Hello again,
Well I can pretty much guarantee that at the time of writing the book commodities were only tradeable during the relevant exchange times and I don’t think that this has changed (but maybe someone can help us out here). To the best of my knowledge the only thing that has changed is that WE now have this wonderful thing called ‘futures’ which are traded 24/7 and this is where the difference comes in i.e. with the ‘futures’ contracts, because they are traded 24/7 (there is a ‘break’ for an hour or two with some of them like the Dow ‘futures’ for example), we don’t really have a ‘close’ and an ‘open’ and this is why we get things like (Saturday???) Sunday bars which unfortuanately, I believe, are of great consequence when trading the TBP system. I ‘think’ you could ‘treat’ forex as being ‘equivalent’ to ‘futures’ for the purposes of the TBP system.
Look: I stand to be corrected on this.
I’d actually like ‘someone in the know’ to ‘chime in here’ if you don’t mind.
I HAVE noticed that at GCI where it is ONLY ‘futures’ ‘on offer’ things like Gold, Silver and Oil can be traded 24/7 BUT at Delta these same instruments are only tradeable at certain times and I’ve never quite figured out why. I don’t know if it’s because GCI (for example) only offers the Dow ‘futures’ (again for example) and Delta only offers the ‘full’ or ‘proper’ Dow. Could this have anything to do with it i.e. at GCI you’re trading the Gold ‘futures’ for example but at Delta you’re trading the Gold ‘what???’. What other types of Gold ‘instruments’ are there??? I hope I’m phrasing my question correctly!!!
One other thing that I have noticed NOT being mentioned anywhere in the book is the spread. Did they even have a spread in those days??? I know that commission is mentioned all the time but from what I gather this is NOT the same as spread. Nowhere in the book is the ‘bid’ or ‘ask’ price mentioned i.e. there is always just one price quoted. This also makes a difference with the TBP system (especially when you are trading something with a 9 or 10 pip spread i.e. your TP, TBP, and stops are going to be further apart. For this reason, again I’m lucky at Delta, I have all my charts set on the ‘middle’ price and then just ‘adjust’ my orders or whatever to compensate for half the spread either way). On the other hand, at Delta, you pay commission AND spread on CFD’s and Oil, and I don’t know if it was ALWAYS like this i.e. when the book was written, or has this changed because of our ‘technological’ advances?