Wednesday, May 19, 2010

Futures decisions

Well I went ahead and made some decisions. I remember when I started with my current broker that there was a steep learning curve for the various platforms. Different features, bells, and whistles. Setting up quote lists, parameters, charts, alerts, all of it. It occurred to me that maybe I would enjoy having a backup broker to turn to, or that I might like the futures so much that I would only want to trade them. So if the learning curve is steep, and some brokers might only do futures, some might only do equities, having another broker that could do all from one platform/account might make things easier. I've heard that IB does this, but I find them a mess to navigate, have picked up that customer service is not that great-it is designed for folks that know what they are doing and I clearly do not at this point. So this left me with Tradestation and MBT. I'd looked at TS a while back, generally have heard some bad things and I did not like something with a Beta chart package they were putting out. So late yesterday I started opening a MBT account, VERY FRUSTRATING. Good thing I am starting this way earlier than I need to.

I need to be careful of greed. I've followed some futures prices this week, made some analysis of what the market could give one if it had been traded, and the chances are there to exponentially grow ones account. This am I look at the emini and see it has traded in a range of 1104-1118 overnight. I've followed this kind of thing for about a year now and it is amazing the moves this thing makes overnight and premarket. If anyone actually reads this, perhaps you have seen how the market opens one direction when the latest Yahoo finance front page says futures are down. Take a look at the picture, as I snipped it futures were really only down 3.5. I'd seen this market at 1106 early this am, don't know if I'd have traded it, but it is now at 1115! Maybe my math is wrong, but that is $450 move for each contract emini.

Maybe some daytrades would be okay, just would need to make sure I do not fall down an emotional slippery slope.

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