In periods of high volatility we only hear from the people who made a killing. its like ET is always on the right side of the trades, common sense tells the truth is not being told. did anybody blew up here, what lessons did you learn, what changes are you going to make
I'm trading the ES right now which is sorta like trading with your grandmother as a counter party compared to what i've been trading the past two years, viz., the ER2. I did not exactly blow up trying to trade the ER2 after it moved to ICE as TF, but i wasn't very pleased with the results, nor the data feed to say the least. I had a big negative on Tuesday in incredible chop and high volatility, the first in a long long while. I need to have my head examined for even trying to trade in that market, nevertheless in the past i typically did well trading the ER2 in chop. Tuesday None of the usually reliable signals that i used when the ER2 was on CME proved to be reliable on ICE. They proved to be very unreliable, in fact, and the volume seemed to be off the mark quite a bit. So i've decided to leave ICE and the TF to their own devices for a while at least.
i traded very little today. the moment i saw those shitty spreads at the open..i was like this day is fucked
Monday and wednesday were quite good, didn't trade tues or thurs (fed day and mis-set alarm clock...) Today sucked, but it was from bad trading rather than a tough market.
I trade the ES futures and I took it easy today because its Quadruple Witching Friday. In addition, today's volatility was LESS than the volatility we saw the past several trading days. Simply, I'll be surprise if anyone blew up today considering the volatility was LESS and the only exciting thing about today's price action was the BIG GAP to the upside at the Open. Another way to look at it, if someone doesn't know how to handle volatile market conditions... They would have been more likely to blow up in the prior tradind days instead of today. It's been a great week of trading due to the increased volatility... Hopefully it last into the U.S. presidential elections. Mark
Piezoe: I'm with YOU!! I LOVED the ER2....I did try the TF this week for one day....made money but sheesh! 10 times as hard as the old ER2....I dumped a 5 lot out there and the mkt immediately ran a full point from me....had to start scaling in/out with 1 and 2 lots......FRUSTRATING!! Also...TF didn't seem to "react" like the old ER2......so I'm back to the ag markets for a little bit...I just never did like trading the ES...
Its not about blowing out. Those 'Traders' that survived, plenty of them, the swings of the last few days have to worry about the future. 700 stocks are on the do not short list. Gov. claims this is temporary. Shorts add liqudity to the markets. The only reason the rule was passed was to save Sally Blow and Joe "9 to 5er's" mutal fund and 401k. The situation is far worse than any depression we have every had. The powers that be are trying to keep the Depression from being felt, first hand. They do not want the voting populas to feel too much of the pain by losing 100% of their "nest eggs". So, now the market rallies and ends the year down only 40 points so far. But Icons on wallstreet have "BLOWN UP". The worst financial collapse in the history of the US is upon us but the Market is only down 45 or so points? Give this a few more years. Most people will still be underwater in debt, many will be out of work. I say, 10% or more unemployment starting with the Financial Sector, heading into the Retail and Supply Sectors. This isn't over, this is act 1. The Comedy. Act 2 is the fall of the entire "FREE MARKET" idiology and introduction to massive Social Programs. Shakespear understood as did Stalin.
Beat up today on Sept expiration...here is my post about it on r10 thread http://www.elitetrader.com/vb/showthread.php?s=&postid=2079208#post2079208