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Moved the second stop too tight. Stopped out 6335 on the second. Annoying.
The transition to Futures trading
- Thread starter pavilion103
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SPI also annoying. I took a short at the open yesterday. With a stop above the high. I moved my stop in a sensible way but just got taken out 
That would have been a handy 70 points.
Feeling like there could be some very big pay days in the next 12 months if I can tidy up a few rough edges and implement a couple of ideas. Particularly moving to 3-4 contracts next year will give a lot of flexibility and confidence to implement varied and diversified trade management.
That would have been a handy 70 points.
Feeling like there could be some very big pay days in the next 12 months if I can tidy up a few rough edges and implement a couple of ideas. Particularly moving to 3-4 contracts next year will give a lot of flexibility and confidence to implement varied and diversified trade management.
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After donating my profits back to the market, I am on a self imposed exile.
After breaking many of my rules I have decided to write them down and attempt to be more structured.
I was wondering what rules other people use?
After breaking many of my rules I have decided to write them down and attempt to be more structured.
I was wondering what rules other people use?
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How the heck did you give back your profit?
I thought you were well up this (and last?) week?
From your posts it seemed like you were on fire.
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I am lamenting missed opportunities this week.
Following two big weeks my account moves little this week. This isn't usually an issue at all, but it was for last week given the amount of opportunity available. It was quite bizarre how I came out with just about nothing. Anything from $3,000-5,000 for the opportunities presented would have been about par. It was a really good week to be trading.
But need to put that all behind me and focus on trade by trade as they happen this week.
The last month, I have gained so much clarity in terms of my more specific rules, setups, holding times etc. I haven't nailed it all but I'm understanding more and more how I want to trade. Also my discipline has been really good. I haven't gone crazy but I've also pulled the trigger when needed.
The plan is to continue from now on with 2 contracts, however if really good opportunities form maybe begin to move to a 3rd. Then at the beginning of the year I will re-assess. Maybe 3 then becomes the norm if I have a strong end to this year and maybe the DAX gets a bit of a look early next year.
Plenty to think about.
Following two big weeks my account moves little this week. This isn't usually an issue at all, but it was for last week given the amount of opportunity available. It was quite bizarre how I came out with just about nothing. Anything from $3,000-5,000 for the opportunities presented would have been about par. It was a really good week to be trading.
But need to put that all behind me and focus on trade by trade as they happen this week.
The last month, I have gained so much clarity in terms of my more specific rules, setups, holding times etc. I haven't nailed it all but I'm understanding more and more how I want to trade. Also my discipline has been really good. I haven't gone crazy but I've also pulled the trigger when needed.
The plan is to continue from now on with 2 contracts, however if really good opportunities form maybe begin to move to a 3rd. Then at the beginning of the year I will re-assess. Maybe 3 then becomes the norm if I have a strong end to this year and maybe the DAX gets a bit of a look early next year.
Plenty to think about.
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Sorry just my open profits from Friday. I have actually had a good run but I feel this may have been more due to luck.
My starting amount of sports bet winnings has become more substantial. Therefore after Fridays blow up it seemed a good time to take a pause. But there seems to be money made at the moment so hopefully just a short pause.
My starting amount of sports bet winnings has become more substantial. Therefore after Fridays blow up it seemed a good time to take a pause. But there seems to be money made at the moment so hopefully just a short pause.
tech/a
No Ordinary Duck
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If as you have --- you recognize an opportunity and you place your money in front of it
And it goes in you favor --- it's not luck.
If you put money on everything and anything and it goes in your favor it's luck.
Making a calculated investment can be seen by many as luck.
---it's not!
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It seems that with this "game" there are ways to stack the odds to heavily in your favour. It really is unbelievable.
Especially in the market we have had the previous 3 weeks. If my average initial risk is 7 points and trading days are providing regular 50 point moves, often over 100 in this market, then with a few good setups the odds are so heavily in our favour. For a 70 point move we'd only have to be correct 1/11 times (9%) to BE. And in a market which is clearly trending, it isn't tough to pick the direction. The accuracy would be more like 65-75% in this market. That is a HUGE EDGE.
