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Hi, I just finished the Al brooks trading course and want to put it into practice. I have downloaded the interactive broker trading platform. I have a few questions:
1) As Al mentioned that we will trade the front month future contract (as we are in Dec 2021, so we should be trading contract expiring in Mar 2022) but we will use the continuous chart for analysis purposes. However, the continuous chart only showing data history up to about 2019. How can I see the earlier data?
2) If I only have about 3 hours to trade each day, when is the best time to trade E-mini? I believe we can trade from Sunday to Friday 6:00 p.m. - 5:00 p.m? How come the chart stopped at 30 Dec 2021 at 16:00?
3) How do I tell how much I am risking? Say 1 contract 1 point, how much does it cost?
Are you seriously going to trade de e-mini without knowing yourself these basic questions?
I would start out with a forex account and trade the smallest position size you can. The average risk in the micro emini's can be much bigger than one realizes.
TBH mate, this is what I would do:
1) Go back and find the answers to these questions - its all there on the web and in the trading course. Look at lessons on "trading the Open" etc. These are basic questions and all traders [even non traders] should know this stuff.
2) Download every single video of the day trading room of 2021. Its lots of work, but watching 1 video every night for the next year will set you up for success in 2023. In the meantime, sort yourself out with a paper account with a notional value of around $5000 in it. That way, you will see your account grow using 1 contract. No point starting with a notional paper value of $1,000,000. Mistakes become meaningless using amounts like that when you're starting out pushing 1 contract around, even in SIM.
3) If you do start using real cash, agree to yourself that you will lose the first $10,000 and agree to yourself that you are being foolish. You will lose it, I guarantee it. Trust me. If you do insist on using real cash right off the bat, It will make trading easier if you see this first tranche of cash as education fees and will reduce the emotional aspect of of losing it all.
4) Most important, is step 2) above. If you do try to trade in real time [paper or not], at the end of the day, use Tradingview [IB sucks for this], to put your chart on 5min and put a flag on each setup. See the attached of the way I do it each night. I also go back to the historical charts in the Daily Setups and do the following religiously:
I scroll back and reveal the chart bar by bar. I then decide whether its a trade or not and I annotate the chart as I see it unfold. The aim of this is to converge to Al's view of the chart in his daily setups archive, but not with the full chart in front of you, as it unfolds in real-time [which is far harder to do than you think].
5) Do this every day for 1 year and you will be ready for a real account using 1 contract.
Thanks a lot, that is very valuable comments
Thank you @alun_Thomas for your time, writing all this, not only for the person who asked questions, but for others, like me to know and gain more knowledge.
”Knowledge is wisdom, and share is care.”
Thank you again for sharing. 😎 👍
Regards
A beginner Trader “Hamood”
Thank you @alun. Do you have a view on trading micro-lots on spread betting platforms?
