ordered the book today, less than a Mercedes, a little more than a yo-yo, Plus "I'll be better looking", and I've always wanted to play piano. :) thanks Don
I have to reread the psychology portion of your book but these videos have helped me so much. This morning I had a long on MNQ that went just like this, basically "easy money". Followed it with my stop like you do in the video and it is such a huge confidence boost.
Very welcome, Well we all trade differently. I often feel short trades in these perilous markets are usually the thing to do. But there are always good plays no matter the direction. Thanks Mark and good luck to you. - Don
Greetings Koy. I always look back early in the day prior to opening usually and see what happened overnight. The period of time (Eastern zone) between 4 am and 8am is when the European markets open (this covers several time zones of course.) They are often (not always) an indicator for the day. By 8am Eastern (EDT) the USA is waking up and takes over the main influence over the markets. The next thing I do prior to the opening (at 930 EDT and 830am Central D T) is to scan the news headlines and economic type stores, make myself aware of any major (usually government) reports, so I won't be blind-sided by some surprise (think inflation, job, CPI reports....etc.) that could influence the markets. Once you get into this and it becomes very routine to check these things and only takes 2 or 3 minutes-- so this isn't a major chore but it a part of preparation. There are often some price trends in that time 4am to 7:30am (Eastern time/New York zone) or so---. After you begin your preparations and get into the habit, all of this only takes on a few minutes. I'll only add one thing keep in mind here is that the news channels and financial channels can create some narrative to attract higher audience numbers to thier audience. We all seen this happen, on a slow news days stories that usually wouldn't dominate the news get unduely amplified (think: their true importance is distorted.) Hope that helps. Good luck - Don
Fantastic trade and video Don. I agree about the book and would highly recommend it to anyone who doesn't own it regardless of your trading level. I'm not sure if it will cure all ills, but certainly of the trading variety. Take care.
Do you have a video on how you set up the MACD? There are perimeters in the settings for the MACD but i can't find where you tell us your settings. Thank you.
Hello again 10-day: I trade a lot of different things not just the micro e-minis. I don't see how posting my trading hours has any advantage for the audience on the channel here. I can tell you that I do not trade them every day; some days offer trades better than others. I have a lot of patience in picking micro emini trades. As I often say, the most common mistake of micro emini traders is over trading. One of my recent videos discusses this: ua-cam.com/video/9GIfxs27H3c/v-deo.html
No Bruce, I don't. I remember you so glad to hear from you again. Mostly the reason I don't do that is that I often go several hours between trades and just can't come up with decent trades on demand. I'm all about trade selection and there's hard ever a time when they just pop up 'magically' so it would be a very anticlimatic thing for me to try and do that. Another thing, is that using my recorded live trades, I can slow things down and explain in more detail - it a better way to teach I think. And truth too is that I'm not much of gunslinger type trader. I hope that doesn't dissapoint. There are people on YT who do that; it just doens't suit my style. Thanks again and good luck to you. - Don
@@DayTradingMicroFutures thank you for your speedy response. I do not want to engage in quick "hit and run" trading or scalping. My imediate goal is to earn just $100 daily trading ES which would mean 20 points for the day. I am not in a position to sit in front of my laptop. Amazingly, I have watched this indicator demonstrate nearly 90% accuracy on the 5 minute chart. It is the moving average, when the 9 crosses the 30 up or down coupled with the Mac D This stratgy only works if I catch it in real time. so I set an alert when SPY shows appropriate price action. I missed the alert today, but this was a perfect example of what happens almost every day. It’s signaled at 4125 and with less than a 10 point stop moved up to 4175.
Don, I am sure you have seen hundreds of time, usually after opening, the Nasdaq will take off on a 100,200+ point run. Do you ever not bother with a target and just manually do a trailing stop? 200 points profit > 15 points.
