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Saturday, June 13 2020
What's your plan?

On Sat, Jun 13, 2020 at 6:49 AM d########on <d########on@#####.com> wrote:

Good Day Traders!  Almost anyday where I get to spend time trading is a good day.  What about the moments in the days?  Sometimes they don't end up according to the good day plan.  And once in a while we have to accept things not going the way we "planned."  

A successful trader has to have contingency plans in place for things that will come up that might be outside of the trader’s control.  What are your risk management methods, or your insurance, if the unwanted doesn't know it is unwanted? 

1) Cover yourself!  We train to never be naked in a trade. Since the market could spike up or down at any time (5-10% chaos theory) and easily bust an account, we train to always at least have the short side of your trade entered with a stop loss set for protection.  

2) I.C.E. on Speed Dial.  Have your broker on speed dial incase you are in a trade and lose power or internet, so that you can call and flatten the trade.Typically the Profit and Loss brackets are lost when you power or internet is lost. Please practice calling once when there isn’t an emergency to make sure that you have the correct phone # loaded!

3) DON’T panic!  If you get into a trade and something isn’t correct, DON’T panic!  Have a practiced EAP, or Emergency Action Plan, written out method of steps to take to rectify the problem.  Don't get caught in a burning building without knowing the exit points and unlocked staircases. 

4) Track Record!   Building a track record in trading is more than simulators and statistics.  Know your computer software well.  These are the tools of your trade! If this is something that you will be doing for years to come, continue to learn the infrastructure of the devices you rely on to protect your assets.

5) Traders talk traders talk!  Talk to other traders about their contingencies!  Maybe join a group or network of traders.  You can learn to trade many ways and from many sources. With the vast amount of information both available and not available to us, it is important to find interaction with other traders.  Receiving guidance and support from traders that have been there and done that can help save you big $$$ at the end of the day.

One place to learn about managing the risks associated with trading is at FNL!   Meet who is trading, what they are trading, how they trade, & find out why people would trade anything to be trading at FNL!

 

Remember to check out FNL at  futuresnetworks.com

As always, it’s my pleasure to help traders make consistent money long term.

Derek D’Amour

Sunday, June 07 2020
Can trading the MES prepare you psychologically for bigger things?

While talking with a couple of fellow futures traders Friday, we started talking about our journeys and testimonies to becoming better at this crazy thing called trading!

Invariably, the Psychology of trading came up in conversation with little resistance!  Heck, let’s face it, there are thousands of books written

on using psychological techniques to improve almost everything that we do as humans.

There are “Trading” Psychologists that get paid handsomely for helping traders improve just a couple of percentage points!

Interestingly, when you combine something that is a learned skill, that has a

decent component of “art” to it, and the outcome/success has currency attached ... you get a recipe for psychological chaos!!!

Our conversation continues, and I begin showing some “dollar cost averaging” techniques with the trend, and what we each consider the minimum

number of practice/paper/simulated trades that should be taken before trying [said] trade with live money.  The consensus was that 250-500 trades

would be sufficient (assuming that you have already been trading live successfully!) Immediately we discuss what is success as a trader?  One of the

other traders discusses how many friends and other traders that they’ve known that cannot conquer the apparent canyon from LIVE simulated success to LIVE “real currency”

success!  [albeit there are the noble few that bridge that canyon as though it’s a minor speed bump]

 

The above preamble is to set up what ended up being a great discussion about the pros and cons of the

Micro ES at $5 per trading point vs the ES at $50 per trading point.

One of us had hardly considered the MES, and I know that when I was first starting to trade futures the MES wasn’t even available to trade!

I brought up that the ES was originally created because the original SP trades at $250 per point which seemed unanimously too expensive for almost everyone as a place to start or learn to trade.  

If you are in any “sport” you have many levels of competition to help you progress along the way.  Golfers have club tournaments, then Golfing Pros

have mini-tours that have incremental steps of money and skill!  Tennis is the same!  Even Pickleball has age divisions, and skill level divisions at

the amateur and Pro levels. There are many endless examples of professions where you need incremental training as the stress & skill level increases.

So why not consider trading the MES?

 

From everything that I’ve read and been taught, the Psychology aspect of trading with real money

is anywhere from 30-90% of the business, then the MES at $5 per point could alleviate some of that psychological stress of losing and winning money!

(btw, kudos to the legacy of Mark Douglas and talking about trading in the “zone” where there aren’t highs and lows but consistent trades based on your track record)

The only “con” that I see is that the commissions per trade are typically higher on the MES (on a percentage basis), so it makes sense to be aware over the long term. 

Ninja Trader is currently at $0.82 per round turn with the lifetime license (I’m talking about all the fees and taxes included together in that round turn),

((so please let me know if you hear of other discount futures brokers that have lower fees!))

That would make an MES round turn 16.4% of the trade vs the ES at 7.7% of the round turn, so you can do the math and realize that the expense side

of the business plan will be higher initially when going LIVE, but in the long run you may have a stronger and more successful track record LIVE by taking

some time transitioning from LIVE simulated, to LIVE MES, to LIVE ES (and possibly reach my goal of LIVE SP some day!!!)

Let me know if this helps you on your journey to be a consistent, money-making futures trader!  Also, please let me know of any topics, as well as blog & vlog ideas

for me to discuss. 

Happy Trading! 

~Derek D’Amour

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