Is it just me or do other ppl find trading the FTSE100 a bit slow and boring? . As a newbie, i am beginning to wonder how ppl make money from trading it short-term.......maybe someone out there can enlighten me more about it.
I tried trading futures on SMI and FTSE this year but the boredom and false breaks of high/lows was bleeding me too. I have had more success with e-mini dow because you get a lot more opportunities and the moves are a lot bigger.
Having attended one of Mr.Charts coaching days and going to see Naz next week, my thoughts now are to trade the Nasdaq shares and hopefully this will provide consistant profits.
Hmmm nobody disagreeing so far........interesting!!!...........i would like to read the opinion of someone like FTSE_BEATER cos his name implies (to me) that he is making a killing from trading the FTSE100 so probably won't find it boring and slow
Ok 12 noon came and we sat @ 4232 so as this was a low for intraday i bought @ 5 a point. mkt is now past the 40's supp\res intra day so the next tests in my opinion is minor @ 42.5 and major @ 4245. If the market does not turn bearish here ( I expect a turn @ 45's where I will close regardless) hold until 50's and close.
It is easier to see the patterns at midday and then just run the model on intraday probabilities in relation to ohlc and fibonnaci retracement and advancement then bobs your uncle hopefully.
Furthermore try trading new highs and lows as this generally gets points. Buy at new lows and sell at new highs. Ensure you have marginb for any overshoots and see some good retracement\advancement in the next 48hr trading cycle. Simple but effective as it prays on sentiment which is all traders biggest weakness.
Traders always remember how\where they made gains and losses and these generally occur at the new high\low supp\res lines.
I am doing exactly the same thing, using betonmarkets to trade the up/down FTSE. Currently having a lot more success that with SB. As I have gained more experience my time gaps have widened (from 10 or 20 minute gaps to several hours). Managing to grab some good profits with only the off blip.