I am a budding advanced student, not at Semi-Pro stage but gunning for it......
Wanting to chit-chat with other serious traders of the SPI contract ( Australian Share Price Index futures contract of top 200 Aussie shares)....It's $25 per point, with average moves of 50-100 points per day.....plenty of opportunity to make dosh. You can also start with $5 per point with a broker in Australia for newbies. I currently trade $10-$30 per point, mostly swing trade for 20-40 points per trade, or scalp for 10-20 points. My goal is to net 60-80 points per week, which I think is quite doable. I don't believe in risking much per trade, and I am looking for precise entries as a consequence. My edge is I am specializing in trading only the SPI and no other instrument, I use for macro -analysis Bryce Gimore's software to work out Gann swings in real time, and I follow Al Brooks for micro - analysis. I don't need any other indicator based methods. I am aggressive with my small account, I believe a trader worth his salt should be able to grow a small account fairly quickly, and multiply contracts traded to a point where he or she is making a considerable living from trading. I am very serious about being a Professional. I am not here to mentor, I am here to share methods and ideas with others. Not many trade this instrument (?), and that's ok with me, I don't care as long as I can trade it and make consistent money. The Aussie market is very sensitive to commodities and China news, but you don't need to follow that news I believe....just be good at reading 5 -15 minute technical charts. I am constantly making mistakes with my own method, and falling short of my envisaged potential - but as I'm serious about giving up my day job, I'm happy to expose my own weaknesses and accept valid criticism. That is why I am creating a Journal for my trading for all to scrutinize.
So I welcome any comments and hope we can get this thread up and running again.......lets do it traders !!!!
I'm a long time SPI trader(25yrs+ full time on and off) in both Options and Futures although, generally I am trading multiple international Futures Indexes. This time in, 3yrs full time as my sole source of income. It's been much easier to make good money since the pick up in volitility, after all that is what we trade, much better than just chipping away. If you are still around say hello.
The following user says Thank You to Johno1 for this post:
Thank you for joining in John....I'm interested in your approach. What kind of trader are you? Shorter or longer time frames? Technical or otherwise? Do you get great satisfaction in being able to make a living solely from your trading? Any advice you can offer?
It's good to see other SPI traders on this site. I started trading the SPI in 2012 and was consistently profitable from the start, but that was after spending a couple of years actively trading ASX equities, I probably spent a year watching level II on the ASX equities market while at the same time trading CFD's and spot FX before I got started on the SPI. I've actual taken a break from trading this year, but when I am trading I'm mainly trading based on what I see in the DOM and volume profile on the 1 hour chart.
I find it useful to plot a 21 ema on the 1 hour chart as the SPI seems to always use it as a support level.
The markets determine my timeframe so it can be anywhere from hours to months and depending on whether I am trading futures or futures options, obviously the options are over a longer timeframe. I don't really use any TA/Charting, I rely on experience and observation, and have developed a business model that suits my personality and risk tolerances. When I was a young man I was overflowing with enthusiasm the markets taught me to be more restrained, these days it is what I do, I have always been a risk taker so trading suits my world view and keeps my attention. Advice, don't try to force the market and the real money is made in places and using methods where no one else is.
I wanted to get some opinions about where to from here?
It seems to be forming a double top on the daily $XJO chart ( aussie top 200 stocks index).....
My take is that it's second day of correction, and it has taken out the last bull bars low today.
It could correct up to several bars lower to a target such as the 50 % retrace of the range up @ 5100,
or it could consolidate under the recent highs in a more side ways chop and make the 38 retrace only to @ 5150.
I do think it will break out UP and test the 50 retrace @ 5457 ( XJO) area in the not too distant future as that
is like half way of the big falls we saw in since the highs of March this year. So my current trading strategy revolves around those ideas....
Hi, Interesting comment.....I was merely engaging some discussion on the current chart....so what methods to you use to trade in real time?
I'm going to post my first picture here, to show how I 'forcast' the market action to trade....I have thickend the two major trend lines that were relevant at the time I was looking for a reversal. I only trade the price action in real time, but I find these 'not rocket science' types of trend analysis give a common sense view of where to possbily look for a reversal price action .....have to start somewhere and that's how I do it. Anyway, I don't think there's anything wrong, only constructive to shoot the breeze to myself about possible scenarios and I try to look at the bullish as well as Bearish scenarios.
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