about 2 new micros. Again thank you for your work.❤
Hi Minie. Yeah, I got the 411 on the two new micros. I'll be anxious to watch them a while and see how it goes. The MNQ and MES will still rule but they will have something to offer I'm sure. - Don
Yet another question. If I cancel my complex order is that the same as flattening my positions? If not how do I get out of a trade quickly if its not going my direction and settle with my gain or loss?
Good morning Capt. Good question of course. You should phone your broker's help desk and allow them to answer that question. You asked a very important question - one that has to be completely understood. A misunderstanding could cost you money. Those kinds of questions are best asked directly to your broker so you get a reliable and accurate understanding. The TastyTrade help desk can help you with it and you'll be able to ask follow up questions to be sure you understand. TastyTrade help desk phone is: (888) 247-1963 To anyone who reads this: When you have an important 'money question' like this one, always contract your broker for an answer. Other people might have good intentions in trying to help but when it comes to money, you have to be 100% sure. Have a great week Capt. Good to hear from you - Don
Thank you for the answer 👍 I had an unfortunate experience this morning. I was practicing (although with real money) and went long on one contract I was up $12 and I had moved my stop loss really close to the current price to lock in my profit. Then suddenly when the next candle hit it shot down instantly. It closed my trade right then but I was instantly in the negative I was down $6 instead of up $12 where my stop was. Has this happened to you and why did it happen? It didn't honor my stop loss. Thank you for your help 👍
Prices were pretty fast in early trading today (high volume of trading). I suggested you go back and review what/how a "stop-market" and a "stop-limit" work. The stop-market trigger price, initiates a "market" order. The "stop-limit" trigger price initiates a "limit" order. The market order goes to the next price available. The limit order is filled only when a specified price is available. The 'market' order fills instantly. The 'limit' order, only when and if the specified price can be traded. Of course, I do not know which/what order you used. It is a trader's responsibility to understand how orders work. Using a stop-limit instead of a stop-market order, it is possible the order will NOT be filled; the market can go through your limit and not be filled. Here's a link at investopedia that can clarify: www.investopedia.com/ask/answers/09/stop-limit-guarantee.asp#:~:text=KEY%20TAKEAWAYS-,A%20stop%2Dlimit,-order%20to%20sell .
If you want to configure a TastyTrade chart to the same I use on the channel, here's a link: bit.ly/BracketScreenSetup There 3 or 4 short videos on this playlist about using Bracket and screen setup configuration. bit.ly/BracketScreenSetup Hope that helps - Don
No John, they do not. After you fill out the application, you can navigate the platform but no trading is allowed until the account is funded. 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 ✅ Here's my affiliate link to take you to the application, so I can get credit for the referral and thank you: link: bit.ly/2ZUYjtS today. ✅ Join our almost 20k subscribers FREE & Get notified when new trade videos are posted each week: Subscribe Now at this link bit.ly/3mTTMTn If you are going to open an account at TastyTrade, please consider using my affiliate link to apply. This helps support the channel and keep all the material on the channel free to everyone. Thank you and good luck. - Don
To go a step further in response to the trader you mentioned, there may or not have been overtrading and with time this person should do very well. What I did not see is revenge trading, hopscotching, fretting over the genius of hindsight and TBH I did not see overtrading if this person traded every session for a month, especially for the first month out of the gate. Trade selection should get better, and I do look at the commissions as the price of entrance. I mean dang I lost a lot more than this person my first month.
You are 100% right, Bill. The guy described a very successful month and learned a heck of a lot doing it. He didn't say if he traded every session; as you point out. From the sound of his letter, I think he succeeded in every way on his first month. Just diving in like he did, was facing the 'new traders jitters' and he met it head on- and seems to have totally conquered it. Glad to hear from you and thanks for the comment. Very nice. -Don
Here are two Playlists for Beginners here on the channel. A great way to get the basics down. 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 And here's a playlist of my most recent trades videos: ✅ LIVE TRADES PLAYLIST #3: bit.ly/PlayListNumber3
Don. I like the guy's letter he sent you. In my opinion he didn't lose his $125.00. Rather, he paid $125 in tuition to have learned what he did and to gain the experience of having 80 trades under his belt! Thanks for sharing his story Don!
Thanks, Bob. You hit the nail on the head; I"m glad he sent it too, very much. Have a great week and good luck. - Don
Patience is a virtue 🙂
And usually a hard-earned one. good luck.
