Mordecai
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Has anyone had any experience in these markets?
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Future's Market
- Thread starter Mordecai
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Plenty. What do you want to know?
Mordecai
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- #3
Well I borrowed a few books - so far I'm only up to fundamentalists vs chartists.
I'm just looking into it so my knowledge base is minimal.
What exactly am I trading? They speak about not being able to "buy and hold" like you would for stocks - why not? Where is the data to analyse?
I'm just looking into it so my knowledge base is minimal.
What exactly am I trading? They speak about not being able to "buy and hold" like you would for stocks - why not? Where is the data to analyse?
When they say you can't buy and hold i think they are either talking about the fact that the contracts expire at a point in the future, or that the futures are highly leveraged and short term volatility can really hurt you baaadddd.
As to what you are actually trading? Futures covers heaps of things, eg. stock indexes, commodities, gold, bonds, etc. If you intend to trade futures i strongly recommend starting off by trading on the advice of a professional futures trader. Otherwise just get a divorce - it's cheaper! I have worked in the market for nearly 15 years and i have seen hundreds of dopes that think they can just walk in off the street and play with the big boys and not get hurt.
As to what you are actually trading? Futures covers heaps of things, eg. stock indexes, commodities, gold, bonds, etc. If you intend to trade futures i strongly recommend starting off by trading on the advice of a professional futures trader. Otherwise just get a divorce - it's cheaper! I have worked in the market for nearly 15 years and i have seen hundreds of dopes that think they can just walk in off the street and play with the big boys and not get hurt.
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Mordecai
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- #5
It's my grandad who plays this market and he has been doing it for many years so he has got me a little interested.
I'd like to "see" what it is first before I have a dabble so as to not lose all my money (like the dope off the street). Trouble is he tells me you need a line rental to get the data in that is quite expensive.
What appeals to me about the market is that you are dealing with charts and less so with external variables. More human psychology (you can see why the dope would find it appealing).
How did you get started?
I'd like to "see" what it is first before I have a dabble so as to not lose all my money (like the dope off the street). Trouble is he tells me you need a line rental to get the data in that is quite expensive.
What appeals to me about the market is that you are dealing with charts and less so with external variables. More human psychology (you can see why the dope would find it appealing).
How did you get started?
Mordecai
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- #7
It's still left me a little confused.
Just quickly, is the SPI trading thread the same thing as what is being discussed here? or different again?
I know my grandad trades minute to minute and has a live stream of data. It costs him quite a bit per month.
This site is different thuogh?
The SPI is a futures contract. You can also have futures contracts on heaps of things, like gold, wheat, oil, bonds, etc. Your grandad might be trading any one of them. But if he is paying $$ for the data feed i suspect he is getting ripped off. My trading platform gives you live and historical data for free on futures, shares, CFDs, FX and options.
Tell him to check this out: http://www.sonray.com.au
Tell him to check this out: http://www.sonray.com.au
Mordecai
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- #9
I must say I suspected as much.
He does trade by the minute though.
Could I get a list of items/websites for getting started? Just so I can see the lay of the land.
Mordecai
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www.sonray.com.au is a brilliant platform from what I can tell.
SPI is out of my league price wise, so I have been recommended to look at CFD's. Can anyone recommend a code for me to look at for this 2 week trial of the software?
SPI is out of my league price wise, so I have been recommended to look at CFD's. Can anyone recommend a code for me to look at for this 2 week trial of the software?
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Futures and CFD's are risky as a motherbitch. Im too scared to get in to them until I get more experience (still in uni so for now I'm just sticking with shares but they've done me some good so far 
).
).
Mordecai
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- #12
Futures and CFD's are risky as a motherbitch. Im too scared to get in to them until I get more experience (still in uni so for now I'm just sticking with shares but they've done me some good so far
We're in a similar position then. I'm motivated to look into futures/cfds purely because theyre highly speculative. A relative of mine is doing very well in the market but I only get to see/talk to them every fortnight or so. I'm just looking for now.
CFDs and futures are safe to trade as long as you are sensible about it. I've seen some pretty wild things in my time. I remember one client put $90k in his account, and after 6 months of trading he was up to $1m. A couple of times i came into work and looked at his account to see he had made $200,000 profit on a trade overnight! But 4 months later he was back down to $100k. The funny thing is though, at June 30 his account showed a $600k profit, of which the tax man would be asking for just under $300k.