Hello Don, I just discovered your channel and have been watching all your videos, I have a question, I am bad at math, but can I get a bigger stop loss with DJIA rather than MNQ? Since DJIA is worth 0.50 a point and MNQ is worth $2 per point, but also DJIA is 1 tick per point and MNQ is 4 ticks per point, so I am a little confused. I would like to have more wiggle room for the price to move between the entry and the stop for the least amount posible, or are they the same since each tick is $.50? I hope you understood what I mean, sorry for the bad explanation. greetings from Mexico, you are amazing
Chris, the short answer to your question is "no." For me trading the DJIA is the trickiest one of the Micros; I rarely trade it. The S&P and MNQ are my favs. The M2K is the least volatile of the four. Good luck to you. - Don
@@DayTradingMicroFutures Thank you for the fast reply, one last question if I may, can I use Tasty Trades brokerage and platform in Mexico or is it only for US residents?
This trade is the macro running from 11:50 to 12:10. Usually it purges the opposite side of where the morning trended, to take out profitsble traders stop losses.
Hey Quac: Actually, I am writing an audiobook on Trading Psychology and it will be out in late Summer '24. It will be geared for the DIY investors. Thank you and best of luck to you. - Don
The only thing is making sure the trade has room to breathe. Reducing risk is always important, but don't trail to tightly. Also, keep your profit target at 3X your risk. I would suggest keeping it stationary. Good video!
Hello Alex and welcome to the channel. Flexibility is always a challenge. I do not trade to hit a target price. When I have unrealized gains, I do all I can to protect from giving them back. ua-cam.com/video/xi4A9TFh_24/v-deo.html good luck to you-Don
Thank you Mr Don I have learned so much about trading micros, I have been practicing on top step I am especially practicing on how to be a good loss day trader Looking forward to your next video 😊
Gaby thank you and welcome to the channel. Keep up that practicing. My suggestion is to trade with only ONE contract to simulate how you will be tradin live soon. Learn with one contract first, then with experience step to two.... and so on. Patience and working on trade selection is key to success. This is very risky trading. Good luck to you my friend. - Don To explore the channel more, please consider: 🎥 *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
Hello Paul. I was just wondering about you yesterday..haven't heard from you in a while. Hope all is well, wise, and wealthy! Very good of you to stop by. Drop me an email sometime; we'll catch up a bit. -Don
Thank you and welcome to the channel. Here's some links to help you explore: ✅ Join our 20k+ subscribers FREE & *Get notified when new trade videos are posted* 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 ✅ 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
Howdy Don - good to see you. I was up to my eyeballs in alligators and am late to the party, but glad to be here. I was listening but wasn't watching the screen at the 7.30 minute mark, but thought you were giving us some Tao te Ching - wow - well done! We share a common interest, and I forgot that nifty saying was in the book. You are man of many profound ideas. Take care!
Lao Tze a philosopher, not to be confused with Sun Tze - who wrote THE ART OF WAR. Nice to know we have that interest in common; we can discuss if you like via email. I'd enjoy that.
Hello Don - in future videos can you please show losing trades as well as winning trades within the same day? Then explain how you overcame the losing trade as your "winning trade" because you didn't let your losing trade runs. Finally, how you patiently waited for the winning trade that you entered within the same day. The reason why I am asking this is because I ran into this problem before. I couldn't wait after I lost my trade. This forced me to pick bad trade and affected my trading psychology. I have seen a video of you that showed a losing trade and a winning trade before but more would be awesome! Thank you so much and have a good day.
Greetings Phong Le: Just like everyone else, I lose about 40% of my trades. My strategy is to spot short-term price trends and to carve some profit from them. I enter all trades with a bracket OCO order which includes of course a stop-loss amount. I rarely if ever will move my stop to increase the risk on a trade. If the trade isn't workiing, I get stopped out. This is a necessary action to avoid have trades with large losses - to protect the money in my account. This is why trade selection is of the most importance. Also, as I did in the video you just saw, I use moving my stop-market orders aggressively to capture (lock in a portion of my unrealized gains) profits during the trade. One of the most common mistakes is over-trading, please consider watching this video: ua-cam.com/video/9GIfxs27H3c/v-deo.html And this video is one of the best and most popular videos on the channel. It has to do with realigning your expectations of your trading: ua-cam.com/video/ygKnR2x8mG4/v-deo.htmlsi=k8xlbiF0u4HEtJ4l Good Luck to you- Don
If you are using TastyTrade's Desktop Platform, call the customer help line (888) 247-1963 Since there are no bracket templates, you will need to discuss it. Going back and forth in a no graphics text box like this would be painfully and unecessarity slow.
