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Markets
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Markets

  #1 (permalink)
Trading for Fun
Minnesota
 
Futures Experience: Intermediate
Platform: Sierra chart
Favorite Futures: Orange juice
 
Posts: 86 since Feb 2017
Thanks: 163 given, 36 received

Markets

To start off with I am new here just to let ya know. I am more or less self taught at this so forgive my dumbness.

There are many different strategies to Tradeing most of which i have no knowledge.

What I guess I'm wondering most is how many markets you watch?

Is there an advantage to watching fewer markets an Tradeing them more often? I look at about 50 but only trade a few once in a while. Got a good ride down on OJ back bout December. Now sliding down NG hopefully it continues.

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  #2 (permalink)
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  #3 (permalink)
Market Wizard
Houston, TX
 
Futures Experience: Advanced
Platform: XTrader
Broker/Data: Advantage Futures
Favorite Futures: Energy
 
Posts: 2,025 since Dec 2013
Thanks: 1,678 given, 3,133 received
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Welcome @TraderGriz

There's obviously no right or wrong answer to your question. You will find people here that only trade a single instrument (lots of ES and CL traders), others that trade a couple but watch several (equity index's, rates, crude & gold jumps to mind) and then you will find people that trade everything they can find. I would have thought the question is, how many can you trade effectively, which obviously depends upon how much attention you need to pay to each market. There are systematic traders here who have algo's trading dozen's of different markets, but they are obviously not watching the market in the same way that somebody trading orderflow in ES does.

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  #4 (permalink)
Trading for Fun
Minnesota
 
Futures Experience: Intermediate
Platform: Sierra chart
Favorite Futures: Orange juice
 
Posts: 86 since Feb 2017
Thanks: 163 given, 36 received

Thanks
In my post I mentioned I was self taught more or less so I'm dumb to some of the terms used here, it obviously to me most here have more experience than I.

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  #5 (permalink)
Trading for Fun
Minnesota
 
Futures Experience: Intermediate
Platform: Sierra chart
Favorite Futures: Orange juice
 
Posts: 86 since Feb 2017
Thanks: 163 given, 36 received

SMCJB you are correct.
I look at my markets after supper every night. I make my decision every night. If I need to call my broker or not the next day to place an order.

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  #6 (permalink)
Market Wizard
Houston, TX
 
Futures Experience: Advanced
Platform: XTrader
Broker/Data: Advantage Futures
Favorite Futures: Energy
 
Posts: 2,025 since Dec 2013
Thanks: 1,678 given, 3,133 received
Forum Reputation: Legendary


TraderGriz View Post
SMCJB you are correct.
I look at my markets after supper every night. I make my decision every night. If I need to call my broker or not the next day to place an order.

So how would you describe your trading style, and what markets do you trade?

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  #7 (permalink)
Trading for Fun
Minnesota
 
Futures Experience: Intermediate
Platform: Sierra chart
Favorite Futures: Orange juice
 
Posts: 86 since Feb 2017
Thanks: 163 given, 36 received

I guess I seem to like my softs. Things with little bit less liquidity but enough that a guy can still exit. However I watch many. Really all I look at is a daily bar chart, if a market interest's me I will look back a minimum of ten yrs. Just to see how much wiggle room I have. I usually like to do what you might call some sort of spread. Maybe not as both positions are basically in the same direction. Example NG is at 3.30. I'll sell a 3.60 call an buy a 3.00 put at same time provided what I am selling is worth more than I'm buying.
I can say NG was good to me lately as was HO. All 24 exited trades so for for February were +. I now only have a dozen on the table. It's cocoa, coffee, lumber, British pound an now I got back into the NG. Prolly change on Monday. Got some markets I'm watching. One has option interest near zero but good interest on open contracts so would have to go that route.

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  #8 (permalink)
Market Wizard
Houston, TX
 
Futures Experience: Advanced
Platform: XTrader
Broker/Data: Advantage Futures
Favorite Futures: Energy
 
Posts: 2,025 since Dec 2013
Thanks: 1,678 given, 3,133 received
Forum Reputation: Legendary

Option terminology differs person to person but what you are doing would be called a collar or a fence. If you make money if prices go up (ie buy call & sell put) it would be called a bull fence, and if you make money when prices go down (ie sell call and buy put) it would be called a bear fence. You can construct similar payouts with call spreads and put spreads. If you buy (or sell) BOTH the call and the put that is called a straddle (if they have the same strike price) or strangle (if the strikes are different).

If you google option payoff diagrams, or option strategy diagrams you'll find dozens or simple charts. Here's one frm investopdia.

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Sounds like you had a very impressive February. Congratulations to you. I'm not sure what you are doing about risk management, but many/most people on this forum would recommend that you never risk more than 2% of your account on one trade. That way when one of these trades go wrong, you don't blow your entire account up. It will probably lower how much money your making but it will also probably keep you in business.

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  #9 (permalink)
Trading for Fun
Minnesota
 
Futures Experience: Intermediate
Platform: Sierra chart
Favorite Futures: Orange juice
 
Posts: 86 since Feb 2017
Thanks: 163 given, 36 received

I guess I really don't figure risk management. I never make a trade I can't back up however the money may not be in my account. I'm keeping account small an trying to keep my positive % of trades above 85. If I can do that a yr I prolly let it grow rather than pull money out. For now just small. I guess you might want to call that my risk management?

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  #10 (permalink)
Market Wizard
Linz Austria
 
Futures Experience: Advanced
Platform: Zaner360, Vantage, Trade Navigator
Broker/Data: DeCarley, RJO
Favorite Futures: Commodities
 
Posts: 1,027 since Nov 2014
Thanks: 1,416 given, 1,182 received
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TraderGriz View Post
I guess I seem to like my softs. Things with little bit less liquidity but enough that a guy can still exit. However I watch many. Really all I look at is a daily bar chart, if a market interest's me I will look back a minimum of ten yrs. Just to see how much wiggle room I have. I usually like to do what you might call some sort of spread. Maybe not as both positions are basically in the same direction. Example NG is at 3.30. I'll sell a 3.60 call an buy a 3.00 put at same time provided what I am selling is worth more than I'm buying.
I can say NG was good to me lately as was HO. All 24 exited trades so for for February were +. I now only have a dozen on the table. It's cocoa, coffee, lumber, British pound an now I got back into the NG. Prolly change on Monday. Got some markets I'm watching. One has option interest near zero but good interest on open contracts so would have to go that route.

I am not sure if softs are a good commodity for a beginner. They can make large unforeseen moves, and you definitely have to be careful regarding the size of your trades. This is even more true if you sell options in these markets.

Volume in lumber and orange juice is extremey thin. On critical days - eg. a limit move - you might have problems to buy back your short options at a fair price.

Congratulation - you had a long series of winners. But you should be aware that a similar series of losers might come along the way. Or just one huge loser - being short calls in a severe limit up move.

Best regards, Myrrdin

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