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Grantx intro
Started:October 11th, 2016 (01:15 PM) by Grantx Views / Replies:484 / 22
Last Reply:October 13th, 2016 (07:54 AM) Attachments:1

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Grantx intro

Old October 12th, 2016, 06:50 PM   #21 (permalink)
Market Wizard
London UK
 
Futures Experience: Beginner
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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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Old October 13th, 2016, 04:36 AM   #22 (permalink)
Trading Apprentice
Reading UK
 
Futures Experience: None
Platform: FXCM trading station
Broker/Data: InteractiveBrokers
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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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Old October 13th, 2016, 07:54 AM   #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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