The transition to Futures trading

[Newt]

Home at 1740, and after checking things out when short at 17:52 @ 6673 with 5 pt stop. Working on expectation strong trend/resistance line over last 2-3 days will hold, but expecting downward momentum to slow over next hour - hopefully still enough for me to eek out some points.

Al Brooks says stick to one chart, but I've been dabbling in 50 tick Z 09-14 with my sim trading and believe it gives interesting insights into short term direction worth further learning.

Agghh. Support around 6668.5 seems to be holding now!!

 

[pavilion103]

Got out for 10 point profit last night.
I was a bit in no man's land.

I was up 40, probably should have walked away with 25-30.

Direction is unclear.
It is strongly down last few days but we are at support.
How price reacts here is critical.
I'm a bit confused as to where it will go from here so I need more information.

 

[tech/a]

I'm a bit confused as to where it will go from here so I need more information.

After smashing down to and through support it was due for a short term pause if it was to continue.
As you know Im short the DAX.

I'm expecting it to just keep falling. DAX and FTSE.

 

[pavilion103]

After smashing down to and through support it was due for a short term pause if it was to continue.
As you know Im short the DAX.

I'm expecting it to just keep falling. DAX and FTSE.

It makes life easier getting on at the top.
You've got your contract and you don't have to do a thing.

Now I have to risk capital trying to take on new positions.

Having said that, as I said to kid last night, if I was still in the FTSE and SPI trades I probably would have lifted last night/this morning.


I don't doubt that this is likely to smash down.
Interested how long this pauses for, if it does in fact then resume the down move.

 

[cynic]

After smashing down to and through support it was due for a short term pause if it was to continue.
As you know Im short the DAX.

I'm expecting it to just keep falling. DAX and FTSE.

It's immensely comforting to know that my goose is pointing in the same direction as the Duck.

At least this time around I won't have the usual experience of incurring losses whilst watching the Duck happily raking it all in!

 

[kid hustlr]

Or its a classic case of misery loves company

 

[tech/a]

It makes life easier getting on at the top.
You've got your contract and you don't have to do a thing.

Now I have to risk capital trying to take on new positions.

Having said that, as I said to kid last night, if I was still in the FTSE and SPI trades I probably would have lifted last night/this morning.


I don't doubt that this is likely to smash down.
Interested how long this pauses for, if it does in fact then resume the down move.

Ill mark up a Possible chart tonight but basically an A/B/C corrective move.

It's immensely comforting to know that my goose is pointing in the same direction as the Duck.

At least this time around I won't have the usual experience of incurring losses whilst watching the Duck happily raking it all in!

Ive been a very lazy Duck.

As PAV will attest I have had 3 short positions all getting 150 ticks or so in the money.
and all have drifted back to my B/E stop. Time has been my enemy and I've been out most nights.

But THIS time!

Been short since 10024 (Sent PAV an email.).

 

[cynic]

Or its a classic case of misery loves company

Too true! That's why I always like to encourage market newcomers to trade the demonic DAX!

 

[pavilion103]

Too true! That's why I always like to encourage market newcomers to trade the demonic DAX!

I'd take a look if it was a very good setup in very good context for say 10 points risk.

Beyond that, at this stage, I'm not prepared to venture too far.........

 

[fiftyeight]

PAV, how did you sim trade when you were getting started with Futures. I have an IB account but currently no subscriptions

 

[pavilion103]

PAV, how did you sim trade when you were getting started with Futures. I have an IB account but currently no subscriptions

I simmed stocks for a long time, so I had good understanding of price action and volume by the time I started loking at futures.

I didn't sim futures as such. I saved charts and setups as I watched the market without trading.
I simply observed the market for a couple of months I think it was, to see how it behaved differently to stocks.

Then I started taking a few conservative trades, before trading more frequently.


If I had my account setup sooner I probably would have started simming on IB with their "dummy" account.

 

[pavilion103]

PAV, how did you sim trade when you were getting started with Futures. I have an IB account but currently no subscriptions

FTSE data is a little costly now (I think $85 US), but if you were serious about it and looking to trade most nights I'd get the data and use their sim account.

There isn't really another way to learn than to study the charts thoroughly.

Data is just a cost of doing business if you are serious about this.


If I were you I'd also post some charts and questions in the thread and some of us can help you out

 

[kid hustlr]

58 I think CanOz hinted @ this as well but AMP futures might be cheaper overall too. I had a quick look @ their website y/d and whilst it's hard to put all the 'moving parts' together I think its definitely a lot cheaper per round turn (like half price) and by my calc's you could probly trade for like 50 a month using ninjatrader then 15 a month for their data charge which breaks down slightly cheaper a month + far cheaper for brokerage when you are eventually trading.

Just thinking out loud here and its possible I've got the costs wrong but that was how I read it.

 

[Newt]

Made 20 (sim) pts on the FTSE last night, have already lost 5 unsuccessfully getting on board the blender in last 30mins. Grrr. I have to work on rules for when to try and join the traffic depending on when I get home, without getting run over.

Great to see you back and posting Tech

 

[pavilion103]

Smashing down right now.

I turned it off after about an hour.

Checked it at the gym. Looked really suss to me as it fell down sharply (to 6660ish) after a very sluggish start.

I rolled the dice a little. Took 2 contracts with big risk (about 40 points total).

Stopped exercising and rushed home lol.


Managed to reduce the risk a fair bit now.

Price smashing down.


Wow holding a short from that high would have been amazing.

Tech laughing

 

[Newt]

Wow, I've been working on options to watch the screen on my iPad over dinner, but didn't bother tonight. That would have hurt if I'd started trading for real this week and tuned out for the last 60mins

 

[5oclock]

Had a bit of a dip myself on IG fste cfd,got out as soon as momentum slowed

 

[pavilion103]

I'm regretting my earlier trades in the week moreso than I've enjoyed this move tonight.

Man, so much money can be made and so easily by just holding in the right spots.

Every now and then an opportunity will come along and you can clean up.



This has certainly sparked my interest in the DAX too.

Particularly trading rarely and in good spots with the potential to hold for a few days. RR is even better than the FTSE (although riskier price action by the looks of it).


All in all, this is very interesting.

 

[5oclock]

Might see some more action around 9pm PAV

 

[tech/a]

It's immensely comforting to know that my goose is pointing in the same direction as the Duck.

At least this time around I won't have the usual experience of incurring losses whilst watching the Duck happily raking it all in!

Having fun!