Fight your impulse to trade the over night market reaction, following any economic announcement. Have patience, and see what happens when the market open in the morning. Sometimes it’s a complete reversal. Patience is a virtue and in trading it would save you a bundle.
Whether you are a longer term trader or a short term trader, the same psychology could appear on a 3 min chart or on a weekly chart. Look at this post from Futures Portal
Courtesy of Genesis FT
One can not trade the emini S&P and/or other liquid indicies like Mini Dow and Mini NASDAQ unless you have a laser beam trading methodology. If there is a question that traders have asked themselves on a daily basis is “is the this the bottom”?
The bottom line is that regardless of the volatility level we can not guess tops or bottom by trader’s intuition.
Just when you think that a bottom it…it probably did not. Same goes to the up side.
What can you do to improve your trading?
1) Trail your stops as the maket goes your way. Again, stop guessing the ups and downs of the markets.
2) Once you placed your stops NEVER move them. Never!
Good Luck!
Listing Date Sunday, October 26, 2008 (trade date Monday, October 27, 2008)
Contract Name E-mini S&P 500 Euro denominated futures NP08-12
Description Futures replicating the popular E-mini S&P 500 contract with currency denominated in euros as opposed to USD
Instrument Type Futures
Product Code(s) EME
Ticker Symbol(s) EME
Trading Venue CME Globex® platform
Trading Hours Sundays through Thursdays from 5:00 p.m. Central Time (CT) to 3:15 p.m., CT next day, reopening between 3:30 pm and 4:30 pm CT
Contract Size €50 times the futures price
Valid Contract Months Dec08, Mar09, Jun09, Sep09, Dec09
Initial Contract Months Dec08
Minimum Price
Increments
0.25 index points for outrights
0.05 index points for calendar spreads
Value Per Tick €12.50 for outrights
€2.50 for calendar spreads