Hello Master Don. I have a question about signal indicator macd. Can I change the numbers in this indicator for good catching the signals. I wanna use thise settings for Fast Length 3, Slow Length 12 and Signal also 3. On my option 5 min chart {3x5=15minuts and 3x12=60min) crosses can give us something special? I wanna catch 1H signal on 5 min chart like this. Is useful? Waiting for answer Mr.Don. Have a profitable healthy days. Cheers
Ray: Nice thing is that each of us can use our own tweaks on the setup. Just don't be changing it all the time. I have a video you should see about the two most common Micro E-Mini day trading mistakes - Probably the most popular video on the channel,. Here's the link: ua-cam.com/video/9GIfxs27H3c/v-deo.html I mention this often in the videos but it's worth saying again always: There is not magic setup or formula that one can just 'rinse, wash, and repeat' to personal wealth. I would urge anyone to go to a trade simulator and try out your 'changes' before trading real dollars. Constantly changing your charting/signal indicators looking for 'magic formula tradiing ' is a sure way to blow up your account. It is a huge false narrative. Trading happens between your ears and it isn't just a math formula. Such a trader never has consistency and it's almost impossible to learn to trade successfully doing that. *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 a playlist of my most recent videos. Good luck - Don
Thank you for your feedback. Yes, I've watched this video at least 5 times, thank you anyway. I don't know if there is a need for a trading simulator, I'm on the crypto side. I don't have a job with the E mini. I use paper trading on Tradingview, before using real money, but as you said, there is no patience, we always change the strategy and wait for which is the best strategy, and at the end of the day, we forget what we know. Thank you, take care of yourself. 😊
Hi Don, whats you look back window when trying to take with trend trades? Because last 2 weeks have been really tough for me when i bought the long term up trend it retraced deeply off resistances and took me out, when I short the short term trend it bounces violently off bigger time frames support levels and stops me out
I can't say what you should do. You seem to rely heavily on some learning you brought with you about technical trading. A lot of these trades are less than one 5m candlestick wide. Go back to practice and try to think about very short-term trends Here's the list of my most recent video that might help: bit.ly/PlayListNumber3 Good luck to you. - Don
Hello Don. Love your series and it's helped me greatly with concepts for trading. Question, are you using the desktop version of the Tasty Trade platform or web based? I ask because, the support team has not been able to help me enable the click and trading from the charts feature. Thank you sir. Also looking forward to reading your book!
Yes, I am using the desktop TastyTrade platform for the 'click and drag' feature on my mouse. If you haven't opened the account yet, please consider using my affiliate link. Doing so helps support the channel and keep everything free here. My link is here: bit.ly/2ZUYjtS If you have applied and not funded yet, just phone the customer service at (888) 247-1963 and give them my name and tell them you want to know I get referral credit. This is not a requirement of course, but doing so gets me the referral. Many thanks. - Don
Is there a way to get margin requirements list for tasty trade, I don’t see the requirement to open one contract for an asset on future for micro, mini or so on
You can call the TastyTrade customer service at (888) 247-1963 to get a current margin requirement... ask for the "intraday margin requirement for the Micro E-Minis. It varies a small amount day-to-day.
Thanks for keeping trading accessible and mature Don. Im still struggling with consistency but finding your channel has definitely been helpful. As far as consistency is concerned, on average do you think 4 points per day per contract is a realistic goal for the MES/ES. I realize everyday is different and this would be an ‘on average’ goal. Thanks for your opinion.
