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Thanks a lot. About the interesting behaviour on DOM, you might be onto something there. Just thinking about it, if something is trending, it takes a lot to stop the trend and reverse it - so some teltale signs must be present 'somewhere'. Tick, DOM etc. are high probability candidates.

moving stop to 1239, so now risk is 0.75 on this trade.

closed the trade at 1339.75, and now long 1339.75. stop 2.5 points. Edit: Target is 1344-1345 this time, hopefully

Big Brother, will you please explain why behind your observation ? It is one of my weaknesses, I find it hard to decide when to take off a trade which has gone good 6 or 8+ points in my favor. Thanks :)

stop to 1344, am targeting around 36-37 area

stop to 1347. I don't know if this short will work or not, but rationale for this short was different from today's technicals. Rather I was seeing a potential 1:4 or better risk:reward on this trade. With a 1.5 point stop, I was hoping to get 6 points at the minimum or 12/15 points if I am...

short 1346.5, stop 1348

end of day exit, out at 1344.75. Thought about putting in a breakeven stop after it moved 2 points in my favor, but decided not to.

Garachen, Many Many Thanks for your post. I am bookmarking it, rare wisdom on it. Keep writing, I am sure you have many more experiences to share :)

Actually, I briefly looked at this few months ago, as a way to increase leverage on one of my set-ups, but decided to keep my operation simple as of now. Will surely take a re-look sometime in future.

Thank you very much. I don't think this trader's deeds have been documented yet in any trading book. But it is definitely one of the best I have heard.

what was the guy's background - education, experience ? Did he use to work at an exotic desk in a bank before ? Your average hedgefund trader or even an average CTA trader can't arb exotics.

Market wizards is filled in with futures and equities traders, most of whom made at least 10 MM, maybe a few like Dennis 200MM. It also has a couple of traders doing vol via vanilla. But independent traders trading vol via exotics. Wow!! Will you elaborate a bit please ? Did they make this...

short 1343.25 stop 1346

Words of wisdom there. You are developing as a trader, my friend. A similar thing that I have noted - based on observation, not many stats behind it is that :- If first hour range is <7-8 points, then its better to play mean reversion intraday, whereas if first hour range > 8-9 points, its...

Sorry for dropping in the discussion here but it is very useful information for most folks here. Thanks Mav.

Don't know much about the equities world. But in futures world - If a very successful trader makes 10 million a year, assuming 50 weeks, he makes 200k per week on average. Losing 1 million in 1 day is equivalent to losing 5 weeks of profits. Can happen. Even if a decently successful trader...

OP - this is the best advice you have been given till now.....Much better than psycho-babble of Zenstudent and others before, just focusing on positives and assuming everything will fall in line. This advice is showing you a 'possible path' - the worst that can happen to you. This gentleman...

Thanks Mav for this concrete information. Not one - wow! It really puts me in a more sober mood :( After reading above, it seems that opening a CTA and raising 1-10 MM is easier than getting capital from a futures prop house to trade purely directional strategies. Edit: I think and this...

You are offering a different viewpoint than bone and Mav - both respected traders. I am curious - what is your source of knowledge - do you work in a futures prop firm ? Or are you making an intelligent guess, especially about your 2nd paragraph? Thanks.