I opened a futures trading account with tradestation, put in $12k it should be active monday
I've traded stocks and forex and I even had an emini account 5 years ago. It was a bar that moved up and down and I would look at the indexes and place my bet. Tradestaion on my 38" monitor is just overwhelming. It looks more like the console of some extraterrestrial spacecraft. All I want to do is go long or go short SP depending on the day and close my position after a few minutes to a few hours. Could someone point me to a few resources? for instance, I see an ES contract but I also see that there is a continuous version too. thanks
I am a professional Day Trader working for a Prop Fund, Hope I can help people out and answer some questions
Howdy all, I work professionally for a proprietary trading fund, and have worked for quite a few in my time, hope I can offer some insights on trading etc you guys might have. Bonus for you guys Here are the columns in my trading journal and various explanations where appropriate: Trade Number – Simply is this the first trade of the year? The 10th?, The 50th? I count a trade that you opened and closed just one trade number. For example if you buy EUUSD today and sell it 50 pips later in the day and close out the trade, then that is just one trade for recording purposes. I do not create a second trade number to describe the exit. Both the entry and exit are under the same trade number. Ticket Number – This is ticket number / order ID number that your broker gives you for the trade on your platform. Day of the Week – This would be simply the day of the week the trade was initiated Financial Instrument / Currency Pair – Whatever Financial Instrument or currency pair you are trading. If you are trading EUUSD, put EUUSD. If you are trading the EuroFX futures contract, then put in Euro FX. If you are trading the emini S&P, then put in Emini S&P 500. If you are trading a stock, put in the ticker symbol. Etc. Buy/Sell or Long/Short – Did you buy or sell to open the new trade? If you bought something to open the trade, then write in either BUY or LONG. If you sold(shorted) something to open a trade, then write in SOLD, or SHORT. This is a personal preference. Some people like to put in their journals as BUY/SELL. Other people like to write in Long/Short. My preference is for writing in long/short, since that is the more professional way to say it. I like to use the lingo where possible. Order Type – Market or Limit – When you entered the trade was it a market order or limit order? Some people can enter a trade using a combination of market and limit orders. If you enter a trade for $1 million half of which was market order and the other half was limit order, then you can write in $500,000 Market, $500,000 Limit as a bullet points. Position Size / Units / Contracts / Shares – How big was the total trade you entered? If you bought 1 standard lot of a currency pair, then write in $100,000 or 1 standard lot. If you bought 5 gold futures contracts, then write in 5 contracts. If you bought 1,000 shares of stock, then write in 1,000 shares. Etc. Entry Price – The entry price you received entering your opening position. If you entered at multiple prices, then you can either write in all the different fills you got, or specify the average price received. Entry Date – Date that you entered the position. For example January 23, 2012. Or you can write in 1/23/12 . Entry Time – Time that you opened the position. If it is multiple positions, then you can specify each time for each various fill, or you can specify the time range. For example if you got $100,000 worth of EUUSD filled at 3:00 AM EST, and another $100,000 filled at 3:05 and another $100,000 filled at 3:25, then you can write all those in, or you can specify a range of 3:00 – 3:30 AM EST. Entry Spread Cost (in pips) – This is optional if you want to keep track of your spread cost in pips. If you executed a market order, how many pips did you pay in spread. Entry Spread Cost (in dollars) – This is optional if you want to keep track of your spread cost in dollars. If you executed a market order, how many dollars did you pay in spread. Stop Loss Size – How big is your stop loss size? If you are trading a currency pair, then you write in the pips. If you are trading the S&P futures contract, then write in the number of points. If you are trading a stock, then write in how many cents or dollars your stop is away from your entry price. % Risk – If you were to get stopped out of the trade, how much % loss of your equity is that? This is where you input your risk per trade expressed in % terms if you use such a position sizing method. If you risked 0.50% of your account on the trade, then put in 0.50% Risk in dollars – If you were to get stopped out of the trade, how much loss in dollars is that. For example if you have a $100,000 account and you risked 1% on a trade, then write in $1,000 dollars Potential Reward: Risk Ratio – This is a column that I only sometimes fill in. You write in what the potential reward risk ratio of the trade is. If you are trading using a 100 pip stop and you expect that the market can reasonably move 300 pips, then you can write in 3:1. Of course this is an interesting column because you can look at it after the trade is finished and see how close you were or how far removed from reality your initial projections were. Potential Win Rate – This is another column that I only sometimes fill in. You write in what you believe the potential win rate of this trade is. If you were to place this trade 10 times in a row, how many