How can i improve my ES spreadbetting trading

[Renatogrant]

Hi all,
Let me clarify. I use ETX as my trading platform and I use IG advanced charts. I trade the ES mini primarily and I seem to be doing okay, i.e more larger winners than small losers. I tend to scalp slightly longer term whereby I maybe in a trade for a few mins upto an hour or so, really depends on what I am seeing in front of me. Not sure how my style of trading would be described as sometimes I hold and wait for breakouts. Maybe Im a scalp swing breakout trader? Depends what my eyes are seeing i suppose.

Primarily I use S&R lines, trendlines, Bollinger Bands and MACD. I watch stochastics for divergences but dont place too much emphasis on this indiactor. I usually trade off price action and where it is in relation to my S&R lines/ bands etc . I trade off 5min charts but use 1hr and 4hr charts for trend confirmation.
As i say, all seems okay but i know there is much room for improvement and this is where I need the experience and knowledge of you guys. I tend to hit my targets 3 out of 5 days and usually end up with a profit be it a large or small one. I do have down days but i try, TRY, to limit my losses without overtrading.

I want to stop using direct access charts at somepoint and upgrade to a charting package that will incorporate volume, i think this may benefit my trading style as i believe I can incorporate seeing volume per bar into my strategy. ETX as my platform seems fine.

Using IG advanced charts I cant get an ES chart so i use a daily SPX500 Chart. Not ideal but ES follows. Would love to be using an ES chart with volume. Any recommendations guys would be greatly appreciated.

Cheers
Renato

 

[anley]

Hi all,
I tend to scalp slightly longer term whereby I maybe in a trade for a few mins upto an hour or so, really depends on what I am seeing in front of me.

That's possibly your problem right there.

Almost impossible to show decent profits overtime when trading ultra short term moves in the markets unless -

a) you have a good shot at buying bids and selling offers, and
b) you trade with the lowest commissions possible

OK, b) is not a worry but without a) it's going to be tough as you won't be able to overcome the house odds.

Good luck anyway!

 

[Renatogrant]

That's possibly your problem right there.

Almost impossible to show decent profits overtime when trading ultra short term moves in the markets unless -

a) you have a good shot at buying bids and selling offers, and
b) you trade with the lowest commissions possible

OK, b) is not a worry but without a) it's going to be tough as you won't be able to overcome the house odds.

Good luck anyway!

Much appreciated Anley, thks for your advice.

I suppose it's what you class as decent profits. If I can net 150 GBP a day im a happy bunny. I recognise that spreadbetting always favours the house but with clever trading I find can shorten their odds so to speak. Trading the ES i have to give up a 6 point spread initially but as the market is pretty volatile I find Im usually back in the money fairly quickly.
I think with better charts I maybe able to 'see' more clearly where the pros are going as all i want to do is ride on their coat tails.

Renato

 

[shadowninja]

Why not use the "advanced" chart that ETX offers?

 

[Renatogrant]

Why not use the "advanced" chart that ETX offers?

Yeah i tried that Shadowninja but i found their charts too slow to load( sometimes wouldn't load at all ), and also i didn't want to give overall 'control' to one platform if that makes sense! I have watched exactly the same chart at the sametime alongside each other from both platforms and have noticed clear differences in speed shall we say.

I prefer using one for trading and another for charting, maybe im just a little suspicious!

 

[Renatogrant]

By the way, Your ' a bit like this' video, now i know i shouldn't laugh coz it could happen to any of us......but i pissed myself laughing!!! sorry!!!! Whatever happened to cut your losses kinda quick!

 

[Phil Mibbutz]

IMO you're making life more difficult if you're trading ES with SB. As you said, the spread is wide. If you have to trade US hours, why not try Dow/YM, where you can get a 2pt spread? DAX with 1 or 2pt also worth considering.

 

[gedward3]

Renatogrant,

Download a copy of Ninjatrader from Futures Trading, Online Futures Brokers - Amp Futures Trading
and see how you go on that first. At least you can see how you go
by be able to buy the bid and sell the offer meaning your cutting
your spread out. If you do decide you wanna go live on futures
they do $400 margins to trade the ES. That will give some people
a heart attack but at least you see what the real markets up to.

Im not knockin SB but you sound like your not sure how long your in
a trade after you get in so i dont think SB is the way to go. If you do
go live you can Lease Ninjatrader for $50 a month.

NT is free while your on sim.

Have a look. NInja TRader really suits me.

I think The ES is a good market as well. Not too fast for me.

Much appreciated Anley, thks for your advice.

I suppose it's what you class as decent profits. If I can net 150 GBP a day im a happy bunny. I recognise that spreadbetting always favours the house but with clever trading I find can shorten their odds so to speak. Trading the ES i have to give up a 6 point spread initially but as the market is pretty volatile I find Im usually back in the money fairly quickly.
I think with better charts I maybe able to 'see' more clearly where the pros are going as all i want to do is ride on their coat tails.

