Anyone daytrade the dax with success

[herbie14]

Hi i used to trade the dax with little success, but iam sure there are ways money can be taken out of the market, do you trade the dax any clues for a newbie

 

[china white]

mate I'd say trading dax to stoxx50 is what trading ndx is to dow.
my advice for a newbie wud be to get to know blue chips inside out, and once u r comfortable with a particular trading style trading stoxx50 - go over to higher volatility indices, such as ndx or dax.

I personally think that w/o 6months-1yr trading experience on lower volatility indices, trading highly volatile ones is a suicide - well unless u've got really deep pockets and u dont care how much is the fee for tuition 🙂

 

[herbie14]

thanks china white is the stoxx50 a futures market too? i will have to have a look into for tick value etc etc

 

[china white]

10 euros / pt on futs

 

[herbie14]

what do you trade?

 

[china white]

herbie - i am assuming its a Q to me, right? 🙂

I daytrade SPX futs, swingtrade options on SP and trendtrade UK techs - mostly ARM and LOG - the stocks i know very well. I also insidetrade some US individual isssues, the most noteworthy example of which is EGOV, which was bot @ USD 3.99 4 months ago and recently closed @ USD 8.45. The only reason why I dont call it trendtrading like ARM.L or LOG.L is because when u trade on some1 telling u something 🙂 it is not exactly trading but making out like a bandit rather 🙂

but - my daily bread and butter comes from SP futures and options.

 

[herbie14]

sounds like a handful there did you start trading from scratch or was you in a bank before doing this all by yourself?
i have been in a bank for 5 yrs on a desk for 2 and still cannot make money on my own!!!

 

[china white]

oh - hello geez - welcome to x-pro club! 🙂 I worked for Kleinworts for 3+ yrs and then for another yr - at Gazprom in Moscow trading ruskie oils. During me time at Kleinworts traded practically everything - from Scandis and UK Techmark - to US individual issues and indices. I was an OTC options trader there - but as u know when u cant make money on OTC options u take prop positions in futs and listed options. Was up USD 14 mln on my book for 2001, but the kraut bosses 🙂 figured they want US books in Frankfurt, offered me this cr*p german contract, I refused, got my bonus and left for the ruskies. Very good time in Moscow, but sadly I was trading YUKOS in March of 2003 with all that Slavneft rub***h, so when the ruskies government decided they get dosh from YUKOS arresting their executives and traders - I left.... perhaps the best trade I've ever done 🙂

I am still a bit surprised u r not making money trading on yr own. Of coz being an OTC trader makes things easier - as u directly c the client interest, once on yr own - u dont c it 🙁 but still.... step back mate and take a butchers' at yr trading system - there must be something wrong with it. Or - alternatively - u may be soft with yr stop losses and let yr losses run..... IT IS DEFINITELY one of those 2 things.....

 

[msatrader]

This works well with the Dax and Eurostoxx:

YouTube - Scalper's Gold Dax Update