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Showing content with the highest reputation on 27/07/20 in all areas

  1. 3 points
    Once more the brilliant Bo Johnson comes to the rescue of sterling. His multi-dimensional-global-trade-deal-chess match is also doing fabulously well. Naturally, trade relationships with significant trading partners such as Europe, United states and China could not be better and the outlook is fairly reflected in the price of Sterling, which is devaluing like the Zim dollar (ok not quite that bad). Fair to say Sterling is holding its own against the US dollar (which has been diluting its value with trillions and trillions of dollars of new money), but against the Euro the only way is down, it seems. Some may suggest this is good for exports, others may argue not quite so, when reciprocal tariffs are factored in. Ahh the joy of tariffs. And we may have so many to factor, quantify and pay and pay. So much easier than the bureaucracy from europe then. Sterling / Euro pair have been ripe for shorting since the apparent determination of UK govt to leave without a deal and move to WTO rules, thereby subjecting all goods and services to tariffs. Just what the electorate voted for. So good for business. Naturally the city of London is overjoyed. Those shorting Sterling certainly are. Who would have thought the Euro to be so resilient? Bo Johnson the brilliant, tooling with UK trade, or just tool? A combination of arrogance and very unfortunate timing has combined to take the alleged strong hand the Uk had in negotiations to revealing quite the opposite; Trump is too preoccupied with re-election and China and president Xi consider the Uk being a few consonants short of profanity. The EU have had quite enough of brilliant Bo Johnson and his inexperienced negotiators. Combine this with the all encompassing effect of Covid19 and the great plans that seemed oh so probable, now appear fantastically out of step and time and wholly unlikely/impossible. His govt of idealogues have proven incapable of intelligent action and devoid of experience, as neither were requirement for office. So Sterling is paying for this. The Footsie is paying for this. Eventually the taxpayer will pay for it all. Not to forget the ballooning national debt. A really, really big balloon. Well the electorate certainly is getting what it voted for in the recent landslide election. Getting Brexit done quickly and at any cost. Or getting done by Brexit? Schadenfreude.
  2. 2 points
    I thought i summarize my experience so far day trading in case any newer folks are interested Day trading is much harder than swing trading and especially at those lower time frames. From 100+ day trades so far I am certainly no expert and I like being honest, I am on average losing but I learnt a lot. My thoughts so far are: 1. Forget 95% of youtube, it's full of turds just trying to market courses, **** out their channel. Same with forums, no matter what topic it is (fitness, languages), a lot of people lie their asses off and pretend they are experts but in fact know jackshit about it. Even the supposedly guru's are full of sh@t. For example the guy who wrote that best seller "Trading for a living", Dr Elder. He came up with his own "impulse system" and brags about it. It just MACD and Moving average, nothing more . Aslo on their own private forum (which I was on for $60 a month) the group consistently underperform the S&P and even their best Gold start traders barely out perform it. Everytime you asked a question you got told, "buy this extra course for $100's Its the same with Anton Kreil, $15k for a course? I have no idea if he is good or not but its seems to me that it's the easiest thing in the world to prove your validity. Publish your trading accounts, get them audited by an auditor, show tax statements, do live streaming etc If I was building a business as a trainer that's what I would do. 2. Having said that there is a lot of useful information that if you look at it objectively it can be great advice. Keep a word document and write down your own points. Ignore every cherry picked chart they show you (apart from the educational content), use your own, scroll back a 500/1000 bars and then start looking at the extreme right hand bar, moving forwards bar by bar and ask yourself "ok what will I do here", you will soon find out that even if you got the direction right, spreads, commissions, trend reversed too quickly, stops etc killed it . It will paint a very different picture than what youtube baseball-wearing-cap-on-backwards hipster is telling you. 3. Day trading is a job, not a hobby and a difficult one, you need to put in the hours, research, do your homework, keep a trade journal take notes and analyze what you have done etc 4. You are essentially trying to make cash like flipping a coin over the long run with one side weighted in your favour. 