Don. Wanted to take a moment and send a big THANK YOU for what you do on this channel....
Thank you Mr. Craven. Great to hear from you and good luck to you. - Don
Hi Don. I signed up today using your link, love your videos.
Awesome!
I was really waiting for this video. Thanks Mr. Singletary and as always I hope life blesses you with health so you keep bringing us this amazing content! This channel is so unique and powerful I wonder why it doesn’t have millions of subs.
J: You are always so kind. Thank you and I hope you have a wonderful week. The channel is starting to grow faster and I'm pleased with things. Thank you for your support and good luck - Don
Thanks for another great video Don. I appreciate you sharing the viewer e-mail as well, and also appreciate his attitude. As you teach regularly, 80 trades in a month is a lot, but, hey we need our own path to experience and I wish him the best. Plus he has a great teacher. Take care.
I appreciate that! Thanks Kent. Hope you enjoyed the holidays and all going well for everyone. Good to hear from you. - Don
I agree, he had a great teacher! 😉 Thanks for another great video, Don. Have a great week.
Are you trading the daily future option contracts ?
Hello Norman. Good to hear from you. The daily options on MNQ and MES might be a great idea but there are very, very few OI and Volume at this time, so I won't touch them for now. (FYI: low OI and VOL on index options does not make for efficient pricing and liquidity.)
Hi Don,
A while ago you suggested some pre-market news sources to look at before trading on a given day. Appreciate if you could give us those again.
Thanks
Sure David glad to. the CNBC "morning squawk" and the Robinhood daily "Snacks". you can google for the link to sign up, they are both FREE.
Good luck to you. If you can find them, let me know. - Don
i tryed CME today not the same thing you are showing and does not follow the market at all nq i waned to trade. how do i get the platform you are on to try it. like your videos thanks
Hello Bob, The quotes/data feed for the trade simulation are delayed 5 minutes -which work great for practice trades using it. By the way, that CME trade simulation program captures your trades in a file that is compatible with Excel, which makes it handy to keep a log of trades.
If you are ready for live trading, I recommend TastyTrade and I'll put some info on it here for you:
re: Which Broker?
I use an affiliate link for TastyTrade (*formerly TastyWorks.) I chose TastyTrade to recommend. Here's why:
A little over 3 years ago, I started the Micro E-Mini UA-cam channel. My very next decision was to choose to recommend a broker.
I chose TastyTrade/TastyWorks here on the channel since one can trade from one page and slide your order prices up/down with a mouse on the chart screen (so everything is literally one page and easy to manage.) I did realize that a majority of viewers to the channel were likely new to futures trading, often to 'day trading', and that a great many new traders are not schooled in 'how to shop' a broker to use. The array of brokers and types of investing have evolved very fast, particularly in the last five years. For example, all the major brokers do 'zero commission' stock trading.
Most people new at it will often shop for the very lowest commission rate. I can tell you virtually all brokers put forth a sort of 'half-truth' when using their low commission rates in advertising. Something, they ALL do. 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 $15 to $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.
New traders of course won't know to ask about these things (now YOU do if you didn't already.)
For traders with no experience trading 'futures,' it can be confusing due to the new terms that are very different from simply 'stock trading.' Here's an interesting fact I took into consideration when selecting a broker: Only 3 of each 100 stock traders, trade options. Only one in ten option traders also trade futures. So you see, for most of the people learning to trade the Micro E-Minis, they are learning about 'trading futures' for the first time. Most people new to futures trading are also trying 'day trading' for the first time. As you have already discovered (I suspect)-- Futures is quite different than stock trading. Futures use a totally different system of leveraging from stocks. Futures are more risky. And not surprisingly-- almost all new futures traders by default will assume trading futures will be a 'add on' to what they know about stock trading. This isn't true. Futures are an entirely different product. The PDR known as 'the pattern day trading rule' (applies to stock trading, but NOT to futures trading.)
PDR: According to FINRA rules, you're considered a pattern day trader if you execute four or more "day trades" within five business days.
What happens if you break the pattern day trader rule?
So what happens if you break the PDT rule? Your account is subject to a margin call. You'll need to deposit enough cash to get your account over the $25K limit. If you don't, your account will be restricted for 90 days.
So when you trade futures, the PDR does NOT apply; you can trade as often as you like. And the profits you make are immediately available in your account (no delays at all.)
One of the most FAQ's I get is 'which broker' and 'how much to fund the account.'
