The transition to Futures trading

[ThingyMajiggy]

Huh?

Wow. Hopefully when you're trading real money you can double your account every day too.

After the first month you would have made about $5.25 billion.

Maybe enough to retire on!

Haha yeah was using CFD's, I actually just wanted to see the FTSE data and can't seem to find which one it is from Kinetick(they think I already have it but it doesn't move live on the chart) so thought I'd whip up a quick demo account with CMC and have a punt on my FTSE view. Would be nuts to trade like that with a real account. Just funny how it always goes your way and things work out perfectly when it's sim, then fail miserably when it's live and nothing goes right

 

[CanOz]

Haha yeah was using CFD's, I actually just wanted to see the FTSE data and can't seem to find which one it is from Kinetick(they think I already have it but it doesn't move live on the chart) so thought I'd whip up a quick demo account with CMC and have a punt on my FTSE view. Would be nuts to trade like that with a real account. Just funny how it always goes your way and things work out perfectly when it's sim, then fail miserably when it's live and nothing goes right

Sam, the FTSE contract should be LF 03-14 (LIFFE)...

 

[ThingyMajiggy]

Sam, the FTSE contract should be LF 03-14 (LIFFE)...

Yeah that's all good in Ninjatrader, just add "Z" to the instrument list, my problem is which exchange to select on the kinetick website to get data for it, there are a few and it's a little confusing, I emailed them last night and they reckon that I have it(level 1 as NO ONE seems to do level 2/market depth for it) but it's not live on the chart when I tried to load it up in NT, just sits there.

 

[CanOz]

Yeah that's all good in Ninjatrader, just add "Z" to the instrument list, my problem is which exchange to select on the kinetick website to get data for it, there are a few and it's a little confusing, I emailed them last night and they reckon that I have it(level 1 as NO ONE seems to do level 2/market depth for it) but it's not live on the chart when I tried to load it up in NT, just sits there.

I can get Level II with AMP...will check with the Jigsaw group and see if they can get it with Kinetic and what exchange and session tmpl they're using....

 

[ThingyMajiggy]

I can get Level II with AMP...will check with the Jigsaw group and see if they can get it with Kinetic and what exchange and session tmpl they're using....

Yeah that with a live account? Should open an AMP account actually, they're quite good. I doubt Pete would have it, seems to be possible on a live account, IB and AMP obviously have it, but most of the data suppliers, Kinetick and eSignal both don't have market depth for FTSE, same with HSI, bit of a bugger. I'm all sorted within NT, that's the easy part, just need the right exchange in my Kinetick subscription, which they think I have now so will see tonight when FTSE opens...........and market depth but I've given up on that from any data suppliers, looks like I'll need to open an account with said broker to get that.

 

[CanOz]

Yeah that with a live account? Should open an AMP account actually, they're quite good. I doubt Pete would have it, seems to be possible on a live account, IB and AMP obviously have it, but most of the data suppliers, Kinetick and eSignal both don't have market depth for FTSE, same with HSI, bit of a bugger. I'm all sorted within NT, that's the easy part, just need the right exchange in my Kinetick subscription, which they think I have now so will see tonight when FTSE opens...........and market depth but I've given up on that from any data suppliers, looks like I'll need to open an account with said broker to get that.

Yes Live account, i get you now...

 

[pavilion103]

Tonight.

I'm thinking long.

I will look for

1) Price to pullback on open and enter on this pullback.

OR

2) If it starts trending up immeidatley, then look for a mini consolidation to enter on.




But only if the setup is a good, low risk one.

 

[ThingyMajiggy]

Just funny how it always goes your way and things work out perfectly when it's sim...

See what I mean

 

[Caveroute]

Currently short @6774.5 on the FTSe - second entry short at close/high of yesterday.

Was going to exit at MM on 6659 as we are in a TR but with gaps in each leg, it may go further.

Swing Stop currently at 6765/

 

[pavilion103]

I've posted some of my good setups on here, only fair that I post this.

A bit embarrassed to post this.

This really does show the benefit of a good psychology. I was on tilt from missing last nights move and tonight down about 12 points.

Time to turn off the laptop before I lose more.

Lucky I stopped here.

 

[Caveroute]

Currently short @6774.5 on the FTSe - second entry short at close/high of yesterday.

Was going to exit at MM on 6659 as we are in a TR but with gaps in each leg, it may go further.

