Interesting Day Trading Futures
Today was an interesting day trading futures, and for a change it was interesting in a good way.
I usually watch CNBC (they recently got bought out by Microsoft) during the day they have live commodity prices every 20 minutes all day. I can get a good idea if anything is getting close to my orders.
The 10 year T-Note was getting close to 110 where I have an order to buy. It got close but never close enough where I though it would hit.
After the market closes I check Quote.com they have a nice live quote chart that will give you a price chart with a lot of different options, I like the 5 minute chart and the daily.
I checked those and it looked like 110-020 was the lowest price for the day. So it was close but not close enough.
Then I check my email and find out I have an email from my broker telling me to check my statement.
Then I remember that the 10 year T-Note has the pit traded contract and it has the electronic traded contracts. I was checking the quotes on the pit traded TY05Z contracts, which are usually the same as the electronically traded ZN05Z contract.
The 05 stands for the year 2005 and the Z is the symbol they use for December.
The two contracts are close but not always exactly the same. Because the ZN contract went all the way down to 110.000 and filled my order. While the TY stayed at 110.020.
So I made a $1000 today because I was trading the electronic contracts, which is very cool in my book and it made for an interesting day trading futures.
I usually watch CNBC (they recently got bought out by Microsoft) during the day they have live commodity prices every 20 minutes all day. I can get a good idea if anything is getting close to my orders.
The 10 year T-Note was getting close to 110 where I have an order to buy. It got close but never close enough where I though it would hit.
After the market closes I check Quote.com they have a nice live quote chart that will give you a price chart with a lot of different options, I like the 5 minute chart and the daily.
I checked those and it looked like 110-020 was the lowest price for the day. So it was close but not close enough.
Then I check my email and find out I have an email from my broker telling me to check my statement.
Then I remember that the 10 year T-Note has the pit traded contract and it has the electronic traded contracts. I was checking the quotes on the pit traded TY05Z contracts, which are usually the same as the electronically traded ZN05Z contract.
The 05 stands for the year 2005 and the Z is the symbol they use for December.
The two contracts are close but not always exactly the same. Because the ZN contract went all the way down to 110.000 and filled my order. While the TY stayed at 110.020.
So I made a $1000 today because I was trading the electronic contracts, which is very cool in my book and it made for an interesting day trading futures.