It varies from broker to broker. I suggest $3k to $5k if you can.
If you are considering TastyTrade, please use my affiliate link. That affiliate link and book sales are how I support this channel with over 150+ free videos.
*How to Start:* Just fill out the account application at this link bit.ly/TW-Link *No deposit or credit card required - and you do not have to fund your account until you are ready.* PLUS, even though you cannot trade until you fund, you can still operate the software and check it out. I think you'll like it. 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 ready to begin trading real time.
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.
The CME has a free, no deposit, no credit card required, zero cost trade simulation program you can practice with while you get the basics down. You can be up and running in about five minutes (and if they are busy at least same day.) : www.cmegroup.com/education/practice/about-the-trading-simulator.html
Welcome to the channel - Don
If you have any question about this, just drop me an email. I'll be glad to help. Good luck to you
BTW, TastyTrade not only is easy to use for trading the Micro E-Minis but they have one of the best option trading platforms in the world, so when you trade options that is a huge plus to have.
Here's my affiliate link if you choose to use it: bit.ly/TW-Link
Thank you - Don
Hi Don and thank you for this channel. Do you have any thoughts on any of the funded programs out there like Topstep?
Read the fine print carefully - and ask lots of questions. The trader seeking funding will have requirements and may find themselves in a position of having to 'qualify' by subscribing to a course of training. Most things that sound too good to be true, usually are.
Thank you!
Like the videos, but I wished tastytrade had a ladder or DOM. Their current way to trade too cumbersome.
Tastytrade actually does have a 'ladder' I think it is labeled 'active trader' mode', check it out. Click on the center panel TRADE, then at the top of the column is TRADE MODE, just select ACTIVE... voila, there it is!
The setup I use on the channel is a fast way for beginners to get setup and keep every thing on one page. Traders with lots of experience can easily visualize all that is going on during the trade, new traders often need a more visual representation when learning. TastyTrade, as many other platforms offers a variety, something for everyone.
I personally, trade lots of options and TastyTrade caps expenses on each leg to a MAXIMUM of $10, so trading higher numbers it's a deal, really a great deal. Plus the options trading at TastyTrade is very intuitive, easy on the eyes, and there's no better analytical mode anywhere w/ charts, analyze, stats, or changing dates, strikes, and entering exit prices are mostly one-click each to change any of them.
I do provide and affiliate link for TastyTrade, it helps me keep all the video here on the channel free, so people can learn faster and easier. I wanted to put up free videos, so people can try it all out without having to buy anything (not including my book, ha... it's less than $19 and like the videos here on the channel, it is straight to the points and speeds up learning.)
Another thing I can do here is what I enjoy the most. This is risky trading, not for everyone, and since I'm not burdened with trying to sell some 'easy path to riches' I try to point out some pros and cons of this futures trading - and strive to provide both an inexpensive and practical way to get started.
Thanks for you post and welcome to the channel. Good luck to you. - Don
Here's a few links:
✅ In about two business days, you account should be ready (no funding required and if you change your mind, no fees or obligation whatsoever. Fill out your TastyWorks application at this, my affiliate link: bit.ly/2ZUYjtS today.
✅ Join our almost 20k subscribers FREE & Get notified when new trade videos are posted each week: Subscribe Now at this link bit.ly/3mTTMTn
*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
✅ **BOOK** : Over 425 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
✅ *NEW* 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
Hi Don, are you charged a fee every time you move your stop or limit?
No Bob, not all all. commissions are charged only when a trader buys or sells. moving orders and changing /modifying are all no charge. Good to hear from you. thanks for the question. - Don
Hey don I'm loving the videos and I'm just getting started with this trading setup. I would like to know more about drawdown. Let's say I had $100 in my account. I know I need more than that but just for understanding drawdown hear me out. Does that mean my account can cover $100 worth of drawdown? Or if the drawdown at one point reaches $150 but goes back in my favor does my $100 account sustain itself through the point it reached $150 or do I need enough in my account to cover whatever drawdown occurs during a trade?
You need enough in your account to cover the drawdown, or you will get a 'margin call' for more money.
see more details here: www.investopedia.com/terms/m/margincall.asp#toc-what-is-a-margin-call Please be you understand how this works in 'futures trading.'
Also, if you need more details or have questions, talk to your broker.
