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Yep.  all that yesterday.

Gave back ALL profit this morning from yesterday.

i was in at the top but for the sake of £5 extra as a Stop I got Stopped out at the top.  Missed out on the overnight decent.  Then lost the rest at the 8am opening.

Everything I know I shouldn't do, I did.

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8 minutes ago, nit2wynit said:

Yep.  all that yesterday.

Gave back ALL profit this morning from yesterday.

i was in at the top but for the sake of £5 extra as a Stop I got Stopped out at the top.  Missed out on the overnight decent.  Then lost the rest at the 8am opening.

Everything I know I shouldn't do, I did.

the two most important attributes to develop and enhance are patience and discipline. 

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56 minutes ago, Caseynotes said:

the two most important attributes to develop and enhance are patience and discipline. 

Yesterday was all about those two thing for me and I believe I succeeded, right up to the point where I knew I'd over traded, anticipated a reversal too early, chased it for 5 hours, only to lose it all in the morning.  lol.

 

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1 minute ago, nit2wynit said:

Yesterday was all about those two thing for me and I believe I succeeded, right up to the point where I knew I'd over traded, anticipated a reversal too early, chased it for 5 hours, only to lose it all in the morning.  lol.

 

It's not unusual to watch a market pirouette around a level for hours on end before it suddenly takes off to a new level, actually that's how markets do work.

Contracts are being traded back and forth for long periods of time at the same level because the price is right.

It's the times of imbalance that you see movement and those are the times you are trying to capitalise on but you need to wait for them, they won't be forced. 

That's why breakouts and pullback based strategies are really all you have, the ones that can be used between levels. Trying to call the tops and bottoms is the main reason novice traders don't make it, proven time and time again. It can be done but it needs a whole set of different skills and an awful lot of experience. 

 

 

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Posted (edited)
11 minutes ago, Caseynotes said:

Trying to call the tops and bottoms is the main reason novice traders don't make it, proven time and time again. It can be done but it needs a whole set of different skills and an awful lot of experience. 

I hear that..........Down to 944 now.  Still trying to ride it.

Where is the G30 going?  i read you figured a retest, or return to Pivot.  I'm assuming the return to Pivot has already happened.  going up erratically.

Edited by nit2wynit

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18 minutes ago, nit2wynit said:

I hear that..........Down to 944 now.  Still trying to ride it.

Where is the G30 going?  i read you figured a retest, or return to Pivot.  I'm assuming the return to Pivot has already happened.  going up erratically.

Dax is holding station wanting to go higher but is waiting for Dow to make up it's mind, see dax and dow thread.

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@dmedin @Caseynotes @TrendFollower @Foxy @davidbrister


Hello everyone.  I just wanted to pop in a say Good Bye; I'm leaving IG (The Platform).  Spread Betting has been a tough lesson for me since March.  I had a limit of -£1400, and yesterday I reached it.  My apologies for the frustration I have caused some of you.  My gratitude to all that have offered advice.  

It's clear to me that Spread Betting is Limited, especially with a small account.   In this I have indeed been a Fool and it's taken far to long to realise.   The inability to trade Small Cap stock for instance.  Today as I do most days, I searched thru the entire LSE for any stock on the move of 5% or more.  Of the thousands I scoured, maybe 10 were available to trade.  The rest of the time the market was only available to Close, or Unavailable to Open.  The reason for this of course is, according to IG; They do not meet out requirements.'  I can only assume that a heavily liquid market costs them too much.

Spread Betting is 'Free'; but comes at a cost.  In hindsight it all now makes sense. 

'Day Trading Small Cap Stock' was my Plan.  My Strategy was to find Gappers under £10 that had moved 5% or more pre-market.  Buy the 1st pull back and sell the rise.  It's not a new thing.  It's as old as trading itself.  I often found myself backed into a corner by some of you and I could never figure out why.  There are literally hundreds of thousands of people around the world trading Breakouts.  I got caught up in the emotion of it all.  The need to place a trade.  I was impatient, impulsive and basically Gambling.  However, when i first started, I made profit.  Not on the starting balance, but on my daily.  I could make anything from £5 to £100 in a matter of minutes with only £1000.  But I lost something.  Maybe it was courage, I'm not sure.  What is clear is I've done nothing but lose since I tried to play Long with a small account.  

The problem here with IG and Spread Betting, is the inability to either find Small Cap stock, or even Trade them when you do.

The big realisation is the poor retail platform, especially for me.  I've had no success in finding a solution to the laggy charts, missing data or close button, and even PL being different.  It's not great.  I've had zero technical support.  I have estimated I have lost almost £300 to frozen charts or missing Close buttons on the Chart.

I could go on, but it's of little importance.  I just wanted to sincerely thank you and I wish you all good luck with your trading.  I'm not quitting, but I am taking a break while I research other brokers and platforms.

Spread Betting may be on the way out.  It's certainly is for me.

Good Trading people.   

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Well at least an honest and a detailed explanation of your thoughts and observations.

