SPI200 Chat - What will happen next?? *suspense music*

[Broadway]

Mate you don't get it. Clearly by the second line in your post. It was fundies doing business. Simply swapping and re balancing portfolios with the arbs. If you did get it you would of noticed that all week the SPI was running 15 or more points away from the XJO, higher and lower on days. Friday it got squared up. The fundies needed to move a lot of stocks, both buys & sells, on the close of biz Friday as per the index reshuffling. The arbs helped them out. Of course they did what arbs do and got there clip off the top by getting 15 points all week.

BUT,

You just want it to be a positive like you always do. Thou you haven't answered me about why is it a positive when there was equal amount of LARGE sellers?????

Ok, point taken.

Thankyou for the explanation.

 

[Trembling Hand]

I do? lol. That's a new one...

Just noticed your comment on your blog about charging people 5 bucks for a members area.

You wouldn't be selling financial advice without a lic would ya?

 

[Sean K]

Just noticed your comment on your blog about charging people 5 bucks for a members area.

You wouldn't be selling financial advice without a lic would ya?

Ah, that's why I have to go there for the charts.

Who would have thought!!!

 

[ivant]

Lol, I will still be posting charts up on the blog, regardless of whether there are members or not. However, I am considering adding a member's area there indeed in the near future. Maybe in a month or two? I've had a few visitors suggest that. *shrugs*. Whether I do or not, is a different matter. In terms of financial advice, it is not financial advice. Financial advice constitutes when you tell someone what to do, I am simply posting what I am doing. The difference in language between "I suggest you short the market" and "I am shorting the market"... I have not told anyone here on ASF to short the market, have I? I have simply stated that I am short again does not equal financial advice. Let's see how my discipline plays out in terms of posting everyday. I used to post once a month... Lol

 

[beamstas]

He's short ont he AUD and the SPI
Im yet to see any shades of the brilliance it would take to go from $1300 to $450,000.

Not saying it doesn't exist

Ivan, are you really a pro trader who has been trading 8 years?
What does it take to be a pro?

 

[Aussiest]

Im yet to see any shades of the brilliance it would take to go from $1300 to $450,000.

I'm actually wondering Ivan, how did you go from $1.3k to whatever it is now ($450k i believe. Not that it matters, just curious)?

Example: If you had gone long one SPI futures contract, that is a $1250.00 deposit. All it would have taken was for that contract to move down a few ticks and you probably would have had your position closed out.

 

[ivant]

He's short ont he AUD and the SPI
Im yet to see any shades of the brilliance it would take to go from $1300 to $450,000.

Not saying it doesn't exist

Ivan, are you really a pro trader who has been trading 8 years?
What does it take to be a pro?

Well technically I have been trading for 8 years, and I assume anyone who does it for a living and makes 100% of their income from that particular field is a pro. For example, if i was a musician playing in pubs and making 100% of my income from that, then I would be a pro musician (while not really having to be playing on Rod Laver or Wembley). Do I make sense?

I'm actually wondering Ivan, how did you go from $1.3k to whatever it is now ($450k i believe. Not that it matters, just curious)?

Example: If you had gone long one SPI futures contract, that is a $1250.00 deposit. All it would have taken was for that contract to move down a few ticks and you probably would have had your position closed out.

The old margin needed for IG Markets was 500. Now its 250 if you are on their "trader platform". I showed my statements to a moderator, and he approved it.

 

[Aussiest]

The old margin needed for IG Markets was 500. Now its 250 if you are on their "trader platform". I showed my statements to a moderator, and he approved it.

It's $250.00 for a mini.

Anyhow, to me it means that you would have had to have been lucky a few times over. Eg, go in hard long with tight stops. Take profit. Go in short hard with tight stops (and not be stopped out) and take profit. Repeat over and over again.

Not so much asking for evidence, just how. I respect what you have say, i really do. Just seems like you'd have to get in and out really close to reversals etc., with lots of contracts / leverage. In order to get high leverage with IG, you need to set tight stops. And, if you had have been stopped out, it would have eaten into your initial capital.

 

[Mr J]

Another boring day. Got to diversify.

 

[skc]

It's $250.00 for a mini.

Anyhow, to me it means that you would have had to have been lucky a few times over. Eg, go in hard long with tight stops. Take profit. Go in short hard with tight stops (and not be stopped out) and take profit. Repeat over and over again.

Not so much asking for evidence, just how. I respect what you have say, i really do. Just seems like you'd have to get in and out really close to reversals etc., with lots of contracts / leverage. In order to get high leverage with IG, you need to set tight stops. And, if you had have been stopped out, it would have eaten into your trading capital.

