Futures Scalping

NihabaAshi · Dec 28, 2009

Quote from Get In Get Out:

What is the difference between IMM/IOM/GEM?

If you use google you'll find the following info or most brokers have the info...

* Chicago Mercantile ExchangeÂ® (CME) membership

Can execute trades in: Any contract listed at CME

Trading floor badge: Gold (indicates who they are and which products they can trade)

* International Monetary MarketÂ® (IMM) membership

Can execute trades in: Foreign exchange, interest rate and equity index futures, and all IMM and IOM (see below) futures and all options on futures contracts.

Trading floor badge: Green

* Index and Option MarketÂ® (IOM) membership

Can execute trades in: Index futures contracts, random length lumber contracts, all options on futures contracts, and all GEM products.

Trading floor badge: Blue

* Growth and Emerging Markets (GEM) membership

Can execute trades in: Various products, including those related to emerging market countries

Trading floor badge: Gray

Mark

boid-dog · Dec 28, 2009

Quote from bighog:

Chicago Butter and Egg exchange evolved into the MERC. Today the CME GROUP. http://www.pbs.org/itvs/openoutcry/merc.html

Actually, I think one farmer in Wisconsin used to set the price as he had a handle on the market. Today the large producers can set the price in products like milk by throwing its weight around. Big railroads are doing same for wheat...overwhelming smaller businesses and driving away competition (see yesterdays' NYT's.)

boid-dog · Dec 28, 2009

Quote from Get In Get Out:

What is the difference between IMM/IOM/GEM? Also how much are the commissions and is the cme$2400 per month??

Don't forget Electronic Leases. See comparison chart. Essentially you have to do about 25 r/t day. I've done 73 r/t today (on scalp side...I didn't say I don't also trade longer term). Just waiting for conclusion over there then close up for the day.

http://www.amptt.com/CMEseatlease.html

failed_trad3r · Dec 28, 2009

Robert Hoffman is a successful scalper

ammo · Dec 28, 2009

Quote from boid-dog:

Don't forget Electronic Leases. See comparison chart. Essentially you have to do about 25 r/t day. I've done 73 r/t today (on scalp side...I didn't say I don't also trade longer term). Just waiting for conclusion over there then close up for the day.

http://www.amptt.com/CMEseatlease.html

boid, whats your monthly lease price and your round turn cost on futures, or if i paid 900 mo lease and did 100 rts a day, what would be my rt cost

boid-dog · Dec 28, 2009

at http://www.cmegroup.com/trading/fx/files/FX248-2010_FX_Product_Guide_and_Calendar.pdf

platform fees for TT can be up to about $650 one exchange

Commissions are up to you and your broker. I have three futures accounts now... You shouldn't pay more than $4 r/t/ in any case without any membership. A full member pays almost nothing after a certain point... or they did at CBOT, but would trade 500 + a day. Electronic lease becomes moot at certain point.

Call your broker after close and milk him for facts. They will walk you through the process...

Gotta go..

ammo · Dec 28, 2009

thanks

bigb · Dec 31, 2009

Quote from ammo:

boid, whats your monthly lease price and your round turn cost on futures, or if i paid 900 mo lease and did 100 rts a day, what would be my rt cost

ammo, as nobody really answered your q, I get 1.58 rt on ES and monthly lease 600 for iom, electronic membership

ammo · Dec 31, 2009

thanks bigb, that sounds like a great deal

increasenow · Dec 31, 2009

Quote from Yrutman:

I have been scalping the CL for three years now, which is considered crazy for many and I have been averaging about 300.00 a day for the past two years. I don't keep more than 20k in the account. I don't give a shit who believes me or not on this site. Plus its not my main source of income but it sure helps. I dont live breathe and eat trading I get my profit and shut the PC off. I like life. I use to be in front of the screen 24/7 traded stocks, the ES, you name it and lost my ass years ago. I then befriended the CL it has been nice and steady no heroics. So yes it can be done as long as your disciplined and not aiming to take over the world. I had a good run a few weeks ago and my account hit 40k, I took out 15k right away. 25k is my max in this account. My goal is to accumulate as much money as I can into my checking account instead of impressing my broker and taking it to 200k, been there done that, and have given quite a bit back. Its all up to you the market will always throw you a small bone. For me Im good for 2-400 a day on the CL without a flinch. I have days where I get more but I know daily I get this pretty easily. Good luck.

so do you make $300 a day or 2 x $400 per day trading the CL?...please clarify