Monday, August 06, 2007

Aug 6 Trade Summary First Day Trading ESTX50 and DAX Futures




Today I made the bulk of my money in the first hour trading 11 contracts and making $300 trading ESTX50 and DAX futures. I then did some account churning during mid-day, losing my stake, and then making it back trading ER2. Overall I need to only take trades based on my signals and I need to better understand what my signals are telling me in conjunction with the market internals and with what the bond futures and currencies are doing. I came and went from the computer today, so I'm not really mad that I missed some good short term moves. My goal was to stick to my style scalping and test my hand at trading ESTX50 and the DAX futures for the first time.

PL= $400 on 32 contracts (I'm rounding PL now to the hundredths place)

Trade Analysis-
I liked the movement in ESTX50 and the liquidity that it provides. The DAX reminds me of ER2 except it has even less liquidity and is likely more risky to trade. My decision to start trading the European Futures was because the commissions are lower and ESTX50 provides just as good liquidity and range as ES. Also, the European markets have already been trading for 6 hours by the time that I get up, so I can see what the ranges are and also compare them to the US indices for a better trade signal. I also have to give Credit for the peer pressure factor. Everyone's doing it DUDE,,,,Like all the cool Traders are!! You Know JOHN CARTER,,,Yeah,,I heard he's trading it and making a KILLING!!!,,,Just kidding guys,,,
I actually got an email from Eurex about a webinar coming up TOMORROW with Trevor Harnett from Market Delta, and I ended up finding another webinar previously recorded with John Carter Trading ESTX50 Futures contract, which was very informative. Thanks John Carter from TradeTheMarkets and Eurex for the Webinar found here- Eurex Webinar
Tomorrows webinar with Trevor should be good to, so I'm gonna try to watch that too or checkout the recording later.

In other news I'm in the stages of opening an account with Tradestation, but I'm contemplating if I should still. My primary reasons were so that I could use the Option analyzer to start making some slow and steady income using good option strategies, and also to see if the backtesting function was worth my time.
My primary concerns are- CAN MY COMPUTER HANDLE IT?
Can Mr.CPU take on IB, quotetracker, and tradestation all at once, or will I have to resort to using TS at the end of the day,,,,I guess that's all I really need it for anyway for my option analyzing and backtesting. What'ya guys think. I know Lord Tedders and Dave Johnson use TS. Anyway, I got time to think about it.

LATER TRADERS

4 comments:

Philip on 3:02 PM said...

I use TradeStation and was contemplating moving to IB because of the single account and access to more markets. I don't want to give up Options Analyzer and TS charting though. The biggest problem I have with TS is having to trade any futures options from a separate pit traded account through RJ Obrien's MCD platform which is one of the worst order enty platforms I've ever seen

OVK said...

I`m trading DAX between 2-3 a.m, sometimes 2-4am, from Chicago. I`m using TS for charting, IB and Ninja Trader for trading and Comtasia for recording.I have no problem with computer. IB has very high margin for the DAX
I`m not opening account with Velosity because I like NT very much. AmpFutures is going to start the DAX live trading soon.

OVK

gtc65666 on 12:12 PM said...

I'm looking for an early morning Dax trading room

HPT on 8:50 PM said...

I don't have any rec's. I would suggest DJSTOXX over the DAX tho, for better position sizing.

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