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3 hours ago, Caseynotes said:

This on swing trading strategies was published on IG just yesterday and may be of interest to those looking for ideas trading the medium time frames.

https://www.ig.com/uk/trading-strategies/swing-trading-strategies--a-beginners-guide-190712

 

 

Theory is easy enough to understand, but putting it into practice isn't.  Just because a price breaks a previous high doesn't mean it won't stop and go into reverse.  To be honest I would rather see someone analyse charts in real time than present a completed pattern chart  (a hindsight chart).

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30 minutes ago, davidbrister said:

@nit2wynit, i like your thoughts about not losing, but gained an education, pretty positive take on the situation, good to hear

 

I tell myself the same thing every day about my student loan.  'I got screwed with massive debts but at least it trained my mind to think analytically.'  Oh the lies we use to console ourselves :D

 

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54 minutes ago, dmedin said:

 

Theory is easy enough to understand, but putting it into practice isn't.  Just because a price breaks a previous high doesn't mean it won't stop and go into reverse.  To be honest I would rather see someone analyse charts in real time than present a completed pattern chart  (a hindsight chart).

If it's certainty you want you're in the wrong shop. Analyzing charts in real time is a problem, charts are footprints though the 1 hour candle did open at 1:00pm real time and did close at 2:00pm real time. Maybe you mean tick charts or a price ladder, that's closer to real time.

What you should be looking for in a chart is who is currently in control and where next can they expect a challenge.

Doesn't matter what the time frame, there is a constant and eternal battle going on. As one side takes control expect them to probably retain control til the next point of contention.

The next point of contention is probably going to be at the site of a previous conflict because it's an obvious rallying point on the charts, you can't phone up all your mates and tell them where to meet, you just expect them to be there at the most likely place on the chart.

News event are fun because they give the wheel a thrust in whichever direction but otherwise just expect the expected.

When price arrives at that next point of contention be prepared to bail because you won't survive in a gun fight armed with just a knife sized account.

 

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@Caseynotes

 

Nah, not certainty.  I'd just love to see someone handling a chart in real time so I can analyse their thought processes.  It's fairly easy to learn TA and present analyses or opinions of charts with completed patterns (if I can do it anyone can) but trading in the moment is not easy.

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On 14/01/2019 at 18:13, TrendFollower said:

@AbDXB1345,

You will not have perfected a strategy. Trust me. Even the professionals do not have a perfect strategy. 

What you possibly may have is an effective strategy based on your level of risk and money management.

The demo account is one thing but trading in the real markets is a different beast altogether which I am sure you are about to experience.

If someone said to me that your trading strategy would make a profit every single week or a trading strategy that would make a profit some weeks but losses on some weeks then which trading strategy would you select? Now if in the second example the profits far exceeded the losses and those profits were greater than the first strategy, now which would you pick? The point I am trying to make is that making losses is part of trading. One must accept them. Of course one wants to minimise those losses but they are part of trading. 

Totally agree, bro. 

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9 hours ago, dmedin said:

Nah, not certainty.  I'd just love to see someone handling a chart in real time so I can analyse their thought processes.  It's fairly easy to learn TA and present analyses or opinions of charts with completed patterns (if I can do it anyone can) but trading in the moment is not easy.

@dmedin

Charts only show you what has happened, from that you have to analyse the most likely event going forward and to do that you need to understand how the markets work. There will always be at least two out comes and most often there are three, many traders only think in terms of up or down forgetting the sideways move yet in the middle there is almost always a sideways move if only for a day or two, this is the turning point. It may be a huge spike but that will retrace around 50% or more, it may be a series of failed attempts but you can see it in the charts. The most important thing to me is understanding the difference between a pull back in the trend and the trend itself. When you expect the market to do something you can wait for the market to come to you. I am going to show you on the FTSE chart over this week what I mean, starting now. This H4 chart shows me 3 things,  firstly the FTSE is in an up trend, secondly the FTSE is pulling back or retracing the previous rally (caused by trumps reversal at the G20) and thirdly it shows me two probable points for reversal (levels of support) if you wanted to go short here you would need to scalp inter-day on an M1 or M5 chart, because although it's going down it's expected to reverse, given you would want to hold your trade it looks like you would be better off buying a low. Sorry it's a bit long winded but you wanted a thought process. 👿

FTSE H4 Chart

uk100-h4-fxpro-financial-services.png

Below is the FTSE last Friday on an M5 chart  ( I wish I was trading that and not the Dax last Friday) you can see it has reached the first level of support so we wait and see what happens Sunday night. If this turns up over Sunday/Monday we could use the low as a stop-loss in case I am wrong. I will follow this up for you tomorrow.  👿

