Have been swing trading ETFs for some years, and ETF options this year. (Mostly buying dips, very ocassionally selling rallies to close the very next day). Did some math and found out that I was giving away most of my profits in the options' spread, commissions, and time decay; yet still made money. So I decided to get into futures. I dont have time to daytrade, and friday couldnt buy the dip. So I placed my order to buy ESZ7 (December E-Mini S&P), got filled at 1495.5, taught it would take all day long to get past, friday close. In less than 5 minutes it got past friday's close, so I sold at 1499.25 Dont want to risk it all, so just one contract for two reasons: I'm still new to futures, and the market trend is not too clear. Yet I could find out that FUTURES ROCK!
Today I talked to an options trader of 10 years. He signed up for our service to start trading futures 2 weeks ago. He called in to cancel because he was not making money yet. Just because your a master of one market doesn't mean you can trade another. I told him it would take atleast 3 months before he started seeing profits in his futures account. If I was a dentist, that doesn't give me the right to instantly start preforming heart surgery. Same field, different items. I dont think many of our stock traders here could go from MSFT to GOOG without some adjustment. Keep at it. Geoff
1505.50 or thereabouts was Friday's close. Not quibbling with your trade...just don't get why you mentioned Fridays close and 1499 in the same breath. OldTrader