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Is spread betting for fools?

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2 hours ago, nit2wynit said:

Take a look at Apple today.  Only moved 1%, but that equates to about 250 points from 9am with half of that in the 1st few mins. @ £0.50pp minimum.   You see the same rules don't apply with SB, so your search criteria is limiting your potential.  Do you see what I'm getting at?  :D

AAPL impressive, but still not as good as an index.

Quantity of 0.06 for £272 margin. Move from 9 am to 10 am was 200 points. That's £12.

FTSE 100. Qty of 0.7 for £250 margin. Move from 8am to 9 am was 32 points. That's £22.

Whereas with AAPL you have the problem to find out in advance that such a move happens and with the index it happens every day.

I guess you want to say, you don't need to limit to stocks below $10.

But I get why Ross Cameron doesn't trade those stocks, cause on a move like this he would've only made £100 with £10k worth of shares.

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2 hours ago, nit2wynit said:

Cracked open the Piggy Bank for more pennies? ha.

Needed to do that as well :D:D

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1 hour ago, DSchenk said:

But I get why Ross Cameron doesn't trade those stocks, cause on a move like this he would've only made £100 with £10k worth of shares.

Yes, thhis is my point, not compared to the FTSE, but compared to your Search Criteria.  There are many many other stocks available to trade.  :D

I missed today and yesterday.  Had Flu for 2 weeks i think.  Foggy.

Back to it tomorrow.

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Yeah, I was mirroring Ross search criteria. Appreciate can be optimised.

Pretty stuck at the moment here - might switch to Demo account for a while...

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@DSchenk i figured i'd put share ideas on here instead of your FTSE thread.

Bed Bath and Beyond just keeps giving today.   Another £40 bagged :D


so far today up £273 with 1k account.  My total now is + £520 since I've tried to grow from 1k using Breakouts on the Demo.  All in 3 days trading or more specifically, 3 hours.  Not bad so far :D

 

 

Beyond.jpg

Edited by nit2wynit

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23 hours ago, DSchenk said:

Yeah, I was mirroring Ross search criteria. Appreciate can be optimised.

Pretty stuck at the moment here - might switch to Demo account for a while...

Why not meet me on the Demo if you have the time?  What I mean is, do what I am doing.  2.30 each day.  Rattle down the US list and find say 5 that look decent.  Gotta be quick and have it done within 5 mins or you'll miss it.  It would be interesting to see what we each find and how we trade it.  1k account size, but can have 5 trades running if you wish.  Personally I stick to 3.  No harm in it.  Make a note of Stop distance  and P/L ratio.  Cool if not.  Asked @dmedin too but not his bag unless you'd like to give it ago too? :D

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The trade I showed earlier is still running.  I'd have got out at £40 as my STOP at the time was only -£20 for a  1:2 P/L.  But for the exercise and the previous wins, I left it.  At one point it was back down to only +£5 and thought it was going to hit the Stop Loss at Zero, but it's gone back down to +£65 or so now.  I think at this point again i would Get Out but I'll leave it and see where it goes.  I'm expecting it to hit 1150.

 

Still running.jpg

Edited by nit2wynit

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Some amazing potential today in the UK.  Hope you guys made some progress.  Not for me, it's too early lol.

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@nit2wynit

I'm restricting myself to daily/weekly charts only and drastically cutting down the amount I trade. 

@Caseynotes

I wouldn't read too much into the supposed trading history of any individual.  If we learn one thing, it's that the stock market is full of fraud and bullsh!t and an endless supply of suckers waving their wallets in the air and just begging to get taken over a barrel.

As we all know by now, all traders get out of the day trading/charting BS as soon as they get half a chance.

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15 minutes ago, dmedin said:

@Caseynotes

I wouldn't read too much into the supposed trading history of any individual.  If we learn one thing, it's that the stock market is full of fraud and bullsh!t and an endless supply of suckers waving their wallets in the air and just begging to get taken over a barrel.

As we all know by now, all traders get out of the day trading/charting BS as soon as they get half a chance.

no, Livermore's EC is trading history recorded by the stock market. 'we' haven't learnt anything because the market is the only honest thing out there. that's because it's just a reflection of everything that can influence it.

I converse with day traders all day every day and have done for years, have tried to on this forum but usually on here it's a stream of new guy's looking for a short cut to the holy grail. 

I am thinking the real issue is people must have their 'opinions', everyone looks at a chart and they twist it with their favourite indicators or apply their favourite chart pattern with no comprehension the market just doesn't give a ****. People can't take that, once founded they hold their 'opinions' like it was a bar of gold and the market repeatedly just makes a mockery of them over and over again til they simply can't stand it no longer.

'Opinions' are meaningless, the market moves, it doesn't matter what time frame it's all the same. Once an auction at a particular price level has been completed price will move onto the next auction. You don't need opinions, you just need to see and say, oh, price has finished with this level time to jump onboard and hitch a ride to the next level. 

that's it really.

 

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2 minutes ago, Caseynotes said:

you just need to see and say, oh, price has finished with this level time to jump onboard and hitch a ride to the next level. 

that's it really.

If that's all there was to it, nobody would have bothered inventing all these stupid convergence/divergence 'indicators' (all of which work equally well because they are all equally useless).

Even Burton Malkiel says he never met a chartist who actually managed to make any money.  :D

 

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@dmedin,

👍

I think you are making a wise choice looking at 'daily' charts and cutting down the amount you trade. I think based on what you have shared you are right to do so. I think you should have done this a lot earlier. Now this should reduce your losses. 

