New to futures and doing great - Trading Journals | futures io social day trading
futures io futures trading


New to futures and doing great
Updated: Views / Replies:1,515 / 15
Created: by stocktrading99 Attachments:0

Welcome to futures io.

(If you already have an account, login at the top of the page)

futures io is the largest futures trading community on the planet, with over 90,000 members. At futures io, our goal has always been and always will be to create a friendly, positive, forward-thinking community where members can openly share and discuss everything the world of trading has to offer. The community is one of the friendliest you will find on any subject, with members going out of their way to help others. Some of the primary differences between futures io and other trading sites revolve around the standards of our community. Those standards include a code of conduct for our members, as well as extremely high standards that govern which partners we do business with, and which products or services we recommend to our members.

At futures io, our focus is on quality education. No hype, gimmicks, or secret sauce. The truth is: trading is hard. To succeed, you need to surround yourself with the right support system, educational content, and trading mentors Ė all of which you can find on futures io, utilizing our social trading environment.

With futures io, you can find honest trading reviews on brokers, trading rooms, indicator packages, trading strategies, and much more. Our trading review process is highly moderated to ensure that only genuine users are allowed, so you donít need to worry about fake reviews.

We are fundamentally different than most other trading sites:
  • We are here to help. Just let us know what you need.
  • We work extremely hard to keep things positive in our community.
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts.
  • We firmly believe in and encourage sharing. The holy grail is within you, we can help you find it.
  • We expect our members to participate and become a part of the community. Help yourself by helping others.

You'll need to register in order to view the content of the threads and start contributing to our community.  It's free and simple.

-- Big Mike, Site Administrator

Closed Thread
 
Thread Tools Search this Thread
 

New to futures and doing great

  #1 (permalink)
Trading Apprentice
Winnipeg Canada
 
Futures Experience: Beginner
Platform: IB
Favorite Futures: Futures
 
Posts: 4 since Jun 2013
Thanks: 0 given, 2 received

New to futures and doing great

I've been going 3 weeks and doing great. I only trade $USD - $CAD futures, and only 1 direction - short on the $CAD. Normally trade 3 - 4 times a day...some large gains ($50,000 best day ever) but normally $5,000 - $10,000 daily profits. My net profit in 15 trading days is $200k.

Here's my strategy. I start with a short position of 20 CAD contracts. If the $CAD rises, depending on the strength and volume, I dollar cost average up, then profit on the retraction. No fancy programs, feeds, Meta Ninja stuff..just intuition. In 50 trades, I've never lost once.

My current position is now short 210 CAD contracts (September 2013), with a break even price of .9796. If the volume is light tonight, I will cover at .9792 otherwise set a trailing limit of 10 points and see where she heads.

I got a little greedy last Thursday night and I lost out on an extra $100k Friday morning on the huge $CAD rise and fall but there's always tomorrow.

The following user says Thank You to stocktrading99 for this post:
 
  #2 (permalink)
Quick Summary
Quick Summary Post

Quick Summary is created and edited by users like you... Add FAQ's, Links and other Relevant Information by clicking the edit button in the lower right hand corner of this message.

 
  #3 (permalink)
Elite Member
Phoenix, AZ
 
Futures Experience: Advanced
Platform: Multiple
Favorite Futures: CL, ES
 
rubyslippage's Avatar
 
Posts: 76 since Jun 2012
Thanks: 26 given, 487 received



stocktrading99 View Post
I've been going 3 weeks and doing great. I only trade $USD - $CAD futures, and only 1 direction - short on the $CAD. Normally trade 3 - 4 times a day...some large gains ($50,000 best day ever) but normally $5,000 - $10,000 daily profits. My net profit in 15 trading days is $200k.

Here's my strategy. I start with a short position of 20 CAD contracts. If the $CAD rises, depending on the strength and volume, I dollar cost average up, then profit on the retraction. No fancy programs, feeds, Meta Ninja stuff..just intuition. In 50 trades, I've never lost once.

My current position is now short 210 CAD contracts (September 2013), with a break even price of .9796. If the volume is light tonight, I will cover at .9792 otherwise set a trailing limit of 10 points and see where she heads.

