Quit Job to Watch DOM.

[handle 10]

I would focus on studying price action first, not on reading the DOM.

 

If you can put on a trade at the weekly high/low, at an important support or resistance level, the chances of a bigger move are much higher than if you take a trade in range bound choppy market where the DOM gives you one long and short setup after another, each reversing after a few ticks.

 

I don't look at the DOM at all since I trade FX so I might undervalue it's importance. Just wanted to let you know that you can trade very well without looking at it.

 

For the trade at the weekly high/low, are you buying the high for a momentum trade, or selling the high for a counter move? Does it matter which market it is? CL vs. TF vs. ES?

 

Thank you.

[tradingwizzard 10]

Hi,

 

Just felt like introducing myself to the TL crew

 

Had half a mind to give an in-depth review of my life over the last 6 months or so, but instead I'll just cut right to the chase. Can give more details later if there's interest.

 

July 2011: Quit job with 20k GBP. Tending bars on the side now.

 

August 2011 - Present: Have been watching FESX, primarily DOM, but occasionally mixing it up with some charts and/or an indicator or two.

 

P/L 2011: Lost about 34EUR via TT/Velocity Futures. Clearly don't know what I'm doing.

 

P/L 2012: Lost about 30GBP via CMC Market Spread Betting Platform

[started executing £1/point bets on 'EURO50'. At least this way I can get stuck in without blasting through my 20k on the real FESX market]

 

Getting profitable with one lot is proving difficult, as I expected it to be. Nevertheless I'll keep staring at the DOM until it starts to make sense to me.

 

Here's the meat of the thread. A few private videos I made with Camtasia, and uploaded to Youtube. Gives you some insight in to what I'm up to...

 

 

2011 November 21st: FESX going long, losing 1 tick.

 

 

2011 November 22nd: FESX afternoon. When will the market reverse from day-low?

 

 

2011 December 12th. Classic "Offer, to Buy" action. FESX.

 

 

2011 December 13th. The Blue-Red Shift

 

 

2011 November 25th. Instances of OFFERING, TO BUY. FESX Morning Phase 1.

 

FWIW the best two pieces of advice I can give to any aspiring Futures Trader would be to

a) Enable trade sounds (bleeps) on MD_Trader if you use it [really get immersed in the action]

b) Assuming you aren't scalping for only the next couple of ticks [and frankly, I don't even know what my style is yet, so I can't say if this applies to myself], execute your trades on an equivalent spread betting product, at £1/point, but taking your entry and exit queues from the 'real' market, e.g. FESX as displayed on MD_Trader. Provokes an emotional response, but doesn't really hurt you if it goes wrong.

 

Always nice to hear words of encouragement from experienced guys who have walked a similar path [...to riches]......

 

ónly now I see this thread.......it never stop to amaze me why people love complicated things.....what's happening with the simple ones? ....I never heard of the products you say you are trading there and what the heck it means......what hapenned with trading the eurusd for God's sake? ....keep it simple

[kuokam 10]

Can you tell what is simpler in eur/usd than fesx ? And maybe the person doesn't want to hear of forex.

 

 

ónly now I see this thread.......it never stop to amaze me why people love complicated things.....what's happening with the simple ones? ....I never heard of the products you say you are trading there and what the heck it means......what hapenned with trading the eurusd for God's sake? ....keep it simple

[lastninja2 10]

the only trading wizard who don't know about FESX

[tradingwizzard 10]

the only trading wizard who don't know about FESX

 

He he...you wish....my idea was why complicating things? Now woth almost 0 spread on ECN for eurusd (and it was just an example btw), why look for something else?....times are changing, so accepting that and moving on it's ok

[DionysusToast 10]

He he...you wish....my idea was why complicating things? Now woth almost 0 spread on ECN for eurusd (and it was just an example btw), why look for something else?....times are changing, so accepting that and moving on it's ok

 

There is an argument that a Futures contract, traded on a single centralized exchange IS the most simple type of instrument around.

[kuokam 10]

How do you people handle huge orders ? Say you are watching a dom that totals 300 and you see the 10th order showing some thing like 200+ on the offer. The trend is up and approaching a significant level. Do you join or fade?

[maui - surftradesurf 10]

These is a summary of the core principals I see so many promoting - so it must really work well.

 

* Do use all the leverage humanly possible with the smallest account capital possible.

* Trade a lot during the day - just follow each impulse you have.

* Risk every dollar you have on your trading - no guts, no glory

* Assume that the technical trading book you read gives you a major edge in the market.

* Assume when trying to scalp that you are the predator and not the prey.

* Do not have any plan at all for trading, just log in and wing it - learn as you go.

* Let your looses run and take profits right away. Bet all you have at once on each trade.

* Trade in the shortest time intervals possible, after all you will be faster than any HFT

* Always go against the trend - if the market goes up all day short it, and vice versa.

* Always risk a lot more than 2% of your capital on a single trade.

* When a trade blows by your mental stop than add onto your position - use margin!

* Never have a real stop - just have a "mental" stop - you can be trusted.

* Once you have a few good days than sell your advice to others, host a trading room

* The more you lose the more proof its time to pay up $$$ for a better trading system(s)

 

Just a few concepts any how - good luck

[kuokam 10]

All not permitted by the dom...

 

These is a summary of the core principals I see so many promoting - so it must really work well.

 

* Do use all the leverage humanly possible with the smallest account capital possible.

* Trade a lot during the day - just follow each impulse you have.

* Risk every dollar you have on your trading - no guts, no glory

* Assume that the technical trading book you read gives you a major edge in the market.

* Assume when trying to scalp that you are the predator and not the prey.

* Do not have any plan at all for trading, just log in and wing it - learn as you go.

* Let your looses run and take profits right away. Bet all you have at once on each trade.

* Trade in the shortest time intervals possible, after all you will be faster than any HFT

* Always go against the trend - if the market goes up all day short it, and vice versa.

* Always risk a lot more than 2% of your capital on a single trade.

* When a trade blows by your mental stop than add onto your position - use margin!

* Never have a real stop - just have a "mental" stop - you can be trusted.

* Once you have a few good days than sell your advice to others, host a trading room

* The more you lose the more proof its time to pay up $$$ for a better trading system(s)

 

Just a few concepts any how - good luck

[BlueHorseshoe 10]

How do you people handle huge orders ? Say you are watching a dom that totals 300 and you see the 10th order showing some thing like 200+ on the offer. The trend is up and approaching a significant level. Do you join or fade?

 

Hi Kuokam,

 

An interesting question!

 

I just posted this same query as a separate thread to see what thoughts people might share:

 

http://www.traderslaboratory.com/forums/day-trading-scalping/17662-dom-market-how-does-impact-your.html#post188369

 

BlueHorseshoe

[kuokam 10]

I saw nothing on this very post, BH, but could react to the opening one.

 

 

Hi Kuokam,

 

An interesting question!

 

I just posted this same query as a separate thread to see what thoughts people might share:

 

http://www.traderslaboratory.com/forums/day-trading-scalping/17662-dom-market-how-does-impact-your.html#post188369

 

BlueHorseshoe