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Day trading certainly is not for the faint hearted.
All this happened to me this morning between about 9am and 9.35am.
I check the trading screen just after 9. The nikkei futures is 8350 - no position. My long AUD position is down 11k.
I make a coffee and return to the screen.The nikkei is now 8050.My AUD position is now down 22k.
I call the broker and tell him I want to go long the Nikkei.
The conversation goes like this- I can't get you filled, its closed.
no its not, its trading on my screen
no its closed.
ok ill put an order in at 8050/8080.
I dont think you will get filled
why not?
to be honest we dont believe the figures on the screen.
huh?
Ill take your oder but, but dont count on it ok.
Now I have dealt with this guy for a few years and he is trustworthy. I say Ok. call ends.
I visit the bathroom and return to the screen.
The nikkei is now open it appears and 8350.My long remains unfilled.
My AUD position is now down 44k
I go to the kitchen and get a bowl of cereal. Return to the screen.
Nikkei now 8430.My AUD position is down 26k.
It all took place over about 35 mins.
This contrasts with tuesday morning when I went short the nikkei and within 20 mins was up 15k and a few hours later turned into my 2nd biggest trade ever.
Thats the world of day trading for you.
I'm now taking the dog for a walk. AUD trade now down 23k.
All this happened to me this morning between about 9am and 9.35am.
I check the trading screen just after 9. The nikkei futures is 8350 - no position. My long AUD position is down 11k.
I make a coffee and return to the screen.The nikkei is now 8050.My AUD position is now down 22k.
I call the broker and tell him I want to go long the Nikkei.
The conversation goes like this- I can't get you filled, its closed.
no its not, its trading on my screen
no its closed.
ok ill put an order in at 8050/8080.
I dont think you will get filled
why not?
to be honest we dont believe the figures on the screen.
huh?
Ill take your oder but, but dont count on it ok.
Now I have dealt with this guy for a few years and he is trustworthy. I say Ok. call ends.
I visit the bathroom and return to the screen.
The nikkei is now open it appears and 8350.My long remains unfilled.
My AUD position is now down 44k
I go to the kitchen and get a bowl of cereal. Return to the screen.
Nikkei now 8430.My AUD position is down 26k.
It all took place over about 35 mins.
This contrasts with tuesday morning when I went short the nikkei and within 20 mins was up 15k and a few hours later turned into my 2nd biggest trade ever.
Thats the world of day trading for you.
I'm now taking the dog for a walk. AUD trade now down 23k.
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You must have a sizeable bank? The golden rule (of those I have read) is not to risk more than 1% of capital on one trade?
hope the AUD comes right for you.
hope the AUD comes right for you.
Dude I was on the same trade 
. I was on the right side of the nikkei though with a short at 8,600 [:p]. I was trying to get out of my position when I saw it had crashed to 8,000 in about 30 mins, as I knew it was going to rebound. Noticed my broker had changed it to phone dealing only - phoned them up, and they gave me a similar story, saying the market was closed. It then reopened at 8300 
I still don't know the exact reason for this - a similar thing went on over on the USD/JPY market. Pretty sure a rather large trade from the BOJ will have gone through at some point in there, as it seemed like there was a bit of a raid on 76.0 in progress.
. I was on the right side of the nikkei though with a short at 8,600 [:p]. I was trying to get out of my position when I saw it had crashed to 8,000 in about 30 mins, as I knew it was going to rebound. Noticed my broker had changed it to phone dealing only - phoned them up, and they gave me a similar story, saying the market was closed. It then reopened at 8300 I still don't know the exact reason for this - a similar thing went on over on the USD/JPY market. Pretty sure a rather large trade from the BOJ will have gone through at some point in there, as it seemed like there was a bit of a raid on 76.0 in progress.
imo, just above 8,700 is a resistance, it will close anywhere below that this session. I've just put a small short on at 8,690 and am now going to bed.
update on the AUD trade.
Just exited at 99.30.Yesterday at breakfast it dropped below 98.Net result about + 12k.
mind boggling volatilty.
Just exited at 99.30.Yesterday at breakfast it dropped below 98.Net result about + 12k.
mind boggling volatilty.