Swing Stop currently at 6765/

I was right the first time - out for 6765.

 

[tech/a]

Really strong moves like yesterday tend to have a pause day
Next session.
Tight range low volume will normally see a strong move in the
Direction of the trend.

Not trading today too bloody hot.

 

[kid hustlr]

Really strong moves like yesterday tend to have a pause day
Next session.
Tight range low volume will normally see a strong move in the
Direction of the trend.

Not trading today too bloody hot.

This was my thoughts on y/d as well. the inital couple of bars on rubbish volume led me to think it was doubtful we would have another strong 'money flow' type trend day in one direction.

that and i was very tired!

 

[Trembling Hand]

This really does show the benefit of a good psychology. I was on tilt from missing last nights move and tonight down about 12 points.

Pav before you jump onto another index you should really sort out its individual idiosyncrasies. Today on the HSI is a classic example of the schizo nature of the beast.

Last few days its been good trading doing about 200 tick daily range and today looked a bit quite then booom. basically 400 ticks in what was just 4-5 5 min bars. Now as a bright eyed futs trader such as yourself you probally just think thats oppertunity. Trust me if you are not practised and recognise it its complete danger and the perfect setup for trading on tilt......... (been there done it 100 times )

 

[Newt]

I've posted some of my good setups on here, only fair that I post this.

A bit embarrassed to post this.

This really does show the benefit of a good psychology. I was on tilt from missing last nights move and tonight down about 12 points.

Time to turn off the laptop before I lose more.

Lucky I stopped here.

Thanks for being honest and posting this Pav. Its actually very informative for mega-newbies (like moi) to see and hear about you entering with wrong mindset, and the experienced traders commenting on chop. I've been demo trading the DAX every night this week and getting a swell head. Last night seemed different from the start and couldn't put my finger on it. Now realise price movement Thur night was very minimal with green and red bars interchanged all over the place. Scale spacing on my NT chart is usually 5 ticks and last night was 2. To make it worse didn't trade clear reversals or breakouts but punts which failed in every case. Smashed up in the chop and learned even with 3pt stops you can pretty quickly damage an account in a single night

Question for the DAX gurus. I noticed the action seems to occur historically around 0600hrs UTC (Frankfurt open?), 1000hrs (London?) and around midnight (US?). Am I dreaming, or are those the times external markets start to have an effect and drives moves?

 

[tech/a]

Thanks for being honest and posting this Pav. Its actually very informative for mega-newbies (like moi) to see and hear about you entering with wrong mindset, and the experienced traders commenting on chop. I've been demo trading the DAX every night this week and getting a swell head. Last night seemed different from the start and couldn't put my finger on it. Now realise price movement Thur night was very minimal with green and red bars interchanged all over the place. Scale spacing on my NT chart is usually 5 ticks and last night was 2. To make it worse didn't trade clear reversals or breakouts but punts which failed in every case. Smashed up in the chop and learned even with 3pt stops you can pretty quickly damage an account in a single night

Question for the DAX gurus. I noticed the action seems to occur historically around 0600hrs UTC (Frankfurt open?), 1000hrs (London?) and around midnight (US?). Am I dreaming, or are those the times external markets start to have an effect and drives moves?

Can happen any time. But those times you mentioned are the most common.
Stops like stocks you'll get smashed.
You need to b able to 1 click trade if you cant get on Momentum perfectly.
If its ranging around you'll just get whipsawed.

 

[tech/a]

Not perfect as its not really close to resistance but
worth a considered look.
Can really minimize risk.

 

[Newt]

Thanks Tech. Those sorts of plays are priceless. I wouldn't pick that up from the chart myself. Will do some playing with it.

Was long DAX at just after 10pm (1000hrs UTC) tonight when it dropped 25 points in a heartbeat. Another lesson. Big moves looks juicy with 20/20 hindsight, but bit paralysing when you're surfing in the Wrong Direction!

I guess like news report times, not always good to have a position when markets are transitioning around overseas openings....

 

[tech/a]

Not perfect as its not really close to resistance but
worth a considered look.
Can really minimize risk.

Then----That was brutal!
Hit resistance then ---

 

[kid hustlr]

That's one of the best slam downs I've seen.

Tech,

I feel as though the first set up you marked on the chart is more appealing than the second based on where the consolidation/triangle pattern formed. Would you agree?