Yes, that could work. One thing about point/dollar goals and trading: One has to remember not to let 'a goal' distort your process of trade selection. Many years ago, as I was learning to trade commodities and options, I said this to my mentor: "Phil, I am making about 20 trades per week--- and while I'm not losing money-- I am not making much with all this trading. I feel sure that if I only made just 3 trades a week instead of 20 I"d be making more money." My mentor was a genius, he answered me this way: "Then why don't you do that!" I suddenly realized that's the reason he is a genius and I'm not. 🙄
Thanks Don. I appreciate the response and helpful video content. Trade selection and management is definitely a priority. I could use more experience in those areas. Painful lessons at times but Im determined to work through it. Thanks.
I suspect that depends on the trader using it. Here's a recent video you might enjoy about the two most common mistakes of micro emini traders: ua-cam.com/video/9GIfxs27H3c/v-deo.html good luck to you- Don
Glad you enjoyed the video and thanks for your comment. No, there's no reason for it. All traders are as unique as fingerprints. The only thing I sell here on the channel is my book to support the channel. As you will see in my videos, I urge people to use a free trade simulator (I'll put the link below) and see if this is something they would enjoy and also learn first-hand (before risking a lot of money) if they might be any good at it. Also, I am very open about the fact that this is highly leverage trading, very risky, and not for everyone. It takes some practice and work - so for people looking for a stranger to guarantee their success --- I'm just not that guy. You most welcomed to check out this playlist of my most recent videos at this link: ✅ LIVE TRADES PLAYLIST #3: bit.ly/PlayListNumber3 This is one of the most popular videos on the channel, ✅ *Must See* The two most common mistakes made trading the Micro E-Minis: 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 Go to the Amazon link for my book below and read some reviews. My book speeds up the learning because it shows what is important and what is not important: ✅ **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 Thanks and good luck to you - Don **Must See** ✅ Rule #1: bit.ly/RuleNumber1
It can vary broker to broker...and very often trading during the day session (Eastern time 9:30am to 4pm) or on Globex (overnight.). Contact your broker, perhaps they can give you more details. Good luck to you- Don
I was wondering why the small amount then the light bulb went off in my head. It's about refining the process not the profits. Once I gain and have a high level of competency then I can size up. Bougt your book. I'm currently a small caps trader and the oscillation of Penny Stocks is pretty intense. I've always been interested in Futures from a Macro perspective. My late father was an economist. Not Keynesian mind you.
Well said 'refining the process' then scale up. You got it for sure. Please send me a note via email; the address is in the book. I have a couple of things that might be helpful. Thanks and enjoy your weekend. - Don
Hey Don, finally deciding to take the plunge and start! I keep trying to find out. What is the minimum margin requirements for tastyworks? My understanding is that buying and sellung the contracts will cost you 1.50 dollars per contract. Do you have any referral service/code with tasty works? Just want to support you. I have already bought your book!
Wow, thank you cody: here's my affiliate link: bit.ly/2ZUYjtS If you have already fill out the application, please call the trade desk (888) 247-1963 and let them know you would like me to get the referral credit on your account. Many thanks; that helps keep the 170+ video on the channel all free and easy. - Don
@DayTradingMicroFutures thank you for the link? So I did a little bit of homework and the cme site says that the margin maintenance is 1800ish for mnq and 1180ish for mes. Do you know what tasty trades requires to trade them? I don't plan on using margin because I want to just lose my money and no one else's haha. (Worst case scenario of course)
@@codymccoy9295 Cody: Let me see how to say this: The "margin" for stock trading account is indeed 'borrowed' money. However that word 'margin' means an entirely different thing in futures trading. In futures trading the 'margin' is the deposit one has to have in the account to trade that futures contract; it is NOT a loan at all. Another point of confusion also: The $1800 margin that the CME website is NOT the margin to day trade MES at TastyTrade. At this moment (1140am ET) the intraday margin requirement to trade one MES (the S&P500 micro futures contract) is only $324.50. At TastyTrade this is the 'intraday initial margin requirement.' To be able to trade this MES during the day session (called 'intraday trading') one has to have an account size minimum of $2,500 to be eligable for the 'intraday margin rate.' Phone TastyTrade customer service line and make sure you understand this. (when you phone you can ask questions and get total clarity.) The number is toll free (888) 247-1963 FYI: *Always phone the broker* to discuss and verify these things' this makes sure you have the correct info. Not all brokers require the same margin requirements. To hold a position overnight the margin is four times the 'intraday' rate, which today would be 4 X $324.50 = $1298. So call them to get clarity, so you understand it all perfectly.
