Just to be clear, I have not signed up for their futures. Only trading their DMA shares at the moment, as the pricing is identical to the real market, and the commissions are significantly less then trading actual shares.
FTSE contract is £10 but even if they have a new contract coming why would you trade them? You are adding another middle man with extra cost, lots of them and extra latency.
Why don't people just trade futures??
Joules do you only have CFD data?
cfd's carry huge disadvantages over exchange feeds and most players are not aware of how the mm can simply drive straight thru a cash pricing on a news release and claim liquidity or supply/demand as a reason for bloating the price which is obviously in the providers favour.
Hello All,
I've been trading shares on the ASX (several weeks/months holding time) and I'm looking at getting into futures day trading. As I have a lot to learn before I can be consistently profitable I'm not quite ready to leave the day job just yet, which means I'm only available until after 6pm weekdays and all day/night weekends.
Does anyone have suggestions as to an ideal market to begin trading in? I will miss the SPI and HSI sessions so I could potentially hit up the US sessions after midnight (although that would wreck havoc on my full time job, I don't think i'd be able to do it).
I could try and catch SPI night sessions or something similar but I've been recommended to stick to the opening sessions due to better liquidity and price action. That pretty much only leaves Europe I guess? With London opening about 5:30pm I think? (AEST - Melbourne).
I'm not particularly fussed if it's IDX/Bonds/Comms/etc. But just bearing in mind that I'll be new to this so if there's a particular class you think would be best suited for learning I'd appreciate any advice.
Thank you for your time
KJM
AUDJPY and CL (oil) for me start audjpy at 4:30 OIL mainly after 6
Heya mate, longtime no see!
CanOz
Hi can Oz,
Yeh sure has, I stopped all posting on trading forums... found it helped...... nah I bought a business start of last year and used my trading acc to part fund it... so haven’t really been trading till this year had no time last year... Back on GoMarkets for crude and pepperstone for FX still don’t have the spare cash to get back into IB properly properly. Trading doing ok i am still using the floor trader method on crude with some tweaks, using price and round numbers on AUDJPY.
How’s life in china? I was there last year and was shocked at the inflation... the old 100RMB doesn’t last as long as it did a few years ago.
How are the markets treating you?
cheers,
Joseph
Life in china is a little tougher right now....we've moved temporarily to taiyuan. I've taken a position here to try and help out a friend with his business. Other than that it been great.
I've taken a break from trading, after giving myself a years to become profitable at day trading index futs. Oddly enough my last week was profitable trading the hang seng mini and the FESX, but net net it was back to work for me. I've not given up though, just a break.
I felt I accomplished allot during that time, the primary thing being to settle on a descretionary method and stick to it.
Personally i prefer futures to anything else. The FESX is only 10 EUR per point, and margin is only a couple thou. I can take 8 to 10 contracts on a twenty k account.
We'll have to chat more in PM mate!
Cheers,
CanOz
Do you get a few good trades an evening? What sort of potential is there in terms of profit using 20K?
Is 10 contracts on a 20K account fairly aggressive?
I just started out on the FTSE futures last evening.
That is actually a silly question. You have the data, watch and learn, find patterns, trade - repeat. ONLY then will your question be anywhere near answered.
If I told you that there is 15 good trades a night what would you do with that info?
Sounds waaaaaaaaay too aggressive for anyone, let alone a beginner.
That's 100 GBP per point on a $20k (assuming $Aussie) account.... a 3 tick loss = 2%. You got to be pretty precise with your entry to achieve this. I think most futures day trader would have a daily loss limit well below 2%, and hence a per trade loss limit substantially below that again.
Yeh it sounded very large to me on a 20K account. Even on the sim now I'm trading a single contract just to get used to it.
CanOz said:Yes, it could be too much if that was your only trading capital. I have 20k in that account. Full stop is 5 ticks x 8 contracts for 400 eur. My total trading capital is about 2.5 times that with IB at the moment. So I have another account that I had setup for my auto trading but is dormant now as I has sent a substantial portion of it overseas to a family member on loan. So using my total capital at hand, the 400 eur full stop is acceptable.
I take five contracts off at three ticks profit. Two more at the first target and the remaining one is the runner.
I go to BE after five ticks of profit, or sooner depending on the tape.
CanOz
Interesting. It seems like a high risk/reward approach with this account.
Do you trade most evenings? Does the account grow fairly quickly?
Interesting. It seems like a high risk/reward approach with this account.
Do you trade most evenings? Does the account grow fairly quickly?
CanOz,Your choices are quite varied in terms of thickness, average daily range, commissions, margin etc. You really should pop onto a SIM and trade a few. Are you day swing trading, Scalping in and out frequently?
For example, in Europe the FESX is a great instrument to trade if you're willing to hang on. Its 10 EUR a tick and moves slowly, is thick as f*** with a ton of liquidity. The DAX on the other hand is more like the Crude Oil, its fast and thin. At 12.5 EUR a tick it can clean you out in a hurry.
Then there are Bunds and Bobls, they're both thick markets.
Then you've got the US makrkets CL, Crude Oil which can be a good market to trade even before the US market opens at times, all be it a bit thin, so you wouldn't want to be trading too many contracts...
The ES, the S&P 500 mini is good to trade 24 hours a day. Its pretty cheap, liquid, and thick enough to learn to read.
CanOz
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?