Agreed... newbies have yet to experience what is meant by a truly narrow range day with no S&R scalp channels and no discernible trend...
So if there's no trend, but stuff is in a tight range, why not try to sell straddles or buy butterfly spreads? Reverse position on straddle when things look like they'll heat up (volatility increases).
Or are you referring to overnight gap and then narrow range during day, and then overnight gap, and then narrow day, and then...
I feel the same way. You know FXCM is pushing to get traders in this market really hard. Here were my questions with those currency trading firms: Basically the traders that sign up are retail traders which is the equivalent to being a NON LEVEL II in the NASDAQ Market. Hopefully, everybody knows that if you do not send your order flow directly to the exchange BIG BROKER is going to trade off your flow......OF COURSE EVERY CURRENCY FIRM I MADE THIS AWARE TO DID NOT LIKE THAT I KNEW THAT. FRIENDS in my humble opinion they are pimping us for order flow and you will be lucky to get the scraps. Think about it. The banks have the communication network to make deals with each other. This form of trading appears to be very RISKY. The banks have the upper hand, and lets not talk about that joke called software they provide. They might as well call the WISHING WELL VERsion 1.0 These are just my personal observations, for what they are worth, I do not mean to offend anyone. If anyone has information disproving what I am saying please let everyone know. However, every time I start asking about routing of orders, the way the network is configured between the banks every firm doesnt quite have a GOOD ANSWER. That is too risky for my kids college tuition baby.....Anthony
I've been contemplating doing the NY-NJ Long Trail which runs from Albany,NY (where I live) to Fort Lee, NJ. It's roughly 320miles..but apparently there are now some sections that have been blocked off by private land owners and there are no marked alternate routes. Do you know if what route , if any , is available to walk from Ft Lee to Manhattan? Thanks.
I feel there are plenty of opportunities to make money just about everyday in just about every market. If you aren't making money, it has more to do with you than the market. You need to look within yourself to find the true answers to why your not making money and minimize the external factors.
How long have you been trading the mini-dow? I watch it all day long 5 days a week. In the summer, I am VERY hesitant to trade the mini-dow. I have seen it gap down 15 points with no trades in between in the middle of the day, with no uptick for another 40 points. IMHO, I would stay away from the mini in the summer unless you are hedged or like this kind of action intra-day. nitro
I must have very different trading ideas then yours. In my opinion the mini dow is great to trade. Huge daily swings give you plenty of time to jump in and out of daily trends. I only hold my longer term trades over night but I am aware of getting burned there. I find that the more I trade the mini dow the smoother it gets. I don't think I took one 15 point loss in the past two weeks. But I'm finding that I can get some good 30 point or so runs just by playing some simple chart set-ups. I don't know, but the mini dow works great for me. Even in our current market. (Which I also like.)
Got it. Well, if you are doing overnight trading, then certainly a 40 point swing in it is par for the course to you, and well within your parameters. The only reason I mention it here is that so many traders assume that the risk profiles for a given market are fractal on different time frames, and they don't mention the time frame THEY are trading a vehicle in when they make recommendations. For the newbie, this can be a real expensive lesson... nitro
Good point about the different times frames. different time frames require different stops, and larger swings, leading to larger winners and of course losers. I trade the dow on 5 min, 10 min intraday and 60 min swing style trading. And yes, on my 60 min trades I will, from time to time, take some very large hits.