@DayTradingMicroFutures this reply most likely won't provide much value to you, but hopefully to others scrolling through the comments it might. The 2500 initial margin is require to essentially ×4 your account. So like in the example of MES let's say your account requires 1300, easy number for this analogy, to trade one contract you are stuck there. If you Had 2500 hundred before the previous closing day you would only need to put up 325 from your account as "buying" power. So continuing from here 1300 bucks will let your trade 1 contract. 2500 bucks would allow you to trade 7 contracts. So essentially if you are planning to trade just 1 contract at a time, it doesn't matter if you have 1,300 or 1,000,000 in your account. You wouldn't be utilizing margin either way. I mean technically you would but in this hypothetical you are only trading 1 contract anyways so it ultimately doesn't matter. Now leaving the hypothetical I am potentially thinking about depositing 2k. Which leaves me with 600 dollars to the downside of "education" 😅 worst case scenario obviously. This is 2k I absolutely do not need for living. Completely fun money. What are your thoughts on this? I want it to make it clear I have been studying your book and have watched almost all of your videos. Do you think 600ish dollars is realistically enough to try? By no means am i looking for financial advice because the last thing I would want to do is get you in trouble. I just want your thoughts on this. Thanks for all that you do Don.
@@codymccoy9295 Well, I think I follow what you mean. I recommend starting with $3k to $5k or at least $2,500. My advice would be to find a trade simulation program to use to practice. You already have the one I recommend. I'll post the info here for anyone who wants it. I realize you already have it. *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 You can practice until you are ready to fund your account and trade real money / real time of course. The CME one in the link above will keep an automatic spreadsheet of your trades that you can download to run in Excel as you please. It is re-settable any time you like. If you do not want to use the CME, there are many good brokers that will allow people to practice trade before you fund your account. Perhaps you should consider doing that. TastyTrade only allows trading in funded accounts. My email address is in my book - so you may write me direct if you wish. I am very transparent about being an affiliate of TastyTrade and I have selected their desktop platform to use in my videos here on the channel. As you may know, as an affiliate, I get paid a referral fee - and it cost the customer nothing. So I prefer not to not discuss/promote/ or critique other brokers here on the channel. The channel has over 170 free videos and a great many trading tips in discussions like this one. My book sales and broker referrals support the channel and keep it all FREE. Good luck on your journey and best of luck to you --- Don ** 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.
I use the desktop TastyTrade platform and enter my orders using a Bracket/OCO order. Here's a short 3 video playlist with more details: ua-cam.com/play/PLv6Fasp51T9KvkIWqQ5D29RqJ9dTflTk7.html
Don’s delivery is soothing to the soul!
Thank you my friend. -don
Thanks for sharing your info. I just ordered your book.
Hope you enjoy it!Thank you Whit. Welcome to the channel.
I am blown away with how much information you give to everyone and you answer all of the Questions you are truly amazing Don. God Bless You 🙌 🙏
So nice of you
Another good tutorial video. Thanks Don for all you do.
Very welcome. Thank you once again, MrN. good luck to you- Don
Hello Don, I just discovered your channel and have been watching all your videos, I have a question, I am bad at math, but can I get a bigger stop loss with DJIA rather than MNQ? Since DJIA is worth 0.50 a point and MNQ is worth $2 per point, but also DJIA is 1 tick per point and MNQ is 4 ticks per point, so I am a little confused. I would like to have more wiggle room for the price to move between the entry and the stop for the least amount posible, or are they the same since each tick is $.50? I hope you understood what I mean, sorry for the bad explanation. greetings from Mexico, you are amazing
Chris, the short answer to your question is "no." For me trading the DJIA is the trickiest one of the Micros; I rarely trade it. The S&P and MNQ are my favs. The M2K is the least volatile of the four. Good luck to you. - Don
@@DayTradingMicroFutures Thank you for the fast reply, one last question if I may, can I use Tasty Trades brokerage and platform in Mexico or is it only for US residents?
