Anyone scalping the FTSE Futures??

MartinC-J said:
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.
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Thanks Martin.

The thing with the IB TWS (Trader Work Station) is that is overloaded with many weird and wonderful features most of which I don't understand (automatic hedging, order entry types I've never heard of, tea making facilities, etc.), but this makes it overly complicated to set up for the basic stuff.

It has a DOM ladder which I have been using but this too can result in strange things happening if you don't set it up perfectly. The reason I was trying out the Chart Trader facility was that I sometimes get hypnotised staring at the ladder when in a trade and don't always make the best exits, something that becomes obvious when I refocus on the chart.

The thing that annoyed me is their set-up logic is not consistent - in one area of the platform exit stops/targets account for whether the trade is long or short, but do the same set-up for another type of order entry and you have to have a minus for a short target/plus for a exit stop, and vice versa for a long. Not realising this, my short opened, was immediately closed by the target, and the exit stop opened a long because they were in effect the wrong way round.

Anyway, Prospreads at £10 a trade is a definite no no, so I will have a look at OEC as their commissions are only slightly higher than IB (If there is a referral programme on offer I'd be happy to say you recommended them if I decide to switch to them😉). Are OEC a British based broker?
 
If you're scalping with IB, have a look at Buttontrader (and don't be put off by the amateurish website).
 
well glad I went out didnt miss anything by the looks of it wouldnt mind closing shorts from today before the close though if the DOW can go negative
 
dc2000 said:
cheers
lets hope all this low vol on FTSE is bottled aggression for a fall😆
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Hi Dc2000,

May i ask you a question on your remarks about, on dec 9th being the start of an ss month.does the dow for example need to trade near or just above the previous months high(nov 11245 area)before it sells off?or are we near enough at the moment?

Thanks Sam.
 
sammmmm said:
Hi Dc2000,

May i ask you a question on your remarks about, on dec 9th being the start of an ss month.does the dow for example need to trade near or just above the previous months high(nov 11245 area)before it sells off?or are we near enough at the moment?

Thanks Sam.
Click to expand...


hi sam
11245?
we need 2 hits above 12078 we have one at the moment and we are in a down up down sell month at the moment
so this comming week we should have an early low tuesday/wednesday 11450 area a big ask I know then float back up to the highs of last friday by the following week this would be the first week in a SS month
At the moment the plan I have is to watch globex open tomorrow we should see a positive move up to 12078
 
dc2000 said:
hi sam
11245?
we need 2 hits above 12078 we have one at the moment and we are in a down up down sell month at the moment
so this comming week we should have an early low tuesday/wednesday 11450 area a big ask I know then float back up to the highs of last friday by the following week this would be the first week in a SS month
At the moment the plan I have is to watch globex open tomorrow we should see a positive move up to 12078
Click to expand...

HI DC.. I know you always quote ftse cash - is dow also cash prices?
 
dc2000 said:
Hi DJ yes DOW is also cash price
Click to expand...

thanks DC..

looking at FTSE there is a rather obvious trend line coming up , daresay markets will push up through this to catch shorts and also give impression of a trend line break to the upside.. I guess that is when we look for the turning point back under the trend line
 
looking for the 11800s on this but will use FTSE target 5442 as trigger to jump off
 
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