Chat Room

[myers_k]

Hi, I would be interested to hear from anyone who wants to use the chat room to discuss trade set-ups.


If so please let me know- my email is kayvarnemyers@yahoo.co.uk
Cheers
Kayvarne

[nszasz]

Hi, I would be interested to hear from anyone who wants to use the chat room to discuss trade set-ups.


If so please let me know- my email is kayvarnemyers@yahoo.co.uk
Cheers
Kayvarne

Hi, did anyone else get in this fiasco on last Friday ?

[myers_k]

No what fiasco was that?

[nszasz]

my mtp EOD soft signaled a "perfect" PAlladium -067 (based on Genesis data) buy setup to be entered on Friday, 12.

entry at 189.0 and stop at 185.2

market gapped and I entered at 191.5 , then it fell like lead...

oh, yes, I know, it can happen and it did !

I just wanted to check if anybody else got the same software setup ?

thks

[mcdirt]

Yes, I saw this setup too and passed. According to my information, Palladium has poor liquidity (Copper, Platinum and Silver have low liquidity, Gold has Good) and based on average daily movement, Palladium carries greater risk. it is about the riskiest contract to trade on NYMEX/COMEX.

In my notes, I have "don't even think about it" against Palladium.

Streve did not even mention it in the NL, I know he does not highlight every setup that comes along but maybe he avoids Palladium too?

I'd be VERY interested if Steve has a list of Contracts that he would advise against trading due to liquidity, volatility, whatever issues.

rgds McDirt

[Gene]

Hi nszasz,

The metals to trade are GOLD (COMEX), SILVER, (COMEX), HIGH GRADE COPPER (COMEX). all having good volume for trading. Yes indeed.
Create your own portfolio, including only good Futures markets to trade (volume and volatility).
If you need help (a list of markets), just send me an email.
Regards.
Gene

PS I checked about Palladium - not part of my portfolio - and I got the same signal. But the point is not about palladium as market, it can be any market and a wrong signal.

The main point is: MTP - or any other software - can't be allways right. This is the reason a professional trader will never enter a trade based only on one tool/indicator. This is why they are not using "black boxes" too.
Remember that Steve is stressing about using several tools included in MTP - for confirming or not the auto setups.

[Angel]

Hi all,

Concerning your last post, this is a list of good futures markets to trade with good volume and volatility.


MEATS
Lean Hogs
Feeder Cattle
Live Cattle

GRAINS
Soybeans
Soybean Meal
Soybean Oil
Corn
Oats
Wheat

SOFTS
Coffee
Cocoa
Cotton
Orange Juice
Sugar #11 World

METALS
Gold
Silver
HIGH GRADE Copper
Platinum

ETFs
Diamonds (Dow Jones)
Spyders (S&P 500)
QQQQ (Nasdaq 100)

INTEREST RATES
30 Yr US T-Bonds
10 Yr US Treasury Notes
5 Yr US Treasury Notes
2 Yr US Treasury Notes
Eurodollar

CURRENCY FUTURES
Australian Dollar
British Pound
Canadian Dollar
Euro FX
Japanese Yen
Swiss Franc
US Dollar Index

INDICES
Dow Jones
Nasdaq 100 Index
Nasdaq Comp Index
FTSE 100 Index
Nikkei 225 Index
S&P 500 Index
S&P 100 Index

ENERGIES
Unleaded Gas
Natural Gas
IPE Gas Oil
IPE Brent Crude
NY Light Crude
NY Heating Oil

Have a good trading.

Angel

[Gene]

Hi ,

Angel did a nice and good job posting a decent list, but you have to improve the list.
Some example:

-Kansas City Wheat - not included - has an average 10K volume and 50K Open Interest. Other good markets - ER2, YM, ES, EN, etc.

