The transition to Futures trading

[pavilion103]

Exited 2nd SPI contract for 100 points.

Global markets not showing any weakness yet. Too much of a gamble to hold now. I got in expecting other markets to correct to the downside. Hasn't happened.

 

[CanOz]

For northbound, 55% of daily quota was done on the open! Saw some double digit gains on the high ADV stocks (which faded over the day).
Don't think it affected the market much as most of Asia was down sharply

Wow, i also heard they limited out, hit the daily max?

 

[tech/a]

Wow, i also heard they limited out, hit the daily max?

Speaking of Lock limit.

Radge tells some horror stories of Exchanges left lock limit over the years.

 

[pavilion103]

Exited 2nd SPI contract for 100 points. Global markets not showing any weakness yet. Too much of a gamble to hold now. I got in expecting other markets to correct to the downside. Hasn't happened.

Moving down again on open. Maybe a bad move. Tough to hold nerve!

 

[Trembling Hand]

Moving down again on open. Maybe a bad move. Tough to hold nerve!

Yeah Pav different themes between the Euro/US and Asia taking hold last few days. Mainly the Iron ore price/China data.

 

[pavilion103]

Yeah Pav different themes between the Euro/US and Asia taking hold last few days. Mainly the Iron ore price/China data.

Cool thanks mate. I need to be more in tune with this. The chart is telling me the story but then when comparing it to the other markets it leaves me confused. Appreciate your input.

 

[fiftyeight]

Still holding.

This is starting to become a decent % of the funds I had set aside to learn/play around with futures. If I cover now, it allows me to make a lot of mistakes in the future with out blowing up my account.

Hmmmmmm ???

 

[pavilion103]

Ahhhh. This sucks.

Had my plan in place. Executed well.
Ended up being panicked out of my positions.

Would be $9,000 up in the last week. Instead I took $3,500. Would love to be on this still.

 

[tech/a]

Ahhhh. This sucks.

Had my plan in place. Executed well.
Ended up being panicked out of my positions.

Would be $9,000 up in the last week. Instead I took $3,500. Would love to be on this still.

PAV

How can you be panicked out if you run a plan with stops?
Fear of loss!
You have to give some back---sometimes all of it---to hit home runs.
We've discussed this before!

 

[dlineinvestor]

Ahhhh. This sucks.

Had my plan in place. Executed well.
Ended up being panicked out of my positions.

Would be $9,000 up in the last week. Instead I took $3,500. Would love to be on this still.

We all know where your coming from pav, u can't win them all.
As you know you learn more from your mistakes then your victories.
Not that taking 3.5k out of the market is a mistake ...... hell no
I say good one mate! and you'll be on to it next time for sure

 

[pavilion103]

PAV

How can you be panicked out if you run a plan with stops?
Fear of loss!
You have to give some back---sometimes all of it---to hit home runs.
We've discussed this before!

It's really quite devastating for me.
Fear of loss - emotional trading - re-assessing the context when I'm emotionally involved.
I gave back 40 points on the SPI a couple of times at the top trying to catch this.
I think the successful one was my 3rd attempt.

I saw it perfectly and nailed it.
My issue was then not sticking with the original plan.

I have really learnt a big lesson here.
Next time I get on one like this, stick to my original plan.
Don't even think about changing it. Be prepared to either cop $0 or a big move.
In these particular places it's worth it. Like when I made over 300 points on the FTSE on 1 contract during the last down move.

Also watching the chart killed me.
There was no need to. Once I was on with 2 I wasn't going to add under any circumstances.
Watching the chart could only possibly make me change my mind. It had no benefit.

 

[fiftyeight]

Still holding and now about 200ish points in profit.

My problem is the opposite to PAVs, I am more likely to hold way to long, give it all back and then wonder what just happened.

Knowing this I could really tighten my stop, but then risk being taken out way to early. I could leave it where it is and wait for big volume to come in. Or try and have it both ways and move my stop but still give it some room.

My original plan was to wait for volume as a signal to exit, maybe I should stick to this and forget how much profit I am in.

The last option seems like the easiest for me to live with, however I know easy does not mean most profitable.

Ill keep pondering for now

Short 6690 on the FTSE

 

[pavilion103]

Brilliant move on the FTSE around the 6690 mark.

I've taken one of my first real attempts on the DAX. I just think contextually it was such a good place for a entry for 20 point risk. Couldn't pass it up on open.

9453 short. Stop to BE.

Fingers crossed.

 

[fiftyeight]

Nice work PAV, is that like a $600 risk?

I am staying well away from the DAX..... for now

 

[pavilion103]

Nice work PAV, is that like a $600 risk? I am staying well away from the DAX..... for now

Yeh. I think around $700.

It's relatively stronger than the FTSE tonight though. I'd feel much safer with my 2 FTSE contracts at 6693. Great place to hold too.

I'm rolling the dice a bit here with the DAX.

 

[sinic]

The euro stoxx50 (estx50 on interactive brokers) to my mind is better trading than either ftse or dax. Liquidity is heaps better and the contract size is a bit smaller making the use of multiple contracts more palatable. Currently at about 3100 with 10 euros per point. There is usually about 800 contract on the bid/ask 1 pt apart. Same hours as the DAX.

 

[fiftyeight]

Yeah wish I had entered with 2, would look to take one off now and let the other run.

Possible will cost my self some $$$ but all part of sticking to my rules which I was not doing before I went on holidays. 1 contract is enough until I gain a lot more consistency

 

[fiftyeight]

Cheers sinic, will have look

 

[sinic]

Actually a smaller contract is DJ600 which is 5 euro per point with contract size only about 15000 euros. Not so liquid but still better than the spi with a few hundred contracts on the bid and ask. However, not as efficient as estx50 because brokerage is still 2 euros even though the value is only a half, and the margins are worse. Again same hours as DAX.

 

[>Apocalypto<]

happy to report trading going quite well atm after switching to a plan chart.

for me atm there's no real system that helps me. early days but i have averaged 15 points a day off the DAX so far.

there's a heap of info you fail to see while trading to a system. well for me this is the case. you get a personal feeling for the market and think a lot more about why you're selling or buying. i have still made a few crappy trades. 90% of my trades now are based off market action not just buy/sell when x=y. feeling like the DAX is not so terrifying after all.

still using mt4 trading 1-2 mini contracts. i am thinking of switching back to ninja trader with fxcm as I prefer NT over MT4

Pav I tried a pav trade on the dow yesterday tiny stop with be at 40 up had a feeling was going to come off but they all rallied hard of that news. got to BE but was taken out.

two trades marked on the chart... red was a sell watched this range when it failed twice to push higher sold the close. Green mark same story 2nd low failed to go lower. once the rally came on and made a high i was long. opinions please.