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JB SPI daytrading and FX fuller method
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Created: by JohnnyBadger Attachments:1

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JB SPI daytrading and FX fuller method

  #21 (permalink)
Elite Member
Melbourne, Australia
 
Futures Experience: Advanced
Platform: Multicharts, Esignal, Amibroker
Broker/Data: CQG/AMP, IB, DTN-IQ Feed
Favorite Futures: SPI, EMD, CL, S
 
Posts: 39 since Oct 2013
Thanks: 5 given, 29 received


JohnnyBadger View Post
To be honest my trading hasn't found a good rhythm. I've been trying to get two similar methods working towards the one goal. Current result is poor success. This week I focused on day trading the SPI, although at the start of the week that wasn't the plan. Profits are miniscule and it took so very much focus and energy that this approach drowned any energy I had for other trading endeavors. At the end of most days I was glad when time reached 4.30pm Australian EST. Whether it be a loss or a win, I'll get away.

One asks themselves? Stay solid and tough or be smart and change? Should I keep moving in the same direction or should I change my approach?

Fact, 2015 is coming fast. I want everything to flow. Always in the back of my mind it screams don't day trade. Use the longer term charts because.

One side of me says, No! you can create something great out of the day trading and the other side of me says the whole method is too much for me to handle.

This week I'm going to flip flop from last week. The focus is to be on the six crosses and less on the SPI (day tradeing). I'm going to work with the longer term charts. It means a whole different mindset. It means, changing sides without feeling guilty.

It means a change of routine but not skills.

Much respect for the futures.io (formerly BMT) crew and any comments are welcome.

This post really resonated with me, I think because I was in this position once and I know many other traders have been also.
It always catches my attention when I see people on here talking about the SPI because not many people trade it when you compare it to CL, ES, YM etc... not to mention the high tick value of $25 which makes it more difficult. (unless you use CFD's)

I think the answers to all your questions are within what you have posted.
You have success with longer term charts, but you want to change to a day trading approach because you like the idea of being a day trader. I guess both styles have their merits, long term (takes less time out of your day, less stressful, ability to catch those macro trends..etc) Short term (no overnight risk, done by 4:30, more exciting, draw down recovery time is less) But if it ain't broke do you need to fix it? Perhaps you see more opportunity in short term trading but you haven't managed to adapt to it yet.

I went through the same thing, since I started trading the SPI I have been consistently profitably, and it was the first futures contract I ever traded, but this was after losing money trading stocks, CFD's and FX for a while.

I started trading the SPI using the 1 Hour chart holding positions overnight or only for hours or minutes. I then switched to a 5 range chart (still eyeballing the 1 hour chart), then the 3 range chart, which helped me. I also only use a DOM to place my orders as well. I recommend not trading the SPI during the first 3 weeks of the year as well.

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  #22 (permalink)
Trading Apprentice
Perth Western Australia Australia
 
Futures Experience: Intermediate
Platform: Metatrader
Favorite Futures: CFD
 
Posts: 19 since Nov 2014
Thanks: 1 given, 0 received

Back trading,

The current intention is to take positions on the major currencies, commodities and indices using CFDs. Trade ideas will be generated off 4hr and Daily charts. Basic style of risk-reward management primarily using traditional swing patterns and moving averages.

SPI-XJO day trading is off for the time being.

I plan to keep this journal updated two or three times a week.

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