This post was contributed by a guest author, and does not necessarily reflect the views of Richard or MovetheMarkets.com
I traded Oscar’s calls yesterday and today. I am learning that the key to trading futures is to stay clear of the noise, keep loose stops, cut losers short, and take profits at the appropriate time.
SPY Short 10 April:
SPY Short 11 April:
This post was contributed by a guest author, and does not necessarily reflect the views of Richard or MovetheMarkets.com
April 11th, 2007 at 5:37 pm
Awesome, Zoomie. Please write more about the keys to futures trading!
April 11th, 2007 at 6:19 pm
Find a mentor ;). I previously tried to invent the wheel in futures trading, it didn’t work. From what I can tell from Oscar, he forecasts the daily bias from his indicators off of daily charts, and uses S/R, perhaps off daily, as well. He then buys at support on a pullback (sells at resistance for shorts). The trick is managing the trade intra-day. Watch for obvious S/R, previous day high/low points on the daily chart to escape getting stopped out prematurely. All the homework is done after the market is closed, and he sticks to his plan. Be patient and wait for the swings to happen to manage stops. I use 15 minute chart intra-day. I am studying his trades on daily and intra-day charts to get a better grasp of his methods. I say we go short ES (SPY for me) tomorrow. I am setting up a trade plan now.