times do you think you would win? I write it in as percentage terms. If you believe the trade has a 50% chance to win, then write in 50%. Type of Inefficiency – This is where you write in what type of inefficiency you are looking to capture. I use the word inefficiency here. I believe it is important to think of trading setups as inefficiencies. If you think in terms of inefficiencies, then you will think in terms of the market being mispriced, then you will think about the reasons why the market is mispriced and why such market expectations for example are out of alignment with reality. In this category I could write in different types of trades such as fading the stops, different types of news trades, expecting stops to get tripped, betting on sentiment intensifying, betting on sentiment reversing, etc. I do not write in all the reasons why I took the trade in this column. I do that in another column. This column is just to broadly define what type of inefficiency you are looking to capture. Chart Time Frame – I do not use this since all my order flow based trades have nothing to do with what chart time frame I look at. However, if you are a chartist or price action trader, then you may want to include what chart time frame you found whatever pattern you were looking at. Exit Price – When you exit your trade, you enter the price you received here. Exit Date – The date you exited your trade. Exit Time – The time you exited your trade. Trade Duration – In hours, minutes, days or weeks. If the trade lasts less than an hour, I will usually write in the duration in minutes. Anything in between 1 and 48 hours, I write in the hours amount. Anything past that and I write it as days or weeks as appropriate, etc. Pips the trade went against you before turning into a winner – If you have a trade that suffered a draw down, but did not stop you out and eventually was a winner, then you write it how many pips the trade went against you before it turned into a profitable trade. The reason you have this column is to compare it to your stop loss size and see any patterns that emerge. If you notice that a lot of your winning trades suffer a big draw down and get near your stop loss points but turn out to be a profitable trade, then you can further refine your entry strategy to get in a better price. Slippage on the Exit – If you get stopped out for a loss, then you write in how many pips you suffered as slippage, if any. For example if you are long EUUSD at 1.2500 and have your stop loss at 1.2400 and the market drops and you get filled at 1.2398, then you would write in -2 pips slippage. In other words you lost 2 pips as slippage. This is important for a few different reasons. Firstly, you want to see if the places you put your stop at suffer from slippage. If they do, perhaps you can get better stop loss placement, or use it as useful information to find new inefficiencies. Secondly, you want to see how much slippage your broker is giving you. If you are trading the same system with different brokers, then you can record the slippage from each one and see which has the lowest slippage so you can choose them. Profit/Loss -You write in the profit and/or loss in pips, cents, points, etc as appropriate. If you bought EUUSD at 1.2500 and sell it at 1.2550, you made 50 pips, so write in +50 pips. If you bought a stock at $50 and you sell it at $60, then write in +$10. If you buy the S&P futures at 1,250 and sell them at 1,275, then write in +25 points. If you buy the GBP/USD at 1.5000 and you sell it at 1.4900, then write in -100 pips. Etc. I color code the box background to green for profit and red for loss. Profit/Loss In Dollars – You write the profit and/or loss in dollars (or euros, or jpy, etc whatever currency your account is denominated in). If you are long $100,000 of EUUSD at 1.2500 and sell it at 1.2600, then write in +$1,000. If you are short $100,000 GBP/USD at 1.5900 and it rises to 1.6000 and you cover, then write in -$1,000. I color code the box background to green for profit and red for loss. Profit/Loss as % of your account – Write in the profit and/or loss as % of your account. If a trade made you 2% of your account, then write in +2%. If a trade lost 0.50%, then write in -0.50%. I color code the box background to green for profit and red for loss. Reward:Risk Ratio or R multiple: If the trade is a profit, then write in how many times your risk did it pay off. If you risked 0.50% and you made 1.00%, then write in +2R or 2:1 or 2.0. If you risked 0.50% and a trade only makes 0.10%, then write in +0.20R or 0.2:1 or 0.2. If a trade went for a loss that is equal to or less than what you risked, then I do not write in anything. If the loss is greater than the amount you risked, then I do write it in this column. For example lets say you risk 0.50% on a stock, but overnight the market gaps and you lose 1.50% on a trade, then I would write it in as a -3R. What Type of trading loss if the trade lost money? – This is where I describe in very general terms a trade if it lost money. For example, if I lost money on a trade and the reason was because I was buying in a market that was making fresh lows, but after I bought the market kept on going lower, then I would write in: “trying to pick a bottom.” If I tried shorting into a rising uptrend and I take a loss, then I describe it as “trying to pick a top.” If I am buying in an uptrend and buy on a retracement, but the market makes a deeper retracement or trend change, then I write in “tried to buy a ret.” And so on and so forth. In very general terms I describe it. The various