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Williams%R, SAR X-over 15 minute candles

  • #4,921
  • Feb 21, 2024 8:36am Feb 21, 2024 8:36am
Quoting vidvad
{quote} I'm guessing that you are very new to the trading game so don't rush things. This is not get rich quick and it sure isn't easy money until you settle on a methodology and then spend weeks and months and even years getting better and better at the craft of trading. The main superiority of futures to forex is simply this: With futures, the trades take place on a regulated exchange where everyone everywhere sees the same bid and ask and the little guy is treated no differently than the whale. If I have an order for a one lot and Morgan Stanley...
I am indeed quite new to trading. A few months ago I started watching video's from guru's on YouTube, but I found out that were some bad strategies (maybe I watched the wrong guys, but this was my experience). After that, I started reading more into forex and saw that it indeed was not an easy money method, however I still found it very interesting and joyful. After reading some more I found out that to start it is best to try a trading system and then stick to it for a while. This thread from rocky has clear rules and I quite like that as I have almost to none experience.

My first goal now is to learn how use a trading system and stick with it for a while and get started on a demo account for 1-3 months to see how I can handle it. Also I want to get better at risk management (my first idea was risking 0.5% per trade on demo). As I am far away from having a good knowledge basis; the tips from you and rocky for example about using futures instead of forex are really helpful
  • #4,922
  • Feb 21, 2024 8:44am Feb 21, 2024 8:44am
To add to Vidvad post. On why futures work better. Yes the fact that they are closely regulated is huge for the retail trader. For the US there are tax advantages, where FX is taxed as regular income, futures are partly taxed as capital gains, so lower taxes. Volume if you use it in your trading you actually get reliable volume data.
  • #4,923
  • Feb 21, 2024 8:45am Feb 21, 2024 8:45am
Meanwhile PA on the ES is shitty so far.
  • #4,924
  • Feb 21, 2024 9:14am Feb 21, 2024 9:14am
Finally a trade, a small win, PA still crappy.
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  • #4,925
  • Feb 21, 2024 9:33am Feb 21, 2024 9:33am
Quoting vidvad
{quote} I'm guessing that you are very new to the trading game so don't rush things. This is not get rich quick and it sure isn't easy money until you settle on a methodology and then spend weeks and months and even years getting better and better at the craft of trading. The main superiority of futures to forex is simply this: With futures, the trades take place on a regulated exchange where everyone everywhere sees the same bid and ask and the little guy is treated no differently than the whale. If I have an order for a one lot and Morgan Stanley...
I would just like to clarify a little. Forex can be traded on the futures market as well as a CFD. What I believe he is referring to are CDFs or Contract for Differences. Essentially they are a product made by the broker, but are generally supposed to be linked to a futures market. With a CFD your broker is also a market maker AKA they are the counterparty to your trades. If you are consistently losing, they will essentially take your money. If you are profitable, they should forward your trades to their liquidity provider for execution on the real market. Obviously this creates a possible conflict of interest and this is what Vidvad is referring to by saying it's a rigged game. Having said this, a well regulated broker should be more interested in having clients for years rather than months or weeks or however long it takes for them to blow their accounts. A further downside is the bid ask spread, which typically is often many times bigger compared to what you would have as commissions on a futures market. A positive however is that the initial capital you need to get started is very low. Most brokers have a minimum of about 200 euro or pounds, compared to 500 for futures. You also don't need to pay for data feed and the charting platform that can be free to use as well. For some people this low financial barrier for entry makes a big difference.
  • #4,926
  • Feb 21, 2024 9:53am Feb 21, 2024 9:53am
Quoting turnip15
{quote} And if you are in the UK you can trade with TradeStation ( Use Tradeview chart maybe and linked via Tradeview to Tradestation) and NOT pay data fees -level one. Check with them on their chat facility. Daytrade margin may be higher than the likes of AMP Futures etc.
Further to my post about free data and matters of regulation mentioned by Vidvad above plus tight spreads
FUTURES Trading.

FREE market data link for UK ( International) clients on Futures - Non professional traders )

https://www.tradestation-internation...tures-trading/
every Saint has a past. Every Sinner has a Future
  • #4,927
  • Feb 21, 2024 9:57am Feb 21, 2024 9:57am
Quoting Svetul4o
{quote} I would just like to clarify a little. Forex can be traded on the futures market as well as a CFD. What I believe he is referring to are CDFs or Contract for Differences. Essentially they are a product made by the broker, but are generally supposed to be linked to a futures market. With a CFD your broker is also a market maker AKA they are the counterparty to your trades. If you are consistently losing, they will essentially take your money. If you are profitable, they should forward your trades to their liquidity provider for execution...
Beware of trading with what may amount to "scared money."
Small account ( $1000 ) use Micro Futures.
every Saint has a past. Every Sinner has a Future
  • #4,928
  • Feb 21, 2024 10:20am Feb 21, 2024 10:20am
Quoting Svetul4o
{quote} Forex can be traded on the futures market as well as a CFD.
There are futures contracts that track foreign exchange rates. You cannot "trade forex on the futures market." CFD's and spot forex at a retail forex broker are essentially the same thing. You are not trading the intrabank market when you trade forex. You are not trading the futures market when you trade forex. You are trading a made up spread with your broker. Your broker's spread will differ from all other brokers. The price will be close to one another, but your forex order is not "going to the market." It is getting matched inside you broker's own server.
Life itself is a privilege, but to live life to the fullest is a choice
  • #4,929
  • Feb 21, 2024 10:22am Feb 21, 2024 10:22am
Quoting rockypoint
Finally a trade, a small win, PA still crappy. {image}
I don't usually trade in the afternoon, but FOMC minutes today at 2PM Eastern so I May trade after that once the dust settles.
Life itself is a privilege, but to live life to the fullest is a choice
  • #4,930
  • Feb 21, 2024 10:24am Feb 21, 2024 10:24am
Quoting turnip15
{quote} Beware of trading with what may amount to "scared money." Small account ( $1000 ) use Micro Futures.
It's not scared money. Whilst learning for a person on minimum wage it makes a difference having to risk a days grocery money on one trade versus say the price of a coffee.
  • #4,931
  • Feb 21, 2024 10:33am Feb 21, 2024 10:33am
Quoting vidvad
{quote} There are futures contracts that track foreign exchange rates. You cannot "trade forex on the futures market." CFD's and spot forex at a retail forex broker are essentially the same thing. You are not trading the intrabank market when you trade forex. You are not trading the futures market when you trade forex. You are trading a made up spread with your broker. Your broker's spread will differ from all other brokers. The price will be close to one another, but your forex order is not "going to the market." It is getting matched inside you...
You refer often to Investopedia, so this time I will refer you to the same.

