Trading grains

thanks alberto ... yes let's keep this going please.

So now, thx for the brokerage, who do use for charts?

I use Qcharts which I love for the ease of use. I think the exchange fees are the same regardless.

Not to be intrusive, but for daytrading, are using the common methods like opening range, ma's, etc etc, or ... and I know there are many of them, a more proprietary method?

Please if this is to close to home just say so. I respect anyone's wish not to divulge their methods.

:)
 
Quote from inandlong:


but for daytrading, are using the common methods like opening range, ma's, etc etc, or ... and I know there are many of them, a more proprietary method?

:)
More...

Are you sure you want to daytrade a pit traded contract from off the floor? If you think you can do it, more power to you.

Just expressing a little concern for your P&L.:)
 
I think there is nothing special in my method: I use 3 EMAs and try to trade with the trend, that is when they are in sync.

Also use one price oscillator to see when the market has moved too far in one direction.

I try to enter my trades with limit orders; i can close them on stops, limits or market.

For charting I used fsXtra, now giving a chance to MetaStock with eSignal. As this is rather expensive, I am going to try myTrack with SierraChart.

alberto


P.S. Ok guys, your turn!
 
The only way to trade grains is from ON the floor. If you are near one of the ag exchanges or want to move there (Minneapolis, KC or Chicago) leasing a seat is not that expensive.

There is a cash settled, totally electronic, bean and corn index product at the Minneapolis Grain Exchange but the volumes are very low and the exchange is basically looking for market maker types to participate in that contract- its not something for an individual trader to get into for the moment.

www.mgex.com

(Leasing a seat is $50 a month! Volume records in the floor traded spring wheat are being smashed.)
 
Cheeks,

So far I have nothing to complain; I suppose trends last little longer in the grains compared to eMinis.

Look at today's action: S H3 is nicely trending upwards from 549 to (now) 555. That makes 6 x 50$ per contract with 1.1 k$ margin.

Not too bad!

OTOH I suppose one should be ready to leave positions open overnight to catch one larger move. This is my next step...

alberto
 
I appreciate your suggestion: I wish I could follow it...

I live in Italy! And nothing is going to make my wife move to Minneapolis... :D

alberto
 
I have another question about MGE. How big a trading account do you need(realistically)?

Once you lease a seat, how much are clearing and exchange fees per contract?


Thanks,

Cheeks
 
I suppose we are all accustomed at trading in front of a screen: you have "your" software, "your" charts, "your" setups...

Would you be able to re-create the same environment on the floor? What kind of information is publicly available there? Could you have a "booth" to put your own PC or wouldn't you need it?

Regards,
alberto
 
To be an MGE local, you need about 10K in cash to your clearing firm, $50/mo to lease a seat pre-paid 1 year. With their margins and 10K you would be a 5-10 up local on the contracts. If I was younger I'd do it in a NY minute. BUT those little exchanges tend to be cliqueish, maybe just throw you a bone once in a while ... so it might take time.
 
Quote from GATrader:

To be an MGE local, you need about 10K in cash to your clearing firm, $50/mo to lease a seat pre-paid 1 year. With their margins and 10K you would be a 5-10 up local on the contracts. If I was younger I'd do it in a NY minute. BUT those little exchanges tend to be cliqueish, maybe just throw you a bone once in a while ... so it might take time.
More...
Its not so much cliquishness as that you are an unknown factor. Once other traders are aware that you can fill out the trading card correctly and that you are able to handle some size (5 lots as opposed to 1 lots) people will trade with you more and more. Takes a few months to build up the skill and credibility, but there really is no club to break into as there may have been in the past.

I mean if a broker is trying to unload 100 contracts he is not going to want to mess with a one lotter. He'll unload by 25's or 50's and those people will deal with 1 and 5 lotters.
 
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