ways I use are: • Trying to pick a bottom • Trying to pick a top • Shorting a bottom • Buying a top • Shorting a ret and failed • Wrongly predicted news • Bought a ret and failed • Fade a resistance level • Buy a support level • Tried to buy a breakout higher • Tried to short a breakout lower I find this category very interesting and important because when performing trade journal analysis, you can notice trends when you have winners or losing trades. For example if I notice a string of losing trades and I notice that all of them occur in the same market, and all of them have as a reason: “tried to pick a bottom”, then I know I was dumb for trying to pick a bottom five times in a row. I was fighting the macro order flow and it was dumb. Or if I notice a string of losers and see that I tried to buy a breakout and it failed five times in a row, but notice that the market continued to go higher after I was stopped out, then I realize that I was correct in the move, but I just applied the wrong entry strategy. I should have bought a retracement, instead of trying to buy a fresh breakout. That Day’s Weaknesses (If any) – This is where I write in if there were any weaknesses or distractions on the day I placed the trade. For example if you are dead tired and place a trade, then write in that you were very tired. Or if you place a trade when there were five people coming and out of your trading office or room in your house, then write that in. If you placed the trade when the fire alarm was going off then write that in. Or if you place a trade without having done your daily habits, then write that in. Etc. Whatever you believe was a possible weakness that threw you off your game. That Day’s Strengths (If any) – Here you can write in what strengths you had during the day you placed your trade. If you had complete peace and quiet, write that in. If you completed all your daily habits, then write that in. Etc. Whatever you believe was a possible strength during the day. How many Open Positions Total (including the one you just placed) – How many open trades do you have after placing this one? If you have zero open trades and you just placed one, then the total number of open positions would be one, so write in “1.” If you have on three open trades, and you are placing a new current one, then the total number of open positions would be four, so write in “4.” The reason you have this column in your trading journal is so that you can notice trends in winning and losing streaks. Do a lot of your losing streaks happen when you have on a lot of open positions at the same time? Do you have a winning streak when the number of open positions is kept low? Or can you handle a lot of open positions at the same time? Exit Spread Cost (in pips) – This is optional if you want to keep track of your spread cost in pips. If you executed a market order, how many pips did you pay in spread. Exit Spread Cost (in dollars) – This is optional if you want to keep track of your spread cost in dollars. If you executed a market order, how many dollars did you pay in spread. Total Spread Cost (in pips) – You write in the total spread cost of the entry and exit in pips. Total Spread Cost (in dollars) – You write in the total spread cost of the entry and exit in dollars. Commission Cost – Here you write in the total commission cost that you incurred for getting in and out of the trade. If you have a forex broker that is commission free and only gets compensated through the spread, then you do not need this column. Starting Balance – The starting account balance that you had prior to the placing of the trade Interest/swap – If you hold forex currency pairs past the rollover, then you either get interest or need to pay out interest depending on the rollover rates. Or if you bought a stock and got a dividend then write that in. Or if you shorted a stock and you had to pay a dividend, then write that in. Ending Balance – The ending balance of your account after the trade is closed after taking into account trade P&L, commission cost, and interest/swap. Reasons for taking the trade – Here is where you go into much more detail about why you placed the trade. Write out your thinking. Instead of writing a paragraph or two describing my thinking behind the trade, I condense the reasons down into bullet points. It can be anywhere from 1-10 bullet points. What I Learned – No matter if the trade is a win or loss, write down what you believed you learned. Again, instead of writing out a paragraph or two, I condense it down into bullet points. it can be anywhere from 1-10 bullet points. I do this during the day the trade closed as a profit or loss. What I learned after Long Term reflection, several days, weeks, or months – This is the very interesting column. This is important because after you have a winning or losing trade, you will not always know the true reasons why it happened. You have your immediate theories and reasons which you include in the previous column. However, there are times when after several days, weeks, or months, you find the true reason and proper market belief about why your trade succeeded or failed. It can take a few days or weeks or months to reach that “aha” moment. I am not saying that I am thinking about trades I placed ten months ago. I try to forget about them and focus on the present moment. However, there will be trades where you have these nagging questions about they failed or succeeded and you will only discover those reasons several days, weeks, or months later. When you discover the reasons, you write them in this column.