This trade is the macro running from 11:50 to 12:10. Usually it purges the opposite side of where the morning trended, to take out profitsble traders stop losses.
welcome to the channel.
nice to see you comeback , I wonder if you can make video about psychology - mindset - wisdom :) that would cool to see that
Hey Quac: Actually, I am writing an audiobook on Trading Psychology and it will be out in late Summer '24. It will be geared for the DIY investors. Thank you and best of luck to you. - Don
Thank you Don for your teaching. I have learn a lot since i started watching your videos.Thank you Don.👍🏾👍🏾👍🏾
Glad to hear that my friend. Good luck to you - Don
The only thing is making sure the trade has room to breathe. Reducing risk is always important, but don't trail to tightly. Also, keep your profit target at 3X your risk. I would suggest keeping it stationary. Good video!
Hello Alex and welcome to the channel.
Flexibility is always a challenge. I do not trade to hit a target price. When I have unrealized gains, I do all I can to protect from giving them back. ua-cam.com/video/xi4A9TFh_24/v-deo.html
good luck to you-Don
Thank you Mr Don
I have learned so much about trading micros, I have been practicing on top step
I am especially practicing on how to be a good loss day trader
Looking forward to your next video 😊
Gaby thank you and welcome to the channel. Keep up that practicing. My suggestion is to trade with only ONE contract to simulate how you will be tradin live soon. Learn with one contract first, then with experience step to two.... and so on.
Patience and working on trade selection is key to success. This is very risky trading. Good luck to you my friend. - Don
To explore the channel more, please consider:
🎥 *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
✍️🏾 Theory - practice - wisdom in each and every video 👍🏽
Hello Paul. I was just wondering about you yesterday..haven't heard from you in a while. Hope all is well, wise, and wealthy!
Very good of you to stop by. Drop me an email sometime; we'll catch up a bit. -Don
Love your videos! Each one helps me "reset" my trading views! Thank you, Sir! Very much appreciated!
And I am sure all those "resets" are continued improvements for you. Good luck to you- Don
Cheers Don!
Thank you, Rob. Best of luck to you - Don
Thanks Don, these videos are super helpful!
Glad you like them! go luck Kell
Thanks Don for all of your valuable info. God Bless You 🙌 🙏
You are very welcome
This man is by far the most knowledgeable on this topic on youtube.
You made my week RedFox and it's only Monday. Thank you and good luck to you- Don
Wonderful work Don, appreciate all your videos. In fact i just funded my tasty and awaiting the approval to start trading micro e minis
Fantastic! WTG Bruce. Keep in touch. Let me know how things go for you. - good luck - Don
This happens to me when I rely solely on an indicator as a means to an end. Great teaching lesson last two minutes.
Thanks for watching! Thanks for the comments Bill,
-Don
Hi Don. Great use of graphics to illustrate how you managed this trade - well done!
Thank you and welcome to the channel. Here's some links to help you explore:
✅ Join our 20k+ subscribers FREE & *Get notified when new trade videos are posted* 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
✅ 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
Howdy Don - good to see you. I was up to my eyeballs in alligators and am late to the party, but glad to be here. I was listening but wasn't watching the screen at the 7.30 minute mark, but thought you were giving us some Tao te Ching - wow - well done! We share a common interest, and I forgot that nifty saying was in the book. You are man of many profound ideas. Take care!
Lao Tze a philosopher, not to be confused with Sun Tze - who wrote THE ART OF WAR.
Nice to know we have that interest in common; we can discuss if you like via email. I'd enjoy that.
Hello Don - in future videos can you please show losing trades as well as winning trades within the same day? Then explain how you overcame the losing trade as your "winning trade" because you didn't let your losing trade runs. Finally, how you patiently waited for the winning trade that you entered within the same day. The reason why I am asking this is because I ran into this problem before. I couldn't wait after I lost my trade. This forced me to pick bad trade and affected my trading psychology. I have seen a video of you that showed a losing trade and a winning trade before but more would be awesome! Thank you so much and have a good day.
Greetings Phong Le: Just like everyone else, I lose about 40% of my trades. My strategy is to spot short-term price trends and to carve some profit from them. I enter all trades with a bracket OCO order which includes of course a stop-loss amount. I rarely if ever will move my stop to increase the risk on a trade. If the trade isn't workiing, I get stopped out. This is a necessary action to avoid have trades with large losses - to protect the money in my account.