IG must be/are the market leader in the UK. I say that because if your penchant is for small cap stocks then the first thing to realise is the sheer lack of volume/liquidity and hence the large spreads.  Data will be sporadic because of that. Applies equally to AIM equities. Personally I try to steer clear of such markets but I wish you luck trying to find them within the SB arena.

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1 minute ago, ChrisN said:

Personally I try to steer clear of such markets but I wish you luck trying to find them within the SB arena.

Yeah it's been a tough realisation.

I won't be returning to Spread Betting.  I'll be looking for Share Dealing.  Think i'll try investing too.

 

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41 minutes ago, nit2wynit said:

The need to place a trade.  I was impatient, impulsive and basically Gambling. 

 

Yes, I could be doing with a little goblin to sit on my shoulder and prod me before I place a trade and ask 'Do you really mean to do that?'

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1 minute ago, nit2wynit said:

I'll be looking for Share Dealing.  Think i'll try investing too.

 

 

Good idea :)

 

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8 minutes ago, ChrisN said:

IG must be/are the market leader in the UK

but they're not known to have the best platform.  It's terrible; for me at least and I've tried a few.  Not really sure why I settled with them actually.  It's never been good.

For instance I've been using Saxo.  it's amazing compared to this one.  

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Disappointingly and as per usual, I've just made £100 on the Demo FTSE drop lol.  £2pp

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@nit2wynit,

All the best for the future. 

I have been Spread Betting in the UK for many years now and I am still here. You chose to try and Spread Bet an illiquid market in small caps such as AIM listed shares. 

I only use IG's Spread Betting platform to Spread Bet on Commodities, Cryptocurrencies and Indices. I trade using trend following and my positions are normally held for weeks if not months. I am happy to pay the overnight charge as if I am paying the overnight charges it means the asset is trending in my direction of trade. If the move goes against me then my stop losses will exit me out of the position. This is one of the only ways I believe you can consistently make profits using Spread Betting. 

Trying to use any other technical 'hoo - doo' is going to get you into trouble when using Spread Betting as a tool. 

Anyway 👍

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5 minutes ago, TrendFollower said:

I have been Spread Betting in the UK for many years now and I am still here.

Yes, Trend; technically I am still here also.  £1400 isn't a lot of money,  but it is a Limit I have applied to my learning curve.  My Issue is not with SB, but how it's not transferable to Breakouts on small caps; i.e my business model.  I find the Retail platform with IG a problem also.  I may re-discover SB on another platform and trade Indicies only.  The FTSE for Instance.

Thanks

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1 hour ago, nit2wynit said:

Yes, Trend; technically I am still here also.  £1400 isn't a lot of money,  but it is a Limit I have applied to my learning curve.  My Issue is not with SB, but how it's not transferable to Breakouts on small caps; i.e my business model.  I find the Retail platform with IG a problem also.  I may re-discover SB on another platform and trade Indicies only.  The FTSE for Instance.

Thanks

 

I have a kind of toxic feeling in my head ... I think this might be addictive.

Losing large sums of money, with no hope of making it back, but keeping on doing it ...

Maybe it's wrong.

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2 hours ago, TrendFollower said:

Why not do it on indices on this platform? 

Trend, I'm not sure if you've tried other platforms.  The retail platform here is really bad for me.  I've commented on it since I joined back in March.  It's laggy, buggy, and I feel it's unreliable.

I've tried other platforms since and they are amazingly smooth and accurate.  I can only confirm there might be a problem with the 'New' platform as there are other instances since it went live going back a few years.  I've also conceded there may be an issue my end, but I've had no technical feedback from IG.  Hence my desire to look elsewhere.

My losses are to do with me alone.  But some are to do with the platform; or the problems I have directly related to it.

My learning is still active.  I was just lucky today finding the FTSE going down.  Too often i get in too early or at the wrong point.  But I can't go back to the demo; especially with IG.

On at least 3 other platforms i can drag the chart around in real time with zero lag.  I can't do this with IG.

Case in point; today I had a position open on the demo.  I had a stop at -£75.  I tried to move the chart around but it was lagging.  I accidentally moved the Stop position on the chart and created a Stop of -£150.  The minimum Stop was 12pts, so I had to wait for it to make sure it didn't drop further than my original stop.

Anyway.  I've left the Platform, not the forum, though I doubt I'll be adding much when i find a new one.

As a parting gift Trend, maybe you can offer a thought on what to do with only 1k?

Thanks
 

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5 hours ago, TrendFollower said:

. I trade using trend following and my positions are normally held for weeks if not months.

Trend......f you can hold positions for months.......then you have a considerable account size compared to mine m friend.

I've told you my account size from day one.  There's not a chance i hell i can afford to hold positions fro such a time.  The past month is testament to that alone.  Reversals into the hundreds!

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@nit2wynit, sorry to hear you hit the limit but you're not the first and won't be the last to blow your first live account.