Using Quadratic Discriminant Analysis To Optimize An Intraday Momentum Strategy By Lamarcus Coleman In this post, we will create an intraday momentum strategy and use QDA as a means of optimizing our strategy. We'll begin by reviewing Linear Discriminant Analysis or LDA and how it is associated with QDA, gain an understanding of QDA and when we might implement this technique instead of Linear Discriminant Analysis. We will then create our intraday momentum strategy using data on the eMini S&P 500 futures and apply our QDA analysis to it to improve our trading strategy. Let's get started! Linear Discriminant Analysis Review Recall that the purpose of using machine learning techniques is so that we are able to make better inferences and predictions from our data. Thus, the intent of machine learning is analogous to that of implementing a quantitative trading workflow. In quantitative trading, our goal is to eliminate cognitive biases toward the end of basing our decisions o..... Continue reading at: https://www.quantinsti.com/blog/quadratic-discriminant-analysis-optimize-intraday-momentum-strategy/
(tl;dr: Trying to decide whether to sim trade the Nikkei emini (since I have time at night when it's liquid) or the ES. Also, IB doesn't have tick charts so should I just use TOS for ticks, or just use time charts?) Hi! I'm going to try to keep this short-ish without rambling. Here's my quick history: First of all, I have a full time day job, and a family of which I am the sole financial supporter. The dream is to, you know, get good at trading so I can have more freedom. For now it's a fun hobby, but I'm not making any money. (I'm either breaking even, or trying new things by paper trading.) I'm into nerdy stuff like strategy games, music theory, programming… It just feels like trading is something I can get good at. I get pretty obsessive when I put my mind to learning something, so I think I might have a chance. I've been playing around in the markets for a few months. A friend of mine is into options, and got me into doing iron condors, diagonals ("Poor Man's Covered Calls"), etc. I opened up an account at TDA (TOS), did the options thing for a couple months, and it was fun but stressful. (My short options would get tested, I'd freak out and take a loss, and then the price would move back… etc.) I opened an account at IB to get lower commissions, and overall I like them better, except for the charting. Then I made a couple thousand bucks in a few days on cryptos…. which got me seriously hooked on swing trading. Then I made a thousand in a day on cannabis stocks. (And these were small positions!) Typical story: beginner's luck, inflated confidence, then start losing. I kept looking for my comfort zone, watching tons of YouTube vids on technical analysis--basic price action patterns, indicators, divergence, harmonics… Around this time (a couple months ago), the stock market started getting super volatile and I found a safe zone in forex. I like that it's open at night, when I have free time to trade. I got pretty comfortable doing some swing trades there, with small positions, but still mostly lost. I've also been paper trading some mechanical strategies (e.g. ORBs on certain pairs), having some success, but nothing I'd pay the rent with. Fast forward a few hundred more YouTube videos, a few periods of feeling like this is impossible (all these youtubers are frauds!! I am not going to buy your course!), and now.. I really want to day trade. Forex isn't seemingly well geared toward it, and everyone says the ES is perfect for it. I've also been looking at the Nikkei e-mini, since it is active at night (when my free time happens to be--after the kids are in bed). Scalping is super fun, and that's what I want to get good at. I wish I had free time during US market hours so I could just practice on the ES. I should mention that posts by members such as yoyoitsjoe and pinoytshirtsofly are very inspiring. It's that type of short-term trading that feels the most comfortable to me--quick, technical, and not requiring running a bunch of scanners. Sticking to one (or a few) familiar instrument. So my current plan is to sim trade scalping futures for as long as it takes to get good. Because of the day job and family, I can't really practice trading the ES in realtime. I can use TOS OnDemand to sim trade previous sessions of the ES, or I can use my IB account to paper trade the Nikkei at night (when it's the most liquid thing going). Unfortunately, by the time I'm free (i.e. the kids are in bed), it's already afternoon in Japan and things are slowing a little. I just came across Mack's PAT channel that was recommended in the stickied "beginners" post in this sub, and it looks great! I'm definitely going to watch a bunch more of those. The consensus seems to be: Pick one market and learn it. I'm thinking that even though I can't daytrade the ES yet because of the day job, I can sim trade it for a few months (or years, gulp) until I'm ok at it, and then maybe try to carve an hour or two out of my weekdays, here and there…. So, on to my questions! 