EVen 0.78 is not a lot when you look at it in terms of points. My point was that you can make very little actual points, but since you're trading larger size and making more R/T, in terms of actual dollars, you still make a lot. -Fast
Well, then there is commish......so you got to do this type of trading with firms that self clear and specialize in high volume traders...like velocity does. Michael B.
Yes, I think if you trade just the first two hours of the DAX you could make a decent profit. I'd say about 70% of my profits come in the first two hours. Yes, it would be worth you time to study the first 2 hours of the DAX. In my opinion.
Now...if I can just get as good as you...... electric....scratching his head and says to wifey... honey set the alarm for midnight...... This gives new meaning to the words....Burnin' the Midnight oil... Seriously though thanks for the answer....I will need to practice and discover how to trade this instrument....the suggestions in this thread have been quite helpful. Michael B.
The best way is just to watch the market every day and take notes as the what you notice. Pay close attention to volume, and how the market acts after if makes a new high or low. When I started out I used to chart the market by hand after it closed. I did this with 1 min. bars on the s&p. It took a couple hours a night but I learned alot and got a good feel. I know someone will inevitably tell me that, that is crazy. It might sound like it, but it worked for me.
Mark, What kind of informations do you receive frome depht of market. How do you use it ? I am new to daytrading and don't understand very well how market depht works. Thanks in advance. Eggs
Dear Mark, I posted the message at the bottom on T2win board and then someone sent a message linking to this thread. I looked at elite trader a few months ago and found an excellent file on Tradestation but it wasn't enough to compell me to join. Your writing is. On Bloomberg, I subscribe to bloomberg tv but havent found it much use. Could you say more how you use it? Or do you use their web service or what? You wrote ***Basically the way I trade the #'s is If an eco# comes out better or worst then expect I try to buy or sell right when I see the release. I will get filled about 50% of the time(unfortunately I wasn't able to get anything short on the release of the employment report yesterday). The second way is I play the #'s is If there is a big spike I'll try to play the counter trend, but I use real tight stops because if people are trapped in the DAX it can go I lot further then one would expect without a pullback. FOR ANY BEGINNERS PLEASE DON"T TRY TO PLAY ECO. RELEASES WHEN YOU SEE IT RELEASED ON TV ( Once the financial news stations get the #'s they already been out for at least 10 seconds and that a huge difference.) *** So is the bloomberg you use something else from what I see on the bloomberg tv chanel? here was my post: **I tried to be a swing trader but found that scalping is what suits my nature. When you say you are making money already, are you talking about real trades or simulated. Real trading is very different from paper trading. If you can make 20 points a day consistently then in a year you will be a millionaire because you can keep increasing postion size. Basically things are not so easy though. I scalp futures everyday including YM. In fact I am not making money consistently yet but many people are. Probably over 95% of those who start to do this professionally will give up because it is hard, it takes capital, time, and character. Unlike most professions it is both skill and gamble - and not everyone can accept that. I think Ym is not the best market as the tick return is only $5 so you have to make over a tick to be profitable (becuase of commission) and the volume is thin, but is good for beginners as losses will be smaller than say ZB (bonds) where the tick size is over $30, or the nikkei where is is almost $100. And you will lose for the first few months or more. there are many good chatrooms where Ym, Nq, Es ZB are traded in real time . You could try woodies, as this is free, to begin. I have put about $40,000 as my investment in learning , capital etc. And expect to spend considerably more before becoming a real trader. If the market moves against me by 2 or 3 ticks I am out. Or if it is too slow in doing what I expect it to do. I dont use stops much because I am ready to close out at the blink of an eye, an average trade is 3 minutes but could be only 5 seconds and sometimes an hour and a half. I trade almost entirely off price action and volume, seeing the patterns that the market makes. Along with support/resistance pivots and fibonnacci .*******