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Showing content with the highest reputation on 29/06/20 in all areas

  1. 1 point
    To make your trading plan and trade strategy just answer these questions then move on to the testing section below. 1/ TRADING PLAN a) System What type of trader will I be? Swing, trend trader, trend follower, day trader, Elliot Wave, Fibonacci, option trader, another, or a combination? What time frame will I be trading on? What will I be trading? Will I trade long or short or both? What has to happen to invalidate my trading system and make me look for flaws in my thinking? b) Psychology How big of a position size can I mentally and emotionally handle trading? Does my chosen trading method fit my personality for activity and risk tolerance? Do I actually enjoy trading? Do I have the mental strength to persevere until successful in trading? c) Risk How much of my trading capital will I risk per trade? How many losses in a row with this level of risk will lead to blowing up my trading account? How much will I lose at one time if all my open positions go against me at the same time? How correlated with each other are all your open positions and your potential trading vehicles that are on your watch list? 2/ TRADING STRATEGY What signals my entry? What will signal my exit? Where will the initial stop loss go? Do I use a trailing stop or a price target to lock in profits? What is the probability of my trade working out based on historical data? (see testing below). STRATEGY TESTING Ok, so you've discovered that a random approach doesn't work so you've found a strategy but you'll have no confidence to trade with real money until you've proved to yourself it actually works and that means testing and collecting data over a number of trades on demo first. The simplest data to collect are the win rate and the average risk/reward ratio of say 20 demo trades, you can then plot these onto a profitability graph to see if the strategy actually works before you risk real money. To collect the trade data you will need a simple spread sheet, try this one https://forums.babypips.com/t/free-excel-trading-journal/52738 Just fill in these 9 green boxes for excel to auto calc the Win rate and the average Risk/Reward Ratio. The date is by drop down box as is the asset, you can change the list of assets to whatever on the 'List Variables' tab. Use the Take Profit as the exit price even if it's a loss and leave the Exit Price column blank. Take the Win Rate and the Average RRR and plot them on the graph, anywhere above the red line is profitable, below the line is not. NB/ The journal works fine on windows excel but if opening it in Windows 10 OpenOffice you will get the 'invalid entry' pop up for columns G,H, and I, click on the letter to highlight (G, H & I) > data > validity and uncheck the 'show error message'. OpenOffice has also allocated the currency dropdown box for G, H & I so just ignore. So now you have a trading plan, that probably won't change much unless your circumstances change, and you also have a trading strategy to bolt onto the plan, you may have 2 or 3 of them, say a buy the dip strategy and a breakout strategy, and you also have a means to test that strategy on demo to gauge if it really does have a chance of working out on a live account. You may go through a number of strategies or make changes and retest again and again before finding something to test on a live account but at least you're not losing real money to find out if it really works or not because if it doesn't work on demo it won't work live. Best of Luck
  2. 1 point
    I'm a scalper, and so it is important to get out early in both a win and a loss situation. Especially when markets are as bouncy as they are at the moment. I take half profit at Target 1 and move SL to breakeven. My expectancy is that a winning trade will average 2.4*R, so I normally fully close the trade at 2*R. If I am going to leave it running in the hope for more, then I move the SL up to 3 pips under the 3rd bar back from the current price. My strategy gives me at least two entry opportunities every day, so I don't mind getting stopped out in profit.
  3. 1 point
    Dow pushes up through the pivot. H1 charts;
  4. 1 point
    on/off buttons for the daily pivots, intraday fibs, on-chart wpr and heikin ashi moving average, do you not have that on the other platforms?
  5. 1 point
    Firstly, I apologise if this is too basic of a question, I'm new to this. I'm trying to place a trailing stop loss or even a basic stop loss to my open positions. I only seem to get the guaranteed/ trailing and basic stop loss options in the spread betting platform. When I click on "Deal" in one of my open positions, I only get a limit order option when I choose "Sell", I get the notification that this order will execute immediately, which I don't want. I just want to specify the price at which I'd like to exit my position without it triggering immediately. Thank you! Best regards Ali
  6. 1 point
    My daily chart not displaying all history on spread betting and CFD accounts for the Wall Street market. Everything else seems to be working well!!??
  7. 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
  8. 0 points
    I encountered Web API edit working order (url \workingorder_otc\DealId _ rejected with reason: ATTACHED_ORDER_LEVEL_ERROR. What are the possible causes for this rejection? Most of the the times I don't gt this error.
  9. 0 points
    H1 chart;
  10. 0 points
    you're not a very good listener but let's try again anyway. everything works sometimes. every indicator developed will always have the footnote 'not to be used in isolation'. when a new indicator is created it goes through algos to determine the best settings to make as the default settings, this usually involves thousands of tests, to keep the numbers manageable they nearly all use the daily chart to run the tests on, this is fine if you are trading on the daily chart but if not it is advisable to review the default settings on your chosen time frame. so there are no hard rules for indicators, they can only indicate anyway. none can be relied upon to give definitive answers, this is why people will look for 2 or 3 indicators to converge to give a signal that you have found, by testing on the particular market and time frame you have chosen, to have a positive expectancy. you've spent months not to mention £££ trying to avoid proper testing, good luck with that 😓
  11. 0 points
    Not much movement over the weekend. Indices and Bonds mixed. Oil down and Gold up. Today Ger consumer prices at 1pm. Watch out US NFP this week on Thursday and US July Bank Holiday Friday. EUR up, USD down.