My First Day Trading the S&P Mini's: Observations

I traded 41 S&P E-Mini futures contracts today. That's a whopping $196.80 in commissions. ($4.80 a round turn.) I ended up winning $325.


I had fun. You can get out whenever you want and then back in again. You can double reverse. One tick spreads, so you can use market orders. Instant execution. Mainly, I had a real time chart of the S&P along with my platform and scalped the highs and lows. However, one day does not a seasoned trader make.


Here are some observations. I got rid of my winners too soon. But then, how was I supposed to know they would continue to go in my favor? (The same way I knew to make the trade in the first place I guess--DUH!) Twice, I bought when I meant to sell. I have a duel head video card so I need to get a second monitor--quickly! I made too many trades, but I didn't care. I can adjust all of that later. I'm just getting my feet wet, and the old adage you can't go broke taking profits was in full effect. Once I got up one handle (one full point, or four ticks on the mini's--$12.50 a tick) I felt like taking profits. Sometimes I sold off half of the position to try and squeeze out a little more with the remainder. Oh well, I'm learning.


Trading futures reminds me so much of playing poker. Except: there is always a seat open. No shortage of action. You don't have to deal with all of the asshole players, floormen, dealers and the convoluted politics inherent with that business. No time consuming hunting and searching for good games--changing seats and tables--commuting--and all of the endless hassles associated with that dying game.


Trading futures is nameless and faceless. No cigarette smoke. You don't have to leave the house, fire up the car, and drive clear across town--for a maybe.


I feel that if I can successfully win for a full year that will still not be enough time to accurately judge results. It's going to take a while to determine if this is the real deal, but for now I'm just trading small (1 to 4 lots) and feeling my way around. I just go with what feels right. I've been watching the markets for years now, and this is my first foray in to the futures pits. So far I think I'll stick around.