5. Forget working on hunches or "I think the stock price will go up / down" You are doomed to failure. A proper system is the only way 6. Risk Management is the most important concept by far in my view. The generally advice is never risk more that 1 - 2% on a trade. I personally think that is too much . I would keep it at 0.5% max until you work what you are doing. 8 losing trades in a row at 1-2% and it starts to hurt and self doubt really creeps in. 7. Demo always seems like a good idea but in reality it never worked for me. I put on trades forget about them, have no psychological connection to wins / losses. You need to use real money, even if it's just the bare minimum to see those losing ££ . I have put on 4 trades over last few days.All 4 were up 2 x Risk but because I am a total **** I didn't cash out and all hit stops resulting in 4 losses. It was only £80 between all 4 but the fact I got greedy (yet again!) annoys me 8. If your profitable with a year you're lucky. My aim is to just break even by christmas to see if I can sustain a modest living in this. I have income from other sources anyway. 9. The reality is that its a heck of a difficult job to make money day trading., Brokers like IG, and all the others make money by continual flow of clients coming in losing cash and eventually leave, hence the large marketing. I don't blame them, it's a business model, not a hippy self help group, but just be realistic. 10. Most news, ideas is **** and pointless. I worked in investment banking on the trading floor for 15+ years. Every Monday we had to come up with a trade idea for clients , Derivatives / inflation, bonds, 90% of them were sh@t, I know I wrote them, we just had to do something. It's the same with market news, broker webinars etc, trading channels / ideas etc, the staff are tasked to do something. More noise, more videos, more website hits, more trades = more commissions / sales. 11. Don't jump around from stock to stock, to FX, to crypto. I believe if you are not making money in two or three the problem is you, not the asset. They all have their own personalities, e.g. Coca cola barely moves, Tech stocks jittery as hell, respond to news, others hardly at all, so you need to spend sufficient time on see what influences what. 12. as above, don’t jump around with different trading strategies, 200 different indicators etc. You need to limit all the moving parts and focus 13. Best way I found to improve, (so far) , For every trade, I immediately write down why I entered the trade (note 5) , for example Long MA Strategy (a) Rising 200MA (b) Rising 20MA , (c) 20MA crosses over 200MA (d) price near 20MA seems like a winner on paper but I still kept getting stopped out. Then afterwards write down what happened, e.g. after the trade exit I put screen shots of 3 time frames (daily hourly / 15min) into a PowerPoint and detailed where I went wrong. Several things became clear such as - 2min charts was pointless, you would never make the spread back - The risk / reward (1:2) was to high, a 1:1.2 would have paid off > 50% of the time . - I was fannying around with stops, for no reason. etc - I'm putting on trades because I'm retarded, e.g. long trade, on a bearish trend in larger time frame The point being, you start to learn about your technique and they way you trade which no book can possibly know. Heck it's boring but I am starting to see patterns about the way I trade (= c@ck up). The best traders I saw in banks were the OCD ones. The wannabe Burberry wearing chavs all got pushed out or sent to Starbucks to pick up the coffee The million dollar question: can you make money? At this stage, I am still undecided. I think there is light at the end of the tunnel but its going to require work, a plan and mental commitment for sure. Anyway, long post but hope it's useful for some folks (apologies for the obscenities!)
  3. 1 point
    Good Morning, May I ask your experience regarding support from the IG team? I tend to be left hanging on the phone for an hour + is this common?
  4. 1 point
    Hi, I would like to know if I as a customer have the ability to have my dividends automatically reinvested in the issuing stock?
  5. 1 point
    As far as I am aware, the £1000 exemption only applies to buying shares via a stock transfer form. There is no consideration when buying electronically.
  6. 1 point
    Read IG's most recent earnings report. Boasting about signing up thousands of new leveraged clients. No sign of boasting about sh!t-awful customer support as a consequence of getting totally overloaded though. Strange that.