FTSE M5 Chart

uk100-m5-fxpro-financial-services.png

 

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On 14/07/2019 at 01:39, Foxy said:

@dmedin

The FTSE has made a new low overnight then bounced back up past the pivot. I expect a pullback between 07:00 and 08:00 this may be a chance to get a good long entry, so lets see. 👿

P.S. I should make it clear this is not advise or a recommendation to trade, I am just showing a thought process using a live chart. 👿

 

 

UKX-3-minutes.png

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On 14/07/2019 at 01:39, Foxy said:

@dmedin

Charts only show you what has happened, from that you have to analyse the most likely event going forward and to do that you need to understand how the markets work. There will always be at least two out comes and most often there are three, many traders only think in terms of up or down forgetting the sideways move yet in the middle there is almost always a sideways move if only for a day or two, this is the turning point. It may be a huge spike but that will retrace around 50% or more, it may be a series of failed attempts but you can see it in the charts. The most important thing to me is understanding the difference between a pull back in the trend and the trend itself. When you expect the market to do something you can wait for the market to come to you. I am going to show you on the FTSE chart over this week what I mean, starting now. This H4 chart shows me 3 things,  firstly the FTSE is in an up trend, secondly the FTSE is pulling back or retracing the previous rally (caused by trumps reversal at the G20) and thirdly it shows me two probable points for reversal (levels of support) if you wanted to go short here you would need to scalp inter-day on an M1 or M5 chart, because although it's going down it's expected to reverse, given you would want to hold your trade it looks like you would be better off buying a low. Sorry it's a bit long winded but you wanted a thought process. 👿

FTSE H4 Chart

uk100-h4-fxpro-financial-services.png

Below is the FTSE last Friday on an M5 chart  ( I wish I was trading that and not the Dax last Friday) you can see it has reached the first level of support so we wait and see what happens Sunday night. If this turns up over Sunday/Monday we could use the low as a stop-loss in case I am wrong. I will follow this up for you tomorrow.  👿

FTSE M5 Chart

uk100-m5-fxpro-financial-services.png

 

 

 

Excellent!  Thanks :D

 

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@dmedin

It's now just gone 07:30 and the FTSE has just tested 7500, it could go down to test 7493 as you can see on my chart but 08:00 could bring a rapid rally so if I wanted to trade this long I could buy now with a close stop just under 7500 or use a buy order just above 7510, personally I would choose the former because even it it reaches 7510 it could still test 7493. 👿

 

UKX-3-minutes.png

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Now I would protect my trade by moving the stop 0.5p above your entry, I want it close to try and avoid getting closed out if it gets a bit volatile over the next hour or so. 👿 

P.S. I hope this has helped.

UKX-3-minutes.png

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@dmedin

I am sure you will have noticed, the bears sold off the spike this morning so I will continue for you. The FTSE has tested yesterdays close twice and although this looks very Bearish unless it breaks below yesterdays close I would look for a recovery above the pivot to have a second attempt. 👿

 

UKX-1-minute.png

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A poor poor day today.  Statistical Correctness right on the money.

11 trades.  8 the wrong way.  -£48.  The weeks gains gone in 2 hours.  FTSE and Bent Crude.

 

Time for a break.

 

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3 minutes ago, nit2wynit said:

A poor poor day today.  Statistical Correctness right on the money.

11 trades.  8 the wrong way.  -£48.  The weeks gains gone in 2 hours.  FTSE and Bent Crude.

Time for a break.

whats the average time you hold a trade for? 

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Posted (edited)
3 minutes ago, cryptotrader said:

whats the average time you hold a trade for? 

Minutes.  I look for potential reversals and plot Support Resistance on the 1 minute chart.

Maybe i need a new approach.......or i could be distracted from looking for a bike to go ride on..........Now i'm chasing the losses.....


I can't even Win by going in the opposite direction to what I think lol

 

 

 

Oops there's another.  Been waiting for the drop.   Came when i went the other way lololol

Edited by nit2wynit

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It's obvious I've been playing too close with a 1 m chart.  I've changed to 10M with 1H for perspective.

 

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1 minute ago, nit2wynit said:

It's obvious I've been playing too close with a 1 m chart.  I've changed to 10M with 1H for perspective.

 

Yep, the M1 is way too sensitive and the candlesticks don't form 'real' patterns, just 'noise'.

I find the H1 is the most sensitive chart that produces meaningful candlestick patterns.

