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Hi realtraders, I joined the group a while ago and have basically just
'listened in' on your conversations - and have learned quite a lot!! I hope
to one day have the knowledge and experience that many of you have...
(alright what does he want - right?) Well, I am currently trading the ID/NR4
strategy discussed in the Street Smarts manual, and am just breaking even...
It has been pointed out by fellow RT's to: backtest all markets as some
perform better than others, alter my money management strategy, be patient
and the occasional big winner will fall into my lap!
My problem is this - I missed the big winners at the beginning of the month
(got out of these trades too soon - so only got small profits). I have fixed
this with by backtesting various markets... Realizing one way to increase
the number of big winners is to increase the number of markets to trade, so
I added the CEC & NYME to the CME & CBOT which I already hold. Today I had a
buy signal in march orange juice. (I can here some of you snickering) You
see eventhough I had backtested OJ on Trade Station, TS could not tell me
how FAST OJ can move in one session. I had a profit, and within literally 1
minute I had a fairly large loss (eventhough my stop point was hit, the drop
was so large I got filled at a significantly lower price... It's been
suggested to me that the most volatile markets are: the stock indices, OJ,
and coffee. Is this true? Also, are there also time periods that make any
markets in the above mentioned exchanges extremely volatile? (aside from the
fed meetings, ppi,cpi, gdp, and unemployment reports)
Finally, I am contemplating trading across multiple contract time frames to
increase number of trades (& number of big winners) - is this recommended?
(I would like to trade 5-8 markets a day...)
Any comments are appreciated.
Dean
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