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Hi everyone, I've been trading on and off for the last 30 years but must admit I haven't been very successful. I mainly traded shares and in particular penny stocks. I'm interested in the futures market but because I live in Sydney Australia the E-mini 500 doesn't open until midnight. I would like to trade at about 8 pm Australian time. Any suggestions? Thanks to everyone on this forum.
Hello all,
I’m glad to find and join futures.io
I started with dabbling in mutual funds (pretty much just riding the economy, but never quite as good).
I gave options a try in 2009, after the economy tanked. I rode SBUX like an elevator as it recovered, and thought I knew what I was doing. Fortunately I spent all my winnings that year taking the extended family to Disney World, rather than blowing up my account.
Skipping forward a few years, I was reattempting to trade options but with no success. I heard about futures and started trying to learn how to trade. I’m still trying...on the spectrum of fear to greed I tend to be most impacted by fear and jump out of trades to quickly.
I look forward to learning and hopefully contributing here.
Hello there, I started trading from an year and used the Price Action methods (supply demand) then some acronyms like FTR, Flaglimit, Quasimodo in trading. I started with supply/demand and slowly incorporated other PA methods. I have been trading only mini lots to get my understanding better. Only on commodities as of now. Wasn't been using any indicator till now and came across Volume as the indicator which led me to wyckoff methods. I am trying to learn them now as an adon for better entry.
Really something reading about how you have blown up your account twice, I suffered a six figure loss last Feb 5th in over leveraged ES. Of course this is and was my fault, was not even at a bare minimum a back ratio, I made a trade and hopped on a plane and BAM! liquidated... . Thanks for this forum, I'm in full recovery mode now right at six months into things and am coming back strong with logic, reason and of course basic math.
Super nice forum, Glad to be here, thanks for doing all the work to make this happen, I know it is not easy maintaining.
I have been trading options for about 25 years and have learned most of the wrong ways to trade through the school of hard knocks. After both making and losing large sums of money in equity options by buying OTM, deep ITM, selling naked puts at way too large notional value, and with little respect or regard for TA, I tripped over a book by Lee Lowell called "Get Rich With Options." Lee had been a floor trader on the NYMEX and had discovered the profit potential of selling OTM options in energy and metals. After much success he left the pits and began trying to continue the strategy quickly discovering the challenges of trying to do this in markets that had limited development for electronic trading. Because the equity markets were further along in electronic trading and offered massive liquidity compared to commodites, he morphed over to selling puts far OTM on equities. He apparently has had a commendable win rate and has a subscriber following in the strategy. But I had also read Jack Schwager's books and was blown away by the potential of the massive leverage with the less restrictive margin requirements of the futures markets. I also learned to appreciate the benefits of MTM and 1256 contract tax reporting. So then I find myself in the early 2000s looking at charts of silver and gold and lusting after the upside potential. I got myself hugely over leveraged in silver and gold futures buying in with silver in the 6's and gold around 300. I was correct on the direction but quickly hurt by the massive volatility of periodic corrections. Having missed the opportunity to amass several million dollars from my position size, and now with a busted trading account, I became depressed but stubbornly determined to find a way to amass wealth from the market but now with less risk. I experimented with day trading stocks, equity options, futures, forex, et al, and I even enrolled in trading courses with OTA. It was educational and simplified TA in a usable manner but also quite expensive. But I probably got more value from it than most people get from a year's tuition at college these days. I found, though, that I had a real aversion to going long and appreciated the benefit of collecting premium from selling options and remaining in cash with small notional exposure. I learned to spread trade vertical credits on SPX and after reading Cordier's books I have added selling options on futures for the purpose of true diversification through less correlated instruments.
@Candledancer welcome. I have been trying to figure out how to use options as a tool for hedging positions in forex/futures trades. I've read that one can have a high win ratio selling OTM puts/calls but I'm nervous of the downside and really only want to be a buyer and not interested in cultivating any sort of strategy in options trading. Not sure if they can be used as a substitute to stops?
I'm interested to hear your story and perhaps learn some of the nuances of options trading.