@@DayTradingMicroFutures Ok thank you so much for answering my question 👍
Hello Mr. Don. Happy to see a new video. What do you think of the new micro mid 400 mid cap? The CME had a webnar about 2 new micros.
Again thank you for your work.❤
Hi Minie. Yeah, I got the 411 on the two new micros. I'll be anxious to watch them a while and see how it goes. The MNQ and MES will still rule but they will have something to offer I'm sure. - Don
Yet another question. If I cancel my complex order is that the same as flattening my positions? If not how do I get out of a trade quickly if its not going my direction and settle with my gain or loss?
Good morning Capt. Good question of course. You should phone your broker's help desk and allow them to answer that question. You asked a very important question - one that has to be completely understood. A misunderstanding could cost you money. Those kinds of questions are best asked directly to your broker so you get a reliable and accurate understanding. The TastyTrade help desk can help you with it and you'll be able to ask follow up questions to be sure you understand. TastyTrade help desk phone is: (888) 247-1963
To anyone who reads this: When you have an important 'money question' like this one, always contract your broker for an answer. Other people might have good intentions in trying to help but when it comes to money, you have to be 100% sure.
Have a great week Capt. Good to hear from you - Don
Thank you for the answer 👍 I had an unfortunate experience this morning. I was practicing (although with real money) and went long on one contract I was up $12 and I had moved my stop loss really close to the current price to lock in my profit. Then suddenly when the next candle hit it shot down instantly. It closed my trade right then but I was instantly in the negative I was down $6 instead of up $12 where my stop was. Has this happened to you and why did it happen? It didn't honor my stop loss. Thank you for your help 👍
Prices were pretty fast in early trading today (high volume of trading). I suggested you go back and review what/how a "stop-market" and a "stop-limit" work. The stop-market trigger price, initiates a "market" order. The "stop-limit" trigger price initiates a "limit" order.
The market order goes to the next price available. The limit order is filled only when a specified price is available. The 'market' order fills instantly. The 'limit' order, only when and if the specified price can be traded.
Of course, I do not know which/what order you used. It is a trader's responsibility to understand how orders work.
Using a stop-limit instead of a stop-market order, it is possible the order will NOT be filled; the market can go through your limit and not be filled. Here's a link at investopedia that can clarify: www.investopedia.com/ask/answers/09/stop-limit-guarantee.asp#:~:text=KEY%20TAKEAWAYS-,A%20stop%2Dlimit,-order%20to%20sell
.
@@DayTradingMicroFutures This was very helpful thank you 👍
your chart looks nothing like mine. it's a lot simpler
If you want to configure a TastyTrade chart to the same I use on the channel, here's a link: bit.ly/BracketScreenSetup There 3 or 4 short videos on this playlist about using Bracket and screen setup configuration. bit.ly/BracketScreenSetup
Hope that helps - Don
Don, do you know Tastytrade allow for first time trade to practice trade on their platform.
Thanks
No John, they do not. After you fill out the application, you can navigate the platform but no trading is allowed until the account is funded.
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
✅ Here's my affiliate link to take you to the application, so I can get credit for the referral and thank you: link: bit.ly/2ZUYjtS today.
✅ Join our almost 20k subscribers FREE & Get notified when new trade videos are posted each week: Subscribe Now at this link bit.ly/3mTTMTn
If you are going to open an account at TastyTrade, please consider using my affiliate link to apply. This helps support the channel and keep all the material on the channel free to everyone. Thank you and good luck. - Don
To go a step further in response to the trader you mentioned, there may or not have been overtrading and with time this person should do very well. What I did not see is revenge trading, hopscotching, fretting over the genius of hindsight and TBH I did not see overtrading if this person traded every session for a month, especially for the first month out of the gate. Trade selection should get better, and I do look at the commissions as the price of entrance. I mean dang I lost a lot more than this person my first month.
You are 100% right, Bill. The guy described a very successful month and learned a heck of a lot doing it. He didn't say if he traded every session; as you point out. From the sound of his letter, I think he succeeded in every way on his first month.
Just diving in like he did, was facing the 'new traders jitters' and he met it head on- and seems to have totally conquered it. Glad to hear from you and thanks for the comment. Very nice. -Don
Great video per usual. Could you do a video on tracking or journaling your progress, for beginners?
Here are two Playlists for Beginners here on the channel. A great way to get the basics down.
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
And here's a playlist of my most recent trades videos:
✅ LIVE TRADES PLAYLIST #3: bit.ly/PlayListNumber3