This is why trade selection is of the most importance. Also, as I did in the video you just saw, I use moving my stop-market orders aggressively to capture (lock in a portion of my unrealized gains) profits during the trade.
One of the most common mistakes is over-trading, please consider watching this video: ua-cam.com/video/9GIfxs27H3c/v-deo.html
And this video is one of the best and most popular videos on the channel. It has to do with realigning your expectations of your trading: ua-cam.com/video/ygKnR2x8mG4/v-deo.htmlsi=k8xlbiF0u4HEtJ4l
Good Luck to you- Don
How do you save a bracket template with TastyTrade?
If you are using TastyTrade's Desktop Platform, call the customer help line (888) 247-1963 Since there are no bracket templates, you will need to discuss it. Going back and forth in a no graphics text box like this would be painfully and unecessarity slow.
Hello Master Don. I have a question about signal indicator macd. Can I change the numbers in this indicator for good catching the signals. I wanna use thise settings for Fast Length 3, Slow Length 12 and Signal also 3. On my option 5 min chart {3x5=15minuts and 3x12=60min) crosses can give us something special? I wanna catch 1H signal on 5 min chart like this. Is useful? Waiting for answer Mr.Don. Have a profitable healthy days. Cheers
Ray: Nice thing is that each of us can use our own tweaks on the setup. Just don't be changing it all the time.
I have a video you should see about the two most common Micro E-Mini day trading mistakes - Probably the most popular video on the channel,. Here's the link:
ua-cam.com/video/9GIfxs27H3c/v-deo.html
I mention this often in the videos but it's worth saying again always: There is not magic setup or formula that one can just 'rinse, wash, and repeat' to personal wealth.
I would urge anyone to go to a trade simulator and try out your 'changes' before trading real dollars. Constantly changing your charting/signal indicators looking for 'magic formula tradiing ' is a sure way to blow up your account. It is a huge false narrative. Trading happens between your ears and it isn't just a math formula. Such a trader never has consistency and it's almost impossible to learn to trade successfully doing that.
*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 a playlist of my most recent videos. Good luck - Don
Thank you for your feedback. Yes, I've watched this video at least 5 times, thank you anyway. I don't know if there is a need for a trading simulator, I'm on the crypto side. I don't have a job with the E mini. I use paper trading on Tradingview, before using real money, but as you said, there is no patience, we always change the strategy and wait for which is the best strategy, and at the end of the day, we forget what we know. Thank you, take care of yourself. 😊
Hi Don, whats you look back window when trying to take with trend trades? Because last 2 weeks have been really tough for me when i bought the long term up trend it retraced deeply off resistances and took me out, when I short the short term trend it bounces violently off bigger time frames support levels and stops me out
I can't say what you should do. You seem to rely heavily on some learning you brought with you about technical trading.
A lot of these trades are less than one 5m candlestick wide. Go back to practice and try to think about very short-term trends Here's the list of my most recent video that might help:
bit.ly/PlayListNumber3
Good luck to you. - Don
Hello Don. Love your series and it's helped me greatly with concepts for trading. Question, are you using the desktop version of the Tasty Trade platform or web based? I ask because, the support team has not been able to help me enable the click and trading from the charts feature. Thank you sir. Also looking forward to reading your book!
Yes, I am using the desktop TastyTrade platform for the 'click and drag' feature on my mouse. If you haven't opened the account yet, please consider using my affiliate link. Doing so helps support the channel and keep everything free here.
My link is here: bit.ly/2ZUYjtS
If you have applied and not funded yet, just phone the customer service at (888) 247-1963 and give them my name and tell them you want to know I get referral credit. This is not a requirement of course, but doing so gets me the referral.
Many thanks. - Don
Can you apply the same process for non micros?
I think in your next comment, you already answered your own question. see your next commen t please.
Is there a way to get margin requirements list for tasty trade, I don’t see the requirement to open one contract for an asset on future for micro, mini or so on
You can call the TastyTrade customer service at (888) 247-1963 to get a current margin requirement... ask for the "intraday margin requirement for the Micro E-Minis. It varies a small amount day-to-day.
