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Showing content with the highest reputation on 10/05/19 in Posts

  1. 3 points
    Decided to try this Spreads and CFD's as an experiment, experience and alternative to the sweet 1.5% on offer with ISA's. I had a strategy, still adjusting. I have a plan. But having no experience is a bit of a handicap. I detached myself from the money so it was no longer personal. I have had enormous fun and learned more about the global economy in 4 months and 10 days than the 25 years I have been reading the economist, running a small property business or talking with my very cautious banking friends (all of whom advised me not to spread or trade CFD's ). Opened a demo account and a real one. Despite being clobbered in the lumber markets ( attracted to the volatility) oil, gasoline and tracking the Dow have more than bailed me out. Have I won every week? Not on your Nelly! Did I take it personally when trades did not work out due to impatience, greed or poor timing? To begin with yes. Patience and belief have become my friends, even if the belief has come down to **** minded instinct on occasion. Result? A profit of 38% in real money and 25% including margin or 37.5% without in demo after 4 months. Too much information is worse than not enough so have taken what makes sense. Have traded out of all my positions when Wall street hit 26671, with the exception of Calls on Wall street June 19 (26500), call on Footsie @6725 May and a call on June USD/GBP @1.3100. Still long on oil, though have regularly taken profits. Am still learning about calls and puts so will ride them out or cancel at close. If one is to enter this with intention of it being one's sole income, then you will need at least £50k as your base and not be upset if you lose it all. Do not be obsessive about it either, remember to enjoy life. Don't take losses personally, see them as part of the process. That's about all I can think to say on the subject for now. Save I am enjoying this far more than I imagined I would, but maybe that's because I am in profit.
  2. 2 points
    I'm actually finding the PIA First suggestions useful, when comparing carefully with my own analysis, rather than simply agreeing with everything. I'm sure it's right more often than I am though. 😋
  3. 1 point
    Yes, not quite so much fun though when your account is racing towards zero 😀
  4. 1 point
    Both. Depending. Have gone long and short on oil, gasoline, FX and especially Wall street ( most every time it reaches a new high). Have had less fortune with Lumber which seems to react in it's own sweet way, which I blame on the Chicago weather. Generally am looking for a swing. Then take the money and run. Have found stop losses set too conservatively are triggered easily when volatility is there. So approx 20% + or -, is the stop, which seems huge but has worked for me so far. Go to go as have duties that need attending to...
  5. 1 point
    With most USD crosses going against the USD it seems like this is about USD weakness rather than any other currency strength (or politics or news or whatever). Time to look at DX again. As previously noted, DX looks to have completed a wave 1 (blue) up and is now set for a retrace bearish move to prime the pump for a massive rally to come. And it could be a fairly significant retrace of the Weekly chart is anything to go by but I will consider that only when the retrace is well and truly in play. I need to see a breakout of the Daily chart narrowing channel support line to confirm this scenario and that is fast approaching now. Perhaps Trumps posturing is impacting the USD more than hurting the Chinese? Who cares? I will simply follow the price action within my methodology and and trade accordingly.
  6. 1 point
    Hi @HinduDavi, presuming you are talking about CFDs you can find out more here. https://www.ig.com/uk/cfd-trading
  7. 1 point
    @Markokucic, ok, the ID is 4 letters and 1 number and not 5 letters, if it's not that then it must be asking for the 'mt4 ID' instead which should be directly below on the dashboard and is 5 numbers. Also see that it's asking for your 'investor' password not your master password, you can easy get another one if you can't remember it, just let us know. No need to post a pic of any personal info though.
  8. 1 point
    I don't know what expectations you had when you started David, mine were to make a lot of money and retire. That didn't happen. After a while I stopped trading, took a step back and looked at what was happening. I had none of the stuff mentioned above which are needed for success. What I did have were lots of trading websites, discussion forums, tips websites, news feeds and so on. A confusion of noise with no structure and no plan. If you decided to open a business you would have a business plan. You would probably open a business that you knew something about and had lots of experience in, or could hire people to fill the gaps. You would know how much things cost, how much you could charge, and what the likely market would be. You would do a lot more than that and still might fail for any number of reasons. Spread betting, or any other form of trading is a business. You need to know what you are doing, you need to do it consistently and you need to keep monitoring your performance. To make money you need an 'edge' - which is simply a strategy which over the long term gives you more in wins than losses. It doesn't really matter what that edge is, just that you have it and trade it consistently. You do not need, and should avoid, trading on anyone elses advice. As I write I have a long position on Gold. I could explain why and someone might read this tomorrow, think it sounds reasonable and decide to buy too. I mogt have sold by then and gone short. My advice would be worthless. If you want to make money here's how. Open a demo account, with a similar amount of funding to what you would have in a real account. Review what you already know about trading strategies and pick one that you think you understand. Research this and make sure that you know all of the details. Does it apply to all markets? Does it suit short term or long term trading? Why do you think that it would give you an edge? Write the whole plan down - preferably with a checklist of all conditions that need to be in place before you take a trade. Start trading it with the demo account. Keep doing that for months if you need to until you always stick to your plan. Review the results. Did you stick to the plan? Did you make enough demo profit for it to be worth your while? Keep going with this until you are sure, then start with a small trading account and see if you can still stick to the plan, and make money. As you succeed you can start increasing trade size or adding other strategies but slowly. Remember that the reason for doing this is to make money. If you can increase the value of your trading account by 5% in a year you are doing better than most savings accounts. 3% in a month doubles it in 2 years. Big wins are for adrenalin junkies. Steady consistent wins are for millionaires. Final thought: Spread betting is the hardest 'easy money' you will ever make. Michael
  9. 0 points
    If you haven't it already seen this Steve Bannon interview it's worth a watch. From a month ago and he foresaw that Trump would need to ratchet up the pressure and increase the 10% tariff to 25%, as he says, 'soybeans is a sideshow'. This is about much more as he explains and remember he was on Trump's staff at the beginning when this whole trade war was planned out.