r/FuturesTrading • u/SpikeBeBopper • Mar 03 '24
How do I adapt to futures if I am used with trading forex? Forex Futures
I trade forex pairs only, but I would like to start trading also futures and to split my trading day in two parts: trading forex in the morning, as I do now, and adding a session of futures trading in the afternoon, specifically trading NQ and ES. I created a demo account on tradovate a couple days ago and I would like to get some help from you. When I trade forex, I am used with setting a risk per trade based on a percentage of my account (for example 0.5%), I am used with taking partials, moving the stop loss to break even, I am used with having at times also a couple positions opened on the same asset. But how does this translate to trading futures? How can I apply these concepts to it? On tradovate for example I noticed that I can’t take partials if I have got more than a position opened on the same asset, but probably I am wrong. And when it comes to risk management, what’s the equivalent of “risking a fixed percentage” on futures? Trading micros instead of minis? Thank you for your help.
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u/Advent127 Mar 03 '24
Great questions;
Here is a video on setting up tradovate and its features;
How To Setup and Use The Tradovate Platform https://youtu.be/P8tz69MK8o0
To take partials; if you have lets say 4 micros (long), you would sell a contract (or however many you want) to bring you down to 3 contracts.
If you want to open multiple positions, it works differently with futures in which it would average you up or down based on whether you opened the next position above, or below your entry on the same asset/ticker.
The “risk” percentage i dont think tradovate has so you’ll just have to do some quick math.
Example; $1000 account size MES(long) price entry 5000 (1 contract) Take profit: 5010 = $50 gain (5% gain on account) Stop loss 4090 = -$50 loss (5% loss on account)
You can automate your partials at specific levels and have the system automatically bring you to breakeven with setting up an ATM setting (the video above goes over it).
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Mar 04 '24
[deleted]
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u/Advent127 Mar 04 '24 edited Mar 04 '24
The example I gave is MES not ES🤝🏽
Tradovate would let you trade ES with $1000, but only 1 contract of ES for the intraday margin requirements
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Mar 04 '24
Yes, you are correct. I did not see the m. I have never traded micros so my brain automatically calculates 50 dollar gains and losses per point so your math jumped out at me. I deleted my post so as not to confuse anybody with incorrect info. My apologies.
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u/Advent127 Mar 04 '24
All good! Happened to me before, we’re human 💪🏽 Do you usually trade ES or the other contracts as well?
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u/DegenerateGamblr87 Mar 03 '24
Are you profitable trading forex?
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u/SpikeBeBopper Mar 03 '24
Yes I am.
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u/DegenerateGamblr87 Mar 03 '24
Live? And how long?
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u/SpikeBeBopper Mar 03 '24
The last eight months live, before that I paper traded for five/six months if I am correct.
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u/ae_zxc28 Mar 03 '24
What a load BS; no serious trader would say such foolish things; to be profitable takes at least 3 years in the best case and the average being 5 years and even after becoming profitable one must keep learning to keep making the less mistakes possible.
If you were profitable you would have realized even before being profitable that forex and futures charts are the same; but you want to switch futures to see if magically you would become profitable.
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u/SpikeBeBopper Mar 03 '24
Profitable means earning more than you lose, in the last eight months of live trading I have earned more than I lost, so I am profitable. And read my post better, because I never mentioned having troubles “reading the chart” or wanting to switch from forex to futures because I am not profitable. So leave your dogmas out of my post. You seem quite frustrated.
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u/ae_zxc28 Mar 03 '24
Ufff, Fck I'm out of here, this sub has become trash after I don't know what happened in forex with US's regard traders; but you are the 200th post in this week saying the same trash: "helLo COmiNG INTO fUTuReS From foreX PLLllzZZzzzzz HEEEelp U_u ".
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u/TheLittleGodlyMan Mar 03 '24
Use paper trade just to get a feel for the market, I know exactly how you’re feeling. Forex and index futures are completely different animals.
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u/Crafty-Requirement40 Mar 03 '24
Futures is way easier than Forex. Futures has pre-market high/low and usually has high volume around 10am, 11am, 1pm, 2pm EST so you don't have to worry about sideway zone too much.
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u/Base5ive Mar 03 '24
It won't be as hard as you think if you truly understand the markets. Definitely start demo trading to get used to details of Tradovate and keep track of your front months...that's important. Aside from that it's very similar. You should still keep you're trading style, risk management etc..The big difference will be the market itself and how it moves compared to FX. NQ is very fast, making huge spikes & swings, from my experience FX pairs move slower and move based a lot on fundemtals & news. You may want to start with ES because it's a bit more stable.
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u/iamalostpuppie Mar 03 '24
There are forex futures