Thanks for keeping trading accessible and mature Don. Im still struggling with consistency but finding your channel has definitely been helpful. As far as consistency is concerned, on average do you think 4 points per day per contract is a realistic goal for the MES/ES. I realize everyday is different and this would be an ‘on average’ goal. Thanks for your opinion.
Yes, that could work. One thing about point/dollar goals and trading: One has to remember not to let 'a goal' distort your process of trade selection.
Many years ago, as I was learning to trade commodities and options, I said this to my mentor: "Phil, I am making about 20 trades per week--- and while I'm not losing money-- I am not making much with all this trading. I feel sure that if I only made just 3 trades a week instead of 20 I"d be making more money."
My mentor was a genius, he answered me this way: "Then why don't you do that!" I suddenly realized that's the reason he is a genius and I'm not. 🙄
Thanks Don. I appreciate the response and helpful video content. Trade selection and management is definitely a priority. I could use more experience in those areas. Painful lessons at times but Im determined to work through it. Thanks.
One of my issues was pulling my stop too quickly, get stopped and miss the gain.
ah - ha! The old genius-of-hindsight trick; I know it well. 😁
How about trading on the 1 minute chart
Is it better
I suspect that depends on the trader using it. Here's a recent video you might enjoy about the two most common mistakes of micro emini traders: ua-cam.com/video/9GIfxs27H3c/v-deo.html
good luck to you- Don
Question Don does the simulated have all the same features? I was in it trying it out could not find. Thanks
go to a chart in CME simulator, then look just outside the lower right corner , a free PDF download is there written in blue is "User Guide"
Thank you so much
awesome video don. are u able to show brokerage statements and trade logs tho
Glad you enjoyed the video and thanks for your comment. No, there's no reason for it. All traders are as unique as fingerprints. The only thing I sell here on the channel is my book to support the channel. As you will see in my videos, I urge people to use a free trade simulator (I'll put the link below) and see if this is something they would enjoy and also learn first-hand (before risking a lot of money) if they might be any good at it. Also, I am very open about the fact that this is highly leverage trading, very risky, and not for everyone.
It takes some practice and work - so for people looking for a stranger to guarantee their success --- I'm just not that guy. You most welcomed to check out this playlist of my most recent videos at this link:
✅ LIVE TRADES PLAYLIST #3: bit.ly/PlayListNumber3
This is one of the most popular videos on the channel,
✅ *Must See* The two most common mistakes made trading the Micro E-Minis: 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
Go to the Amazon link for my book below and read some reviews. My book speeds up the learning because it shows what is important and what is not important:
✅ **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
Thanks and good luck to you - Don
**Must See** ✅ Rule #1: bit.ly/RuleNumber1
How is your BP so much lower, mine is around $1900 if I go short or long
It can vary broker to broker...and very often trading during the day session (Eastern time 9:30am to 4pm) or on Globex (overnight.). Contact your broker, perhaps they can give you more details. Good luck to you- Don
I was wondering why the small amount then the light bulb went off in my head. It's about refining the process not the profits. Once I gain and have a high level of competency then I can size up. Bougt your book. I'm currently a small caps trader and the oscillation of Penny Stocks is pretty intense. I've always been interested in Futures from a Macro perspective. My late father was an economist. Not Keynesian mind you.
Well said 'refining the process' then scale up. You got it for sure. Please send me a note via email; the address is in the book. I have a couple of things that might be helpful. Thanks and enjoy your weekend. - Don
Hey Don, finally deciding to take the plunge and start! I keep trying to find out. What is the minimum margin requirements for tastyworks? My understanding is that buying and sellung the contracts will cost you 1.50 dollars per contract. Do you have any referral service/code with tasty works? Just want to support you. I have already bought your book!