-Platinum included on the list generaly has an average volume less than 1K (hard to trade such market, you will find this on the hard way - big slippage, not easy to get out...). Very important too: Platinum has a Daily Trade Limit -big issue for small volume. You have to have the whole picture before jumping to conclusions. This is way I did not mention Platinum in my posting as a recommended metal market to trade.
It seems that also Steve is not interested in Platinum - probably for the same reasons.
Some other markets on the list are not so great for trading.

Probably a good idea is looking on your own for volume (focus on individual volume, because the total volume can be misleading for many of you not very familiar with markets; some markets having only 4 delivery months - currencies, Interest Rates,etc. and other markets having up to 12 delivery months - energies) and selecting what markets are OK for you.
If you are not sure about a specific market, just post and someone will help you, explaining and giving you some figures.

You also have to decide - if a Futures Contract is traded electronic and pit - which one you want to trade; for many markets, electronic seems to be a better choice (quick in/out, less slippage, better volume).

Have a good trading all of you!
Gene

[Angel]

Hi Gene, Hi all,

First I would like to thank you for your very helpfull last post :)

I agree with you concerning the fact that for many markets, electronic seems to be a better choice.

1) Concerning the list I posted, which other futures markets would NOT be so great for trading (volume, volatility and delivery months) ?

2) Do you trade stocks and Forex pairs (spot) too in your portfolio ? If not, would you mind to tell us why ?

3) Are you an EOD or an intraday trader ? If you are an intraday trader, do you close all of your positions at the end of the trading day, or do you keep overnight positions ?

Thanks for your attention

Have a good trading all of you

Angel

[Gene]

Hi Angel and all traders,

To answer your questions:
I am a swing trader, having positions for a few days, up to a few weeks. I found out that swing is the best. The markets are not trending so much now and long term positions are not a good idea. Day trading involves a lot of time - I'm busy during the day, high costs (commissions first of all - of course all brokers, daytrading software developers and some non trading "gurus' will tell you that day trading is the best;than some small costs for real time data, data providers system/servers problems, internet and computer potential issues able to give you big losses if you are in the middle of a trade, etc), small profits per trade, a BIG limitation as number of markets to follow - not having the ability to trade moves of thousands of dollars in only a few days, a lot of market noise on small time frames and other negative aspects. I can do better with my time and money.

My trading includes Futures and Futures Spreads (probably the greatest trading), only USA Market (I'm in USA) for avoidig exchange rate risks.
In my post I gave just one example of market you posted and I don't trade.
Each of us has a different view about trading and risk, which gives us a personal list of markets.

I guess is more simple telling you my criterias for having a list of markets:
-Decent individual Volume and Open Interest; small figures = high risk of manipulation, hard to enter and exit the market;
-if there is a Daily Trading Limit; for almost the same (not high) volume, I'll select a non limit market, but not a limit market;
-volatility; I avoid very high or low volatile markets;
-the relation between initial margin, point value and average daily moves - for using my trading capital in the best possible way (just an example - I don't trade S&P500, with almost 20k initial margin I can do a better job, trading several other contracts, having a better leverage and, not the last, diversification - a key for success in trading;
-leverage experience.

When you have a list of markets, it is important what months to trade. Remember that margins involving the spot month may be significantly higher and always be informed about FND (First Notice Day) and LTD (Last Trading Day).
It is also important to know some market corelations - of course in trading nothing is for sure; for example if Dollar Index is moving up (or down) generally some currencies moves on the same direction - Swiss Frank, Jap Yen, Can Dollar (but keep in mind that Can $ is a commodity currency and is influenced as such) and other currencies moves on the opposite direction - Euro, British Pound, Aus Dollar (a commodity currency too).
Dollar/Gold/Commodities/ Treasures corelations are a must for Futures trading.