What you need to do is now be more selective with the trade. I would suggest only trading the asset which is trending strongly based on indicators you think if align will give you a better / greater chance of success. Of course no guarantee but you want to tilt the odds in your favour as much as possible. If you can find certain indicators if when they occur on one of the stronger trending assets then this will help to increase your probability. Again no guarantees but I think this will certainly help you. 

See how it goes. Just be more strict in choosing the trades. Also have a think about how much capital you are going to allocate on the trades and how much you are going to risk. This will depend on your risk tolerance but you need to be clear on this. Also think about entry and exit rules. 

Most important have patience and you will require discipline. 

👏 I think you have made the right choice and it was a long time coming but you got there in the end. Now your real journey begins.

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5 minutes ago, dmedin said:

If that's all there was to it, nobody would have bothered inventing all these stupid convergence/divergence 'indicators' (all of which work equally well because they are all equally useless).

Even Burton Malkiel says he never met a chartist who actually managed to make any money.  :D

 

yeah that was my point, you don't need an indicator to see the auction is over and price is moving on, other than a price chart obviously, and that's why they ALL look at a chart, so therefore all must be 'chartists'.

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On 11/10/2019 at 14:12, Caseynotes said:

Jesse Livermore’s Equity curve:

Love that. Would prefer that curve every time vs the mostly flat curve of the average Joe going steadily from £0 to maybe £250k over a lifetime. Where's the excitement there?

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5 minutes ago, DSchenk said:

Love that. Would prefer that curve every time vs the mostly flat curve of the average Joe going steadily from £0 to maybe £250k over a lifetime. Where's the excitement there?

yes, but somewhat erratic and 'all or nothing', though they were very erratic times. Looks like the 'curve' of someone who might have some kind of bipolar disorder and was certainly enough to make him want to put a gun to his head.

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Anyone traded this beast today?

Could've risked £200 and made £600. And you don't even need huge margin. Sounds like something @nit2wynit would love to trade :D:D 

Although I don't know how large the spread was this morning between 8.00 and 8.30.

Perfect entry would've been after the bounce off pivot and then break of VWAP at 17.0. Then exit around 25.0 or so

image.thumb.png.246fd43d38b3a7cdc0ff5627f9b194ab.png

Edited by DSchenk
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I've not been trading this week as I'm still with Flu, but that's certainly something I'd like to.  Risking 2 to make 6 is a good ratio.  Explain your In and Out to me?

Looking at it on the 5M I'd assume 2 options here.  One would be In at 1st Green Candle at 17 mark with a Stop at 16 if possible.  Then I'd let it ride till 22.6 where I'd get out seeing that long Red.  Of course it kept going but there's no way I'd risk it.  That would look a lot more severe on the 1M.

2nd I'd wait till it broke a New High at around 19 with a stop at 18.  Same Limit again if I saw that Red Candle.

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2 hours ago, nit2wynit said:

Explain your In and Out to me?

In: Classic gap-and-go set-up. Entry after initial drop. Get confirmation as not breaking below pivot and then again as breaking above VWAP

Out: Probably would've sold on first 5min candle to make a new low, which would be around 22.6 at mR2. But then probably already covered profits earlier in that run because of fear of loosing it all in a huge drop again :D :D 

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I made £200 on Pinterest going up.  Left it over night.  Lost quite a bit of profit on the way back down.  I think it was up to £260.

So far on the Demo and my 1k challenge I am up about £750, with not many losses that exceed £50.  I haven't been trading every day.  In fact I haven't trade much at all for the last 3 weeks because of Flu or whatever it is I have.

Disappointing that PINS has dropped though.  I've $1k of shares.  So far they're back to pretty much what I paid for them.  Ironical that I made £200 with SB ha.

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This video popped up on my recommended list:

 

 

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7 hours ago, dmedin said:

This video popped up on my recommended list:

you didn't comment?

funny little video, I though at first it was the typical play, let me tell you some dirty secrets to show you can trust me then let me sell you something, and it was, but not really.

So he's a company and been with IG a long time and is perfectly happy and will remain an IG customer for the foreseeable future, fine but;

  • watch out for the PRT backtester? 
  • don't be fooled by all those flashing lights?
  • didn't see the clearly stated client sentiment data as a contrarian indicator note.
  • the signals service doesn't really work if you just follow it blindly, or you could fade the signals, which he stopped doing because?

There you go, you have been warned ☹️

 

  • Great! 1

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2 hours ago, dmedin said:

@Caseynotes

IKR?  I was disappointed :D

I have a sneaking suspicion there might be quite a few conspiracy theory on your 'recommended for you' list 🙂

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Nice gap-reversal opportunity today with Prudential after they split off M&G as a separate company.

Chart in PRT looks completely skewed, so screenshot from online platform below.

Managed to capture 10 points. Although, could've been 30 points looking at it now

image.thumb.png.17e6822da42f5bb3353ff0f8362297f3.png

Edited by DSchenk

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1 hour ago, DSchenk said:

Nice gap-reversal opportunity today with Prudential after they split off M&G as a separate company.

Chart in PRT looks completely skewed, so screenshot from online platform below.

Managed to capture 10 points. Although, could've been 30 points looking at it now

image.thumb.png.17e6822da42f5bb3353ff0f8362297f3.png

Yeah i think you'd be brave to stay in that one till the end. :D

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2 minutes ago, nit2wynit said:

This is great.  

I see myself in each of the 3 examples :D

 

yes I know, I think we're all in there somewhere  😆

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