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Tuesday
Jun252013

Trading Eminis Successfully

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Emini Podcast

 

3 Steps To Success As An Emini Futures Trader

Emini trading was introduced to the markets by the Chicago Mercantile Exchange (CME) with the creation of the S&P 500 Emini Futures Contract. This product was created to provide traders with an affordable method of trading the stock indices. The value of the original "large S&P Contract" became so expensive that retail traders and even smaller institutions were no longer able to afford it. At 1/5th the size of the larger contract, the S&P 500 Emini became not only cost effective for all traders, it has now gone on to become the single most popular trading vehicle in the world.

 

Step #1) Get an education!

Trading Eminis Successfully does not require a college degree. Honestly, it doesn't even require a high school diploma. The lack of requirement for a formal education and the low financial "barrier to entry", creates both an attractive and dangerous combination. Anyone with minimal computer skills and a few thousand dollars, can open an account and start trading. 

However, just because you have money in an account somewhere, doesn't make you a trader. It simply makes you someone with money in an account somewhere. I'm tempted to say "there oughta' be a law", but because I am so fierce defender of our freedoms and liberties, I must bite my tongue. If there had been formal educational requirements in place when I became an Emini Futures Trader, there's a very good chance I would have chosen a much different career path.

The education I speak of has nothing to do with hallowed halls and ivy covered campuses. I speak of in the trenches, on the job training. I'm not against textbooks and classroom instructors, in fact they can play a small role in your training. The real education though, comes from watching a Professional Emini Trader as he trades real money, in real time. As he is trading you need to be asking questions and lots of them. Depending on the instructor you may need to write them down and ask after the live trading session.

It's important that you understand everything the trader / trainer did. You need to know not only "what" he did, but also "why". If the instructor is not willing to participate in this dialogue, you will not receive a true education. Choosing your Emini Trading School is one of the most important business decisions you'll make as an Emini Trader. A good education is the foundation of your Emini Trading Business.

 

Step #2) Chose your markets and style of trading carefully.

You do not need to know everything about trading. In fact, it would be frustrating and futile to attempt to learn it all. If you are still shopping for the trading vehicle that best suits your account size, personality and risk tolerance, read Benefits of Trading Emini Futures. This is an in-depth 3 Part Series that explores they myriad of pros and cons that are Emini Futures. Just because this author is convinced Emini Futures are the best option for both novice and professional traders, you need to be equally as convinced, with whichever vehicle you choose.

If you decide Eminis are the proper choice, now you need to filter down and decide which two contracts you are going to focus on. In the beginning , one or two maximum, is all you should be looking at. Anything more simply invites confusion into the picture. Once the market(s) decision is settled, now determine how you will trade them. Will you Scalp, Day Trade, Swing Trade? Each method has its own pros and cons and is a discussion best held with your Emini Broker or mentor.

 

Step #3) Write a detailed business and trading plan.

Becoming an Emini Trader is just like opening any business. You must have a detailed plan. As Scripture says, "You have to count your costs". You need to know exactly what your cost of doing business will be. Since you will not be generating meaningful income for a period of time, you must also make sure you have sufficient capital set aside to pay bills and handle emergencies for 9-12 months. 

Details on writing both your business plan and trading plan can be found in an article I wrote on goal setting - 4 Critical Goal Setting Tips For Emini Traders . We do go into greater detail with CFRN Partners, but this article will put you on the right track and help you understand how critically important these setups are to Trading Eminis Successfully.

 

For more details please contact the author of this article.

 

S&P 500 Emini Futures - Learn How To Day Trade

Learn How To Trade the S&P 500. Our panel of Professional Emini Day Traders are available to answer your questions during our Live Radio Show M-F from 12-2PM EDT. Register here to log in to the Daily Live Broadcast.

 

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