I agree with you that it always looks like a 'slam dunk' as we all see a chart in HINDSIGHT. Trading at the opening is very tricky. Charts (the candles sticks and others) only plot movement between an opening of their time period and the closing; they do NOT display everything about price behavior in their interval. This is true not matter is we use 1m, 5m, or whatever. Try the idea you expressed with a trade simulator and make that practice prove how feasible your theory is. Give it 10 to 20 of those test trades and keep score (no cheating LOL.) I agree it always (in hindsight) looks like a great trade idea to trade the opening, but I won't recommend it to anyone unless they reasearch their ability to pull it off. It's almost impossible. Let me know how it goes. thanks - Don
I don't know you of course, but incurring a big bill everyday for commissions and fees is often a sign of over-trading. Trade 10 tiimes in a morning and you will pay $30 to $50 commissions+fees just to break even. My suggestion is better trade selection and fewer trades. Or you can try the cheapest broker you can find and do it for less... just be sure they don't charge for money transfers, software/upgrades, and data fees. Good luck to you - Don
Hi Capt.: TasyWorks is now TastyTrade, just a name change all the links still work 100%. And the same great broker. Greetings: 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 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 virtualy all brokers put forth a sort of 'half truth' when using their low commission rates in advertisting. 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 too 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
@@captainamazing1356 Well, let's see if we can get this thing going for you. Since I cannot see what is happening, this is a little difficult. First of all, call the TastyTrade customer service line at (888) 247-1963 I am also going to give you a list of help topics for the desktop software. This list is very extensive so be sure to scroll down the page and see all the topics. Ask the help line to recommend a video(s) for you also. There is something (probably not complicated) that isn't happening for you here, so I hope the fix is easy. You might also want to visit these videos: ua-cam.com/video/o5xedA0uQTk/v-deo.html ua-cam.com/video/_x-oqxZ2yO4/v-deo.html bit.ly/HelpTWorks (scroll down the page on this one, lots of stuff there) Just take your time, take one thing at a time. And let me know how things go for you. Sorry you are having problems, we'll help you out. thanks - Don
I just can't stress how great your book is, and it's so easy to go back and locate the help you may need on a problem. Thanks Don for all your help.
Wow, thank you! Thank you Dave. Remember trade selection is everything in this type of trading. Good luck to you - Don
ordered the book today, less than a Mercedes, a little more than a yo-yo, Plus "I'll be better looking", and I've always wanted to play piano. :) thanks Don
ha.. yes, always glad to hear from you.
I have to reread the psychology portion of your book but these videos have helped me so much.
This morning I had a long on MNQ that went just like this, basically "easy money". Followed it with my stop like you do in the video and it is such a huge confidence boost.
I'm so glad you have progress to report. This is tricky stuff I wish you the best of luck. Thank you - Don
I keep saying that you’re the master of shorting Don!
Thanks for the videos 👌
Very welcome, Well we all trade differently. I often feel short trades in these perilous markets are usually the thing to do. But there are always good plays no matter the direction. Thanks Mark and good luck to you. - Don
Post script: I prefer the RSI to the MACD. I eliminate the 70 and the 30 and just have a 50 line. It works great!
Good luck Brian. and thank you- Don
Thank you for helping us out. Enjoyed your pre-market analysis at 8:00am. Is 8:00am always your time?
Greetings Koy. I always look back early in the day prior to opening usually and see what happened overnight. The period of time (Eastern zone) between 4 am and 8am is when the European markets open (this covers several time zones of course.) They are often (not always) an indicator for the day. By 8am Eastern (EDT) the USA is waking up and takes over the main influence over the markets. The next thing I do prior to the opening (at 930 EDT and 830am Central D T) is to scan the news headlines and economic type stores, make myself aware of any major (usually government) reports, so I won't be blind-sided by some surprise (think inflation, job, CPI reports....etc.) that could influence the markets.
Once you get into this and it becomes very routine to check these things and only takes 2 or 3 minutes-- so this isn't a major chore but it a part of preparation. There are often some price trends in that time 4am to 7:30am (Eastern time/New York zone) or so---. After you begin your preparations and get into the habit, all of this only takes on a few minutes.
I'll only add one thing keep in mind here is that the news channels and financial channels can create some narrative to attract higher audience numbers to thier audience. We all seen this happen, on a slow news days stories that usually wouldn't dominate the news get unduely amplified (think: their true importance is distorted.)
Hope that helps. Good luck - Don
Fantastic trade and video Don. I agree about the book and would highly recommend it to anyone who doesn't own it regardless of your trading level. I'm not sure if it will cure all ills, but certainly of the trading variety. Take care.
Thanks Kent, I appreciate that. - Don
Do you have a video on how you set up the MACD? There are perimeters in the settings for the MACD but i can't find where you tell us your settings. Thank you.
This video will help you with the MACD settings: ua-cam.com/video/_x-oqxZ2yO4/v-deo.html
Short and sweet, very nice, Don! Still looking for those good entries. I believe it will come eventually!
Hang in their Eric, nice to hear from you again. Good luck - Don
On average, for a 52 week time period, how many days of the week do you trade? On Average?
Hello again 10-day: I trade a lot of different things not just the micro e-minis. I don't see how posting my trading hours has any advantage for the audience on the channel here. I can tell you that I do not trade them every day; some days offer trades better than others. I have a lot of patience in picking micro emini trades. As I often say, the most common mistake of micro emini traders is over trading.
One of my recent videos discusses this:
ua-cam.com/video/9GIfxs27H3c/v-deo.html
Thanks Don
Thank you Ben. Have a great week (Good Friday is a market holiday, FYI.)
