Question 1

What are Futures?

Accepted Answer

Futures are financial contracts obligating the buyer to purchase an asset or the seller to sell an asset and have a predetermined future date and price.

Question 2

How much money do I need to day-trade futures?

Accepted Answer

This is totally up to you and what you are willing to risk. Be aware futures are very volatile and you could lose all funds you put into the account. Most members start with 1-3k.

Question 3

Are Futures and Forex the same?

Accepted Answer

No. Forex and futures utilize different platforms and forex typically focuses on currency pairs rather than commodities or indices. However, you can use a forex platform and still utilize my alerts for the products that I trade, the prices may be a bit off but you can still follow the alerts in real time with the “long” or “short” position provided.

Question 4

What hours of the day do you alert your trades?

Accepted Answer

8am to 2pm EST.

Question 5

What products do you trade?

Accepted Answer

Oil, Gold, S&P 500 and Nasdaq 100.

Question 6

What platform do you use to alert your trades?

Accepted Answer

Slack is used to provide material of futures lingo, my broker is Tradovate.

Question 7

Do you use any other platforms?

Accepted Answer

Yes, I use Think or Swim by TD Ameritrade to draw my levels and manage my charts. I also use NinjaTrader for my Auto-Trading Algorithm. It is very common for most of my members to use TradingView for their charts.

Question 8

How do I execute a Limit Order?

Accepted Answer

Right click with your mouse on the price you want to limit sell or limit buy. (this setting can be changed in the Tradovate settings, when in doubt, call Tradovate).

Question 9

What is LIS?

Accepted Answer

This is a level determined at the end of the day which is then used as a strong support/resistance for the following session.

Question 10

I'm in Canada! Help!

Accepted Answer

While you cannot use Tradovate in Canada, you can use many other futures or forex platforms: IB, Tradestation, AMP Futures, Metatrader4, Metatrader5

Question 11

Aren't you only allowed to day-trade if you have more than $25,000 in your account?

Accepted Answer

No, this is a common misconception. Futures trading is exempt from the PDT rule that the government puts on stocks and options. You can take as many trades as you want in the futures market with as little as $500 in your account. Yet, futures are very volatile and risky.

Question 12

I'm from Canada, who can I use as a broker?

Accepted Answer

GFF Brokers, NinjaTrader 8, Optimus Broker and AMP. Also, you can use IB but they have high margins.

Question 13

I'm NEW .. I am CONFUSED ... What should I do?

Accepted Answer

OBSERVE.. Please understand that the Futures market is very volatile and you want to make sure you know exactly what you are doing before you risk your own money. The first few days will seem very confusing and the information might look like a different language. Read and re-read the docs sent to you on day 1. Pull up your Simulation account and try to follow along with the alerts. Watch my youtube videos (Bold Analysis LLC) to give you a little more background on the broker and what futures are.

Question 14

Why is the price of my product (ES/NQ) not matching that of the one being called in the alerts?

Accepted Answer

You most likely are on the wrong contract (month/year). Please make sure you are checking the General Info doc which will always be updated with the current contract that we are using.

Question 15

Why is my account not approved yet?

Accepted Answer

I am not affiliated with any broker (Tradovate, ThinkorSwim, NinjaTrader), so please directly reach out to the broker you are opening up an account with and ask them if they need more information for your account to be approved. Sometimes they need one extra piece of information to approve your account.  Also, typically it takes 3-5 business days for an account to be opened.

Question 16

Why is my order being rejected? I have 500-1,000 in my account?

Accepted Answer

You are most likely taking too large of a position for your account size. Please check the margin rate page on Tradovate’s site. If there is still an issue, please call Tradovate.

Question 17

How do taxes work when it comes to Futures?

Accepted Answer

I am not an accountant. Please seek professional advice from a CPA to gain more insight on taxes regarding futures trading.

Algorithm

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