Plenty of lessons learnt I'm sure and time to start afresh. imho your plan to fast hit a slow market was ambitious and I'm not convinced the platform was the problem, I've said before that the demo platform is the same as live and that's basically true for normal markets but the demo won't reproduce a laggy market, it can't, and I suspect other broker's live platforms will also have problems finding prices on illiquid stocks.

You are right that a small account reduces options but the key is to learn the basics of trading first before trying to specialise.

Start from the bottom and learn the basics, the basics are finding entry points and targets on an average market on an average time frame and keep practicing and adjusting til you get it right, and I would do this on a simple platform that allowed very low bet sizes rather than a demo account.

So that would be something like trading the ftse on a 1 - 4 hour chart using 10 pence per point on the mt4 platform. So you're risking real money, enough to hurt your pride but not your account.

That should be where everyone starts but most never do, they always seem to start at the top and work their way down before starting over again from the bottom.

Anyway, we all look forward to round 2, best of luck.

 

 

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2 hours ago, Caseynotes said:

So that would be something like trading the ftse on a 1 - 4 hour chart using 10 pence per point on the mt4 platform. So you're risking real money, enough to hurt your pride but not your account.

I'm going to check out the MT4 platform too and DMA.  Seems I'll need to pay monthly for the privilege.

Round 2 to follow.

Thanks.
 

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34 minutes ago, nit2wynit said:

 

I'm going to check out the MT4 platform too and DMA.  Seems I'll need to pay monthly for the privilege.

Round 2 to follow.

Thanks.
 

That reminds me I wrote something about learning on mt4 and forgot to post it, let me find it.

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@nit2wynit,

My parting gift to you for your £1,000.00 would be to invest it and not trade it. Find a top quality 'Investment Trust' or 'Investment Fund' such as a Unit Trust or OEIC and try and achieve some capital growth which you have not managed to do in trading. 

In terms of what type of investment well it could be a specific country or region which you are very positive and bullish about. It could be a technology fund or a commodity fund. It could be small cap fund. Some of my best performing funds are micro cap and small cap funds. My best performer over the past year or two has been Japanese Smaller Companies and US Smaller Companies though I would be weary of investing a lump sum in these right now. Think about applying 'Cost Pound Averaging' to any investment strategy. Another top performer of mine has been the Smith and Williamson Artificial Intelligence fund. 

Of course you must decide what is best for your £1k but why not let it grow and build and investment portfolio and then use your profits from that to trade? That is what I do. 

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33 minutes ago, TrendFollower said:

Of course you must decide what is best for your £1k but why not let it grow and build and investment portfolio and then use your profits from that to trade? That is what I do. 

Thats sounds like a plan to consider.  I have Pinterest.  they are up 50% so far.  I'm hoping for big returns in the future.

We spoke briefly in the past about tech and A.I.  I have about 5k for investing.

I'll see what is about and keep an eye on your posts.

Thanks

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Posted (edited)

@nit2wynit,

Keep an eye on my investment posts. I am an investor first and a trader second. I believe that the best way to create wealth is through long term investing. I only use profits from my investing for trading. I am very strict and disciplined in this. I use spread betting only to take positions on what I feel are the strongest trending assets at a given period. 

So keep an eye on my investment threads and start a wealth creation plan through long term investing. Use your profits from this for your trading and only trade the strongest trending assets regardless of what they are and I think you stand a chance. 

Traders sometimes try and trade what is the most liquid markets but they are not necessarily the strongest trending so you have to be an exceptionally brilliant trader to consistently profit when doing so. Trading the strongest trending assets means that if gives you a better chance to profit if you are not an exceptionally brilliant trader. You get nothing for being knowledgable in trading (It is very important through). You get everything for being able to make profits consistently in trading and this for me is by trading the strongest trending assets whether it be Bitcoin, Lumber, Gold, US indices, etc. You can achieve this without being an expert on technical analysis or being extremely knowledgeable on trading theories. 

Edited by TrendFollower
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On 24/08/2019 at 11:56, Caseynotes said:

That reminds me I wrote something about learning on mt4 and forgot to post it, let me find it.

Morning  Casey, did you find your post? :D

My New New learning starts today.

I'm trying out CMC at the moment.  Their chart performance is well beyond IG's.

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14 minutes ago, nit2wynit said:

Morning  Casey, did you find your post? :D

My New New learning starts today.

I'm trying out CMC at the moment.  Their chart performance is well beyond IG's.

yes I did, I started a new thread, see below. Best of luck, again.

 

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9 hours ago, nit2wynit said:


My New New learning starts today.

 

 

Maybe one day you'll learn the ultimate lesson: that this is all fool's gold and there are a lot of people laughing behind your back for taking it seriously.

74% of punters get bent over and take it dry ... how you like them odds?

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16 hours ago, dmedin said:

Maybe one day you'll learn the ultimate lesson: that this is all fool's gold and there are a lot of people laughing behind your back for taking it seriously.

74% of punters get bent over and take it dry ... how you like them odds?

lol.  I'm starting to think you don't trust the game rules :D

I still believe i can do this.  Just need bigger stops smaller stake. as far as FTSE goes anyway.

Finding Breakouts is still my goal.

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