Renato

 

[Phil Mibbutz]

Renatogrant,

Download a copy of Ninjatrader from Futures Trading, Online Futures Brokers - Amp Futures Trading
and see how you go on that first. At least you can see how you go
by be able to buy the bid and sell the offer meaning your cutting
your spread out. If you do decide you wanna go live on futures
they do $400 margins to trade the ES. That will give some people
a heart attack but at least you see what the real markets up to.

Im not knockin SB but you sound like your not sure how long your in
a trade after you get in so i dont think SB is the way to go. If you do
go live you can Lease Ninjatrader for $50 a month.

NT is free while your on sim.

Have a look. NInja TRader really suits me.

I think The ES is a good market as well. Not too fast for me.

Hi Gedward

I'm also a fan of NT and I see you're in the UK: just wondered how you find AmpTrading as a customer on this side of the pond? They don't seem keen to quote commission rates, etc.

PM

 

[gedward3]

Phil see below, I trade with these and Openecry and dont have any problems.
Openecry sometimes their platform slows down but thats every now and then.

Commissions are below for Amp. Not traded with Openecry for ages so am too sure but
at last memory they were slightly more expensive that Amp.

I think NT is a brilliant platform. Some dislikes but you cant win em all. I saw on youtube
a comparison of NT and TT and Ninja wasnt that far behind for a retail platform

Ged

Hi Gedward

I'm also a fan of NT and I see you're in the UK: just wondered how you find AmpTrading as a customer on this side of the pond? They don't seem keen to quote commission rates, etc.

PM

Commissions *Round Turn FLAT—all fees included *Applied based on monthly cumulative trade volume

Markets
<=300 RTs
>301-1000 RTs
>1,001-10,000 RTs
>10,000+ RTs**

E-Mini ES, NQ, YM & ER2
$4.70
$4.30
$3.80
$3.20

FDAX
$3.86
$3.46
$2.96
$2.36

FTSE
$3.44
$3.04
$2.54
$1.94

eCurrencies
$5.62
$5.22
$4.72
$4.12

AMP ZB, ZN
$3.54
$3.14
$2.64
$2.04

eMetals "COMEX"-w/Zen add $1.00
$5.32
$4.92
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eMetals ZG, ZI "CBOT"
$4.54
$4.14
$3.64
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eEnergies "NYMEX"-w/Zen add $1.00
$5.32
$4.92
$4.42
$3.82

miniEnergies
$4.82
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eGrains
$6.04
$5.64
$5.14
$4.54




**Membership Required; For information about Exchange Memberships Click Here


Account Minimum is $2’000 US

 

[Phil Mibbutz]

Thanks for info, ged. Comms a bit better than IB, eh?

 

[candles]

Did i hear that ninjatrader is free with AMP using the ninjatrader 'direct' platform? (without Brackets, Trailing Stops, OCO's etc..)?

 

[gedward3]

Thanks for info, ged. Comms a bit better than IB, eh?

Better by 10 cents but every little helps......:clap:

 

[gedward3]

Did i hear that ninjatrader is free with AMP using the ninjatrader 'direct' platform? (without Brackets, Trailing Stops, OCO's etc..)?

Its free Candles on Demo for as long as you want.

If you go live its $50 a month to lease.

If you wanna buy a it for Lifetimes use its $1000 - which is not that bad.

I think for $250 you can buy an add on which is similar to Market Profile.

The Zen fire feed is really good as its apparently its servers are close to
the exchanges which makes it just as fast as the pro platforms

Ged

 

[Phil Mibbutz]

Did i hear that ninjatrader is free with AMP using the ninjatrader 'direct' platform? (without Brackets, Trailing Stops, OCO's etc..)?

That's how I read it, too, which would be a major incentive to open an account.

 

[gedward3]

That's how I read it, too, which would be a major incentive to open an account.

Yep your right. I only looked at the NT website....

 

[Renatogrant]

Some help here please guys.

Looking at esignal, updata ( as they are UK and so am i) and ninjatrader.

Esignal seems pricey and having read some comments it seems you are paying for a brand name here.
Updata dont have futures data so would have to lease from them for about $75 pm then find data at another cost, seems pricey.
Cant comment on NT just yet as just downloaded their platform and awaiting the licence key from them. Figure i will have to find a provider of RT free data for a trial so i can really get into this and see how it performs. Any recommendations for a free trial of RT intraday futures data?

I see & I forget
I hear & I remember
I do & I understand
Chinese Proverb.

Renato

 

[Trader333]

You could try IQFeed, I always liked them and they do give a trial.


Paul

 

[onesong]

Try Mirus futures - Demo Account with live RT data feeds from Zen Fire.

http://www.mirusfutures.com/onlinefuturestrading_demoaccount.htm

 

[onesong]

I was trading the ES on the US markets, however due to the tax liablities I am considering SB as it's currently free of income tax.

Could someone point out please ofcourse, which instrument has the lowest spread thus increasing profitability speedily?

Currently have a limited risk account with IG Index

Is it FTSE 100
DAX
DOW YM

Thanks in advance