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Is spread betting for fools?

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2 minutes ago, Caseynotes said:

your original stop level was in a reasonable place in relation to the trade idea and hasn't been hit as yet, so lessons from this one trade so far are;

but my Stop changed to 10-points when I moved the slider and couldn't put it back.  I didn't know that could happen.  I knew i'd end up chasing the Stop if it kept going up to previous High.

Smarter move was to get out.

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9 minutes ago, nit2wynit said:

the fucker looks like it's going down lol

@nit2wynit

Just read the chart simple support, resistance and pivot levels should tell a story. 👿

 

DBK-3-minutes.png

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8 minutes ago, Caseynotes said:

your original stop level was in a reasonable place in relation to the trade idea and hasn't been hit as yet, so lessons from this one trade so far are;

not to get in too early

not to get out too early

wait for validation of the trade idea

be wary of consolidation especially on the lower time frames.

Additional:

5/ don't move my stop unless it's to lock in profit.

6/ remember that spread and min stop values are variable.

7/ Let the trade play out, avoid trying to micro manage during the trade.

to be continued ... 

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1 minute ago, Foxy said:

Just read the chart simple support, resistance and pivot levels should tell a story. 👿

I've only just discovered the Pivot Point s :D though they're clearly Support Resistance lines they are very useful already.

Would you trade this going Long? if where from where?

 

Thanks

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2 minutes ago, Foxy said:

I already answered that. 👿

Sorry, I was reiterating.  

are you actually trading it? :D

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14 minutes ago, Caseynotes said:

to be continued ... 

Hopefully I've finally clicked.  

According to the Vids you suggested, the Conservative Stop was at 10pts or previous High.  I've always just kept them as close as possible to my point of entry.  A good point for me to learn was the moving of the Stop.  It's not something I've really done before as I've always placed at Reversal points, they've either failed or gone the right way.

It's also important for me to remember not to go back to a trade I've just left.

As much as I may be down, £300 was in the first day chasing a Reversal on Gold.  £250 in the same Day.....Chasing Gold.  All of my losses are usually on the same Instrument as I chase an Idea that comes eventually. lol  So in perspective. of the 1k down since March, about £600 of that is in 2 days.  The other £400 took about 4 weeks.

My main lesson that has finally sunk in, is:

Use the 1hr to plot SR points and 1minute to fine tune the point of entry.  Don't get in till the Trend is revealed.

1m chart is noise.  Wow, i get it now.  Yeah you can find patterns everywhere, but I've been waiting for the realisation that True patterns are over hours, not minutes.

Let's hope some success can come from it.

Edited by nit2wynit
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2 minutes ago, nit2wynit said:

Sorry, I was reiterating.  

are you actually trading it? :D

@nit2wynit

No I trade the Dow or the Dax because you get bigger moves and a lower spread. 👿

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3 minutes ago, Foxy said:

No I trade the Dow or the Dax because you get bigger moves and a lower spread. 👿

Am i wrong in my assumption about Indicies:  They're so Random they cannot be Predicted?  

I've always assumed they are based on so many factors they don't follow normal pattern rules?

When trading the FTSE i'd get in an out asap as I had no faith in the direction.

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1 minute ago, nit2wynit said:

Am i wrong in my assumption about Indicies:  They're so Random they cannot be Predicted?  

I've always assumed they are based on so many factors they don't follow normal pattern rules?

When trading the FTSE i'd get in an out asap as I had no faith in the direction.

@nit2wynits

I would say so, but you need to study how they move. Its about yesterdays close and overnight highs and lows that very often get tested before they move. The patterns repeat over and over. All that you have learned about candle patterns is not that useful to me. I just use moving average support, resistance and pivot and time of day. 👿

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I've got to get back to my video's today, but if anyone can shed some light on how this translates.

683129646_whatdoesthismean.thumb.jpg.57d1cc1a3c5e2487cc8de6dba7f289e3.jpg

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11 minutes ago, nit2wynit said:

I've got to get back to my video's today, but if anyone can shed some light on how this translates.

683129646_whatdoesthismean.thumb.jpg.57d1cc1a3c5e2487cc8de6dba7f289e3.jpg

Awesome is a momentum indicator and is going to have some lag, the green AW bar is just saying that the downward momentum has eased compared to the previous bar so it's belatedly picked up on the 2 green chart bars detracting from the overall down momentum, another chart red bar or two will see the AW change back to red.

https://www.tradingview.com/wiki/Awesome_Oscillator_(AO)

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Ahhh well.  It may have gone the right way, but it was still wrong to get in so early.  And wrong again to get out so early too, but i was prepared for this.

i won't touch this now as it's 50/50 for £6.

 

1317326945_ahwell.thumb.jpg.4e05f22e81118e7dda32e14fda714912.jpg

Edited by nit2wynit

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I was actually in going Short at 1554, but got out right away as i lost my nerve.  I'm also not supposed to be Trading today.  Made £0.60, lost out on £9 :O

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A recap for anyone still interested.  I've had 4 trade ideas today.

Brent Crude, German 30, Russell 2000 and DB.

