Feb 6, 2008

Finally... futures

Finally got an honest-to-goodness alert to trade ES today. Managed to go long and take away 6 points. The way I'm approaching futures doesn't provide for many signals but when they come along they're usually worth it. I may have mentioned this before but here are my futures goals per week (any single one option will work):
-6 ER2 points
-12 ES points
-3 ER2 points, 6 ES points
I'd like to make these kinds of gains consistently with my current system before decided to jack up the contract amounts.
So, since today's ES trade finished by around 10:20 I spent the rest of the day being an equities snob.
"No, you're not good enough!"

"Pffft... as if I'm going to enter with that lower tail."
"Yeah, let's talk when you hit the ORL, okay???"
I did place an order to short CAKE but it was never triggered.


Anonymous said...

FORM on retrace up to 5MA & fibbo zones. No shares to short on USNA. miss you 007 since you went over to the "Dark Side" to trade futures. :) best of luck & thanks for the blog.

Anonymous said...

Looks like a good system you got going there buddy. If it ain't broke don't fix it....


Did you ever get to checkout that link showing futures are better than stocks on taxes ?


michael said...

hi oonr7, what exactly did you go through to start trading in futures ? i meant the learning process like any books,websites etc.

Also, am i right that there is nothing equivalent of sipc in the futures world ? if a broker goes under, does one loose all the money ?
thanks for info in advance

OONR7 said...

anon: thanks, but I'm not giving up the gappers.

quentin: I did check out that page, but I honestly don't remember the tax difference. I really need to delve further into it to verify.

micheal: thanks for scaring me straight :) I don't know about SIPC and futures but I do know that IB won't be going under anytime soon.

QQQBall said...

i posted as anon by mistake.


OONR7 said...

qqqball: I'll let it slide this time.