Counting on the signals only, given by a software, is a joke, for novices and naives, not trading. THE BEST TRADING MACHINE IS OUR EDUCATED BRAIN. No black or gray boxes or softwares giving buy/sell signals represents a long term solution, but human judgement.
Angel, if you feel you need another software in addition to MTP (a decent software subject of improvements by Steve - always interested in raising the bar), send my an private email and I'll let you know about a very powerfull and flexible trading software. The developer is a TradeStation developer since 80's, Certified Commodities Advisor, professional trader, author of several trading articles in many trading publications, trading books, etc, not just another software developer.
And an OPEN MIND and honest policy - total FREE several weeks trial because he believes in his high quality software, option to LEASE (monthly payments) or BUY paying in installments or a lump sum payment with discount. Can trade any market (stocks, futures, mutual funds, Forex,etc), daytrading or EOD, using several data sources, from eSIgnal to FREE sources.

Why I trade only Futures:
-good risk/leverage ratio (in FOREX you can have even 200 leverage - too much, and large bid- ask spread; in stocks you can trade on margin from your broker, up to the level of your trading capital but costing you money because is a credit, and still low leverage)
-in Futures is no accounting manipulation (like ENRON, MCI,etc), oposed to the potential risk for stocks;
-tax issue (you use IRS FORM 6781, no need to report every trade on Schedule D as you must for stocks); 60% is long term, only 40% ls short term;
no wash sales rule;
-easy to start shot positions,
and more...
Have a good trading.
Gene

[Gene]

Hi,

Are there any other ideas about trading Futures markets? It will be nice to hear about.

[Angel]

Hi Gene, Hi all,

Very happy to be back......

Just a few words to apology for my late reply. I' m also shy in my post because my English level is not enough good today to get a deep point of view as Gene and others post in the forum. But I promise you to improve my English level for sharing trading idea.

Concerning your last post, I couldn't tell you more because your explanation is very complete and very valuable. Having said that, I sincerely find that you are a very kind and open minded trader, so many thanks for that :)

Personally, I started by day trading but now I' have been a swing trader for the same reason and also because it fits exactly to my trading style. An other fact is that spending many hours stucking in front of my screens makes me lonely and wild (if my English is good).

We keep in touch,

Have a good trading all of you,

Angel

[Gene]

Hi Angel and traders,

As you probably found out, this thread was removed a few times by (MTP) moderators from the main/default page, within hours from the moment one of us posted new posts. Probably some of our honest ideas, based on experience, are not agreed by moderators.

I had the intention to talk about CRITERIAS FOR PORTFOLIO STRUCTURES AND POSITONS (open/new) too, but I realised that is useless when the treat is removed and traders will not read.

If someone will read all previous posts within this thread, probably will find some interesting ideas. Why removed?
All the best to you.

[Matt Bowen]

Gene,

I can assure you that at no time did anybody delete any thread other than me. I know this because I built the bulletin board and I'm the only one who has the ability to delete a thread.

Now, the only other option and possible way that a thread could disappear is if the person who originated the thread decided to pull it (they have that option).

I personally have not deleted any files from this board since February when Steve Griffiths as me to (this was in regards to a third-party vendor). Basically, we had an individual try and advertise his product here. Under the general rules blatant advertisements will not be tolerated:

http://www.mtptrader.com/showthread.php?t=16

The bottom line is that we do not want to play cyber-cop here, but if the tone of the does not serve anybody (implied threats) or vendors use it to send "unsolicited E-mail" it will be removed.

We allow the fellow members to voice their opinions WITHOUT CENSORSHIP and we encourage participation from all members.

Hope this helps,

-Matt

[Gene]

Hi Matt,

Thank you for your post, giving peace of mind. It was probably a bug in software. We are MTP users, not software developers, not competition, but friends of MTP team, because we paid for MTP.
Our posts are only for the reason of helping each other and looking for better solutions.
I have an idea for avoiding advertising by developers - create an ID only for MTP users, and nobody else will be able to post.
Regards,
Gene

[myers_k]

Hi All,

After my initial post I have had some good discussion about EOD set-ups. In addition to this I would like to hear from anyone interested in using the MT predictor instant messenger. The idea being that we could discuss Real Time set-ups as they unfold, sharing ideas and ultimately making better trading decisions.

Would be interested to hear from anyone.

Cheers
Kayvarne