Quote from ProfitTakgFool:
It doesn't matter how you do it as long as you can make money doing it. Whether you use TA or the orderbook can vary from trader to trader. You just need to study the action, develop a plan based on how you interpret the movement and go for the trade. It sounds as though you have a good feel for how this instrument moves so give it a try. If you can trade on a simulator for as long as possible. I spent two months trading sim and it was the best thing I could have done.
"Does anybody have any words of wisdom as I try my luck against one of the toughest markets out there?" ---->>> Try not to view the market like that. You may be a newbie in a Lion's Den but all the Lions had to start somewhere. Trading is like any other business, you have to start at the bottom and work your way up. Just don't enter the market until you feel you have a solid edge and the right frame of mind to support that edge.
Question for you.....do you know how to think as a trader? If you can't answer this or you're unsure then the answer is no. That being the case read, "Trading in the Zone," by Mark Douglas.
Quote from youngtrader:
Thanks for the great insight. Yes I can and do think like a trader (I have been a trader since age 11). I have traded just about every type of market out there (sucessfully) and would like to add eurex products to my arsenal. My biggest problem is that I get very complacent. Therefore I continuously am changing markets and trading styles to keep me interested in the game. I would just like to hear from some veteran eurex traders about the bund, bobl, and schatz markets.
Thanks
Quote from $preader:
Don't you get bored
You're obviously 'increasenow' acting under another name with these inane threads
Give it a rest
Quote from youngtrader:
My main reasons for even wanting to trade eurex fixed income is because of the simple fact that everybody complains about how it is impossible to make money in them. They blame "flippers" and automated trading systems for their failure. To me the eurex fixed income products sounded like a great opportunity to challenge myself. Like I said before I get complacent and am continuously looking for another game to play.
Thanks Again
YT
Quote from ynox1:
IF these are the reasons why you want to trade the Bund, and also because you are bored, then you must really be making millions. Were you in the last "Market Wizzards" book? maybe you'll be in the next one. Well, for some reason I don't think I've ever read about you. There was no legend trader that ever said, I started trading something because I was bored of something else. That is bulls**t. In my view, if you are succesfull in one contract, you can never get bored of it, everyday is different, presenting you with different challenges. And if you are making good money in it, why change???
So, save your time, and money and stick to what you know.
Now, in the other hand, if you havent made any money in what you are currently trading, and want to have a fresh start somewhere else, Bund will give u opportunities everyday. It will take time and perseverence for you to be consistant in it, but it is very possible. But it can also destroy you if you are not carefull. To trade it, keep it simple, make sure you are well aware of what the markets are looking for in the current economic conditions, trade the US figures, make sure you have a good squawk service for news and events. Make sure you have a good risk strategy and stick to it; in terms of technical strategy, keep it simple, and it will take you time to find the best strategy that works for you and the bund. Good luck.
Quote from youngtrader:
I knew I would get everybody going when I said that im getting bored and looking for something new lol but to be honest that is really whats happening. Yeah I have made money in my previous contracts (not millions but I did well). I get very complacent (in life) and am always looking for something bigger and better. I know it sounds hard to believe but this is the honest to god truth.
Finally got the balls to start trading the bund and so far im up a little over $200. So not to bad considering I thought the bund might blow me out of the water! Im trading off of a 13 tick chart and a 15 min chart. Just scalping 4 ticks here and there. Its trending really nice today so there have been loads of opportunities for quick scalps.
Quote from $preader:
If you've bothered to say you're not 'increasenow' then fair enough and apologies are in order,those threads are seriously mind-numbing.
With regards to a veteran bund-trader,there's a reason why those words are rarely used in the same sentence and that is that few exist.
Why is this?Because the Bund is so unpredictable.What works in there has no lifespan and the game changes literally from day to day.
With so many more people having access to it why are volumes not going through the roof?For every reasonable volume trader that quits there are 20 'newbies' who think they can do it.
If you wanted a challenge then you've certainly got one.If I sound blunt it's because I've seen a lot of people waste a lot of time pursuing something they regret and I think it only fair to offer some warning rather than encourage you with tales of people who do really well.
With regard to everyone blaming flippers and automated programs on their failures,if you are seriously going to trade with 3-4 tick stops then give it a few weeks and see how you feel about them.
Also at $4 a round trip I'd avoid bund/bobl spread,especially if you're trying to scalp.