Heck, even if you had no specific setups, you could wait until price settles on open and then get in and have a stop above the high of the day 20-30 points away and still have an edge in this market.
I know these conditions aren't a regular thing, but I'm just illustrating how big the edge can be.
Especially in the market we have had the previous 3 weeks. If my average initial risk is 7 points and trading days are providing regular 50 point moves, often over 100 in this market, then with a few good setups the odds are so heavily in our favour. For a 70 point move we'd only have to be correct 1/11 times (9%) to BE. And in a market which is clearly trending, it isn't tough to pick the direction. The accuracy would be more like 65-75% in this market. That is a HUGE EDGE.
Heck, even if you had no specific setups, you could wait until price settles on open and then get in and have a stop above the high of the day 20-30 points away and still have an edge in this market.
I know these conditions aren't a regular thing, but I'm just illustrating how big the edge can be.
tech/a
No Ordinary Duck
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PAV
You've traded the FTSE long enough to know that you don't have to trade everyday
And that there are times when momentum is as clear as the sky is blue.
Long or short.
When you see it hop on it.
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3 x 8 point loss.
Thought I'd nailed it when the big down bar happened.
Prob too ambitious taking a 3rd tonight. No real critical resistance levels on open.
Thought I'd nailed it when the big down bar happened.
Prob too ambitious taking a 3rd tonight. No real critical resistance levels on open.
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Yes most of time I identified a spot I wanted to enter, but there times on reflection I had no real plan. I definitely over traded a few nights. Friday was just a blow up.
Also my exits need lots of work, but I feel this may be assisted with 2 contracts and being able to lift one and let one run. But this is more than my account will allow so I will have to just work on 1 contract for now.
I am also in the process switching to AMP so I can have a play around with NT.
I have been spending some time looking at BookTrader but I still cannot see anything. The only thing I have noticed is when the total amount of Bids exceeds Asks (and Vise Versa) by about 150-200 there seems to be a move. Apart from that it is all just numbers moving to me
CanOz
Home runs feel good, but base hits pay bills!
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I have been spending some time looking at BookTrader but I still cannot see anything. The only thing I have noticed is when the total amount of Bids exceeds Asks (and Vise Versa) by about 150-200 there seems to be a move. Apart from that it is all just numbers moving to me
This is good, watch how the book thins out at times...and where that is.
CanOz
Home runs feel good, but base hits pay bills!
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This little pop doesn't seem to be too convincing, the volumes dropping off again...need some short covering after the US opens to keep this move going.
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I drew this line weeks ago not thinking much of it, wish I had of
Possibly a move up?
View attachment 59814
Possibly a move up?
View attachment 59814
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6360 a good level to short at.
6300 a looser level that has acted as minor support and resistance.
Tough to know how much pausing price needs.
6300 a looser level that has acted as minor support and resistance.
Tough to know how much pausing price needs.
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Was down 20 on the open. Annoying.
Now short 6322 and stop @ BE.
Leaving this.
After a couple of days little pause on the FTSE. I wonder if this will push down hard.
Now short 6322 and stop @ BE.
Leaving this.
After a couple of days little pause on the FTSE. I wonder if this will push down hard.
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Plenty of money to be made on the SPI today, Saw the point I would of entered, but with 1 contract think I would of been stopped at 5170. Today's push up may also make shorts very tempting. Maybe an expensive time to be in exile.
Hmmm I was thinking the FTSE may have also had a smallish push up today.
Hmmm I was thinking the FTSE may have also had a smallish push up today.
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If the US falls again tonight, the short at the high of the SPI today looks like a golden opportunity was there.
I was tempted at around the 88 level with the stop 04.
But just seemed like a bit of a gamble right at the end of the day and European markets about to open.
Was watching the SPI today for shorts at the high. Didn't have the guts to pull the trigger. I don't like other market potentially dictating the outcome.
I was tempted at around the 88 level with the stop 04.
But just seemed like a bit of a gamble right at the end of the day and European markets about to open.
Was watching the SPI today for shorts at the high. Didn't have the guts to pull the trigger. I don't like other market potentially dictating the outcome.
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