brutusdog
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lurkerlurker
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Dinos, thanks for the comments. I am still making some good profits, although I am still trading too frequently and paying too much spread. I really need to sort that out. I didn't really intend trading today, but I set up my screens at 14:20 for the New York open and before I knew, it was almost 5pm and I decided to go for a walk. I had a short from 13219, but I covered that at +20 (13200 took long enough to break). Again, I need to work on letting my winners run and trading less frequently. I kept selling into the close, with mixed (but still profitable) results.
On a semi-related point, I got my TradIndex account back to breakeven for the first time since December 2006 today. I'm in profit overall, but I made the majority of my initial losses to them. Looks like I should trade my CMC account for awhile (they still "owe" me some initial losses too!). I don't like their new If-done though - you can't set OCOs on contingents, which is useless for automating an entry, stop, target. Don't ask me why, but I am compelled to get my losses back from each SB firm I have lost too now that I appear to be trading more consistently. (and that is probably the kiss of death to my trading!).
In an effort to keep this somewhat related to Dow - hangover from NFP drags cash to 13,000 levels, bounces off clear support, recovers losses into the close. The 13220 double top was fairly obvious, and I am once again irked for not holding the position for longer. I think I am going to (once again) set myself a maximum trade limit per day, and also a minimum target. That way I can force myself into a trade with a stop and limit, and refuse to exit until either my stop is hit or I have X points. Something tells me that if I had been doing this for a firm I would have been long sacked by now for cutting my winners. Something very important to work on. Off to read FWs exits thread again.
Good trading all. I might pop back in later in the week, although I don't anticipate much further trading until October. All the best guys!
On a semi-related point, I got my TradIndex account back to breakeven for the first time since December 2006 today. I'm in profit overall, but I made the majority of my initial losses to them. Looks like I should trade my CMC account for awhile (they still "owe" me some initial losses too!). I don't like their new If-done though - you can't set OCOs on contingents, which is useless for automating an entry, stop, target. Don't ask me why, but I am compelled to get my losses back from each SB firm I have lost too now that I appear to be trading more consistently. (and that is probably the kiss of death to my trading!).
In an effort to keep this somewhat related to Dow - hangover from NFP drags cash to 13,000 levels, bounces off clear support, recovers losses into the close. The 13220 double top was fairly obvious, and I am once again irked for not holding the position for longer. I think I am going to (once again) set myself a maximum trade limit per day, and also a minimum target. That way I can force myself into a trade with a stop and limit, and refuse to exit until either my stop is hit or I have X points. Something tells me that if I had been doing this for a firm I would have been long sacked by now for cutting my winners. Something very important to work on. Off to read FWs exits thread again.
Good trading all. I might pop back in later in the week, although I don't anticipate much further trading until October. All the best guys!
shortorlong
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about the "paying too much spread" http://www.twowaymarkets.com/spreads/spread-betting/ are offering 2 pips on the dow .. I am considering opening an account with them..
lurkerlurker
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That is WorldSpreads - be aware of Laptop1's comments if you are going to open an account with them. They DO NOT like frequent traders from what I hear, so I would probably be unsuitable. I think I might email them with something along the lines of "I do 10-15 round trips per day in the Dow futures between 3 and 9PM. Are you a suitable firm for this style of trading?".
I'm going to try and get an account with FuturesBetting soon. They seem like a decent firm, only allow trades in exchange lot sizes, and apparently hedge everything.
shortorlong
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I can't make the connection between them and worldspreads .. are you sure?
lurkerlurker
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lurkerlurker
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shortorlong
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ah .. thanks .. damn that's a shame .. 4 points with CMC or capitalspreads is too much
lurkerlurker
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If you have a CS account and want more bang for your buck, why not trade the S&P 500 instead? The spread is the same, but you have a larger average true range. Also, the YM spread is 1/2 so CS are charging +2/3. However, the ES spread is 1/4 (0.25) and CS are charging 0.4, so they are only charging an extra +1.5, which is less than the 2/3 for the Dow. I wouldn't think they could bring the Dow spread in though, as the YM isn't liquid enough for the larger bets. Consider that they make a price good to £100pp. That is 40 YM contracts - that would move the market in the clients favour a lot of the time, especially the low volume periods. I would think they hedge in the S&P (also, this seems supported by the fact that a given price is good for up to £100 in the Dow and £400 in the S&P). In short, trading the S&P is better value than the Dow for spreadbetting with CS. Unfortunately, 4 on the Dow is a little much to get over. I am using TradIndex at the moment and paying 5 rather grudgingly, but I appear good enough at the Dow that this isn't too much of a handicap (although I really should kill the frequency of trades - save myself 10 pips by making a maximum of 5 trades).
CMC quote "cash" only for Dow, which for some (possibly psychological) reason, I just can't get along with trading. Also, I rely on the order book more and more these days, so having the futures price is a convenience I'm prepared to pay a little extra for. The slightly more paranoid part of me notes than when I pull up CMCs "US30 Cash" alongside a live feed for YM, the price doesn't change pip for pip like with the other SB firms. If you have a live CBOT feed and a CMC account, try it and see.
lurkerlurker
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Not when you consider the cost of carry for a month. Remember that the exchange months for YM are September and December (YMU7 / YMZ7) - fair value for an "October" Dow will be somewhere in between those prices. I don't think this is an arbitrage opportunity. However, if they have a "daily future", what is their price for that?
lurkerlurker
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I think we need to be watching for a test of yesterdays high for signs of early direction. Longs above 13250, and I'm holding off on shorts just yet. I'd like to see a brake of 13150 (todays low, S/R yesterday) before being convinced we are on a ride down. Of course, there may be pips to be taken out of the range if both support and resistance hold.
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Pat494
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Sorry I've just got back to you
The daily future has gone down to 13194 - 13200
I think they have all dropped 30 points since the last post
but I see your point
What made you take the short there Dinos?
Dinos
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Bad trading on my behalf, totally F**ked that entry up.
30 min stoch breaking the roof
15 through 5 all excess mid 90's
No stop loss or limit close entered on this trade, and missed my 20 point s/l, so as we are currently HOD, I will manage manually, heres hoping, but I fear the worst on this trade, will close when and if the pain becomes to much to bear!
If the conditions permit, I hope to take a further short to ease the pain, back of my mind though, tells me this is a loser and I am going to have to take the loss, I failed to act on the 2-4 hour charts which look bullish.
Basic errors from me
30 min stoch breaking the roof
15 through 5 all excess mid 90's
No stop loss or limit close entered on this trade, and missed my 20 point s/l, so as we are currently HOD, I will manage manually, heres hoping, but I fear the worst on this trade, will close when and if the pain becomes to much to bear!
If the conditions permit, I hope to take a further short to ease the pain, back of my mind though, tells me this is a loser and I am going to have to take the loss, I failed to act on the 2-4 hour charts which look bullish.
Basic errors from me