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yes agree. Think it would be worth looking at slowing things down and you may see better results. 

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Posted (edited)

Moved to 10M and made £4.70 back :D

Small gains often.

There's a little detail i keep forgetting; I've changed my Stake size from £5pp to £0.5.  I was always playing for 5pt on the FTSE, but i'm failing to see that even at only £2.50 up it's a 5pt win.  I've been holding £5 in my favour only for it to reverse.  Of course it it; it's a 10pt move.

So back to small wins.  I've been playing a longer game, but not adjusting my stops to allow for larger up and down movements.

I'm confusing my Strategy and not applying it.

Edited by nit2wynit
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@nit2wynit,

Trying to plot support and resistance on 1m chart and looking for reversals thus trying to trade both successfully and profitably on a consistent basis seems very difficult to me unless you have mastered that specific timeframe for trading in such a way.

I mean have you considered looking at a much longer timeframes so say the '4 Hour' and 'Daily' my two favourites along with the 1 hour and try consistently making profits using those timeframes before even  looking at shorter timeframes. In theory (not always the case) it should be easier for your to trade on longer timeframes and start making profits and when you have learnt your trade then go to the lower timeframes. 

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Oh Dear God!  Help Me!  :O

Found a perfect setup on German 30  Got in at the perfect spot.  Shot up and took £25 profit.  Gave it all back and some with a trade running that might take another £5 off me.

1072721576_Failingagain.thumb.jpg.800fadbf07654582598f621253cd914a.jpg

 

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9 minutes ago, nit2wynit said:

Found a perfect setup on German 30  Got in at the perfect spot.  Shot up and took £25 profit.  Gave it all back and some with a trade running that might take another £5 off me.

Sorry to disappoint as usual but an impulse move on news is not a 'set up' (EU to recalc inflation targets Euro down  index up). It's just luck with fomo.

 

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Posted (edited)
37 minutes ago, Caseynotes said:

It's just luck with fomo.

 

 

I agree, day trading (minute trading) is based largely on luck.  ;)

 

Edited by dmedin

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39 minutes ago, dmedin said:

I agree, day trading (minute trading) is based largely on luck

And the init2winit cried "Oh Dear God!  Help Me!"

And the demin cried Oh tis "based largely on luck."

And God looked down and took pity and spoke thusly "A system means an actual system. Rules, diagrams, flowcharts. Not platitudes." From the Book of Cred verse 18.

https://www.crypto-world.gr/en/trading/cryptocreds-70-trading-advices/

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Posted (edited)

I'm clearly confused here.

Ascending Wedge into  Breakout.

What's the problem?

I know nothing about News on this.

I lost when I tried for a Pullback that didn't come.  Took £25 at the top and should have walked away.  3 times waiting for a 2nd run on it that did't come that eventually took back £40.

You're both telling me you wouldn't trade this before the breakout?

 


@dmedin @Caseynotes  So what does work for you then?

Edited by nit2wynit

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What I'm failing to grasp is the massive stops needed to trade on Large Timeframes.

Help me out here then.  Give me an example with only £950 inthe pot.


Instrument, Timeframe, ppp.

I will be greatly appreciative.

Simply scoffing at my posts is as futile as my Gambling style to gain profit.

 

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20 hours ago, TrendFollower said:

I mean have you considered looking at a much longer timeframes so say the '4 Hour' and 'Daily' my two favourites along with the 1 hour and try consistently making profits using those timeframes before even  looking at shorter timeframes. In theory (not always the case) it should be easier for your to trade on longer timeframes and start making profits and when you have learnt your trade then go to the lower timeframes. 

I'm going back to page one Trend.  Something is clearly wrong it what I'm doing.  

It's possible I have too little in the kitty to make this work.  Even at £0.50pp the stops are too great to assure profit for a longer timeframe.

I'd love to see someone give me an example of how to make this work with only £950 account.


Ideas on a postcard to:

Gamblers Anonymous
Bankruptville
Ignorance Street
.....

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@nit2wynit

Have you tried out the one hour timeframe?

The best advice anyone could give you in respect of trading on minute charts is DON'T DO IT.

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Posted (edited)
4 minutes ago, dmedin said:

The best advice anyone could give you in respect of trading on minute charts is DON'T DO IT.

I don't trade the 1M.  I just switch to that to place the trade and watch it.

I start at the daily, then the 4, then the 2 then the 1 then the 30 then the 15 then the 5 then 1.

I check candle colours and previous Support Resistance levels for places to Get In.

I don't see anything wrong at all with the previous German30 example.

Edited by nit2wynit

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