You may have noticed that I have not
been around as much during the day lately, I've been working with a
trader to possibly bring a Futures room here to BPT.
Basically our thoughts would be to have a separate chat room
for futures trades, we would have live chat/talk to show you our
charts, and we would call out trades in real time for everyone.
The trader I'm working with is a very
successful futures trader, and only trades about 4 hrs a day from
8am - 11 am EST. His concept is that you should only have to
trade for 4 hrs a day at most, no more and make great money, and I
agree with that. Futures also have enormous tax benefits; 66%
of the trades are taxes at long term capital gains while the other
33% are taxed at normal cap gains (even though obviously some of
the trades you are only holding for a few mins, you still get long
term capital gains benefits.
However this would be a separate off
shoot of BPT, this would NOT be included in your membership.
Also it won't be cheap and it won't be for everyone -
you have to be able to laser focus for 4 hrs and trade, you
can't be distracted via emails and other things and working a job,
watching the screen and taking the trades is a must, otherwise you
will miss the trades. We would also keep the room small at
first.
again this is VERY preliminary,
it's not something we are close to doing yet or next week or three
weeks from now, I'm simply investigating
but hopefully it will not take either you or Steve away from the
BPT Trading Community where the majority of subscribers benefit
from your input each and every day.
RichieD- at least
one of us would always be here during the futures class - also
remember the futures trading only lasts 4 hrs, and only overlaps 2
1/2 hrs of the cash market. Futures in the class would ONLY
be traded between 8 - 12 am EST, the cash market opens at 9:30, so
1.5 hrs of the class and futures trades occur before the cash
market even opens, so technically the class will only take up 2 1/2
hrs of the normal market hrs. Members who want to be apart of
it will have to be up early because class will always began at 8 am
EST or possibly 7:45 EST - we only trade from 8 - 12 EST.
The concept is, you don't have to trade more than 4 hrs a day to
make good money with futures, plus the volume dies at 12 EST
because of lunch hr on the east coast.
Where do I sign up Matt. Would love to be in a "trading room"
with other futures traders as I trade futures exclusively. Also
would love to pick the brains of someone who has made a successful
career in it as well. Please keep me informed
winter39- no we
are basically scalping futures, the trades have to be entered
immediately, alerts would not work, members would have to take the
trade at the same time and price
It's not a mechanical system, but it's systematic in a way.
Renko charts are used, however a renko chart by itself is not
that powerful, other indicators and methodology is required, money
management, what targets to use, what stops to use, etc
Futures Trading
Posted by matt on 12th of Nov 2012 at 12:04 pm
You may have noticed that I have not been around as much during the day lately, I've been working with a trader to possibly bring a Futures room here to BPT. Basically our thoughts would be to have a separate chat room for futures trades, we would have live chat/talk to show you our charts, and we would call out trades in real time for everyone.
The trader I'm working with is a very successful futures trader, and only trades about 4 hrs a day from 8am - 11 am EST. His concept is that you should only have to trade for 4 hrs a day at most, no more and make great money, and I agree with that. Futures also have enormous tax benefits; 66% of the trades are taxes at long term capital gains while the other 33% are taxed at normal cap gains (even though obviously some of the trades you are only holding for a few mins, you still get long term capital gains benefits.
However this would be a separate off shoot of BPT, this would NOT be included in your membership. Also it won't be cheap and it won't be for everyone - you have to be able to laser focus for 4 hrs and trade, you can't be distracted via emails and other things and working a job, watching the screen and taking the trades is a must, otherwise you will miss the trades. We would also keep the room small at first.
again this is VERY preliminary, it's not something we are close to doing yet or next week or three weeks from now, I'm simply investigating
Great idea Matt, for those so inclined......
Posted by RichieD on 13th of Nov 2012 at 06:47 am
but hopefully it will not take either you or Steve away from the BPT Trading Community where the majority of subscribers benefit from your input each and every day.
RichieD- at least one of us
Posted by matt on 13th of Nov 2012 at 03:47 pm
RichieD- at least one of us would always be here during the futures class - also remember the futures trading only lasts 4 hrs, and only overlaps 2 1/2 hrs of the cash market. Futures in the class would ONLY be traded between 8 - 12 am EST, the cash market opens at 9:30, so 1.5 hrs of the class and futures trades occur before the cash market even opens, so technically the class will only take up 2 1/2 hrs of the normal market hrs. Members who want to be apart of it will have to be up early because class will always began at 8 am EST or possibly 7:45 EST - we only trade from 8 - 12 EST. The concept is, you don't have to trade more than 4 hrs a day to make good money with futures, plus the volume dies at 12 EST because of lunch hr on the east coast.
Futures tradng
Posted by kattap on 13th of Nov 2012 at 12:25 am
Matt, Thanks for giving a heads up. Would like to join the group when u announce. My trading time is usually in the morning also
thanks
kattap
Where do I sign up
Posted by payday on 12th of Nov 2012 at 08:05 pm
Where do I sign up Matt. Would love to be in a "trading room" with other futures traders as I trade futures exclusively. Also would love to pick the brains of someone who has made a successful career in it as well. Please keep me informed
Thanks
payday - thanks for the
Posted by matt on 12th of Nov 2012 at 08:46 pm
payday - thanks for the feedback, you can't sign up yet as we don't have it setup or live, but when we do I'll let all you guys know!
trading room
Posted by winter39 on 13th of Nov 2012 at 07:49 am
could you send out email alerts, just in case we'd miss it ion the blog.
Thanks much.
winter39- no we are basically scalping
Posted by matt on 13th of Nov 2012 at 03:36 pm
winter39- no we are basically scalping futures, the trades have to be entered immediately, alerts would not work, members would have to take the trade at the same time and price
Matt - Is this trader
Posted by evne01 on 12th of Nov 2012 at 12:43 pm
Matt - Is this trader using the Renko Hybrid System? Are you still liking the Renko Hybrid system?
It's not a mechanical system,
Posted by matt on 12th of Nov 2012 at 12:51 pm
It's not a mechanical system, but it's systematic in a way. Renko charts are used, however a renko chart by itself is not that powerful, other indicators and methodology is required, money management, what targets to use, what stops to use, etc
Very interested in futures - trade a lot now and can always learn
Posted by sonofrebel on 13th of Nov 2012 at 03:55 pm