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This is coming from someone who has followed PATS for many years now. If you understand what he is teaching then spending a few days studying the DAX market then I believe you would have your answer.
Mack has said what he teaches will work in most markets. I just looked at the DAX for the first time and I believe I could scalp that market based off what Mack teaches. With that said I consider myself a beginner trader.
Hi @emmett
Even I have no knowledge about Mack's PAT method - I know about the DAX a bit.
Movements in the DAX are at the open and into the afternoon on owns' volume and traders. From afternoon when US opening has started the volume is going down and the movements are more aligned with US. Especially after closing 17:30 CET the DAX (futures) moves with American indexes. So you need to watch those when you trade after your working hours.
Of course the best moves are when a country starts to trade: all moves overnight need to be neutralized in some way before making speed in one direction.
Hope it helps
GFIs1
I know nothing about the PATS method, but I also live in NZ so feel your pain trying to find a suitable market/instrument to trade! I'm trading the MYM, but the early starts are no fun and like you I still have a regular job.
I'm currently in the process of signing up with AMP so I can use Sierra Chart and get a Eurex data feed. Then I'll figure out if the mDax is going to work for me...
How do you find trading the MYM? What time do you have to get up?!
It depends on my shift patterns, but I try and trade 2-3 hours between 2-7am (10am -3pm EST) and I normally take 1-2 trades over that period. I've tried trading at different times, but I prefer the RTH session.
At this stage, I’m trying to validate the trading results I achieved in back testing and sim trading. I like the MYM because it has a $0.50 tick value which is allowing me to do this on a live account and limit my risk. I have a number of KPI’s I’ve set myself based off my sim results, and I’ll increase the size of my trading account as each one is met. The MYM allows me to increase my trading lots in smaller increments as this additional capital is added.
Are you with AMP per chance? Regarding withdrawals, I've been trying to work out whether you can use an ACH transfer to send money to a foreign account with Transferwise.
For example, if I funded my trading account with US dollars, could I use ACH to withdraw some of those dollars to a personal Transferwise bank account (in USD). Otherwise it's a US$30 wiring fee for every withdrawal.
Cheers
Edit: I now have the answer direct from AMP, so I will post this as a new thread.