  7. 1 point
    IG, I mean... 😄
  8. 1 point
    This link will help refresh your understanding of Margin and Leverage: https://www.ig.com/uk/trading-strategies/what-is-margin-in-trading--200224 "Margin in trading is the deposit required to open and maintain a leveraged position using products such as CFDs and spread bets. When trading on margin, you will get full market exposure by putting up just a fraction of a trade’s full value"
  9. 1 point
    "Research Institute, estimates the central bank’s accumulated ETF purchases since then reached 33.9 trillion yen ($315 billion) as of the end of April, equal to about 90% of the country’s total ETF market." https://www.bloomberg.com/news/articles/2020-05-24/boj-s-massive-etf-buying-seen-benefiting-japan-s-biggest-brokers
  10. 1 point
    Seems like it and it's pretty terrifying. They are not there to help and if their web platform f*cks you over you're on your own. Not good.
  11. 1 point
    This week I shall mostly be trading ... SHOES!!!
  12. 1 point
    That is a great post and is pretty much what I have discovered in a year of day trading. I've been trading and reading up as I've gone along, about 20 books thick now. Found demo account pretty useless part from working out how the exchange fees and interest rates would cost. (I trade a mix of swing and when I feel like staying up late I DT). I'm in Australia so only first half the year works well when the day light saving times means I can start at 1130 instead of 130AM :S. It's interesting to see you've worked on the trading floor. When I first started, I met heaps of guys who worked as analysts, worked in finance, worked at goldman but none of them seemed to know much about day trading or how to do it. Day trading itself is a whole different ball game. A lot of these guys seems to loose a lot of money themselves anyway. I guess they are all trained just to do one thing and just that. We run a few businesses so I know the only real money making in this is the broker. When there's a gold rush, sell shovels. I've surprisingly made a small profit in my first year but yes, this is a full time business/job if you want to do it properly. I remember reading somewhere that this is more control of your emotions than the technical side. And I found this very much to be true. When I lost money it was the emotions getting the most of me instead of my rules and plan. I would exit positions too early on swing trades or not hold my positions long enough according to my plan. Day trading I would get too greedy and not take profits as planned. No plan, no money. *It's interesting that you mentioned the risk reward. Everywhere I read they say risk reward needs to be at least 1:2. I found this almost impossible and found just like you a 20%-30% reward was always possible. Also, to be honest, in DT/swing trading, like every business, you need lots of money to make decent money. If you're only trading with $10-20k I find it quite tiring, perhaps make $80-100k a year? That's why they say it's always easier with someone elses money, get 5% on $4 million and you're good for the year. Likewise, at largest sums, it's harder to make money, which is why firms like Renaissance eventually boot out their original investors. Lol me too. I left pharmacy after 10 years, DT is a lot of difference from the normal pharmacist mentallity.
  13. 1 point
    You certainly can make money. Great post btw. I only started trading April 19, and it was a trial by fire for sure. However, within 6 months it was clearly evident that it was very difficult or impossible to trade Small Cap Stock while Spread Betting. I'll basically sum Day Trading up and Spread Betting in one small paragraph: You can do it, but it's extremely difficult. The lack of Small Cap Stock available while Spread Betting is probably the only real issue that matters. Everything else is simply Trading Good or Bad strategies. If you consider that trading Breakouts (for instance) requires a good selection of stocks to trade and only 1 or 2 of them have the greatest potential, then realising that most of the potential Breakout Stocks aren't actually available with IG or Spread Betting dictates the odds in a forever decreasing pit of despair. However, finding stocks to trade Intra Day or Swing isn't at all a problem. Buying Shares is a breeze too. I've proven to myself very recently that with only £20 you can generate a profit Spread Betting small cap stock. My problem has most often been not taking profit when it's there and holding out for more. My current win rate is 45%, but my PL is 1.4. However, my Shares account was up 30% this week but I'm anticipating a full reversal on all of them.