I'd be disappointed in you if you had posted exiting a trade other than with a +
You may have had a problem due to daily limit downs on CME but that was I think Tuesday.
hi ben, if you accept an advice...
from your story it seems you had a position long 4-5 mion aud over 'breakfast'. you ended up squaring it with a profit of 12k ( call it a 0.25% ), after at one stage been down 46k ( or 1% ).
not my business, but it doesnt look like smart trading, to allow a loss to mount to up to 4 times your profits. on thursday you could have been washed out, had the japan situation deteriorated further. i mean, aud it s a ccy that can drop 10 big figures in very volatile days, has done it before, and will do it again! if you wanted to show off somthing from your diary, for sure you showed that you were only a bit irresponsible and got a free get out of jail card. next time it might be different, so if you want to be there for the long run, try to skew your Ps and Ls more in your favour.
have a great week, jw.
from your story it seems you had a position long 4-5 mion aud over 'breakfast'. you ended up squaring it with a profit of 12k ( call it a 0.25% ), after at one stage been down 46k ( or 1% ).
not my business, but it doesnt look like smart trading, to allow a loss to mount to up to 4 times your profits. on thursday you could have been washed out, had the japan situation deteriorated further. i mean, aud it s a ccy that can drop 10 big figures in very volatile days, has done it before, and will do it again! if you wanted to show off somthing from your diary, for sure you showed that you were only a bit irresponsible and got a free get out of jail card. next time it might be different, so if you want to be there for the long run, try to skew your Ps and Ls more in your favour.
have a great week, jw.
yes JW you make several valid points and I accept them all.
The issue here was the speed of the change.The whole thing took place over 35 mins.
The movements were, I felt not fundamental, but panic due to the japan situation.My gut feeling was it could reverse just as easily.
Many will say this is not the way to trade.But if you use the parameters of risking only a portion of your capital and operating within your comfort zone it can be effective.
For example, the previous day I had made a killing in the nikkei.That trade remained in the trading capital bank,Had the trade turned really nasty I probably would have canned it should it have approached the previous day profit.
Many say that you should not risk more than 1% of your capital on any trade.I find that just does'nt work for me.You get stopped out of too many trades. The great american trader Larry Williams has said that more money is lost through stops being taken out than through any other market mechanism.
If you use 1% you will find you have to be right too often.You will need near perfect entry points.I'm just not that good. If you read trading books many of then concentrate on entry points and stop losses.Well if you use tight stops you have no option but to heavily concentrate on entry points.
I generally only use stops once I get into a profit protection situation or once its clear the position will continue to go wrong.
I spend a lot more time out of the market than in it.But I'm constantly monitoring it.ATM I'm totally out.
I don't trade using technicals, just a chart to see the general trend, no indicators, no moving averages etc.I am well past the point of needing to keep a trading diary. My style of trading is peppered with many small wins, some small losses, and a few big results each year.
If you use the stop loss, 1% style of trading I think results will show many small wins, equally many small losses, and the occasional bigger profitable trade.Extremly difficult to make the big kill trade.Its a kind of "grind" style. It also requires robotic discipline which I venture is also difficult to achieve.
i have been trading full time for a few years now and I'm using the style that is most profitable for me.Others may have the attributes to make the grind style pay.You've just got to use what works for you.
All the best and thanks for the input.
p.s. You not the first one to accuse me of being irresponsible within a trade
The issue here was the speed of the change.The whole thing took place over 35 mins.
The movements were, I felt not fundamental, but panic due to the japan situation.My gut feeling was it could reverse just as easily.
Many will say this is not the way to trade.But if you use the parameters of risking only a portion of your capital and operating within your comfort zone it can be effective.
For example, the previous day I had made a killing in the nikkei.That trade remained in the trading capital bank,Had the trade turned really nasty I probably would have canned it should it have approached the previous day profit.
Many say that you should not risk more than 1% of your capital on any trade.I find that just does'nt work for me.You get stopped out of too many trades. The great american trader Larry Williams has said that more money is lost through stops being taken out than through any other market mechanism.
If you use 1% you will find you have to be right too often.You will need near perfect entry points.I'm just not that good. If you read trading books many of then concentrate on entry points and stop losses.Well if you use tight stops you have no option but to heavily concentrate on entry points.
I generally only use stops once I get into a profit protection situation or once its clear the position will continue to go wrong.
I spend a lot more time out of the market than in it.But I'm constantly monitoring it.ATM I'm totally out.
I don't trade using technicals, just a chart to see the general trend, no indicators, no moving averages etc.I am well past the point of needing to keep a trading diary. My style of trading is peppered with many small wins, some small losses, and a few big results each year.
If you use the stop loss, 1% style of trading I think results will show many small wins, equally many small losses, and the occasional bigger profitable trade.Extremly difficult to make the big kill trade.Its a kind of "grind" style. It also requires robotic discipline which I venture is also difficult to achieve.
i have been trading full time for a few years now and I'm using the style that is most profitable for me.Others may have the attributes to make the grind style pay.You've just got to use what works for you.
All the best and thanks for the input.
p.s. You not the first one to accuse me of being irresponsible within a trade
blah blah blah blah, all you had to say was "the previous day I had made a killing in the nikkei" and we would have understood.
JW doesn't make "several valid points", he only made one point, that the positions you describe holding are insane if you are a real trader
Now on the other hand, if you are just making money in your sleep.........
JW doesn't make "several valid points", he only made one point, that the positions you describe holding are insane if you are a real trader
Now on the other hand, if you are just making money in your sleep.........
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