If you’re just getting started as a day trader, and you haven’t seen day trading software before, you’re probably in for a bit of confusion. It can be very complex; there are usually several different interfaces on any given piece of software, and even some of the terminology used for trades might throw you for a loop. The following tips will help you to learn the basics of a futures trading system and to master commodity trading software.
First, if you want to learn day trading, you have to learn the day trading tools you’ll be using to do it. When you get your software, look around it and explore all of the different features. Don’t make any trades and don’t change anything on the interface just yet. Flip through the various parameters available and look for familiar terms and types of information. This approach will give you a basic idea of how the system is laid out.
The first part of making sense of any new software is to figure out how that software helps you to do something that you’re familiar with in a different way. Be sure review any training or other support materials that came with the software.
Most day trading software will have a simulation mode on it that you can use to get comfortable your futures trading system. Don’t feel like you have to know what you’re doing after the first time you use a simulation. You may have to go through the simulation quite a few times before you feel comfortable with it. Remember: you should not use day trading software with real money until you are confident using the system in SIM to the point where making a sensible decision comes quickly and comfortably.
If you’re accustomed to going to particular websites or using print media to get your information about the markets, don’t stop using those resources just because you’re using a new futures trading system. There is nothing wrong with getting a bigger picture of the markets, as long as the information does not become distracting.
Eventually, you’ll probably learn your futures trading system well enough that it will become your primary source of information about the markets. While you are learning the software, however, use any other trading resources you’re accustomed to, so you’re always getting accurate and timely information.
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Commodity Futures Trading Commission Futures and Options trading has substantial potential rewards, but also significant potential risk. You must be aware of the risks and be willing to accept them to invest in the futures and options markets. Don’t trade with money you can’t afford to lose. This website is neither a solicitation nor an offer to Buy/Sell futures or options. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this website. The past performance of any trading system or methodology is not necessarily indicative of future results.
CFTC RULE 4.41 – HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS, IN GENERAL, ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN.
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