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I know people who approach risk that way. It is called a Timed Stop. I think if you test for it and have a legitimate reason to exit the idea while it is still brewing, then this is fine.
However, I feel that as long as your idea for the trade has not been violated and you are trading with the right context in your time frame, then it is better to be patient. The market does but not very often push your way right away.
This is a great topic for a webinar at some point. I hate to sound like I'm copping out, but this topic is to big for me to answer in typing here. Maybe ask at the next AMA? (better get on Mike about that so we don't have one once a year like last time)
Risk Disclaimer: Trading Futures is not suitable for all investors. Past Performance is not indicative of future results.
If you have any questions about the products or services provided, please send me a Private Message or use the futures.io " Ask Me Anything" thread
Yeah, that is fair. Just be sure that it is a legitimate reason to exit rather than reacting on emotions. Emotions in this line of work are VERY expensive.
Risk Disclaimer: Trading Futures is not suitable for all investors. Past Performance is not indicative of future results.
If you have any questions about the products or services provided, please send me a Private Message or use the futures.io " Ask Me Anything" thread
I think that the CME is focused on its stock price; as all public companies do and should. The increase in costs to online traders despite the increasing volume on the exchange is telling me that the exchange is getting rid of inefficiencies. The floor is a relatively inefficient price discovery and value mechanism. Also, the trading floor has surveillance, monitoring and tons of other personnel and overhead to run. I think they are doing the smart thing. It doesn't really affect us much.
However, the sessions will not change. The pit sessions are based on more than just when the exchange floor is running. Why do you suppose that the RTH session in futures closes 15 minutes after the cash?
This is a technical question that very few know the answer to. Give it a go!
Risk Disclaimer: Trading Futures is not suitable for all investors. Past Performance is not indicative of future results.
If you have any questions about the products or services provided, please send me a Private Message or use the futures.io " Ask Me Anything" thread
Ft71(Morad) thank you for the book generosity from the futures.io (formerly BMT) giveaway. Book receieved in excellent order. For those interested the book is Coaching the Mental Game. By H. A. Dorfman
If you ever listen to a pit squawk (before the end floor trading), you will hear a siren in the background every 15 mins. That siren ends a trading bracket of 15 mins (this is probably where Steidlemeyer came up with 30 min brackets for Market Profile at the CBOT). All trading cards have to be in for that bracket within 15 mins on the floor. Hence, the floor had 15 mins at the end of the cash session to finalize its pit orders and to close the session at 4:15 ET vs. 4:00 ET for the cash.
How is this relevant? It is relevant because we are trading a derivative of the cash. Unless and until the cash (stock equities) change their active trading hours, it won't make a difference to what RTH vs. Globex trading would be. Even if the pit is gone, we still have to trade the 500 stocks in the ES or the 50 stocks in NQ or 30 stocks in the YM according to what has occurred in their underlying equity issues.
In short, closing the pit will take away arb opportunities for many guys I know who trade electronically in the CME pit. Otherwise, the more efficient market is the electronic and that is where most of the business and volume is anyway.
Glad to hear it. It may seem a bit dry and irrelevant at first, but it really is about how to train your mind to deal with the stress of performance. Hopefully you are into sports.
Risk Disclaimer: Trading Futures is not suitable for all investors. Past Performance is not indicative of future results.
If you have any questions about the products or services provided, please send me a Private Message or use the futures.io " Ask Me Anything" thread