Is it possible? Absolutely ! Is it likely ? ....depends
What I would recommand u is start playing around in sim mode. This will give u a feel for slippage ( dont think u know antyhing too valuable from this for real money trading, but better then starting with real cash)
Next step watch the book, level 2 data.
This should give u an idea how "light" the book often is... bid/ask will only be very few contracts (like 1-5 )
So in any given sitation if there is 3 contracts on the bid/ask and only 3 on the next level ..u can imagine what a 10 contract stop order will do...
Slippage will obvsl also depend on a lot of factors. Is the stop order at a significant point ( above / below daily highs / lows, round market like 9800 /9700 ).. This areas will cause higher slippage than a stop in the middle of a intraday range...
News will make the book way lighter so that again will lead to way higher slippage...
( In the FDAX 1 Tick = 0.5 points... i think most of the CFD broker offer the Dax in 0.1 point ticks... never came across 1 tick = 0.25 points ( doesnt mean its not possible )
My experince in generall is that the slippage in the FDAX is in generall way smaller in the max number ( how high could slippage become ) .. but u will get 1 tick slippage even for 1 contract ALOT of the time, where a CFD broker might just give u your price...
Just my two cent....
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support, resistance (going from daily, 4h, 1h, 15mins, 5 mins)
chart patterns (5, 15 mins)
correlation with FTSE (eg breakouts confirmation, similar structure)
1 min rainbow chart (for exact entries and exits) - will probably drop it as it gives false hope
I use MetaTrader which is not the best platform for DAX.
Do you use similar approach?
The slippage will probably be the same just my my orders will be larger. As to the slippage I experienced a huge one today after London open more than 10 points on buy stop order - basically reversing my 1:2 RR to 2:1 RR (closed with +1.5pt)
Well, no, on how you drive it I meant for the future results. But it's good information what you've telled for if someone advices about something. For example; correlation with FTSE; as your general setup or approach, could be fine, it always depends on the trader when discretional trading, but I suggest at least also, perhaps rather than, look the correlation with SP500 and DOW.
My discretional approach, indicators speaking, is a bit of EMA, Heiken-Ashi, a bit of CCI, bit of MACD, and bit of RSI volume weighted.
Also I work with automated systems but not in this moment.
Thanks, will investigate it more then (I know more indices follow SP500 and DOW).
Is it heavily based on indicators?
I wrote some EAs (some are profitable on demo) but I'm not confident in them and there is a lot said everywhere that they cannot work (which I actually don't agree to the fullest).
May I ask if you're consistently profitable? I struggle with that and I've failed with indicators (or maybe that was just me, if I was more disciplined with them).
65% based on indicators, 35% based on my my assessment of the circumstances and confident about what indicators are timely saying. Someone very good said a copule of days ago, that discretional trader has to know when indicators are telling him good information or noise.
You know for a definitive conclusion; appropriate tests considering commissions and slippages.
I would like to share some results curves with you now, but I don´t have them here. Honestly I would say yes (for now). But I need more time being that to think I can live from trading.
Amen to that and the more knowledge one has the more useful some indicators become.
I have spread to fill first and boy there is a difference between DEMO and REAL (even with stop hunting).
Congratulations, I'm yet to achieve real consistency (somewhat consistent for some time) but I know some of my trades well are a bit lucky and scalps which does not say much. I hope you're going to achieve decent consistency and confidence which will give you the choice of doing it full time
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Thank you very much for your wishes (now you have your first futures.io (formerly BMT)F-Thanks, from me ). I appreciate the message with deep feeling.
As I see you are new here, I think it's a good advice, a good present, to introduce you some people here under my appreciation, to follow them very close.
Putting myself at risk by forgetting someone or not make a correct assessment at this moment, as this is improvised, or because someone won't feel well (I deeply hope no); here are many extraordinary people with very useful and / or a lot of work delivered in the community (Gomi, devdas, bob7123, bobwest, JDNeeman, Silvester17, PandaWarrior, kbit, etc, etc), and let me tell you under my appreciation, three very special people I suggest to follow very close (read all you can from them); TheWizard, josh, and Fat Tails. You'll find several pearls in their posts, with useful applications and deeply good guys.
There is a feature in futures.io (formerly BMT)F, probably you know; the mentions (if I had put a @ starting their nicks, they would receive notification pointing to this post), but I don't want to call them just to see what I said, so I didn't use it.
Of course, also the boss holds its own, you'll see, starting because he reads ALL the posts we send to the forum. I can't imagine how he survive managing the forum, his trading, and his live.
Well @chr1s, we'll be in contact here. All the best for your trader career.
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