The transition to Futures trading

[pavilion103]

I'm no convinced that the short is on right now.
But I'm also not convinced that it isn't.

I'll be on the FTSE tonight.
If it's a great setup I'll go 2 contracts.

If it pushes up on the open and provides a short, I'll take it.


Will post a chart if something good happens.

 

[Newt]

Nice gap play soon on the Dax...

Thanks for pointing this out last night Canoz. I was sim trading after the fact (after getting home later - does it really count if you're simulating sim trading!!! ) and thought there was a classic pin bar and reversal scenario on 3min chart. Wouldn't have registered re the gapping down around 1940 though unless you had rubbed our nose in it. Not something I'm psyched into looking for currently.....

 

[CanOz]

Thanks for pointing this out last night Canoz. I was sim trading after the fact (after getting home later - does it really count if you're simulating sim trading!!! ) and thought there was a classic pin bar and reversal scenario on 3min chart. Wouldn't have registered re the gapping down around 1940 though unless you had rubbed our nose in it. Not something I'm psyched into looking for currently.....

GAPs are quite frequent on the FDAX, Z (FTSE) and the FESX. Great way to put the session into context as well depending on how easy the gap fills, doesn't fill etc....

 

[Lone Wolf]

I'm no convinced that the short is on right now.
But I'm also not convinced that it isn't.

I'll be on the FTSE tonight.
If it's a great setup I'll go 2 contracts.

If it pushes up on the open and provides a short, I'll take it.


Will post a chart if something good happens.

How did you go? A nice move there for people who can actually trade (i.e. not me).

I tried to short it after the first failed break of the high. Then I went off and had dinner, so missed the third push up which would have turned out very nice.

 

[CanOz]

Yeah, wow didn't that get hammered....i went over to say hello to a mate i haven't seen for a while and i get back and see its dropped 80+ points!, the Dax as well.

Heavy news day i guess!

 

[pavilion103]

Very emotionally unstable right now!!!!

Devastating.

Identified it all. Knew it was coming.

Got in at 6765ish.

First push down to 6735.
Stop to BE.
It pushes back up to
Around 6745 and I take the profits.
20 points.
I figured that I'd re-enter.

Didn't get the chance.

Completely on tilt as I saw it breaking lower.
I chase it, throwing away my money.

I lose the 20 points plus another 5.

As it sits I would have been up 50 points if I just HELD.
As it really stands I'm down 5.


Not sure what I think.
Not sure why I tried to bank 20 points when my whole aim was to maximise a big push down.

You guys have seen some of my good trading.
You guys have seen some of my bad trading.


Need to put this behind me.
Thank God I didn't lose 20 or 30 points.

 

[Newt]

Managed to (sim trading) ride the DAX down over last 15 mins. Almost have my demo a/c back even now
Its one thing to see it consolidating and "coiling up" tighter and tighter as volume falls, but I'm still getting only slightly familiar with how fast these things move when the tide changes and they break out of a range! (in on the way down @9550 which was probably was too late).

 

[pavilion103]

Trading 1 contract is BS.
It is psychologically challenging.
It unnecessarily increases the decision making process.

From now on a mandatory 2 contracts for trades near the daily high/low near the open.

Maybe it's not a bad problem to have when my worse problem is not maximising gains rather than bleeding losses.
But it's still a huge issue nontheless.

This is me

 

[pavilion103]

Off to have a warm bath and RELAX.

(And some Bach should do the trick)

 

[kid hustlr]

if it makes you feel any better i had a long weighted spread on which i puked out at almost the stone cold low which cost me 1500 bucks today. it would now be almost twice that in my favour

 

[pavilion103]

if it makes you feel any better i had a long weighted spread on which i puked out at almost the stone cold low which cost me 1500 bucks today. it would now be almost twice that in my favour

Doesn't make me feel any better lol......

If one of us made some damn money today I'd feel better.

 

[kid hustlr]

im long the ftse @ 14 here stop is b/e not looking for much out of this but see what happens, still looks heavy to me

 

[cynic]

Thanks for the update pav.

Yesterday my grail narrowly missed an opportunity to short the Dax at 9750 (June futures).
That DAX continues to be an annoyingly demonic son of a bourse from lower Hades!

Darn that DAX!

