Need Advice

How do you play the index futures today? I KNEW I wanted to go long but using limit order it keeps moving away. I was afraid to use market order when each bar moves like 30-150 YM pts! haha. I guess you just have to bite the bullet and buy at market?

Same with going short. I wanted to short at certain spots. Can't get it in!

How do you even get in when things are moving so fast?!
 
trader99 said:
How do you play the index futures today? I KNEW I wanted to go long but using limit order it keeps moving away. I was afraid to use market order when each bar moves like 30-150 YM pts! haha. I guess you just have to bit the bullet and buy at market?

How do you even get in when things are moving so fast?!
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I have a trade plan which defines stop and target and entry parameters. Unless my conditions are met, I don't take entries. Most days are tradable for me...some aren't. That used to bother me but I got over it.
 
trader99 said:
How do you play the index futures today? I KNEW I wanted to go long but using limit order it keeps moving away. I was afraid to use market order when each bar moves like 30-150 YM pts! haha. I guess you just have to bite the bullet and buy at market?

Same with going short. I wanted to short at certain spots. Can't get it in!

How do you even get in when things are moving so fast?!
More...
It's very difficult ...you just have to buy, forget limit orders. Unless you can afford the 100 point plus swings, you are well advised to leave it alone.
 
Visaria said:
It's very difficult ...you just have to buy, forget limit orders. Unless you can afford the 100 point plus swings, you are well advised to leave it alone.
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You are right. I went long and short on multiple occasions. I couldn't stand the heat even though I was right. Before I even hit buy prices moves like 20 pts! I'm down a trivial amount(mostly commissions).

Even when I was right with the direction, it moves so violently that I need to get out. I guess you just have to NOT look at the bid/ask and just look at the chart and the candlestick/bars and trade off of that. No looking at P&L. Scary though.

Funny to say this. Today NG(natural gas futures) was SLOWER and easier to trade than NQ and YM. I thought I never see that day. But it's true! Normally NG volatility and movements are very fast and scary.

But today and yesterday, it was SLOWER than index futures. That tells me a lot...
 
If anything you should be using stop orders (maybe stop limit) to enter the market. Put them above the market and let the market come to you.
 
Visaria said:
If anything you should be using stop orders (maybe stop limit) to enter the market. Put them above the market and let the market come to you.
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That makes sense. But the thing is from what I observed is that you would want to put a stop limit below current prices near support. Buying at market you will sit through 50 pts movement intrabar! At least for yesterday and today. Ridiculous. I think if I put stop limit order ABOVE I will get hit but intrabar swing would be 50-100 pts on YM. Just crazy.
 
Finally caught a 53pts move on YM. Finally net positive for the day with respect to index futures P&L. It's been hard to get in at a safe spot. Normally I would be like OK this is a decent trade.

Given the massacre yesterday, I'm just thinking when I can make it all back. haha. Such is life
 
trader99 said:
That makes sense. But the thing is from what I observed is that you would want to put a stop limit below current prices near support. Buying at market you will sit through 50 pts movement intrabar! At least for yesterday and today. Ridiculous. I think if I put stop limit order ABOVE I will get hit but intrabar swing would be 50-100 pts on YM. Just crazy.
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You cant put stop limits below the market price. You can use limit orders but in a fast moving market, you may not be filled. That's why i suggested stops above the market.
 
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