Hello – new poster
Hello Goldtenters ! I have followed this site for quite a while and find it to be very useful and informative and would like to thank the traders who post such excellent technical analysis here.
I retired from the CFTC a couple years ago. Wore several hats over the years, most recently as a risk analyst monitoring the positions of the large traders in S&P futures and options, and occasionally helping out with the gold and silver traders. Prior to that, I supervised a team of investigators analyzing trade data for fraud and other rule violations. I for sure do not have the technical analysis skills of most of the posters here, but I do have pretty deep knowledge of the mechanics and rules of the futures and options traded on Globex at CMEGroup, so if some issue related to that comes up on the board, I may put in my two cents worth. I am not interested in arguing about manipulation or empty delivery warehouses.
What a great thing to now be able to have a futures trading account with almost 24 hour access to the markets. I trade pretty actively in a small account in the gold and e-mini S&P futures contracts. With the volatility in the markets now, it is nice to have the micro futures which are very liquid and let me get in and out of positions incrementally.
So hi, and I look forward to contributing here once in a while.
Welcome to the Tent Jonny21.
That is a very interesting resume.
Very much looking forward to conversing with you.
And yes…I agree…no arguing…just the facts .
🙂
PS you have just convinced me I need to open a futures account.
Can you recommend a Futures Broker ?
Interactive brokers is what I use. VERY versatile broker and access to almost all assets..
Patrick I was just looking into Interactive brokers. Also what are the tools you like to use, for TA etc? Do you have any subscriptions. Thanks.
All my TA is done on tradingview.com… I have a subscription… maybe 150$ a year. IB is awesome for the actual trading… but their charting platform is not aging very well.
Great intro! Welcome aboard. Can’t wait to dip in your knowledge and experience.
I am pretty happy with the trading platform, service and commissions at TD Ameritrade.
Jonny,
I do have an IB account and but I don’t do futures. Lately however I realize I really do need futures access due to the massive moves of markets outside of normal hours. Also need to be in the currency markets.
So here is the question: What do you recommend on getting up to speed to operate in these 24 hr markets. Books, schools, seminars etc
Thanks
Plunger
Hi Plunger – here is a link to the CME’s beginners guide to futures trading. There seems to be a lot of info at the different brokerage firm websites as well.
https://www.cmegroup.com/education/files/a-traders-guide-to-futures.pdf
I also found this course.. with questions at end of chapters! https://www.cmegroup.com/education/courses/introduction-to-futures.html
Some of the more important things you will want to understand are the contract specs of the instrument you are trading including contract size, tick size performance bond (margin) requirements… Also, how liquid is the contract you want to trade (most futures contracts have open interest and volume concentrated in the front month contract). Understanding the different types of orders (mostly just limit, market, and stop orders for starters). Probably the best way to get your feet wet would be to open an account and try placing some trades in the micro contracts. For instance, the regular gold futures contract is for 100 ounces of gold. The micro gold futures is just 10 ounces. So if price of gold moves $1.00, you make or lose $10.00 This info is all available at the CMEGroup website and other places online
Hi Jonny. Welcome aboard. Really look forward to hearing your insights.
Now here’s a hardball question
How likely is it that the Comex Gold or Silver market will default and has it ever happened as far as you know ?
🙂
Wow, that IS a hardball question. I know there is a lot of speculation on the internet on that issue. I am no expert on the prospect of a default, but from working in margins a good part of my life, I know that at all levels (Brokerage firm, Exchange, and CFTC) there are a lot of measures taken to address the possibility of default. Two of the biggest are that position limits are lowered for contracts coming into delivery month and performance bond requirements are/can be increased substantially. It obviously would be quite a disaster if it ever did happen.