I got a little greedy last Thursday night and I lost out on an extra $100k Friday morning on the huge $CAD rise and fall but there's always tomorrow.

Awesome! Be sure to transfer your gains to an untouchable account, because there's nothing like a beginner's winning streak to lead to a massive drawdown/blowup.

The following 5 users say Thank You to rubyslippage for this post:
 
  #4 (permalink)
Trading Apprentice
Winnipeg Canada
 
Futures Experience: Beginner
Platform: IB
Favorite Futures: Futures
 
Posts: 4 since Jun 2013
Thanks: 0 given, 2 received


rubyslippage View Post
Awesome! Be sure to transfer your gains to an untouchable account, because there's nothing like a beginner's winning streak to lead to a massive drawdown/blowup.

The only thing that could blow up my account is if the $CAD rose 10 cents overnight. The only way I can lose with my strategy is if the $CAD rises out of range to continue averaging up and then the contract expires, with the associated rollover costs. I sold my business and have lots of free capital just waiting to continue averaging up, and with smaller 20 contact shorts, I just keep picking away.

I never thought clearing $2000 a day would feel like nothing was accomplished. I find you quickly lose perspective over the dollars when you think how little effort you put out for $2000 (a few pips) when some ditchdigger is breaking his back all day working for $200.

 
  #5 (permalink)
Elite Member
Lubbock TX
 
Futures Experience: Intermediate
Platform: NinjaTrader
Broker/Data: Stage 5 Trading
Favorite Futures: CL
 
MWinfrey's Avatar
 
Posts: 1,879 since Jul 2009
Thanks: 1,449 given, 3,306 received

Just a suggestion. Now that you've accumulated some capital, only risk that accumulated capital or at least put a limit on how much of your base capital that you will risk. I know you outline the only way you can lose, but things can happen that you haven't considered and will take your account. At least with my suggestion, if the worst case happens you still have capital to trade with. I wish you the best. Hope you continue posting.

Mike

The following 2 users say Thank You to MWinfrey for this post:
 
  #6 (permalink)
Market Wizard
Cleveland Ohio/United States
 
Futures Experience: Advanced
Platform: Tradestation
Broker/Data: various
Favorite Futures: futures
 
Posts: 2,388 since Jul 2012
Thanks: 1,138 given, 4,387 received
Forum Reputation: Legendary

To the OP: Congratulations, and I hope your winning ways continue.


To everyone else, especially newbies: Averaging down, or adding to a loser, with a leveraged instrument like futures is in general a path to destruction. Pretty much guaranteed. The method might be successful for years, but eventually your luck will run out. If you quit before this happens, you are golden. If you don't, you will be broke.

If you have any questions please send me a Private Message or use the futures.io "Ask Me Anything" thread
The following 10 users say Thank You to kevinkdog for this post:
 
  #7 (permalink)
Trading for Profit
Munich, Germany
 
Futures Experience: Advanced
Platform: TradeStation
Favorite Futures: Equity Index Futures
 
Posts: 285 since Apr 2012
Thanks: 121 given, 116 received

@stocktrading99:

Here's a book suggestion for you:

Amazon.com: The Black Swan: Second Edition: The Impact of the Highly Improbable: With a new section: "On Robustness and Fragility" (9780812973815): Nassim Nicholas Taleb: Books

... and if you think that this is rather theoretical, here's another one:

Inventing Money: The Story of Long-Term Capital Management and the Legends Behind It: Nicholas Dunbar: 9780471498117: Amazon.com: Books

The following user says Thank You to karoshiman for this post:
 
  #8 (permalink)
Elite Member
Toronto, Canada
 
Futures Experience: Advanced
Platform: NT
Broker/Data: TD Ameritrade, Dorman/Zenfire
Favorite Futures: CL,ES
 
VinceVirgil's Avatar
 
Posts: 1,752 since Aug 2011
Thanks: 2,144 given, 9,180 received


stocktrading99 View Post
I've been going 3 weeks and doing great. I only trade $USD - $CAD futures, and only 1 direction - short on the $CAD. Normally trade 3 - 4 times a day...some large gains ($50,000 best day ever) but normally $5,000 - $10,000 daily profits. My net profit in 15 trading days is $200k.