Thank you Mr. Don.
Well hi there Minie; nice to hear from you again. and Thank you- Don
Thank you don for another great video.
Very welcome Ben. Nice to hear from you and thank you. - Don
Do you do any live trading in with your subscribers can watch and participate?
No Bruce, I don't. I remember you so glad to hear from you again. Mostly the reason I don't do that is that I often go several hours between trades and just can't come up with decent trades on demand. I'm all about trade selection and there's hard ever a time when they just pop up 'magically' so it would be a very anticlimatic thing for me to try and do that.
Another thing, is that using my recorded live trades, I can slow things down and explain in more detail - it a better way to teach I think. And truth too is that I'm not much of gunslinger type trader.
I hope that doesn't dissapoint. There are people on YT who do that; it just doens't suit my style. Thanks again and good luck to you. - Don
@@DayTradingMicroFutures thank you for your speedy response.
I do not want to engage in quick "hit and run" trading or scalping.
My imediate goal is to earn just $100 daily trading ES which would mean 20 points for the day.
I am not in a position to sit in front of my laptop.
Amazingly, I have watched this indicator demonstrate nearly 90% accuracy on the 5 minute chart.
It is the moving average, when the 9 crosses the 30 up or down coupled with the Mac D
This stratgy only works if I catch it in real time. so I set an alert when SPY shows appropriate price action. I missed the alert today, but this was a perfect example of what happens almost every day. It’s signaled at 4125 and with less than a 10 point stop moved up to 4175.
Love your videos my man!!!
Hello Humdog... thanks and good luck to you.
Here's a link to my most recent videos: bit.ly/PlayListNumber3
Don, I am sure you have seen hundreds of time, usually after opening, the Nasdaq will take off on a 100,200+ point run. Do you ever not bother with a target and just manually do a trailing stop? 200 points profit > 15 points.
I agree with you that it always looks like a 'slam dunk' as we all see a chart in HINDSIGHT. Trading at the opening is very tricky. Charts (the candles sticks and others) only plot movement between an opening of their time period and the closing; they do NOT display everything about price behavior in their interval. This is true not matter is we use 1m, 5m, or whatever.
Try the idea you expressed with a trade simulator and make that practice prove how feasible your theory is. Give it 10 to 20 of those test trades and keep score (no cheating LOL.) I agree it always (in hindsight) looks like a great trade idea to trade the opening, but I won't recommend it to anyone unless they reasearch their ability to pull it off. It's almost impossible. Let me know how it goes. thanks - Don
@@DayTradingMicroFutures I gave up trading the opening one hour months ago.
How do you offset the commission cost when trading Micro futures for such small gains? You are paying close to $5 roundtrip for each contract.
I don't know you of course, but incurring a big bill everyday for commissions and fees is often a sign of over-trading. Trade 10 tiimes in a morning and you will pay $30 to $50 commissions+fees just to break even. My suggestion is better trade selection and fewer trades. Or you can try the cheapest broker you can find and do it for less... just be sure they don't charge for money transfers, software/upgrades, and data fees. Good luck to you - Don
Better looking? Play piano? I need to re-read his book!😁
LOL. Thanks for the grin, Magoo. Be careful out there this is risky stuff indeed, but what fun, hey? Good luck - Don
This week has been really hard with the lack of volume. By the way, I almost done reading your book (love it)
If you can trade the day session, there is not lack of volume there but I understand we all have our schedules. Good luck to you. - Don
What are the requirements for trading the Micros on Tastyworks? How much capital can I start with?
Hi Capt.:
TasyWorks is now TastyTrade, just a name change all the links still work 100%. And the same great broker.
Greetings:
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 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 virtualy all brokers put forth a sort of 'half truth' when using their low commission rates in advertisting. 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 too 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
@@captainamazing1356
Well, let's see if we can get this thing going for you.
Since I cannot see what is happening, this is a little difficult. First of all, call the TastyTrade customer service line at (888) 247-1963
I am also going to give you a list of help topics for the desktop software. This list is very extensive so be sure to scroll down the page and see all the topics.
Ask the help line to recommend a video(s) for you also.
There is something (probably not complicated) that isn't happening for you here, so I hope the fix is easy.
You might also want to visit these videos:
ua-cam.com/video/o5xedA0uQTk/v-deo.html
ua-cam.com/video/_x-oqxZ2yO4/v-deo.html
bit.ly/HelpTWorks (scroll down the page on this one, lots of stuff there)
Just take your time, take one thing at a time.
And let me know how things go for you.
Sorry you are having problems, we'll help you out. thanks - Don
@@DayTradingMicroFutures Thank you again Don! And yes it was a super simple solution 🥴