Hi taz, please don't take this the wrong way but someone is going to tell you in a mean way sooner or later but you'd really want to be saying you 'brought back', 'exited', or 'covered' your short trade.
You can't really sell a short trade to exit as it involves the buying of the shorted instrument to close the trade.
I know it sounds pedantic (and doesn't alter the fact you made money!) but sooner or later someone will jump on it and it helps to get your head around the right terminology as you might have to get on the phone to exit some time if there is a big event (Sept 11th style).
I'm only mentioning it from experience as not being precise in what I meant got me in such a pickle with an options trade over the phone once, it costs me literally thousands!
Well done on the trade anyhow and I'm impressed you find it easy to go from short to long so fast. This is the key to making it in my book and especially if you are going from closing a loser to going straight out in the other direction. This is mentally tough to do and if you can do it you've got a head start on a lot of people.
There are many times I've watched a trade get worse and worse when all I had to do was reverse my position to be on the right side again.
Good luck for the rest of the day.
Stephen McCreedy
You can't really sell a short trade to exit as it involves the buying of the shorted instrument to close the trade.
I know it sounds pedantic (and doesn't alter the fact you made money!) but sooner or later someone will jump on it and it helps to get your head around the right terminology as you might have to get on the phone to exit some time if there is a big event (Sept 11th style).
I'm only mentioning it from experience as not being precise in what I meant got me in such a pickle with an options trade over the phone once, it costs me literally thousands!
Well done on the trade anyhow and I'm impressed you find it easy to go from short to long so fast. This is the key to making it in my book and especially if you are going from closing a loser to going straight out in the other direction. This is mentally tough to do and if you can do it you've got a head start on a lot of people.
There are many times I've watched a trade get worse and worse when all I had to do was reverse my position to be on the right side again.
Good luck for the rest of the day.
Stephen McCreedy
Well if you feel it's not right get out. Maybe if it's not clear cut stand aside and wait for a more convincing move.
There is enough swing in this market that you don't need to chase the tiny moves it can eat into your good trades.
I would venture that a H&S top might have been formed intra day now on the FTSE but it's been so wicked to bears of later it's tough to know whether to believe it!
Stephen
There is enough swing in this market that you don't need to chase the tiny moves it can eat into your good trades.
I would venture that a H&S top might have been formed intra day now on the FTSE but it's been so wicked to bears of later it's tough to know whether to believe it!
Stephen
This is my first successful day since I returned to FT index trading. The other times were win a bit, lose a bit or break even and, yesterday I went back to share trading. However, an attempt on Footsie today has given me two trades for over 32 points.
I think I'll get out until tomorrow
Good trading, Split
Well done Taz.
5 min RSI is the most overbought I've EVER seen it at 100 on my chart for the FTSE Jun future. This can mean one of two things to me.
We are way overbought and it needs to come crashing down. Or, we are going up to a whole new level where current ideas of what is OB or OS will be of no use.
We'll see, the midday long today was perfect text book reversal, sorry to say I got on it only to exit when some data came out pushing the FTSE back down again. I sold out at a 1/2 point profit.
Would be worth +30 points now, but that's trading! Glad I got out when it felt all wrong.
Just to let you know I've tried to start a new FTSE thread, just go to Forum, then UK indexes. My thought was that there are two or three that aren't too well used so maybe if we could get one that everyone who trades FTSE uses it might be of more worth to us. There might be more ideas on there for everyone to dig in to.
Thanks
Stephen McCreedy
5 min RSI is the most overbought I've EVER seen it at 100 on my chart for the FTSE Jun future. This can mean one of two things to me.
We are way overbought and it needs to come crashing down. Or, we are going up to a whole new level where current ideas of what is OB or OS will be of no use.
We'll see, the midday long today was perfect text book reversal, sorry to say I got on it only to exit when some data came out pushing the FTSE back down again. I sold out at a 1/2 point profit.
Would be worth +30 points now, but that's trading! Glad I got out when it felt all wrong.
Just to let you know I've tried to start a new FTSE thread, just go to Forum, then UK indexes. My thought was that there are two or three that aren't too well used so maybe if we could get one that everyone who trades FTSE uses it might be of more worth to us. There might be more ideas on there for everyone to dig in to.
Thanks
Stephen McCreedy
noodles666
Newbie
- Messages
- 9
- Likes
- 1
day trading ups and downs..
Yes, after many years of trying various markets, I to have come back to the FTSE as a profitable way to make good trades. I have my support levels in place at 8am and make a trade on the bounce at that level.
I use only MACD and Stochastic on 2 charts. One Rolling FTSE on 5min, and the other FTSE Daily cash on 10min.
I like the character of the FTSE, as it tends to meander rather than the headless chicken routine of the DOW
. I do note however, that another trader here uses the DAX as an indicator for the FTSE's next tend.... hmm... I will be investigating that one....
Yes, after many years of trying various markets, I to have come back to the FTSE as a profitable way to make good trades. I have my support levels in place at 8am and make a trade on the bounce at that level.
I use only MACD and Stochastic on 2 charts. One Rolling FTSE on 5min, and the other FTSE Daily cash on 10min.
I like the character of the FTSE, as it tends to meander rather than the headless chicken routine of the DOW
. I do note however, that another trader here uses the DAX as an indicator for the FTSE's next tend.... hmm... I will be investigating that one....
Managed a few points from a short at 6215 and covered around 03. markets a bit jumpy take the profit quickly at the mo'
No, I got stopped on a short trade at breakeven, then I went long at 6210. That gave me 15 points.
Split
Worth a read
If link doesn't work, log in, worth a read
http://www.iii.co.uk/articles/artic...c=4wjbjb&cp_v=4051137&cp_id=259&cp_sub_id=160
If link doesn't work, log in, worth a read
http://www.iii.co.uk/articles/artic...c=4wjbjb&cp_v=4051137&cp_id=259&cp_sub_id=160