"Types of Markets Forex is traded primarily via spot, forwards, and futures markets. The spot market is the largest of all three markets because it is the “underlying” asset on which forwards and futures markets are based. When people talk about the forex market, they are usually referring to the spot market."

"A futures contract is a standardized agreement between two parties to take delivery of a currency at a future date and a predetermined price. Futures trade on exchanges and not OTC. In the futures market, futures contracts are bought and sold based on a standard size and settlement date on public commodities markets, such as the Chicago Mercantile Exchange (CME). "

In regard to orders being forwarded to the market or not, if you are interested I would advise you to look into A and B book brokers.
  • #4,932
  • Feb 21, 2024 10:46am Feb 21, 2024 10:46am
Rocky and Vidvaz, do you have any preferred trading time for your strategy?
  • #4,933
  • Feb 21, 2024 10:48am Feb 21, 2024 10:48am
Still sloppy PA picked off 3 small wins, not my favorite kind of trading. But you take what you can for a profitable day. Going to shut it down for awhile see what happens around 11:30-12 after FOMC.
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  • #4,934
  • Edited 11:44am Feb 21, 2024 11:14am | Edited 11:44am
Quoting Svetul4o
{quote} You refer often to Investopedia, so this time I will refer you to the same. "Types of Markets Forex is traded primarily via spot, forwards, and futures markets. The spot market is the largest of all three markets because it is the “underlying” asset on which forwards and futures markets are based. When people talk about the forex market, they are usually referring to the spot market." "A futures contract is a standardized agreement between two parties to take delivery...
I get that you don't like me so you're on this weird vendetta to prove me wrong about something.

But forex, as traded by 99% of the people on FF, is NOT traded via futures. If you are trading spot forex with ANY broker, it is NOT a futures contract.

Furthermore, there are no futures for the cross pairs, eg GBPJPY, EURJPY. You simply cannot trade those via the futures market. Futures on those pairs do not currently exist. But you can trade those crosses via spot with a bucket shop retail forex broker.

Spot on the left with whatever bid/ask ToS wants at that moment. This spread is set by the broker, TOS. Futures on the right. That spread is set by the CME, the exchange. Huge difference in how the retail trader is treated in these two markets.
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Life itself is a privilege, but to live life to the fullest is a choice
  • #4,935
  • Feb 21, 2024 12:38pm Feb 21, 2024 12:38pm
Came back a little early 2 fast trades PA a little better but still jumpy.
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  • #4,936
  • Feb 21, 2024 12:40pm Feb 21, 2024 12:40pm
Just noticed I traded off the wrong chart and trade MES instead of ES, Capt. Oblivious.
  • #4,937
  • Feb 21, 2024 12:55pm Feb 21, 2024 12:55pm
This is what I have been trading today. a 5 Range chart. Not enough indicators for me. So looking for more. I know RP likes those busy charts. But up 41 ticks before FOMC Minutes. Small nickel and dime trades is all so far for me. I am never at the desk when something good happens.
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  • #4,938
  • Feb 21, 2024 1:12pm Feb 21, 2024 1:12pm
Quoting Svetul4o
{quote} It's not scared money. Whilst learning for a person on minimum wage it makes a difference having to risk a days grocery money on one trade versus say the price of a coffee.
I thought that's what I wrote:
Scared money = money you cannot afford and are thus afraid to lose. It's all relative. Can you not see that !
every Saint has a past. Every Sinner has a Future
  • #4,939
  • Feb 21, 2024 1:13pm Feb 21, 2024 1:13pm
Quoting vidvad
{quote} I get that you don't like me so you're on this weird vendetta to prove me wrong about something. But forex, as traded by 99% of the people on FF, is NOT traded via futures. If you are trading spot forex with ANY broker, it is NOT a futures contract. Furthermore, there are no futures for the cross pairs, eg GBPJPY, EURJPY. You simply cannot trade those via the futures market. Futures on those pairs do not currently exist. But you can trade those crosses via spot with a bucket shop retail forex broker. Spot on the left with whatever bid/ask...
Yeah - he doesn't like me either
every Saint has a past. Every Sinner has a Future
  • #4,940
  • Feb 21, 2024 1:21pm Feb 21, 2024 1:21pm
Quoting turnip15
{quote} I thought that's what I wrote: Scared money = money you cannot afford and are thus afraid to lose. It's all relative. Can you not see that !
He doesn't appear to be interested in anything other than being contrary. This really isn't the right thread for him, in my opinion.
Life itself is a privilege, but to live life to the fullest is a choice
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