(epistemological epics was taken)
I've learned a lot from some of the journals here, and I thought I'd attempt to 'give-back' a little by starting my own.
As a trader, or would-be trader, I'm torn between two worlds-- neural systems design (at which I'm slowly getting much better), and pure discretionary trading (all over the map).
My previous trading experience includes:
LT fundamental investing- good -- I keep these funds separate from my trading account
Swing Options- wild equity swings, but ended up positive (I did this for about 3 months).
EOD swing trading- can grind out 1% or more a week, but the overnight risk bugs me (in relation to my returns) (I did this for a different 3 months).
Right now, though, I've decided to attack HSI futures, because they're the only instrument my schedule allows me to trade. I've also noticed that anytime I trade for real (discretionary), my systems design (neural and otherwise) gets much better. I'm also starting to thing that EOD trading doesn't give me experience fast enough to make progress on the systems design front.
Setup:
futurestrader (papertrading)
IB
p4 2.4ghz/1gbRAM/g550/2x17"lcd, for those that care about such things.
I just use the IB market depth, and the little 3min-bar + cci chart in futures trader. This is not pure SOMP, but close enough for me.
So far, I've traded two sessions (up until IB kicks me out of the server):
Session one (last thurs night
28 trades / 31 contracts
13W/15L
-28 pts, -.9/ct/trade
-HK$1462
(I think this is about $120 US)
Session two (tonight):
17 trades / 20 contracts
10W/7L
+10pts, +.5/ct/trade
+HK$460
The numbers are a little off because I hadn't set the commission correctly (should be $30HKD/side)
I won't annoy everyone by posting all my trades, but here are some observations so far:
1. My sweet spot seems to be about 6 points profit. I have no idea why this is, but when I'm shooting for 10 it never seems to happen.
2. For whatever reason, I do much better picking a spot up or down a few points that will get me filled and be an overreaction of some sort. I was really planning to play good trend soldier, but its not working out for me (so far).
3. When I lift an offer or smack a bid, I'm usually wrong. On top of it, the bad trade usually puts me out of synch for 10 minutes.
4. Instead of 'sitting out' 10 mins after a bad trade, I find that making a 1-pt profit trade (which is negative after commissions, but who cares) as quickly as possible gets me back on track faster.
5. Watch for the disappearing bids! This may be old hat for some of you ES folks, but I've noticed when the b/a is somewhere like xxx7-xxx9, and market depth is showing 40@xxx5 and 20@xxx4, if the 20@xxx4 quietly disappears it's time to watch out below..
6. Bids/offers of size are usually real, but I have noticed some 'iceberg' behavior on smaller size.. I would kill for T&S on this contract.
Thanks for reading..
Regards,
Laz
I've learned a lot from some of the journals here, and I thought I'd attempt to 'give-back' a little by starting my own.
As a trader, or would-be trader, I'm torn between two worlds-- neural systems design (at which I'm slowly getting much better), and pure discretionary trading (all over the map).
My previous trading experience includes:
LT fundamental investing- good -- I keep these funds separate from my trading account
Swing Options- wild equity swings, but ended up positive (I did this for about 3 months).
EOD swing trading- can grind out 1% or more a week, but the overnight risk bugs me (in relation to my returns) (I did this for a different 3 months).
Right now, though, I've decided to attack HSI futures, because they're the only instrument my schedule allows me to trade. I've also noticed that anytime I trade for real (discretionary), my systems design (neural and otherwise) gets much better. I'm also starting to thing that EOD trading doesn't give me experience fast enough to make progress on the systems design front.
Setup:
futurestrader (papertrading)
IB
p4 2.4ghz/1gbRAM/g550/2x17"lcd, for those that care about such things.
I just use the IB market depth, and the little 3min-bar + cci chart in futures trader. This is not pure SOMP, but close enough for me.
So far, I've traded two sessions (up until IB kicks me out of the server):
Session one (last thurs night
28 trades / 31 contracts
13W/15L
-28 pts, -.9/ct/trade
-HK$1462
(I think this is about $120 US)
Session two (tonight):
17 trades / 20 contracts
10W/7L
+10pts, +.5/ct/trade
+HK$460
The numbers are a little off because I hadn't set the commission correctly (should be $30HKD/side)
I won't annoy everyone by posting all my trades, but here are some observations so far:
1. My sweet spot seems to be about 6 points profit. I have no idea why this is, but when I'm shooting for 10 it never seems to happen.
2. For whatever reason, I do much better picking a spot up or down a few points that will get me filled and be an overreaction of some sort. I was really planning to play good trend soldier, but its not working out for me (so far).
3. When I lift an offer or smack a bid, I'm usually wrong. On top of it, the bad trade usually puts me out of synch for 10 minutes.
4. Instead of 'sitting out' 10 mins after a bad trade, I find that making a 1-pt profit trade (which is negative after commissions, but who cares) as quickly as possible gets me back on track faster.
5. Watch for the disappearing bids! This may be old hat for some of you ES folks, but I've noticed when the b/a is somewhere like xxx7-xxx9, and market depth is showing 40@xxx5 and 20@xxx4, if the 20@xxx4 quietly disappears it's time to watch out below..
6. Bids/offers of size are usually real, but I have noticed some 'iceberg' behavior on smaller size.. I would kill for T&S on this contract.
Thanks for reading..
Regards,
Laz