Wow, thank you cody: here's my affiliate link: bit.ly/2ZUYjtS If you have already fill out the application, please call the trade desk (888) 247-1963 and let them know you would like me to get the referral credit on your account. Many thanks; that helps keep the 170+ video on the channel all free and easy. - Don
@DayTradingMicroFutures thank you for the link? So I did a little bit of homework and the cme site says that the margin maintenance is 1800ish for mnq and 1180ish for mes. Do you know what tasty trades requires to trade them? I don't plan on using margin because I want to just lose my money and no one else's haha. (Worst case scenario of course)
@@codymccoy9295
Cody: Let me see how to say this: The "margin" for stock trading account is indeed 'borrowed' money. However that word 'margin' means an entirely different thing in futures trading. In futures trading the 'margin' is the deposit one has to have in the account to trade that futures contract; it is NOT a loan at all.
Another point of confusion also: The $1800 margin that the CME website is NOT the margin to day trade MES at TastyTrade. At this moment (1140am ET) the intraday margin requirement to trade one MES (the S&P500 micro futures contract) is only $324.50.
At TastyTrade this is the 'intraday initial margin requirement.' To be able to trade this MES during the day session (called 'intraday trading') one has to have an account size minimum of $2,500 to be eligable for the 'intraday margin rate.'
Phone TastyTrade customer service line and make sure you understand this. (when you phone you can ask questions and get total clarity.) The number is toll free (888) 247-1963 FYI: *Always phone the broker* to discuss and verify these things' this makes sure you have the correct info. Not all brokers require the same margin requirements. To hold a position overnight the margin is four times the 'intraday' rate, which today would be 4 X $324.50 = $1298.
So call them to get clarity, so you understand it all perfectly.
@DayTradingMicroFutures this reply most likely won't provide much value to you, but hopefully to others scrolling through the comments it might. The 2500 initial margin is require to essentially ×4 your account. So like in the example of MES let's say your account requires 1300, easy number for this analogy, to trade one contract you are stuck there. If you Had 2500 hundred before the previous closing day you would only need to put up 325 from your account as "buying" power. So continuing from here 1300 bucks will let your trade 1 contract. 2500 bucks would allow you to trade 7 contracts. So essentially if you are planning to trade just 1 contract at a time, it doesn't matter if you have 1,300 or 1,000,000 in your account. You wouldn't be utilizing margin either way. I mean technically you would but in this hypothetical you are only trading 1 contract anyways so it ultimately doesn't matter. Now leaving the hypothetical I am potentially thinking about depositing 2k. Which leaves me with 600 dollars to the downside of "education" 😅 worst case scenario obviously. This is 2k I absolutely do not need for living. Completely fun money. What are your thoughts on this? I want it to make it clear I have been studying your book and have watched almost all of your videos. Do you think 600ish dollars is realistically enough to try? By no means am i looking for financial advice because the last thing I would want to do is get you in trouble. I just want your thoughts on this. Thanks for all that you do Don.
@@codymccoy9295 Well, I think I follow what you mean. I recommend starting with $3k to $5k or at least $2,500. My advice would be to find a trade simulation program to use to practice. You already have the one I recommend. I'll post the info here for anyone who wants it. I realize you already have it.
*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
You can practice until you are ready to fund your account and trade real money / real time of course. The CME one in the link above will keep an automatic spreadsheet of your trades that you can download to run in Excel as you please. It is re-settable any time you like.
If you do not want to use the CME, there are many good brokers that will allow people to practice trade before you fund your account. Perhaps you should consider doing that. TastyTrade only allows trading in funded accounts. My email address is in my book - so you may write me direct if you wish.
I am very transparent about being an affiliate of TastyTrade and I have selected their desktop platform to use in my videos here on the channel. As you may know, as an affiliate, I get paid a referral fee - and it cost the customer nothing. So I prefer not to not discuss/promote/ or critique other brokers here on the channel. The channel has over 170 free videos and a great many trading tips in discussions like this one. My book sales and broker referrals support the channel and keep it all FREE.
Good luck on your journey and best of luck to you --- Don
** 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.
I cant seen my stop loss active on the chart do I have a setting off or something?
I use the desktop TastyTrade platform and enter my orders using a Bracket/OCO order. Here's a short 3 video playlist with more details: ua-cam.com/play/PLv6Fasp51T9KvkIWqQ5D29RqJ9dTflTk7.html
Awsome video
K-will, thank you so very much. Glad you got something from the video. Good luck to you. Let me know how things go for you. - Don