MM's just hitting stops before news comes out...
ES Journal - 2012
- Thread starter Buy1Sell2
- Start date
- Status
1407 -1409 some stops there too
ECB news is the near term catalyst..Europeans are going to formulate their own quantitative easing plan.
The first country to come out of the Great Depression undertook deficit spending. That lesson is well known. It was a european country.
The first country to come out of the Great Depression undertook deficit spending. That lesson is well known. It was a european country.
image
I had my own Platform developed by my people, so I call it DOMe, "e" meaning "Excellent". My DOMe does things I couldn't find elsewhere and when I think up new ways to put in orders, I have people who can make the changes. My platform will automatically put in orders above/below the current price but in a way not to disturb the ratios that are there, and when filled, market orders will be sent to fill remainder of what I am trading so long as I don't have more than one tick of slippage. I found little nuances that smaller retail trader usually don't have the capital to do. So on ave of past five years, instead of getting normal one tick of slippage by doing market orders, I get a .40 tick by having limit orders and market mix. It does a great deal of ratio of volume between each price level as to when to place market orders, but I still have to be there to click buttons of where I see S/R. So if there is no trade I see, I turn off button so as not to add orders to overall levels, when I see possible signals I will turn on and both sides will get limit orders, as price gets closer to these orders and I do not see a signal, they are cancelled. I will place an amount of contracts I would like to have in trade, but so as not to "push" the market in a direction, the Platform monitors ratios of existing volume and will only put on so many, so even if I was to put in 500 contracts, I could be only filled on twenty cause volume on a few levels are very low. This has really helped as I occassionally been absent minded on time around reports and volume dries up, only can get filled on low amount. I don't think most retail has concentration to scalp as it takes years to get good and I don't advise most to scalp. I lease seats at different exchanges to keep costs as down as can.
The first 30 minutes of day session, I was doing 400 per price level up to thirteen levels as I average down on every trade, so even breakeven trades I do well(one trade this morning added 7 more price levels for total of 3,025 contracts to become a plus one tick trade but all added price levels were exited at or better of the original entry-I clean up on breakeven trades), I have a daily goal based on 15/30 minutes of day session(it is based on original entry of doing a one lot) and once acheived, 80% of contract size is reduced.. 4.25 hours of lunch I only do one type of signal up to 80 contracts, and depending on if daily goal was reached in morning, 1.25 hours either has original amount or 80 contracts. The last 35 minutes, I enter 300 contracts in platform but seldom been filled on that amount. I NEVER recommend to anyone to ave down, you have to have an extremely low losing percentage for this to work, just one day I noticed between wins and breakevens was over 92% and seldom get Full losses, why not. But when I do have 2-3 full losses in a row(3-5 times a year), the losses are staggering, but trading is a numbers game, BEST game on Earth. If human error was not at fault for losses, no reduction of size.
I decided that last Friday would be my last day to do full time day trading and today one of my traders had to increase from 20 lot to 400 lot per level, so I will be sitting next to him for a few weeks. He is an outstanding trader, but the numbers are messing with him. I will send him for a massage after market closes each day for next several weeks.
My risk is normally 2 ticks from the main area of support, my targets are normally 4/8 ticks from original entry.
I aplaud NoDoji as she has gotten very good at trading in relatively short time, I on other hand, being lazy in my youth, took much longer.
#1: if you are averaging against with 5,000+ contracts by the thirteenth level and a May 6th 2010 flash-crash "surprises" you the wrong direction, it would get real interesting when the smoke cleared.
#2: any trader leaping trade size from 20 contracts to 400 contracts with no steps in between? That's pretty much driving a chevy volt around Times Square today, and Danica Patrick's nascar in Watkins Glenn tomorrow.
- Status