:confused:Need help with EMini Exits...

Discussion in 'Index Futures' started by cknucks, Jan 30, 2004.

  1. cknucks


    Hey folks. This is my first post. I discovered this website a couple of weeks ago, delighted to finally find some in depth insight on all kinds of trading. Finally mustered the courage to begin asking some pressing questions.

    Quick background: I’ve been trading futures for 3 years, yet it has been only in the past six months that I’ve been only trading the indexes. I’ve also been trading stocks since 1995. I work fulltime, so my trading hours for short term trading are from 6:30-8:30pm PST and after 7:30pm PST. During the day, while at work I also place position trades, based on my night charting study, reading and 3-5 day view of the market.

    In the mornings, I look for NQ trades, while at night I trade the HSI. I use Interactive and Bracket Trader to place these trades. I try to capture 3 point moves on NQ, mostly morning gap reversal trades, and 12 points on HSI. I’ve done okay on these trades, though I could do better. I place stops either just above/below a key level or at a set amount of points and do not trail.

    It’s the position trades where I need the most help. Because of firewall issues, I trade through 5perside.com’s cumbersome browser based trading platform, so I can’t really get in and out like I’d like to.

    I typically try to call the next multi% swing in the NQs with a 2% trailing stop. The x% trailing stop method has worked well for me over the years in stock trading—where I use 10% as x—but has been not so good in NQs. Most of my profitable trades, even on the long side, have turned into small losses.

    So my question for the position AND daytraders is what methods should I be using? Unfortunately, I am now beginning to conclude that the % trail or ATR trail techniques that I learned for stocks and commodities, don’t work for the NQs or QQQs. And I can’t find a lot of literature specifically about index trading that cover this topic.

    I am thinking that I should either widen my trailing stop on position trades to, say 4% or 5% or 3-4 daily ATRs, or not trail at all. Perhaps I should adjust my stop to breakeven as soon as I get “x” points of profit. I don’t know.

    Any help appreciated. Sorry for the long message. Thanks.
  2. T-REX


    meet me in the "Chat" room this afternoon.

    we will be discussing just that!
  3. CKnucks:
    Before communicating with anyone on this site, I suggest you use the "search" feature at the top right hand side of the home page. I suggest you read some of the threads of any person who wants to communicate with you. This will save you quite a lot of time. In my experience, there are a number of "members" whose ideas are of questionable value, or who are simply scam artists. I'm sure you will be able to make an educated decision once you have some data to evaluate. Good luck. Steve46
  4. dbphoenix


    Tall order, cknucks. The index futures and stocks are two different animals and you can't expect to trade them the same way. For one thing, there is a fundamental component to stocks that you won't find in indexes.

    At any rate, the first question (or one of them) that you have to ask yourself is whether you want to understand what you're doing or to follow a mechanical system, perhaps even a blackbox system.

    As for TRex, a big caveat emptor to ya, and watch your hat and coat.