Here's my strategy. I start with a short position of 20 CAD contracts. If the $CAD rises, depending on the strength and volume, I dollar cost average up, then profit on the retraction. No fancy programs, feeds, Meta Ninja stuff..just intuition. In 50 trades, I've never lost once.

My current position is now short 210 CAD contracts (September 2013), with a break even price of .9796. If the volume is light tonight, I will cover at .9792 otherwise set a trailing limit of 10 points and see where she heads.

I got a little greedy last Thursday night and I lost out on an extra $100k Friday morning on the huge $CAD rise and fall but there's always tomorrow.

Wow, this is incredible.

What are you doing with your time that I am not doing with mine?

VV

 
  #9 (permalink)
Elite Member
Greensboro NC
 
Futures Experience: None
Platform: TOS/ NT Dorman
Favorite Futures: ES TF CL
 
Rad4633's Avatar
 
Posts: 1,352 since Sep 2011
Thanks: 2,651 given, 886 received


kevinkdog View Post
To the OP: Congratulations, and I hope your winning ways continue.


To everyone else, especially newbies: Averaging down, or adding to a loser, with a leveraged instrument like futures is in general a path to destruction. Pretty much guaranteed. The method might be successful for years, but eventually your luck will run out. If you quit before this happens, you are golden. If you don't, you will be broke.

3 weeks ago trader doing exactly this making 20k a day got way wrong in CL -$270k wrong lost account and all profits 1 day. Also this trading style has been my worst mistake bc I want to prove I can ride it out.

OP- good to hear of your success hope it continues

The following user says Thank You to Rad4633 for this post:
 
  #10 (permalink)
Trading Apprentice
Winnipeg Canada
 
Futures Experience: Beginner
Platform: IB
Favorite Futures: Futures
 
Posts: 4 since Jun 2013
Thanks: 0 given, 2 received


That's because he averaged in too early and tapped out his capital by going in too big, too early. I take small short contracts on the $CAD (never long) and only average up after a major move.

It worked great for me with $65K cleared yesterday morning at .9792 and now I'm out of the market until I see a noticeable move upwards on the $CAD. Even if it takes a year of waiting, I'm up 31% for the month and year so I've beat almost every fund's annual rate of return already.

I simply fail to see the risk in what I am doing. I've made money in every single trade (about 40 trades) for 1 month and the dollar has been totally random. Its not like the dollar has been predictable or I've been lucky.

I look at it this way. If I went to Vegas with $5 million and only bet $1 every hand, then doubled my bet on every losing hand until I won, I would make money. That's why they limit the spreads for minimum and maximum.

I had savings in a mutual fund that lost 18% in the past 2 months. I've redeemed that money and adding it to the trading capital.

Maximum amount I can lose is pretty straightforward as the $CAD has a definite ceiling and by going short, I avoid the risk of the bottomless pit to 75 cents it sometimes goes to.

The following user says Thank You to stocktrading99 for this post:

Closed Thread



futures io > > > New to futures and doing great

Thread Tools Search this Thread
Search this Thread:

Advanced Search



Upcoming Webinars and Events (4:30PM ET unless noted)

Linda Bradford Raschke: Reading The Tape

Elite only

Adam Grimes: TBA

Elite only

NinjaTrader: TBA

January

Ran Aroussi: TBA

Elite only
     

Similar Threads
Thread Thread Starter Forum Replies Last Post
Infinity Futures TransAct Futures Anyone Had Similar Repetitive Issues? J Boca Reviews of Brokers and Data Feeds 5 March 2nd, 2015 03:17 AM
Great Community merzoil Feedback and Announcements 3 February 25th, 2012 03:35 PM
Futures Broker v CFD Provider for trading futures rcampbell Reviews of Brokers and Data Feeds 3 January 5th, 2012 01:53 PM
Global Futures great discount for X-Trader LukeGeniol Reviews of Brokers and Data Feeds 19 September 15th, 2011 06:26 PM


All times are GMT -4. The time now is 06:53 AM.

Copyright © 2017 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, +507 833-9432, info@futures.io
All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts
Page generated 2017-12-13 in 0.17 seconds with 19 queries on phoenix via your IP 54.196.182.102