We've been through all this on another thread. The thread title relates to "blows goat" from memory...

 

[ivant]

It's $250.00 for a mini.

Anyhow, to me it means that you would have had to have been lucky a few times over. Eg, go in hard long with tight stops. Take profit. Go in short hard with tight stops (and not be stopped out) and take profit. Repeat over and over again.

Not so much asking for evidence, just how. I respect what you have say, i really do. Just seems like you'd have to get in and out really close to reversals etc., with lots of contracts / leverage. In order to get high leverage with IG, you need to set tight stops. And, if you had have been stopped out, it would have eaten into your trading capital...

Yea thats right. Except I never put in stops because they create spikes. Just mental ones. I started of trading one mini. Started piling up. I trade at least 10 full contracts now. I started out by trying to play every short term move. I had days where I made 200 points in a 75 point range day. That spat in my face a few times and I stopped doing that. Now all i need is about 100 points a week to make 100k a month. I made 100k in April.

 

[Aussiest]

We've been through all this on another thread. The thread title relates to "blows goat" from memory...

I'm not sure that we went through the "how"... I thought it was more "did you really do it"?

Edit: just had a quick squizz, it seems you are right. Never really got to ask Ivan this particular question. It seems relevant to the thread right now

 

[Aussiest]

That spat in my face a few times and I stopped doing that. Now all i need is about 100 points a week to make 100k a month. I made 100k in April.

How do you mean "they spat in my face a few times"? Do you mean it was difficult trading the swings during the day?

Well done on the 100!

 

[ivant]

How do you mean "they spat in my face a few times"? Do you mean it was difficult trading the swings during the day?

Well done on the 100!

lol the positions, not IG. I was in the process of tweaking my system and every bad trade caused me to go longer and longer term. now i trade the 3-4 hour charts. i used to trade the 5-15 minute charts.

 

[Aussiest]

Another boring day. Got to diversify.

Have you thought about doing some shares J? You could pick 4 or 5 and specialise in those.

 

[Average Joe]

Ivan,
Do you still trade with IG? I find it difficult after normal hours when they change the spread, making it hard to get points on a ranging market. There has been occasions in which I tried to trade withing a range, just to see the spread increase to 10 points just after I went long.

If you don't mind me asking, what time frames do you use?

 

[Aussiest]

lol the positions, not IG. I was in the process of tweaking my system and every bad trade caused me to go longer and longer term.

I hear what you're saying . You must have had a bit of capital built up in your open positions not to be closed out if a long went against you

Anyhow, apparently this is repetitive. Sorry if you're over talking about it

Just love hearing stories from traders

 

[Mr J]

Ivant, how many markets do you trade?

 

[ivant]

Ivan,
Do you still trade with IG? I find it difficult after normal hours when they change the spread, making it hard to get points on a ranging market. There has been occasions in which I tried to trade withing a range, just to see the spread increase to 10 points just after I went long.

If you don't mind me asking, what time frames do you use?

Unfortunately, I have to say I still do. I have an IB account open, and now just in the process of starting that all up, but I still trade with IG for the moment. The spread at night is a killer! Keep looking at a chart though in the evenings, and trade that price. If you have a 3950-60 or 3940-70, the price is still the same on the chart I have held some positions for months. I try to change my positions every week, but it all can be much longer than that. On average I'd say I have positions for about 2 weeks now.

I hear what you're saying . You must have had a bit of capital built up in your open positions not to be closed out if a long went against you

Anyhow, apparently this is repetitive. Sorry if you're over talking about it

Just love hearing stories from traders

Lol, at the start the 1300 was all I actually had in the account. So if that contract went against me, I'd be in a bit of trouble lol.

Ivant, how many markets do you trade?

Until recently I only traded the SPI and a few other indexes (S&P500 and DJIA). I have since started trading nymex crude, and just recently thinking about doing more Forex. I can't say they are overly successful (about breakeven). I had a 65k loss in oil last month! So that was a bit of a hit. Wiped out all of my previous gains. Just trying to get a system for the crude. Forex i am basing on fib retracements, and support/resistance. yesterday shorted the Aud against USD at 80 and a 1/2. Get the feeling it could go up to 85, but the risk/reward is pretty good. 70 on the downside. we shall see how that one goes

 

[Edwood]

Ivan,
Do you still trade with IG? I find it difficult after normal hours when they change the spread, making it hard to get points on a ranging market

you'll probably find IG just track the SPI spread. CMC used to be great for out of hours as they always ran a 4pt spread regardless of what SPI spread was doing. Not any more unfortunately, they now track SPI spread so IG probably just doing the same