"Missed by that much!"
"The one that got away was this BIG!" (Says cynic whilst stretching arms wide indicating enormity of the one that got away.)

 

[Newt]

I guess it isn't surprising to anyone with half decent futures trading experience, but the small losses or stops sure add up quick at times. The harder you try to BE or reduce losses the more likely you get stopped of course. At least I'm reassured you guys aren't bragging about the millions you're making!

 

[kid hustlr]

I guess it isn't surprising to anyone with half decent futures trading experience, but the small losses or stops sure add up quick at times. The harder you try to BE or reduce losses the more likely you get stopped of course. At least I'm reassured you guys aren't bragging about the millions you're making!

dont worry about Pav he complains when hes making money hes doing fine!

i wouldnt let the small losses worry you, keep managing the risk and when its going your way be patient and you will make back all the small losses and more.

updated stop now @ 20.5 i feel like im fighting against the tied here contextually being long so keeping it tight

 

[kid hustlr]

out @ 28

14 points least i made some money on one market today

 

[pavilion103]

out @ 28

14 points least i made some money on one market today

Good to recognise a good setup and pick up a few points.

I considered it. I turned my laptop back on and was starring at it lol.
But I was so on tilt I turned it straight back off.
Probably a wise move most times.

I know every trade is a new trade but the times I've been most profitable have been when I've made money on that first move (say 40 or 50 points).
Then I see a bottom with ultra high volume, something resembling support.
Then I can confidently throw 10 points on it, knowing I'll still be 30 or 40 up for the night.

In this case if you'd left it would have been a whopping 70 or 80 points!

I didn't anticipate it bouncing back so strongly however.
I was worried it would smash lower.


All this goes to show is
1) how much potential there is
2) how leaving a trade at BE overnight can yield enormous results. It just takes discipline.
I've seen so many 10 or 15 point wins rob me of 50 or 60 just because I didn't hold.
In this case though (Kid, I'm talking to you), we didn't anticipate a huge move back up so you probably took it on what you thought was a pullback.


I've been leaving trades well recently.
I need to be better.
Last night was inexcusable.
But with every trade I learn a lesson.
I'm feeling good.

- - - Updated - - -

dont worry about Pav he complains when hes making money hes doing fine!

haha. I can't deny it.
I'm a perfectionist.
Don't take my emotions too seriously.
I'm not really in a position to complain

 

[kid hustlr]

Yeah I mean in hindsight I left plenty in the bag (and I mean plenty holy smoke it just kept going!) but you can only trade it as you see it at the time. Plan the trade execute the trade.

For me we had durable goods orders out @ 12.30 then yellen @ 2am and contextually i thought were very heavy. All these factors led to not wanting to hold a long for any period of time, in hindsight i was wrong and moving forward perhaps I'll adjust my plan but at the end of the day if i plan a trade and execute it to my plan then I can't hate on myself.

Completely agree with you about the opportunity fwiw.

 

[pavilion103]

You're right.
Make a plan.
Execute it.
Job done.

They key is make sure the plan is the best one.
I think in that spot a 15 point win (if that was the intention) wasn't worth it in terms of RR.
You would have had to have only had a 5 point initial risk to make it 3:1. And there was no 5 point setup that made sense IMO.

I like the idea of letting most run.
Once it gets to 30 or 40 points then start to think about locking it in (eg tighter stop), with the chance it could get out to say 50-60.

But in this case, I was the same in thinking that it looked heavy. So I completely understand. But I just think you always need to look at RR pre trade.

 

[kid hustlr]

You're right.
Make a plan.
Execute it.
Job done.

They key is make sure the plan is the best one.
I think in that spot a 15 point win (if that was the intention) wasn't worth it in terms of RR.
You would have had to have only had a 5 point initial risk to make it 3:1. And there was no 5 point setup that made sense IMO.

I like the idea of letting most run.
Once it gets to 30 or 40 points then start to think about locking it in (eg tighter stop), with the chance it could get out to say 50-60.

But in this case, I was the same in thinking that it looked heavy. So I completely understand. But I just think you always need to look at RR pre trade.

fwiw my stop was initially 5 ticks so I viewed it as 3:1 I still think more shorter term than you at this stage as a general rule. anyway enough jibber in this thread ill pm you