I was wondering if you can spin orders with IB trading NQ/ES? Is this something you can do with all futures brokers? And how many of you e-mini traders out there trade this way?
Someone's tag line is "spinners are winners" which the poster explained means flipping or reversing. So I guess the question is if you are long 1 can you then sell 2 to go short net 1 with IB? There is no problem doing this for Globex. Stock traders may have a difficulty reversing when going from long to short as the short sale may need to be done separately (and the stock has to be available). And to answer the question, yes you can do it with all futures brokers. I personally get myself into trouble doing this and specifically have a rule not to reverse. I have to go flat, if even for a few seconds just so I can get back to reality sometimes. HTH, TriPack
TriPack you win the award for being right. Thanks for the info. I would think that if you wanted to reverse your position and used a limit order and you missed the market with it, you could end up on the wrong side of the trade real fast. Is this one reason you have a rule not to reverse? Can you give any other examples why it isn't a good reason to spin? Is the line "hopes are dopes, spinners are winners" by Larry Williams one of the reasons why some don't like his trading ideas, ect.? eMiniMe Do you do spreads with the emini's?
I'm with you.I have a note taped to the desk that if I stop and reverse close trade and shut off computer. I have found this technique has caused me to have my worst days and caused me to break discipline.I'm sure it works for some but good money can be made without it. monee
Like I mentioned not reversing is a rule I have to keep me out of trouble. I have to put myself on the treadmill for 30 minutes if I start doing stuff like that. I have found that when I start reversing I tend to turn one loss into 2, 3 or even 4. I find the desire for me to reverse is strongest when I have a loss and want to "make it back quickly" (gambler's instinct) on the reverse position. If the current position is a loser then the reverse must be a winner - right? Well it sounds nice on paper but for me it never seems to work out right. For me when I'm reversing I usually have a loss so let's say I'm going from long to short and I just took a 2 point loss. Well if that's the case then my entry on the short is AT LEAST 2 points into the move (2 points would be the optimal, assuming my long entry wasn't positioned poorly, which it probably was if I'm taking a loss on it). My strategy relies on positioning well so right from the start my short is in trouble if the market pulls back after I enter. Also, because I often exit my profitable trades a bit early, reversing there would be unwise too. I'm sure there are some who can do it correctly but I just don't happen to be one of them.
In red on a card in front of my monitor are the rules: No Immediate Reversals (especially after a loss) No Adding to a Loser. Just exit the Loser then look for a good entry.
A position that does not work in the manner in which the probabilites suggested can be an excellent indictor of where the market may be going... just a few minutes ago i played a pullup and went short in the expectaion of new lows... My entry was @ 78.50, market moved down to test prior lows but it soon became apparrent that buyers were coming in, market came within 1/2 pt of prior low and then formed a tight coiled spring on the 2's, add to this the 11:30 time zone, and a tick divergence and the probs are now stacked on long side... So instead of just covering my short for a 3.5 pt profit i bought double my position and went long off 75 and grabbed another 7 on upside as it came up to kiss the falling 50 on the 2's... This type of trading is not for everybody, actualy its not for most, being that most become attached to their expectations... PEACE and good trading, Commisso