This is a forum for those who have the time and money and wish to trade in Andy Maguire's Army but do not have the experience to do so. It would be helpful to have an experienced trader who could mentor is through the process.
Great for starting the forum. I'm certainly expressing an interest and hope we get a mentor.
One thing I know about forums is that they need regular PR on Main St to get a critical mass. Forum can be hard to find.
I'll be changing my signature line to link here. Suggest you make it your sig line too. (go you your account and edit).
PS. For those that don't know I'm in the UK (Cumbria).
I now log in to Turd to see if there are any more TWATS. Sweet.
I've been following andy for the last couple of months. I use Interactive Brokers (IB) to trade. Very cheap transaction costs if you have enough $ in your account. I'm not familiar with any of the other platforms. If you sign up for IB you need to make sure you apply for privileges to trade futures. Once you have a futures account setup it's easy. The only problem after that is your own speed. You really have to be sitting at your computer the whole time, basically waiting for andy to make a move. Some days he doesn't make any trades, usually because there are no low risk opportunities, and other days he makes lots of trades. The key is speed! If you don't act right when he does you'll miss the move. So, like I said, if you can't be sitting at your computer between 3 am EST and 10 am EST, this may not be right for you.
If you guys have specific questions, let me know and I'll try to answer.
I watched Paul Coughlan's webinar last Monday. He didn't actually recommend a broker, but from his comments and charts, I think they're using one of the brokers listed on this page:
I've heard some other Turdites mention Interactive Brokers in another forum:
... I have never day-traded, and don't really know anything about these outfits. But I've been posting occasionally asking about it, because it looks like I'm missing out on the fun.
i use two. Go Futures and the Think or Swim platform by TdAmeritrade,(more bells and whistles), they both are pretty much the same. About 8 bucks per contract round trip.
Hey, acadotte thanks for being our first active AM trader. I've watched two of Andy's webinars so have an insight into his analysis. A few questions about the trading:
Roughly what percentage of Andy's trades do you actually make?
How much money do you need in your account to start?
What is your ROI to date?
Are the trades fairly simple to execute? (taking into account seconds matter).
and I guess you can trade from a smart phone on the move.
I've paid for two months of service now, midway through second month now. Before using my real funds I've actually been 'fake trading' using a feature of IB called 'Paper Account'. It's a fake account given to anyone with a real account to basically practice trading. You can see if you're fast enough to make the trades, any try any other type of strategy you want (unrelated to Andy), with no risk at all. Using this method, I've made more money (fake money) than the monthly cost of the service, so I plan to start trading with my real account soon.
I try and mimic all of Andy's trades, but I'm not always successful for the reason I gave before, speed. March has been a tough month, and more often than not trades would get stopped out, i.e., a gold contract would be bought, then the price would fall instead of rise, and you would end up taking a small loss. But I don't think that's the norm, it's just been a tough month.
I don't know my exact profit, but it's more than $1k, which is the cost of two months of the service.
In terms of funding your trading account, you will need enough to trade at least two gold contracts and a small buffer. Right now it cost ~$6k to buy one contract (https://www.cmegroup.com/trading/metals/precious/gold_performance_bonds.html) so you need at least $12k. Usually he trades a single contract, but sometimes he will do two at once.
Trades are easy, but you need to be FAST. Usually I set up a buy order at market, a sell order at market, and just have them sit there on my order screen. As soon as Andy pulls the trigger I just hit a single button. Then you immediately enter a new order which is a stop order to protect you from losses in case of a fast market move. This is the only tricky part because you should do this as quickly as possible. I would not recommend doing this from a smart phone, although IB does have a good mobile application.
Interactive brokers is $2.32 per futures contract, so $4.64 round trip. This probably changes depending on your activity and account balance I imagine. I'm sure their pricing is on their website.
Btw, the reason speed is important and you can't do this from your phone is that sometimes you will be in and out of a contract in less than 1 minute. Sometimes it's longer but it's always a short time frame. The initial move soon after the buy or sell could be the majority of the move before you need to sell.
That's exactly the knowledge that us newbies need to know, and as it's fairly new to you you can see it through our eyes.
Hope you'll hang around here.
....out if I can. I have been trading in one form or another my whole adult life and used Coghlan for about six months to good effect before I realized that I was missing a lot of trades due to the hours Andy was active. My son is going to start trading with Andy and as such will be starting out with any new Turdites that are joining the Army. As pointed out above, time IS very much of the essence and many trades will last last than a minute. The Gold Dog team will spend some time testing various set-ups to see which device and method get us A's trades the quickest. Some things to know; - futures trading is a fast game and not for those that cannot put their emotions to the side.
- DO NOT invest with money that you cannot afford to lose.
- Looking at the Feb results I see that there were a number of losing trades. Be prepared for this, I typically make four or five entries before I get one that runs for me, the runners more than make up for the times I get stopped out. Andy is good, but nobody bats 1.000!
- When you apply to get approved for futures you will see that among other things, you sign yourself up for unlimited liability, if things go very wrong they will come for your house. I know people that have had this happen to them. Bear this in mind and have your brokers phone number close at hand at all times in ca, for some reason your computer goes down. (My son will call and have an order in to make him flat every day at the close of floor hours. If the whole grid goes down, at least he will be out at the close of trading.) Other than the above it really is quite simple. Andy will send out a buy or sell signal and it is just a matter of following those signals. Dog
sorry, I am on my laptop and it won't let me edit.
When you say "will spend some time testing various set-ups to see which device and method get us A's trades the quickest", what exactly do you mean? What type of device are you referring to?
i find that when I receive an email it will come in to my hardline computer, my laptop, mu iPad and my cell phone in a different order....sometimes as much as four or five seconds apart. My boy is moving into a new apartment and we want to figure out which device will receive an email from A the fastest.
Dog - Gotcha. I never even thought of that. I always just have an internet window open to the chat page and it makes a loud 'beep' whenever A makes a new post. That's your best bet if you're sitting at the computer anyways.
this forum; the hours are killer here on the west coast. Sure is tempting though.
With the timing so critical, and the need to be away from my fast home connection a lot, I think I will miss so many trades that it won't work for me.
This forum has clarified that for me and I hope it will for others, for yeah or nay.