  14. 1 point
    A really good post Cheers. I am kind of in a same boat. I was a pharmacist for 10 plus years and due to some clever backstabbing by my buisness partner I lost a lot of money and that made me kind of turned off from that profession for now. I used to day trade in my pharmacy school days and so when the country locked up due to Covid`0 I activated my old IB account and got into a free day trading chat room run by Really Good traders at Trade-Ideas. I would say that in the past 4 months i have learned a lot from those guys. learned to set scans pre market and aftermarket for early trades, momentum and Gap scanner set up for gapping stocks and stocks that are piercing thru the MA's and daily resistances. I am not too much of a chart indicators kind of guy i am ok with just having 9,20,50, 200 EMA and VWAP. It was my pleasure to read your post. I would suggest maybe taking out a small subscription to this servise called Trade-Ideas. It has helped me immensely. And I would love to share ideas with you and take your thoughts on things if that is ok with you. Cheers JB
  15. 1 point
  16. 1 point
    Yeah look I am, in under no illusion that this could be a total waste of time, in fact it more satisfying the curiosity I have had about this for years. I think there are other fringe benefits to trading , such as starting to take note about general money management. For example I remortgage my property a month ago. I was paying an extra 1.5% for probably 8 year than I really needed to. Leaving cash just sitting in a current account for a decade and so on all has long term significant impacts on your wealth. I am approaching 50 and the best thing I ever did money wise was getting on the property ladder , No one really thinks about this or pension funds in your 20's (i didn't) , but the significant savings or changes in potential wealth can be huge all for a just a change in attitude . Even if you quit trading , just dumping some money into the S&P, FTSE and let it compound away for decades is well worth doing But like the "trading experts", I am wise after the fact 😄
  17. 1 point
    great post and very true i have been trading more or less every day during lockdown i have two suggestions for utube traders to follow both are free and want no money no scams no subscription fees etc , first is brian watt also known as mr yen this guy has terminal cancer is a mean regression trader u can watch previous shows from channel , very good over 3 months he has not had a loosing trade he is v opinionated and wont be to everyones taste ,based in usa so starts 1400/1430 uk time second one is :trades by matt : bases in usa also excellent free and has several help videos , very calm the opposite and very different trading style of brian watt , check them both out i assure you you will learn from these two guys .both are also on twitter , @realbrianwatt and @tradesbymatt, good luck
  18. 1 point
    This is an amazing post and perfect for me as I am just starting my journey - also from a banking and finance background. I posted something here earlier, but do you use a news feed? if so, which one? if not, why not and what are your thoughts? Good luck with the next stage of your journey.
  19. 1 point
    Hello, I was reading through the posts and could see that a reply from Charlotte at IG last year gave the rollout date for PRTv11 around the end of 2019 / start 2020. This ETA was from the technical team at IG. Having worked in IT for many decades I can appreciate it can be difficult to rollout things on time. The issue I have is my automated strategy relies on the functionality provided in version 11, so I am at an impass at the moment if I am to continue trading with IG using the PRT platform....which I really like. Is there any update on when version 11 of PRT will be made available? Regards, Roy
  20. 1 point
    Was on the phone to IG last week about how long my account would take to complete pending. They said i was going to get a call back that afternoon to confirm everything, but i didnt get one, and now that its 2 business days later than when my account was to me completed, Im having to look into other brokerages. I live in NZ, but they have it available to me through the Australian department. If they told me itll take a while i wouldn't mind, its just that they told me I would be getting a call back that day.
  21. 0 points
    I believe your favourite purveyor of roll d' sausage is reporting tomorrow. Could well be hardcrust.
  22. 0 points
    4th Phone call. Still no fix. $1600USD loss and counting. Have not been able to close the stock for over a week now. Has been pushed up to corporate as no one can help or give a straight answer. Looks like this is going to be headed to the onbudsman. This is beyond technical negligence.
  23. 0 points
    You are not the only one. I have given up. You send an email and your question is evaded by a junior like Prime Ministers Question Time. They took all my deposit in expenses and various people argued and offered some compensation or refund and finally nothing was returned as per their email till balance was ZERO.
  24. 0 points
    all of the above but just to add that margin is leverage, just looking at it from the other side, so leverage 1:30 = 3.33% margin (1/30 = 0.0333 x 100/1 = 3.33%) 1:20 = 5% 1:10 = 10% 1:5 = 20% 1:2 = 50%
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