US Markets

Hi,

Is anyone here trading the US markets, or is it only Indian markets?

If so, then I will contribute, as I know very little about Indian Stocks and Futures, so best for me to keep away from them.

Let me know if anyone is interested and we can get discussion going.

US Trader

Hello there,
Yeah, I trade the US Markets, primarily Emini for Intraday and Forex, Futures and Stocks for Swings....

I"m in the process of picking an Indian broker or two and trade NIfty and Indian stocks...

What platform do you use?(TS for technical analysis and a couple of other brokers for trade execution)

Regards
Shreenath

Hi Shreenath,

Thx for the reply-was not sure if I was way off the mark here.

A few facts first to clear the way-as I believe in speaking the truth at all times-I have found it to be the best approach to take.

Currently I am not full-time trading, but I was in the past, and plan to return this year, or early next year.

When I was full-time I used Interactive Brokers and E-signal data feed-but to be honest- I was very green then and it took me a long time to discover that most of it was just rubbish.

I daytraded Nasdaq Tech Stocks - based on 2 Day High / Low breakouts - not as easy as it may sound.

Since I returned to contract engineering work, I have traded the ES Futures, ES Options, FTSE 100 Options, Stocks, Single Stock Futures and some commodities.

I made some good money, but had some big losers as well due to not paying attention in very volatile times - I actually got caught when the ES Options went lock limit down, and I was long ES

Anyway-enough about me-as each trader is unique and must find their own comfort zone.

I was impressed at how civil and respectful this site is - not like the ususal so called "trading" sites on the net - hence I decided to join.

Maybe we can help each other become better traders - which in effect means better profits-which is what it is all about.

Rgds,

UST

PS - I like to use abbreviations where possible-to shorten the posts-so I will use UST as my nick-hope no one finds this offensive.

I tried 2 posts but no good-says they need moderator approval?

This one worked when I replied using "quote" - so I will have to use the "quote" for now until moderator sorts out.

UST

It just happend again when I replied to your last post by "quote" - not sure what is wrong - will paste in here as I copied the last post before I submitted it?

Hi Shreenath,

Just lost a post-not sure what happened?

When I was full time daytrading Nas Tech Stocks I used E-signal data feed and IB broker for cheap comms @ .005 cent per share.

I am currently not full time-so I am trading low risk CFD account which gives me access to all the major US Stocks, Index Futures, FX Pairs and some Commodities.

They have a basic chart-which is fine-and an advanced chart which is good-small monthly fee for advanced chart but rebate when 3 trades are executed.

To be honest- and I also have an account with IB and TD Ameritrade - the CFD account is very good-and I am sorry that I did not find it many years ago.

It has one major flaw, however, and that is, when the market moves fast they close the quote screen - so you have to ring up to place a trade - but as this is not very often it is not a big issue.

Rgds,

UST

Shreenath - let me know if you want to see some of the CFD charts and I will see if I can post link to same. I am trading DOW Cash (which follows the YM) - but they have S&P and Russell 2000 also - I monitor them all in quote window along with Europen and Asian indexes.

Update-any post I try is coming up with moderator approval-not sure what is wrong at all?

Will wait until fixed.

Hello US trader,
In the past I have traded with some of the brokerages you mention here. I find IB very good and inexpensive. Now you can trade everything with them using one account, futures/forexes/stocks....you name it.

I might reopen an account with them soon. For now I do my swing and longer term trades with TS(I dont like TS platforms in terms of reliability)but I love the things you can do with their charting features although most of my indicators are from third parties. Be careful with their platform for intraday trading.

I love Global Futures of day trading. Commissions are decent and you can chose from a variety of platforms.

As to sharing charts, its a bit early for me. I registered here primarily to make an entry into Indian Markets. How about if we wait till we're setup with Nifty futures and stocks.....? Then we can post anything as needed......

Regards
Shreenath

Sounds good the me Shreenath,

I like a challenge-it keeps me on my toes.

I will look into the Nifty Futures & Stocks and see what the charts look like-and how volatile they are.

I have just checked my CFD list and it has the India 50 listed - good place to start I suppose?

Rgds,

UST

I done a trade in the India 50 this morning and as far as I know it follows the Nifty Futures, but I will confirm.

I used the $2 mini contract for a scalp, the spread widened when the price got a little volatile, but I managed to get out with 23 pts profit for 7 mins work.

This one is not one that I would trade nilly willy, as it looks like you need to pay attention closely when trading.

As of now I am flat.

UST

Price has broken up above the 4242, breakout trade for another scalp, but as I was not looking I missed it.

One should never be posting when trading, as it will only distract you, as just has happened to me.

My next target levels to watch would be 4232 and 4213

UST

Hello US,
I need to setup a broker to start trading Indian Markets. Maybe you can tell me who you trade with...IB? Yes the one you mentioned in your tables are from Nifty Fifty.....at NSE.


I read elsewhere on this forum that other than trading to IB or similar brokers, we may not be able to trade directly through Indian brokers. I do know that both canara bank and icici have that capabilities for NRIs. So, I'm still looking for help here in this area and find a way to pick an indian broker if possible. If not will have to make a choice between one of the banks that offer brokerage or go to IB.

How did you like your fills today? How's the spread between bid and ask?
regards


I mentioned Nifty since we might have to find another thread if you want to post your charts on US Markets.

Thanks
will be back in a couple of hours
Regards
shreenath

Hi Shreenath,

Before we continue, maybe the moderator can clear a few things up, as I am not sure how exactly the rules relate to this thread.

If we are doing something outside the rules, then I would ask the mod to please point it out, as I do not want to create any problems for anyone. I respect the rules, but might need some clarification, for which I will ask same.

I use what is called a CFD account - Contract For Difference - which is a highly margined account, so not for those who take on big risk, or do not know how to control risk when trading.

The company is a UK company called IG Markets - you will find them in a google search.

As previously mentioned, a CFD account has some drawbacks, such as wider bid/ask spreads than direct access brokers, but this is sometimes offset with no commissions.

For example, the trade I done this morning had a bid/ask spread of 4 pips, which meant that as soon as I was filled at 4207 I was down $8 on the 1 x $2 mini contract. In effect, this is your commission, but as I use mostly limit orders for fills, it does not really matter to me.

The upside is, because I controlled my risk with a 20 pt stop, the margin for the trade dropped from $1,750 down to around $60. This is making use of money.

My time is limited at the moment, but I will be doing a few trades now and again, some will be winners and some losers, that is just how it goes.

For me risk control is the top priority, and I never care if I miss a trade, as there are always opportunities in the markets, one just needs to know where to look for them, and how to spot them - then just do the trade and accept the outcome, win or lose.

After time, with experience as you probably know, a trader can make more money than he loses, and to me, this is what trading is all about.

Rgds,

UST