1) does anyone here trade the Nikkei e-mini? Does it move similarly to the ES, or is it a different ballgame? 2) Tick charts: Can I just stick to 1m/5m charts and apply the same ideas to them? Since IB doesn't have tick data, I'd have to use TOS--which is fine for my sim trading, but when I move to real trading, I'd like to stick with IB (I hear their execution is better, not to mention fees). I could be way off here though, and maybe I'm getting ahead of myself… 3) Any other advice, given my situation? If one of you said "seriously, here's what I'd do: ...", hearing that from a real person who has been in my shoes, would be worth a lot to me. Thank you very much in advance! :-)
Using Quadratic Discriminant Analysis To Optimize An Intraday Momentum StrategyBy Lamarcus ColemanIn this post, we will create an intraday momentum strategy and use QDA as a means of optimizing our strategy. We’ll begin by reviewing Linear Discriminant Analysis or LDA and how it is associated with QDA, gain an understanding of QDA and when we might implement this technique instead of Linear Discriminant Analysis. We will then create our intraday momentum strategy using data on the eMini S&P 500 futures and apply our QDA analysis to it to improve our trading strategy.Let’s get started!Linear Discriminant Analysis ReviewRecall that the purpose of using machine learning techniques is so that we are able to make better inferences and predictions from our data. Thus, the intent of machine learning is analogous to that of implementing a quantitative trading workflow. In quantitative trading, our goal is to eliminate cognitive biases toward the end of basing our decisions on sound evidenc..... Continue reading at: https://www.quantinsti.com/blog/quadratic-discriminant-analysis-optimize-intraday-momentum-strategy/
Any clarification or experience using Hilbert Transformation into your guy's algorithms?
So I've been wanting to explore a bit more about cyclical indicators, particularly breaking down forex price action into sinusoidal curves. I'm looking into Hilbert Transformation and found it fairly convincing and maybe something I could explore in my TA. What I noticed in the ta-lib library is that there are indicators for Hilbert transformations. But I'm unfamiliar with the differences between all of them (Instantaneous Trendline, Phasor Components, Dominant Cycle Period). Is there any documentation anyone is familiar of that breaks down these different ones, or does anyone have experience utilizing these indicators? Thanks very much in advance.
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Hi all I decided to get into futures trading after spending some time doing forex. I have signed up with interactive brokers and for the life of me I can't find some of the information am looking for. I hope someone can help me ☺
When is intraday margin hours? On ib site it says that 15 mins before close of normal session and resumes next day opening... Is it from 8:30 am to 3 pm CT?
What time do contracts mature? I will be mainly focusing on emini s&p 500 and nasdaq 100. For example, currently the June contracts are the earliest. Do they mature by end of May 30th or opening of June 2nd? Is there anyway with ib i can have them close all positions i have before they mature?
Evan you trade forex or Emini futures like s&p mini futures, your capital need be calculated that you can risk 1% per trade. For Emini traders – $5000 is minimum capital when you want to use emini leverage on the right way! In case, you are in the margin, then you’re in serious risk of end up your account. AlgoBox™ Trader Specializing in Algo Assisted & Fully Automated Trading Systems & Strategies for Emini Futures Forex Stocks --- Video & Personal Training also available --- Call, Click, or Email FOREX.com is a registered FCM and RFED with the CFTC and member of the National Futures Association (NFA # 0339826). Forex trading involves significant risk of loss and is not suitable for all investors. Full Disclosure. Spot Gold and Silver contracts are not subject to regulation under the U.S. Commodity Exchange Act. Forex – Long list of rates versus the US Dollar, including Euro, British Pound, Japanese Yen, Swiss Franc, Canadian Dollar, Australian Dollar and Chinese Renminbi. Options – On the S&P 500 Emini and the NASDAQ 100 Emini. Further afield, you can also find mini Nikkei 225, Nifty 50 and FTSE 100 index futures. The ‘Better’ indicators are simple, logical, powerful. Together they pinpoint market turning points and changes in trend direction. There are no inputs to optimize and the ‘Better’ indicators work on all timeframes and all markets – Emini, Forex, Commodities and Stocks.
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