The M6E contract is an economical way to get into futures and forex trading. Make sure you understand futures first before jumping in. The margin is under 500$, so it is easy to hold over night and you are not forced into day trading as other contracts have margins of 4000 and up in most cases. If you are looking to enter a trend and make some money, then day trading is not going to do it IMO. When trend trading you need to place your stop far enough away from the price in order to let the price move. The noise of intraday action will chop you out every time if you can not risk more than a few points. Not a Good! You know what I'm say'n?
Practice with the M6E getting your strategy down and gain confidence. Then, once you've got that accomplished, you can add contracts or even move on to bigger better things.
My Rules:
Risk very little That's why I'm trading the M6E.
Be Patient and Persistent Take small losses, break evens, and small gains. Large gains will come with patience and persistence.
Try to get in and stay in a trend
Everyone trades differently. How much of a pullback can you handle? How many losses can you take and still let a winner run? Can you buy a pull back or do you like breakouts? These are personal questions to be answered and acted upon by each individual trader. My rules are more general, but I believe they need to be adhered to in order to be successful. Keep it simple.
The M6E is a great tool to use to help answer these questions. This is real futures trading at a micro level. A great place to start before you go onto trading Crude, Gold, Indexes, Forex, other Commodities, and even Interest Rates. Better have a good and tested plan before jumping in with the big dogs.
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