Am officially looking for a different broker. Tired of being restricted by IB's margin requirement during the pre-market hours.
I'm getting increasingly frustrated with the non-scalping style of trading. It isn't that I'm not giving time to test out the new method. It's just that it feels all wrong for me.
Scalping is intense and tiring - but it suits my personality.
To make scalping worthwhile for me, I need to put on bigger positions. I don't add to winning positions - if I'm trading 5 contracts, I'll put all 5 on at the same time, and get out with 5. It's worked for me.
Started screwing up only after I started scalping on single contract. It's always to do with overstaying - I don't scratch a trade that doesn't work immediately fast enough, and I don't take profit (too small!) fast enough before it becomes a loss.
So, no more IB for me. Its margin structure is ultra complicated, and gives me no peace when I trade.
Am exploring Global Futures. In the process of applying for a demo account.
I'm getting increasingly frustrated with the non-scalping style of trading. It isn't that I'm not giving time to test out the new method. It's just that it feels all wrong for me.
Scalping is intense and tiring - but it suits my personality.
To make scalping worthwhile for me, I need to put on bigger positions. I don't add to winning positions - if I'm trading 5 contracts, I'll put all 5 on at the same time, and get out with 5. It's worked for me.
Started screwing up only after I started scalping on single contract. It's always to do with overstaying - I don't scratch a trade that doesn't work immediately fast enough, and I don't take profit (too small!) fast enough before it becomes a loss.
So, no more IB for me. Its margin structure is ultra complicated, and gives me no peace when I trade.
Am exploring Global Futures. In the process of applying for a demo account.
16 comments:
I can put you in touch with my broker at Infinity Futures if you're interested ($500 day-trade margin)
http://elitetrader.com/br/
Since you are not in US you may have to try out more than one brokers to see how how they fit you.
1) Open Ecry
2) AMP Future
3) Mirus
4) Dorman
read their reviews using ET link.
Jules,
Glad to see you taking note of what's not working for you. I agree - you were a heck of a scalper. Why fix what wasn't broken?
Yes we all take our lumps ocassionally, but it's about the scorecard at the end of the year (as Don would say).
LT
A very dangerous proposition. More margin with less capital is a recipe for destruction. Be careful there. If you can profit from doing 1 contract, don't think you can do better with more. Just my 2 cents.
After trying out a lot of demo brokers/platforms, my vote goes to ninjatrader + zenfire for what I think was the best bang for the buck. Mirus was a leg up over AMP Futures, since Mirus didn't spam me. OpenECry was also really good, except their data feed was filtered, which was not acceptable for me since I use price over volume charts.
As for going back to 5 contracts, it does not seem mathematically/logically sound, since the commission increases proportionally. Can't you just continue trading 1 contract and trick your brain by repeatedly telling yourself $10 is now worth $50 instead?
AMP sent me 2 emails right after I opened an account with them, selling some indicators but that was it so it wasn't a spam for me. OpenEcry data feed is not filtered according to a Sierrachart developer. I use Sierrachart with OpenEcry data feed since OpenEcry java chart is just not good enough.
Hmmm... when I ran zenfire+nt and openecry at the same time, the 55 contracts per candle charts were displayed differently. So I'm guessing either zenfire or openecry is filtered, and since zenfire advertises as unfiltered, and I didn't find anything on openecry being unfiltered, I assume openecry is filtered.
E-Mini Player:
Back from break? :-) Yes, I would like to get in touch with Infinity. I was on their website (after you mentioned them) and couldn't find any info on rates and margin. So, do I email them?
LT:
I'm just making an attempt to be creative...:-P By the way, you're in trouble - you're addicted to Don! LOL!! Speaking of him, I'm actually starting to like his fictitious drawdown idea :-)
Sage:
You're also in trouble - I keep knowing what you're going to say :-) When I was writing that post, I was thinking,"Sage will have something to say" LOL!! No worries, I'm not going to trade 5 contracts :-) I just don't like to have to have 6K to trade 1 (I trade mostly non-active hours).
Cory, Ed,
Speak English, PLEASE?? I don't understand Greek!! :-) Now I have to get my pc guru to decipher your notes :-) I've tried Sierra, ninja, and some others which I can't recall off the cuff, but I was so clumsy with them and too proud to ask D for help (actually, I installed them without getting the guru's permission. Hahaha... ). Thanks, guys, I'll google for more info :-)
Cory: now I know why you asked about JE's comment box. I want to name names too!!! LOL!
Just emailed you his contact info.
Have you notice you didn't name the false teacher either. It must be something in the eastern culture.
Oops, you're reading my mind. Perhaps it's the proximity. Who knows, we may be living the the same vicinity. Haha..
Regarding the number of contracts discussion, I believe more contracts works better for some people- the larger equity swings makes you cut a loss when you should (even when it's not a "full stop" which is crucial) and, likewise, gets you to take a profit at S/R without the greed demons telling you it's "not enough"...that's been my experience.
Spot on, MM!! You know me better than D does!! It took me a year to explain to him and he finally got it earlier this evening :-)
Sage,
Told you we're neighbors. LOL!!
Cory,
I'm not naming him coz he's not a scam. I just can't agree with his values. He's a good trader. And maybe even a kick ass coach. He's just flawed in ways that I find appalling.
EP,
Yes, I got it. Thank you so much! Will write him. Still installing the trading software....
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