Thursday, July 1, 2010

Observations of the future

Things I have noticed with futures:
1. Read the disclosures, there is large risk.
2. No pattern day trade rule. This means a smaller account (2k-5K for whom I talked to) can buy and sell all day long.
3. If you think you can read charts and markets, I think this is a great pure play way to prove it. When you are right, you are so very very right. When you are wrong, well...
4. I am enjoying the service and system with the futures broker I chose for now. Directly from the trading platform I can access a small chatroom where I can receive real time assistance. I think they are geared for larger players than myself, but they have been very helpful.
5. Ninja trader platform is nice, has some nice built in analytics, but for now I am choosing not to use it. It interfaces with some brokers but does so with a clunkier older version of my brokers trading platform.
6. The quirks of a new trading platform have me very grateful that I am only using a small account for now. Take some time to get comfortable before risking much.
7. Futures trade all night! Perfect for a junkie! But the real benefit is being able to fade or participate in extremes at 0400-0800 as the market whipsaws around.
8. I am still working on my dashboard of indicators. IT seems a few ancillary charts and quotes help to show the direction of things.

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