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BearBullTrading
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Posts posted by BearBullTrading
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Since the FX markets are open 24hrs what period should be used to determine the high low and close. For example if you were trading the New York market would you take the close of that market and then ignore what had happened in Asia or London or would you take the previous 24 hrs to select high low and close?..Generally, 23:59 (GMT) is the close and 00:00 (GMT) is the new session.In my experience the standard "Day" is considered to open from 17.00 est (to 16.59est)
Not only to determine the ohlc but also the value date of a trade.ie:
- Spot FX deal done at 15.00 est Tuesday = value date Thursday
- Spot FX deal done at 18.00 est Tuesday = value date Friday
Trade Well.....
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... I got lucky ...(10.11pm)...There is no such thing as luck...(10.38pm)"Luck" is such a fickle thing.....Only 27 mins to change your mind....::doh:
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....these players are nothing special and they comprise the fodder in a typical club tournament where they get beat up by masters and experts......
Maybe they need a "Chess Psychologist" to help overcome the "fear" of taking several small "losses" (pawns) to get the bigger "wins" (Queens etc)..
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"What makes a rouge trader?" .....a fantastic article if you can get it.Yep, interesting...
What makes a rogue trader? - FT.com
Cheers
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after reading through the posts, ntm made a simple point concerning goldman who is a market maker and a huge major player, which i understood, too bad the rest of you didn't.i saw the video when it first aired last year, lloyd was at bit aggressive or passionate i remember. the last 3 minutes at the end, i viewed it again and goldman would buy at 80, and like goldman they would begin to buy from 40 up, no question. that is business when you have the cash.
then again you guys are not in my position, which means you cannot understand the business. go stand outside with the protesters in the rain while we drain your accounts.
Yes..I've watched the video
I agree with previous posts that you/NTM don't understand markets/what is being said.
One of the firms I worked at may be considered by some to be a "large primate". Not sure where they are on the "poundage scale" but gotta be at least an Orangutan ! As the largest single house by overall volume traded in FX maybe a Gorilla in some circles...who knows....or cares....
So, whilst I am not in "your position" I do believe I have some "understanding of this business".
Re: last 3 minutes/Oil/GS
Lloyd was just giving an example of how markets/GS can work , but anyway, trading Forwards isn't necessarily about predicting where a market rate will be at a certain date. GS could buy oil forward at $80 with a current price at $40 which doesn't rise and still make/not lose money using a multitude of other strategies,products,trades...None of which would likely be single-handedly trying to take on the market and push the spot price from $40 to $80...That would be a dumb strategy..and GS aint dumb.
On the original point of analysing the squawk..
I've listened to the squawk..It sometimes provides good memories of hectic dealing rooms ..but that's about it...I would never use the information to base a trading decision on.
If you hear GS sell 100/200/whatever no. of lots..Does that tell you their overall position is:
Short / Long / Flat / Dont know
Obviously its: Dont Know, so I dont see how it provides clarity or is useful information to base my decisions on .
If trading FX and after doing the trade one gets the the counterparty name as Deutsche Bank, should one immediately reverse with the rationale they're bigger so "THEY" must know something etc .I think there is a misconception that the "Gorillas" swing huge size all day, carry huge open positions, and push markets where and when "THEY" want....I don't think so.
Hence GS making far more $'s on the market making, advisory, fee based etc business lines rather than on their non client/own account activities.
Trade Well
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The Downside of Limit Orders
One con about using limit orders is that if price does not go beyond your order you will not be filled. This however, can be looked at as a good or bad thing.
Limit orders ensure you get the best possible price, and I’d rather trade in this way missing a few trades, than taking stop out after stop out, by impulsively clicking the market order.
In my trading the majority of my orders have always been Market and Buy/Sell Stop Orders. If there's a reason to be in, I want in.If there's a reason to be out, I want out.
I don't like to rely on someone else (limit orders) to do that for me.
Limit Orders guarantee you will always be in your losing trades but not the winners. Yes, you get a higher/lower price IF filled and market reverses, but is that "better" than missing some winning trades completely....maybe,maybe not
Its not the order type that causes Stop Out after Stop Out...Its likely the act of "impulsively clicking"...I'm pretty sure I could generate a string of Stop Outs by "impulsively clicking" Limit Orders... Click when there's a reason to.
Fewer stop outs may/may not be beneficial to the overall profit, equity curve, drawdowns etc . It has to be balanced with the missed trades.
Having said that...Just to show there are no absolutes in trading and decisions are dynamic, I have recently started to increase the No.of limit orders I use in certain markets/situations. Whether this "phase" continues or not we'll see...
The "best" order type can depend on style & personality..ie. I generally like to "go with" as opposed to trying to pick the reversal point.
With limits there may be a temptation for some traders to fiddle with/cancel etc as price nears and trades at a level hoping for just "a little bit better"..the result is invariably missing it completely !
The Bank I traded for had stats of the order types each trader used because Brokerage fees may be type dependent...eg. A limit Order provides liquidity, A Market order extracts liquidity from the market so a trading platform/broker may charge less fee for "providing liquidity".
I invariably used Market Orders, the guy next to me invariably used Limits - No right, No wrong
Trade Well
Day Trading the E-mini Futures
in E-mini Futures
Posted
Yes ...Its capturing an extra minute.
On displaying the "data" of the indicator for 405 mins (about 40 secs into your video)
It states:
Start (Time) : 9.29.01
As to why I'm unable to help as I dont use IRT.
Trade Well.....