Favorite Futures: Bund/Bobl/Eurostoxx and sometimes 10-year(ZN), 30-year(ZB) and 5-year(ZF)
Posts: 3 since Jan 2016
Thanks: 3 given,
1st post but have been a member a little while.
Have been trading a live account on and off for the last few months in conjunction with SIM account via Jigsaw/AMP/Multicharts.net SE/CQG with mixed results. Have had a number of break even days, some slightly up and a few larger loss days. Have not been keeping a formal journal but have been watching back and reviewing trades. I now think it's time to up the anti and get more serious. Am now between jobs and have a little in the bank for bills so an ideal opportunity to change the career fully (been in IT for 12 years and Insurance 11 years prior to that).
Not got a huge account to play with though so the down days have had a big effect. Looking to maybe change to Eurostoxx and am looking at a scalping intraday strategy (was mainly trading Bund).
Have attended a number of Jigsaw/FT71 Webinars, have gone through John Grady's NoSBDayTrading Basic and Intermediate courses, read Gary Norden's End to the Bull and generally recorded and watched back each day's sessions to get a feel for the markets.
Any advice on journals, etc. would be much appreciated.
The following user says Thank You to DuckDodgers for this post:
I stumbled across this forum when I was looking for reviews/opinions of The Daytrading Academy. This alone may have saved me a few thousand dollars, so thanks a lot for that!
Just getting started with daytrading or let's say rather starting to read into the matter. The content on this side looks amazing and will hopefully help to avoid a lot of beginner mistakes. Really can't wait to consume all those threads and journals and eventually experiment myself in a sim account.
I believe in trading for a living but you have to be built for this lifestyle. You have to have passion, perseverance and drive. A decent size account will definitely help. So what is a decent size account...? Well it can mean $500, $5000 or $50,000..maybe more. But with the right formula the right idea the right plan the right strategy, you can make $500 into $500,000 in a short time. I've seen my friend well acquaintance take a $15k account and in 3 years take it to $300,000 with only options just buying calls, so I know it can be done...I've seen it.
Although he is very secretive, he had no real formal training...just a couple of webinars and books, but he just had the gift. His only hint to me is that he buys breakouts and news of large cap stocks/options. So I opened an account without telling him and unfortunately I haven't have the luck that he has. So my question is, does your strategy need to be a complicated one, or can it be just as simple as buying breakouts in the Forex, Futures or Options markets. And So I'm here to learn and maybe share some of mistakes so you won't go through them. each one teach one is my motto, so let's see where Big mike takes us.
Ceasar, Hello and welcome to the site. I am new here myself, but I've been trading off and on for quite some time. I have a few years of options trading experience and that is why I am responding to your post. When it comes to making money with Options, I believe that the most important thing is buying them at the right time. If you pay to much for them to begin with you are likely going to be underwater for the duration and will most likely loose the entire sum of your outlay if you wait for it to come back to what you paid. That is what I have found. Buying options on breakouts in my opinion is possibly the worst time to buy options. That is when they are charged up as I call it, charged with volatility and hopes that the price will continue to move in that direction. If the breakout is false, you will quickly see that you paid to much. So I buy call options on pull backs to support, and sell them into strength or breakouts. I have not had good luck on buying and holding options longer term as the time decay will destroy the position unless you sell other options to protect your main position. Buying Put options when TWTR was at $25 would have been a good move, or when GPRO was at $17, buy puts into strength.
My buying on support can be illustrated off of my GS trade started yesterday when the Banks were selling, I bought 5 GS $167.5 Calls for 2.25 That was $1125 total outlay for the position on the Options expiring next Friday. It took me 2 attempts to get in them as I sold out when it didn't hold like I thought, so I lost $50, but I got back in after it showed me support held. If the trade goes wrong, you have to get out. If it continued to sell most likely these would be worthless, but yesterday it held and I held into close with about $350 in profit open. Today on open GS had traded up to nearly 172 so I sold on open for an average sale price of $5.56 effectively doubling my initial investment. I saw $6.00 flash for a second but you have to sell options when the iron is hot. Later in the day it sold off and they were only worth 4.2 and now 4.5 at close. However when it sold off I was free and not tied up in the $167.5 calls so I bought the $170 calls for 2.38 and sold them into close at $3.10 I held 1 option to find an entry next week.
I am not an expert, but this worked well for me today and netted nearly $2K in profits within a 2 day period. I am not a professional but I have been trading GS Options off and on for years and I am familiar with how it trades. You have to know the underlying if you are planning on trading options.
So you saying that your friend took a small account and made it to $300K in a year or so, yes it could be done, but discipline would be paramount. I have the problem of buying options to far out, like a month or 2 and thinking I can get the price right over a longer term. I am seeing now, how ridiculous that is as I am awash in losses on options I've bought a month ago and held on to even though I was wrong. The reason that I joined this site was to improve as a trader and hopefully help others by helping myself.
I trade options on CL and ES as well. You can follow my journal as I strive to improve my trading and enjoy the great resources of the site. But one thing I am finding out, is that in trading the answer isn't necessarily "out there" somewhere, the answer is within you, you just have to be able to take action, even though that action is hard. Over-riding emotions and hope is the hardest thing for me.
Hi all. Iam Guillermo from Argentina. and my english is very bad, but i trie to understend. You Call me gilik.
Iam new in this world of trading. my experiencie is spot market, the brokers cheating me in many fraudulent ways. I lost a lot of money because that.
Mi interested is in the futures market now an i trie learn . i whish anybody recomended me essential things like: broker, plataform, trading sistem, and etc.
Amid The Many Mouse Clicks, Alas.. A Winning Trade
First off, I'd like to apologize to all of you master futures traders out there - I won't be donating to your profits with the same level of daily vigor and generosity from here on out. It would appear that my days of blowing up accounts are over, An expert at rapid drawdowns & depleted cash, I've decided to move on to perhaps... maybe making consistent profits ?<grin>.
More importantly, much respect to my first trading mentor for without him I wouldn't be here. Also my gratitude to Big Mike for what has become and essential forum and thanks to all contributing Expert & Novice traders that have brought forth the key questions we've all asked and the very helpful insight, charts, indicators, answers and solutions to those queries! You guys rock.
Forgive my late, very late intro... been busy trying to unravel the mysteries of ES, CL, GC, (and others).
NinjaTrader 7 my main tool - I will be looking to talk with folks who can code/ troubleshoot code. Currently exploring other platforms (Trading Technologies; S5BookMap, more) that Id like to discuss as well.
If you have thoughts/ideas on using Mac for trading, please send me a P.M.
Thanks in advance...
Hope my presence helps,
The following user says Thank You to EssDigs for this post: