Anyone scalping the FTSE Futures??

Sidekicker said:
Attached. This is on the 1hr chart so you have to be a bit careful of the larger differences. (green is the 10yr UStreasury inverse, blue is the SNP).

There are some ways to rebase data to 1 but I don't have (nor can afford) a Bloomberg terminal and don;t have the time to bother to write something for myself so this is usually good enough for me. You can find some posts on ZH about the relationships sometimes but oil and gold were moving down long before the indexes started moving.

One thing I'm not so sure about is the large differences between SNP and the 10 yr UST whereas FTSE vs gilts and Eurostoxx vs Bunds don;t seem to diverge so much. However, correlations with US markets is still very high at the moment.
Click to expand...

thanks for taking the trouble to post SideKicker
 
One of my failings. Too greedy to put a target on so, when price hit my lower Bollinger I was not there and have stopped out manually on higher ground. Profit take for 12 points at 5521. Orders are better!
 
Bond yields seem to be taking a tumble again, wonder if market will follow south by end of day?
 
Splitlink said:
One of my failings. Too greedy to put a target on so, when price hit my lower Bollinger I was not there and have stopped out manually on higher ground. Profit take for 12 points at 5521. Orders are better!
Click to expand...

great job SplitLink.
 
A word of advice to anyone new to this. I have lost a lot of opportunities by not placing a limit on my trades. Placing stop losses has been advised on most threads over the years but little is said about the profit side. Have a target. For instance, I opened a short trade at 1612 for 5517, placed a stop at 5525 and a target limit at 5509.5 and went shopping. I came back to find my trade closed for a profit and the present price back to my entry level. Actually, "letting the winners run" has lost me two opportunities today! Going shopping has been profitable.

Have a nice weekend.
 
Splitlink said:
A word of advice to anyone new to this. I have lost a lot of opportunities by not placing a limit on my trades. Placing stop losses has been advised on most threads over the years but little is said about the profit side. Have a target. For instance, I opened a short trade at 1612 for 5517, placed a stop at 5525 and a target limit at 5509.5 and went shopping. I came back to find my trade closed for a profit and the present price back to my entry level. Actually, "letting the winners run" has lost me two opportunities today! Going shopping has been profitable.

Have a nice weekend.
Click to expand...

Absolutely :D And if anyone's playing the "closed half, stop to breakeven" type approach you might find it interesting to check your trades to see what your account might have looked like if you'd closed all on your target limit - you might be surprised.
 
Splitlink said:
A word of advice to anyone new to this. I have lost a lot of opportunities by not placing a limit on my trades. Placing stop losses has been advised on most threads over the years but little is said about the profit side. Have a target. For instance, I opened a short trade at 1612 for 5517, placed a stop at 5525 and a target limit at 5509.5 and went shopping. I came back to find my trade closed for a profit and the present price back to my entry level. Actually, "letting the winners run" has lost me two opportunities today! Going shopping has been profitable.

Have a nice weekend.
Click to expand...

best piece of advice I have seen after a long while.

Greed / fear of losing out on home run is worse enemy that forces many times to see an initial profitable trade running in to losses. But very few trades would be home runs we need to use others to build brick by brick.

I found the attached somewhere on internet. It turns out in the end it is all simple rules but we fail when we try to make it complicated due to fear and greeed,
 

Attachments

  • 25_Rules_Of_Forex_Trading_Discipline.pdf
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Utter Toss

Having not posted here for a few years or even lurked on the boards I thought I might have a look. I now know why. This place is full of 'gurus' spouting their advice and talking total bollox. The first post I read is one where by the poster is advocating placing a trade, going shopping and hoping that your limit is hit.

Another is then saying that closing out half your profit and moving stop to b/e is a bad choice too. I remember when I was a newbie to trading and believed all this drivel.
 
Re: Utter Toss

Soloquan said:
Having not posted here for a few years or even lurked on the boards I thought I might have a look. I now know why. This place is full of 'gurus' spouting their advice and talking total bollox. The first post I read is one where by the poster is advocating placing a trade, going shopping and hoping that your limit is hit.

Another is then saying that closing out half your profit and moving stop to b/e is a bad choice too. I remember when I was a newbie to trading and believed all this drivel.
Click to expand...

That's a bit bold, solo :) . Depends how you trade, surely. The first post wasn't about going shopping, it was about exiting to limit - which, incidentally, has served me well for very many years. My post did not suggest taking half etc was a bad choice (although, for me and the way I trade, I think it is). I just invited people to test it out.

Now if you want to disagree that's your privilege, but a bit better argument than it's "utter toss" might be a touch more constructive.
 
Re: Utter Toss

barjon said:
That's a bit bold, solo :) . Depends how you trade, surely. The first post wasn't about going shopping, it was about exiting to limit - which, incidentally, has served me well for very many years. My post did not suggest taking half etc was a bad choice (although, for me and the way I trade, I think it is). I just invited people to test it out.

Now if you want to disagree that's your privilege, but a bit better argument than it's "utter toss" might be a touch more constructive.
Click to expand...

Okay my initial post may have been a touch inflamatory and abrupt. I blame the fact that Greece were getting murdered in the football. Let me re-phrase a few things.

Yes indeed exiting to limit is always preferable to watching a profitable trade turn into a losing trade. I think the suggestion that one should either go shopping, do the washing up, masturbate etc instead of being aware of what the price is doing on your chart was the comment I found slightly absurd. I mean if you want to trade and do well at it I think having a good sense of market direction is the key. Yes if you've set a limit you must have set it for a reason? Unless you are just placing an arbitrary limit and hoping it gets hit but why would you do that?

The part that I have highlighted in your quote needs no more explanation than that. You have said it all and I totally agree.
 
Re: Utter Toss

Soloquan said:
Having not posted here for a few years or even lurked on the boards I thought I might have a look. I now know why. This place is full of 'gurus' spouting their advice and talking total bollox. The first post I read is one where by the poster is advocating placing a trade, going shopping and hoping that your limit is hit.

Another is then saying that closing out half your profit and moving stop to b/e is a bad choice too. I remember when I was a newbie to trading and believed all this drivel.
Click to expand...

Dear Sir,

I'm not a guru and have never aspired to be. This was, simply, a word of advice to anyone wondering why the trade that they are in makes money at first and then runs back to its stop.

What you think of me does not matter, or I of you for that matter except that my shopping expedition did not make me as bad mannered as, obviously, your viewing of Germany hammering Greece did.

If you want my respect, get up on your hind legs, stop grunting and show us a few tricks.
 
Re: Utter Toss

Soloquan said:
Having not posted here for a few years or even lurked on the boards I thought I might have a look. I now know why. This place is full of 'gurus' spouting their advice and talking total bollox. The first post I read is one where by the poster is advocating placing a trade, going shopping and hoping that your limit is hit.

Another is then saying that closing out half your profit and moving stop to b/e is a bad choice too. I remember when I was a newbie to trading and believed all this drivel.
Click to expand...

that's hail of a conclusion that the first post advocates going shopping with open trade. :LOL: I like the humour....

but then again if your stops and limits are set then why not? There is no question of hoping that limit will be hit since both stop and limit have been set. Once you enter the trade with tight stop and limit whether you go shopping or burn your eyeballs watching every tick is your choice. Probably the latter will make you impulsively press buttons.
 
Re: Utter Toss

Splitlink said:
Dear Sir,

I'm not a guru and have never aspired to be. This was, simply, a word of advice to anyone wondering why the trade that they are in makes money at first and then runs back to its stop.

What you think of me does not matter, or I of you for that matter except that my shopping expedition did not make me as bad mannered as, obviously, your viewing of Germany hammering Greece did.

If you want my respect, get up on your hind legs, stop grunting and show us a few tricks.
Click to expand...

The way I first read your post was that you were setting yourself out to be an expert. That is to say "if you follow what I do you will make money" i.e place a limit and then do not monitor the trade. I do not think that you explained the psychology behind letting winners run or even why have a limit order in the first place. Having said this I did not read your opening post properly and assumed you meant that you always place a limit on your trades but then take the profit early and never let it run to your limit or the price never quite reaches said limit.

I just think that for people new to trading (and not so new) it is very very hard when they come to forums and read so many different peoples opinions on how to trade that it gets confusing. Place limits, let winners run. Place stops on ATR, place stops on RR ratio, use indicators, don't use indicators etc etc etc. Barjon nailed it on the head in a later post "That's the way I trade". I just think advice from forums is ten a penney and a dangerous thing.

In anycase yes slightly quick to jump the gun on my part.
 
Advice, on my part, is offered quite rarely and with the knowledge that I, along with most people, do not know enough about the subject to set myself up as an expert. I have been helped by others and criticism is welcome but I would suggest that you moderate the tone of your posts to a level that would allow new people, with some ideas, to express them without the fear that someone, like you, is going to come on and shoot them down in such an unpleasant manner.

There is, unfortunately, a long list of those who, because they are unsuccessful with their own trading get a kick out of trashing other's threads.
 
Trashing? Never my intention what-so-ever to trash another person's thread but yes certainly heading that way and therefore my last post on this thread for a while.

I have been unsuccessful in trading in the past myself, probably more unsuccessful than successful being truthful but I am now at a level where this is my only 'job' for want of a better word.

The reason I was very defensive is the reason I stopped viewing these boards, I found reading other people's opinions on how to trade was harming my own efforts. The day I stopped frequenting forums and thinking that all the knowledge lay there was the day I really started to trade.

The reason I am back frequenting T2W is for the camaraderie of knowing that everyone here has a love of trading and obviously we're a small bunch and I don't have the option of talking about this with anyone else during the day. Trading is a lonely old game.

Once again excuse my abruptness and yes I shall stop 'trashing' this thread now.

Enjoy the rest of your weekend.
 
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