All gone the way I expected.  Placed no trades, lost nothing (except the £2-80 early get out on DB, gained nothing except knowledge and affirmation, oh and 60p back.  Done for today.

Thank you all for your advice people.  Live to trade another day.

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I've never noticed this kind of thing before.  Anyone explain it please?  Been watching this for an hour.  Anticipating yet another drop, but could go either way again in my eyes.  the square candles at the end.  they are increasing as I type.

 

Russell.thumb.jpg.9626b9b52e0f9c3ee135f4587bb73925.jpg

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Christ on on a bike.  that was a hard slog.  Can't do that everyday.  Slow moving Traffic.  Anyone have any better luck?

Made about £50 Gave about £16 back, up £34.  Happy but won't be doing it again in a hurry.  1 trade for the Day next time.  The move is probably coming on either of these but I'm worn out now.  Need to find a Pace.  I've applied some of the much give advice from you all, but clearly still playing a short game.  Back to my New Starting Balance last week.

Thanks again.

 

 

hard slog.jpg

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I'm guessing it's no surprise to some of you how intrinsically linked the FTSE and German 30 appear to be?  If Only I'd realised sooner :D

 

Fact De Jure.jpg

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6 minutes ago, nit2wynit said:

Christ on on a bike.  that was a hard slog.  Can't do that everyday.  Slow moving Traffic.  Anyone have any better luck?

Made about £50 Gave about £16 back, up £34.  Happy but won't be doing it again in a hurry.  1 trade for the Day next time.  The move is probably coming on either of these but I'm worn out now.  Need to find a Pace.  I've applied some of the much give advice from you all, but clearly still playing a short game.  Back to my New Starting Balance last week.

Thanks again.

 

 

hard slog.jpg

Not surprised it was a tough day, all the indices putting in a strong bull candle but just a quick tote sees you've shorted the indices 17 times and only longed 7 (as you say, a short game). 

It this like resistance training or something, you know where you train to sprint by dragging a big weight behind you? just asking. 

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1 minute ago, nit2wynit said:

I'm guessing it's no surprise to some of you how intrinsically linked the FTSE and German 30 appear to be?  If Only I'd realised sooner :D

 

Fact De Jure.jpg

yes, that's one of the reasons I've been posting side by side charts every morning for the last year and a half 🙂

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9 minutes ago, Caseynotes said:

It this like resistance training or something, you know where you train to sprint by dragging a big weight behind you? just asking. 

It's training of a sort.  Plotting in's and out's.  It doesn't really matter to me that much.  G30 going sideways on my chart since 12.30.  i thought it was going down.  Only broke out in the last hour to go up.  

I was there right at the bottom of the G30 very early this morning but didn't place the trade.

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For what it's worth, if I'd gone Long at 11am on G30 I'd have made £20 quid to this point.

 

G30 Short.jpg

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10 minutes ago, nit2wynit said:

For what it's worth, if I'd gone Long at 11am on G30 I'd have made £20 quid to this point.

not sure why you say that, has climbed over 50 points since 11:30 and is still over 30 points higher now.

This is Ger30 M5 I posted on the Dax and Dow thread a just a short while ago.

edit: from 11am went up over 85 points

image.thumb.png.7ddda2491f60b4ff2826c4e5ff2df924.png

 

Edited by Caseynotes

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7 minutes ago, Caseynotes said:

not sure why you say that, has climbed over 50 points since 11:30 and is still over 30 points higher now.

Sorry, i meant 12pm.  If you look at my trades I didn't see the G30 till about then.  i was watching the Russell...

I think shortly after I noticed your thread so got the charts up

Edited by nit2wynit

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1 minute ago, nit2wynit said:

Sorry, i meant 12pm.  If you look at my trades I didn't see the G30 till about then.

yes, dax had already hit R3 by 12pm.

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An insight since you asked is as I've mentioned before.  Somehow I've developed a desire for Reversals.  If i believe an R is coming, I'll go short at the high point on an uptrend and take profit at the bottom is the R doesn't arrive.
 

Disappointingly I gave in at the top there at 12532; I've even marked it on the chart  Went down Stairs to see it had dropped.  Managed £5 on the way down..  Long Day.

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8 minutes ago, nit2wynit said:

An insight since you asked is as I've mentioned before.  Somehow I've developed a desire for Reversals.  If i believe an R is coming, I'll go short at the high point on an uptrend and take profit at the bottom is the R doesn't arrive.
 

Disappointingly I gave in at the top there at 12532; I've even marked it on the chart  Went down Stairs to see it had dropped.  Managed £5 on the way down..  Long Day.

buying the dip is playing reversals of sorts, just not on the primary trend but the secondary trend (the pullback), less risk and higher probability.

 

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  • Posts

    • The most important words to pay attention here are "may miss". Which makes me think we might end up closing up again and recover  this early loss on US indices.  Placed a small bet going long. Let's see the open reaction.
    • not really a very hard look at the setup and the entry, what was good, what was bad and what to consider going forward. Did you stick to your rules for entry, do you have any rules, what actually went wrong if anything?
    • Have you started your short? You sound tempted late last week.
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