I’m on ThinkorSwim with Schwab and inquiring the possibility of reducing the commissions? I pay $2.25 + $0.37 every leg, so $5.24 every round trip trade. I’m mostly scalping, if you can even call it that? HAHAHA. I’m trading S&P Futures / MES, just a single contract. My goal for now is to get 3-5 points depending on how the market is acting. So ends up between $15-$25, (more $15 then others) but for each of them it’s costing me quite a bit in fees. How can I reduce them?
Here is another question that I think could help me reduce the # of trades I make.. I understand the concept of trailing stops but in practice they don’t work for me or I’m using it wrong. Here is how I’ve tried to do it.
My normal trading strategy is when I see the market moving in a particular direction (in this case it is moving up) I will buy a contract. I then sell a contract that establishes a limit around 3-5 points. Once it hit’s I’m out. I do this over and over so you can see how I end up with so many trade commissions. As an example today, I had 24 trades (12 round trips) total cost $62.88 on $225 = $162.12 to me……I want to keep more of that.
What I’d like to learn how to do and it work is a trailing stop. Here is my understanding of a trailing stop:
1. I buy the contract.
2. I sell a TRG w/ bracket like what is below. So as the price continues to go up, the trailing stop also moves ups and if the price drops back, it will sell that contract.
Do I have this right? It seems to me that I get stopped out before I’ve locked in any wins so I’m basically where I was before a few points win and ~$6 in commissions.
I could use some help here please. and with respect please, please be patient and explain it like a 5th grader. Pictures are preferred and requested.
Thanks, so much!
Robert
Here is another question that I think could help me reduce the # of trades I make.. I understand the concept of trailing stops but in practice they don’t work for me or I’m using it wrong. Here is how I’ve tried to do it.
My normal trading strategy is when I see the market moving in a particular direction (in this case it is moving up) I will buy a contract. I then sell a contract that establishes a limit around 3-5 points. Once it hit’s I’m out. I do this over and over so you can see how I end up with so many trade commissions. As an example today, I had 24 trades (12 round trips) total cost $62.88 on $225 = $162.12 to me……I want to keep more of that.
What I’d like to learn how to do and it work is a trailing stop. Here is my understanding of a trailing stop:
1. I buy the contract.
2. I sell a TRG w/ bracket like what is below. So as the price continues to go up, the trailing stop also moves ups and if the price drops back, it will sell that contract.
Do I have this right? It seems to me that I get stopped out before I’ve locked in any wins so I’m basically where I was before a few points win and ~$6 in commissions.
I could use some help here please. and with respect please, please be patient and explain it like a 5th grader. Pictures are preferred and requested.
Thanks, so much!
Robert
