Your stop's far enough away. 😀 Remember that anything can happen when I am in the train, going to work! It always does. 🙂 I leave around 1330 and get the other computer on at about 1410. This is an infallible tip, but I can't tell you which way it will go, :clap:
I am trying to improve on my trading in the afternoon session. It is very easy to get shaken out by the noise during this period. The price action tends to be weighted to the latter half of each five minute candle, and entering trades on the start of a new 5 minute candle can often lead to you getting stopped out by the noise. As a scalper I have small stops of usually about 5 points, and these almost always get hit if I enter a trade on a stop based on the start of a new 5 minute candle.
In the morning, it seems easier to stay in trades, and the price action on both the 1 and 5 min charts is easier to read.
In the morning, it seems easier to stay in trades, and the price action on both the 1 and 5 min charts is easier to read.
I agree Martin, I've found this afternoon's trading extremely difficult! Everything just seems a bit more obvious in the mornings - maybe I should just stick to morning trading and have the afternoon off! Wouldn't be a bad thing to be honest!
supernovered
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Aaahhh!!! Yet again thanks to Interactive Brokers' impossible plateform I have had my perfect short entry immediately flipped to a long causing a 7 point loss.
After half an hour arguing the toss with some surly french b***tard in tech services it appears that when you configure the target/stop presets in the main system it will automatically takes into account if you are long or short, but if you configure an individual Sell Limit button on the chart itself you have to put in a minus number of points for your target and a plus number for the stop. 😡
It is THE most complicated platform I've ever had the misfortune to get involved with. I was using Ninja Trader plugin to place orders (so simple and intuative to use) but the IB platform would periodically throw a wobbly and freeze up just after entering a trade, meaning 5 minutes sweating as you try and restart or $30 fee for the privilage of closing the order by phone.
Martin - how is the Open E platform to use, and is it easy to accidently set it up to do the opposite of what you want? What is the minimum opening balance?
DJ - have you used the Prospreads platform much yet, and if so how do you find it, especially for scalpy type trades?
Anyone - anybody have positive things to say about their DMA broker or spreadbetter?
Cheers guys.🙁
After half an hour arguing the toss with some surly french b***tard in tech services it appears that when you configure the target/stop presets in the main system it will automatically takes into account if you are long or short, but if you configure an individual Sell Limit button on the chart itself you have to put in a minus number of points for your target and a plus number for the stop. 😡
It is THE most complicated platform I've ever had the misfortune to get involved with. I was using Ninja Trader plugin to place orders (so simple and intuative to use) but the IB platform would periodically throw a wobbly and freeze up just after entering a trade, meaning 5 minutes sweating as you try and restart or $30 fee for the privilage of closing the order by phone.
Martin - how is the Open E platform to use, and is it easy to accidently set it up to do the opposite of what you want? What is the minimum opening balance?
DJ - have you used the Prospreads platform much yet, and if so how do you find it, especially for scalpy type trades?
Anyone - anybody have positive things to say about their DMA broker or spreadbetter?
Cheers guys.🙁
Chris, you and I trade in a similar style, and that style isn't always suited to the price action we see in the afternoon session. I am trying to adapt it slightly to allow for the way how price moves in the afternoon, but it seems very hit or miss. Sometimes you nail it, other times you are lucky to get a trade right.
Mornings are so much easier. You don't have to deal with as many algo programmes who are trying to steal your money.
Dunc, that sounds like a very crappy order entry system. Order entry with both OEC and Prospreads are off a DOM/ladder and fairly straightforward. Sometimes in the heat of battle it is easy to enter a buy stop instead of a limit buy, but I rarely make a mistake these days. I enter orders most of the time on a stop with brackets for target and exit stop. There is no need to enter minus signs.
If you have all your capital gains allowance to use up then I suggest you use OEC instead of Prospreads. Also, Prospreads add 0.5 pts each side for commission, which is £10 as opposed to £1.81 for OEC. I think account minimums are quite low for OEC. To trade the FTSE futures you need a minimum of £4400. Their data and charts are free, and you can use the sim for free if you have a live account.
OEC occasionally have a problem when their datafeed from Liffe goes out, but I have been very pleased with them. Their tech support is ok and they do help on setting up your own indicators. Occasionally I have been filled on stop orders when the price never got touched, but I think that can happen with all brokers.
Tough luck DJ. Don't give up. You are onto something with all your hard work with Taylor. Just put it down as a difficult afternoon for all.
Shows how this market really only wants to move on euro news. The possible Spain downgrade rumour moved the market down this afternoon and was the only trade you didn't have to fight for. All the other trades since 2:30 seemed like so much hard work.
I read that asa breakout but did not expect it quite so soon. When it went down I put an order in. I don't think that I will be in it long.
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