The transition to Futures trading

[pavilion103]

First setup too risky. Was probably silly to take it even though it worked. 2nd entry good, but out BE. 3rd entry perfect.

 

[pavilion103]

Monday night was a poor start to the week. Too aggressive near the open and was down about 30 for the night. Unacceptable trading. The rest of the week was brilliant. I think close to around 400 points.


What hurt me this week was Monday night (after my initial losses).

I had up the DAX and FTSE.
I jumped on the FTSE for 8 points risk, but then I exited specifically to get on the DAX.
I dived in the DAX and got my stop to BE asap.
Overnight the DAX just got taken out. The FTSE didn't.
Both were intended position trades.

Costly in hindsight. IF the DAX had come off I was laughing but it didn't.
If I had held the FTSE I would have held it all week without doubt a this was an intended position trade.
Probably cost me $5,000- $6,000.

Frustrating time to get unlucky.

Finished up around $7,100.
Could have certainly been $12,000-13,000, but not to be.

In hindsight, also wish I'd maybe taken an extra contract each night, given the massive trend and opportunity available. Certainly the plan is to try and get to 3 in these types of markets.

Next time.....

Overall a great week for me.
It had been slugish the few weeks before so was good to cash in somewhat.

 

[pavilion103]

The usual plan is to take 2 at the top as a position trade. Had that occurred it would have been around $12,000 just on those two. I had been watching this top for a while and was setting up for a position trade. I wish I hadn't got caught up in the DAX, but easy to say in hindsight because it could have been huge.

This week opened my eyes. It was a massive trend but showed me the potential.
Had there been 2 position trades = $12,000.
Had I then taken the other trades = $7,000.

That's almost $20,000 in 1 week from what can be reasonably expected to occur at a time like this. This is without any real luck but just a huge trend.

I know there are some on here who are probably making much much more than this, but for me this is yet another eye opener. It is not unreasonable to think that $20,000 can be made in the rare weeks like this one. One where a clear top is in place so you'd be actively looking for these trades also. It isn't just hindsight stuff.

I think I will be a bit more conservative now and see how things play out next week.

 

[fiftyeight]

Good stuff Pav

I have also been waiting to see how this top played out. Unfortunately life gets in the way again, I started a FIFO job so I missed the first 3 hours on the FTSE. Jumped on each night and had a look, nearly took a couple but its not how I have been trading so thought better to stand aside

Time to come up with a new game plan whilst I am on site

 

[pavilion103]

Good stuff Pav I have also been waiting to see how this top played out. Unfortunately life gets in the way again, I started a FIFO job so I missed the first 3 hours on the FTSE. Jumped on each night and had a look, nearly took a couple but its not how I have been trading so thought better to stand aside Time to come up with a new game plan whilst I am on site

Annoying to miss the first part of the day. It's so crucial. Missing the first 3 hours is tough. I'd be interested to know what you come up with. Maybe some sort of holding longer strategy? Had I stayed in my trade on Monday (3 hours after open). I would still be in! And I would have had to do nothing further with that contract all week.

 

[pavilion103]

Missed the short after failed shorts at 6315 and 6330.

Bloody turned it off not long before the fall !!!

 

[tech/a]

DAX short

Waiting ages for this to develop

Not the greatest of entries but-----

Click to expand




A risk of ranging here (at about 386)
will revisit before I go to bed.

 

[tech/a]

Stopped--flushed me out!
Set again at 403
and stop 421
Off to bed.

 

[Nortorious]

Hi Pav and Tech/A,

I have been following this thread with interest and will be looking to move into this type of trading activity in the new year. I've been working the demo accounts on a number of platforms etc., and as they expire move to the next.

Interested to know what systems, software and broker you are working with?

Hopefully I can contribute more broadly to the discussions regarding the trading etc in the future.

Thanks in advance

 

[lesm]

Stopped--flushed me out!
Set again at 403
and stop 421
Off to bed.

Thought you were being a bit cheeky with the first entry

But, you already knew it wasn't a great entry.

Was already in there long watching the bars print at the time. Entered pre-news with wide stops, behaved as expected.

See how the second entry works out for you.

There are still buyers lined up holding the price up at the moment with sellers higher up pushing the price back.

It may be later in the week before we see a deep dive, which could be interesting going into Christmas. Like all things trading, it will happen when it happens.

All the best with your trading.

Cheers

 

[tech/a]

Well PAV every time you think you've been hard done by

Think of this trade.

I had an exit at 225 the low of the trade was 225.5 then around it went!

Click to expand.





Merry Xmas!!!

 

[avion]

Tech, you did not have trailing stop? What happened in the end... profit, break even?

 

[tech/a]

Tech, you did not have trailing stop? What happened in the end... profit, break even?

My profit stop was an exit at 225.
Now that would have been nice.
But 1/2 tick short----

No trailing I was asleep.
Before I went to bed I did move stop to B/E
but had the earlier loss.

Needless to say a little narked! (That 1/2 tick cost me around $6K----well maybe my sleep cost me---)

But when your not watching it this can happen.
Another 1/2 tick and it would be drinks all round!

NEXT!

 

[pavilion103]

Well PAV every time you think you've been hard done by Think of this trade. I had an exit at 225 the low of the trade was 225.5 then around it went! Click to expand. <img src="https://www.aussiestockforums.com/forums/attachment.php?attachmentid=60777"/> Merry Xmas!!!

You win

 

[VSntchr]

Needless to say a little narked! (That 1/2 tick cost me around $6K----well maybe my sleep cost me---)


NEXT!

I was watching the Euro markets last night and when it got down to your target area I was adding it up in my head based on your chart and thought it was about $6k.
I hope that sleep was the best you've ever had!!

 

[pavilion103]

I went to bed 70 points up and it was gone by morning. I thought I was safe. US only went negative late in the day. I thought US wouldn't push up so much.

Contemplated a DAX entry 9340 with a stop of 20 points. In the next 30 mins I saw it down over 100. Would gladly taken that.

Next few nights interesting. No idea from here. The weak finish in the US is interesting.

 

[pavilion103]

US looked weak last night.

I don't think we have a bottom yet. But some big volume appearing now.

 

[fiftyeight]

At BE at 6245, lets see if I can pull a Tech and go to bed and wake up with a nice surprise

 

[fiftyeight]

Well didnt enjoy that, dont think that is for me.

Whats the best way to chart with roll over and looking at larger time frames?

 

[fiftyeight]

I would like to start playing around with multiple contracts, maybe in the 5 - 10 range but dont have the skill or funds to do this using full lots. Are CFDs the only way to take smaller size contrats on Futures Markets?