equities trading is vastly different regulatory wise, than futures (emini(s) as a sub-category within)
GaryD had a very good day in the chatbox today, and it sure was fun watching and participating and riding along with him, as he sweat through that trade...
as far a legal technicalities in that comment I made, it takes just 20 minutes listening to a securities lawyer discuss cases and current accepted practices and charges brought against licensed persons (particularly in the equities side of the equation) to know the validity of my post; irrespective of re-numeration or not.
after all there's a reason there weren't futures.io (formerly BMT) threads like these when trading prop shop and equities were rampant... with futures, there are other concerns and they're not the same as equities (guess I'm repeating myself).
as regards futures, have an involved chat with your broker regarding where the regulatory emphasis comes into play with futures. It might prove enlightening. Or if you have occasion to become licensed, perhaps then, with your teachers...
The following user says Thank You to kronie for this post:
I have read in the past about trades being called in the "chatbox", but it just wasn't my thing. I would sometimes call trades in a thread, and had someone ask me why I was not doing it in the chatbox, and I said because then I had to listen to everyone else.
But today I saw it as something it was designed for; to call out a trade that I thought had a very high probability, very good RR for a "scalp" , like 3:1 or more, and if any new traders are watching it, to explain what is going through my mind. The more important things than whether it was a winning trade or a losing trade;
I called out the trade potential an hour or more before it occurred, at that time price was relatively far from my preferred entry. But, I knew it would probably retest. But, since I was counting on coming out of major support, I was not going to short it.
I showed to have patience and wait for the right entry. My sarcastic "shhhh" was very honest. It was in the zone, and now all senses should be firing, but most important, listening.
I eased into the trade, adding into a better position, and then adding into a more secure base. Completely opposite ends of the entry process. I layered out similarly, taking off, or "banking, risk.
I had very logical targets. Target #2 was too popular going into the close (DVPOC) and price could barely get past it, so I closed out. It happens. There are no hard rules for 10 tick stop 20 tick profit, it does not work that way, in my opinion. You take a trade because you have a good probability of understanding the market in that moment, and you play the RR it suggests.
It was to maybe help a new trader watch the process through a more advanced trader's mind. Sometimes just knowing a few details can shed light on something in a trader's head, cause a new direction of thought.
I gained nothing from posting it, I promised nothing from it. It is freedom of speech, and this is a site by traders for traders. It takes away from my focus to post things like that, but why else are we here?
The following 2 users say Thank You to GaryD for this post: