The transition to Futures trading

[kid hustlr]

yeah cheers Lone, I dug up the IB costs on sunday and was a little surprised how expensive they are to trade the FTSE.

Retail traders really do get murdered.

AMP looks like a clear winner unless the interface is horrid or I'm missing something completely.

 

[kid hustlr]

Anyone have any thoughts on the price action Friday. I think it shows T/H's comments to be true that the market was expecting a really strong number and didn't get it so some guys ran for cover.

More interested in that S&P though so me that seems a ridiculously bearish day?

EDIT: The print wasn't even that bad

 

[CanOz]

yeah cheers Lone, I dug up the IB costs on sunday and was a little surprised how expensive they are to trade the FTSE.

Retail traders really do get murdered.

AMP looks like a clear winner unless the interface is horrid or I'm missing something completely.

Well, a couple points there about IB...they're not just futures, but offer almost every product under the sun for the retail and institutional trader....the cost that I gave you, do not include the platform fee, as I own a multi broker license for ninjatrader. TWS is free with a cost for the data.

In regards to the platforms offered by AMP....it's TT, CQG, Rhithmic, and Ninjatrader....all better than TWS but mainly designed for futures....

 

[kid hustlr]

Well, a couple points there about IB...they're not just futures, but offer almost every product under the sun for the retail and institutional trader....the cost that I gave you, do not include the platform fee, as I own a multi broker license for ninjatrader. TWS is free with a cost for the data.

In regards to the platforms offered by AMP....it's TT, CQG, Rhithmic, and Ninjatrader....all better than TWS but mainly designed for futures....

yeah ok so the total cost of trading with them would be: commission/data fee (built into one) + the platform fee?

 

[CanOz]

yeah ok so the total cost of trading with them would be: commission/data fee (built into one) + the platform fee?

Yeah, from memory TT is 1 US per RT with AMP...

 

[pavilion103]

I wonder if this is a medium/long term high.

If we break below here it could be on for a big move down. You wonder if it will come above the 6654 again now.

 

[pavilion103]

 

[CanOz]

I think we'll have the correction, but we usually get a short covering rally at some point (retest), that's usually the best short signal with the least risk...

 

[Wysiwyg]

If we break below here it could be on for a big move down. You wonder if it will come above the 6654 again now.

Are you willing to disclose if you trade what you see? I mean eyeing of chart technicals and opening/closing positions by judgement.

 

[pavilion103]

Took a long and closed 6590 exit 6607.
17 points.
Heading out now.

If I had time I would have posted. Maybe tomorrow.

Will definitely include any detail for bigger moves.

 

[pavilion103]

Short 6616 with one contract. Stop 6620.5

Tough call here. Do I take profit if I get 20-30 points up it leave it!

I still think a short is on in the medium term but not sure if now is the exact time.

 

[pavilion103]

Out 6593.

23 points.

Very clear support and resistance at the moment.

Trade 1 = 17 points
Trade 2 = 23 points.

Probably won't be on to take any more.
I actually took the last one during class on my phone.

Still think a big short will come at some point.

 

[payday]

Some nice trading there Pav. Looks like a possible h&s forming on the 60 minute chart with the neckline around today's lows at the 6580 mark.

 

[pavilion103]

Thanks man.

I've taken 1 trade since. 6599. Stop to BE.
If this falls it falls. If not I'm out BE.
It looks heavy. Hoping I can pull off the break lower. It could be a good move if it happens!

 

[pavilion103]

Stopped out by 2 bloody points!!! You're joking!!

Could have been a huge night!

 

[pavilion103]

2 ticks that was sorry.

Bitterly disappointed. Identified it and wasn't quite aggressive enough. 60 points gone.

What should have been a 100 point night only nets 40% of that potential with 40 points.

Very frustrating!

 

[CanOz]

2 ticks that was sorry.

Bitterly disappointed. Identified it and wasn't quite aggressive enough. 60 points gone.

What should have been a 100 point night only nets 40% of that potential with 40 points.

Very frustrating!

It's a different marke when the US opens, anything can happen. I'm stunned that you're disappointed making what you're making given the time you're applying to this, mostly on a mobile platform!


If you can net 40 percent of the available ticks on any given day, that's an outstanding achievement.

Are you sure this is not becoming more about being right than being profitable, or do you want both?

 

[Newt]

I'm with Canoz on this - 40 pts for last night was a great effort.
I was impressed how well you judged resistance for the move down later. Obviously the 60pts extra would have been nice, but your strategy and probabilies were only just out. Can understand the disappointment, but that was more great trading Pav.

 

[pavilion103]

It's a different marke when the US opens, anything can happen. I'm stunned that you're disappointed making what you're making given the time you're applying to this, mostly on a mobile platform!


If you can net 40 percent of the available ticks on any given day, that's an outstanding achievement.

Are you sure this is not becoming more about being right than being profitable, or do you want both?

Some great points Canoz. Always love your input.

The big frustration in this instance is that I analysed the context perfectly.
Coming out of a few weeks where the bigger profits weren't on the table, this was a big opportunity and I realised that. To narrowly miss out on it is frustrating.

Further to that, I didn't take 2 contracts which would have left me in a trade overnight.
This was part of my strategy and I didn't execute it.

40 points in a night is satisfying. But I just feel that in this case the opportunity was there, I knew it, but I didn't execute it well enough (maye I was a little unlucky too).


Overall I'm feeling good Can.
But this was an opportunity that slipped.
It's ok. Tonight is a new night.

 

[pavilion103]

I'm with Canoz on this - 40 pts for last night was a great effort.
I was impressed how well you judged resistance for the move down later. Obviously the 60pts extra would have been nice, but your strategy and probabilies were only just out. Can understand the disappointment, but that was more great trading Pav.

Thanks for the encouragement.

One thing that I am telling myself is this is still about developing the golden goose rather than trying to accumulate golden eggs.

If I keep executing well and then sizing up down the track, these missed opportunities will be good learning experiences that lead to refinement and further greater success down the track.


On another note.
Tonight what are people's thoughts?
I will be looking for a short with 2 contracts if I can find a good setup.
Wouldn't be surprised in the coming week if price pushes down.