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Grantx intro
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Grantx intro

  #21 (permalink)
Market Wizard
London UK
 
Futures Experience: Beginner
Platform: CQG
Favorite Futures: Futures
 
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Posts: 3,054 since Sep 2015
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Grantx View Post
  • I buy a contract at the 1933.75 level. This is just a price level, the contract per tick is $10 (to keep it simple)
    OK
  • I am now behind by the initial $10 + $3 entry commission. Making a total of $13 that I need to now recover to get to breakeven.
    Correct
  • Price advances one tick. I make $10. But I'm still down $3 because of initial entry commission.
    Probably a matter of terminology but 'making $10' after 1 tick equates to breaking even and down 3$ commission. Again, it's about terminology, as for me 'breaking even' means you don't lose anything, whereas with 0 ticks you're actually down because of commissions.
  • Price advances another tick. I'm now in profit by $7.
    Correct
  • If I sell on that 2nd tick, I pay a $3 commission exit meaning I'll be up a total of $4.
    Correct


Bear in mind that 6$ commissions round trip sounds high to me. By shopping around you can get that down. For certain products you can probably halve it.



Grantx View Post
Problem for me right now is that I dont even know what that depth of market chart means. I don't want to annoy anyone on this forum with such newb questions. If you would kindly point me in the direction of a basic tutorial or something I would really appreciate it. I can then come back with something a bit more intelligent to ask.

By the way, how good are those videos in the elite section of this website? I obviously don't have access to them at the moment. Are there beginners to advanced topics covered?

Thanks

One set of videos that goes from the start and I find excellent (and free) can be found here

Free Tape Reading and Order Flow Training Materials

It's actually a fairly comprehensive course made of videos and textual content.

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  #22 (permalink)
Market Wizard
Reading UK
 
Futures Experience: None
Platform: Sierra
Broker/Data: Lmax
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Thank you all so much xplorer for your help.
Im off to watch some videos and do some reading.
My next question will hopefully be from a more informed understanding.


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  #23 (permalink)
Elite Member
Leeds UK
 
Futures Experience: Intermediate
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Grantx View Post
Problem for me right now is that I dont even know what that depth of market chart means.


Have you ever seen Betfair, Grantx? It's exactly the same thing - just set out slightly differently. It effectively shows the "money waiting" to buy/sell at given prices.

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  #24 (permalink)
Market Wizard
Reading UK
 
Futures Experience: None
Platform: Sierra
Broker/Data: Lmax
Favorite Futures: My 3 boys
 
Grantx's Avatar
 
Posts: 869 since Oct 2016
Thanks: 839 given, 1,134 received
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xplorer View Post
One set of videos that goes from the start and I find excellent (and free) can be found here

Free Tape Reading and Order Flow Training Materials

It's actually a fairly comprehensive course made of videos and textual content.

Thank you so much for posting these videos. They are quite long so I am working though them slowly because I want to absorb what he has to say. So far I have found it to be excellent material! Just in the 1st video alone I have learnt so much about how and why the market moves.

Quick question: When trading a futures market, I can see at any time if there is a high volume of pending Ask orders above the current price (when the market is trending up) and also I have the tools to see the volume of Bid orders coming in to eat up the Ask orders?
So to put another way: Spot Forex gives you no clue as to volume or where pending orders are sitting, a trader has to determine that for themselves using technical analysis. But in futures, I can see exactly where the pending orders are (because of centralised exchange) and also how much volume/demand is currently flowing in to consume those limit orders? So when price hits a level on the candle chart, I can take a quick look and see the volume of pending orders above versus the volume of pending orders below? If there is more liquidity (in the form of Bid orders) below than above, the market in theory should go and seek that liquidity out?

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The following user says Thank You to Grantx for this post:
 
  #25 (permalink)
Market Wizard
London UK
 
Futures Experience: Beginner
Platform: CQG
Favorite Futures: Futures
 
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Posts: 3,054 since Sep 2015
Thanks: 6,575 given, 4,826 received
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Grantx View Post
Thank you so much for posting these videos. They are quite long so I am working though them slowly because I want to absorb what he has to say. So far I have found it to be excellent material! Just in the 1st video alone I have learnt so much about how and why the market moves.

Quick question: When trading a futures market, I can see at any time if there is a high volume of pending Ask orders above the current price (when the market is trending up) and also I have the tools to see the volume of Bid orders coming in to eat up the Ask orders?
So to put another way: Spot Forex gives you no clue as to volume or where pending orders are sitting, a trader has to determine that for themselves using technical analysis. But in futures, I can see exactly where the pending orders are (because of centralised exchange) and also how much volume/demand is currently flowing in to consume those limit orders? So when price hits a level on the candle chart, I can take a quick look and see the volume of pending orders above versus the volume of pending orders below? If there is more liquidity (in the form of Bid orders) below than above, the market in theory should go and seek that liquidity out?

Yes, however bear in mind that often the liquidity 'stated', i.e. intent does not necessarily correspond to 'fact', as resting orders can be pulled at any time. If you progress in the videos the concept is well illustrated.

But you can still gauge what liquidity does when price approaches it and then trades through it.

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