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Showing content with the highest reputation on 05/09/20 in all areas

  1. 2 points
  2. 1 point
    To make it short - I probably should have never started trading. Over the last 12 years I have accumulated total net losses that exceed my annual salary by a multiple. And I could have actually used that money quite well. To help my partner, my family, to feel more confident, more independent, to have more flexibility to enjoy life. I lived a relatively modest life, always focused on building wealth in the long term to be some day independent - free. And if it was not for my trading losses, I could have probably achieved that by now. But instead I not only lost massively, I also wasted an excessive amount of time trying to trade successfully. The fascination for markets I've had since childhood made me miss out on life. I made every mistake you can think of. And I made I made every mistake again, and again, and again, and again. Since I Iost my first 10 K when Lehman defaulted, I was never up. My losses grew to 40K, then 70K, then shrank to 40 K, and over the last two years rose to around 400K. In my best six months period I made 30K. So even if I would have only such periods from now on, it would take me almost seven years to break even. No need to mention that this affected my life in all areas. Depression, chain smoking, neglecting physical fitness, it all impacts on-the-job performance as well. Social contacts - don't get me started. What would have saved me, seems obvious: for one, setting strict loss limits, and adhering to them no matter what. Second, mentally preparing for losses. Having a clear plan what to do when you lose, like taking a break, waiting till you can be sure your head has cooled, and you're acting on the RIGHT emotions (intuition), not on the urge to mitigate your suffering. So why didn't I? More on that further below. With my track record, I guess 99.999% of you would tell me to stop and never start again. And I've tried that. And succeeded for periods exceeding a year at times. I also succeeded trading only small amounts for months. As well as following low risk strategies for a year or so. But positions suddenly moving against me, increasing market volatility, or also trades working out surprisingly well, all trigger "my other self" to take over - and suddenly I'm aggressively hunting for all the money I've lost - at times being extremely lucky and making nice short-term gains - just to loose them within a day, a few hours or even minutes. I am writing this, after seeing a youtube video by Denise Shull, who states that neurological research indicates that the better you can express your emotions, the better you will be able to handle them. And I believe my story may be useful as a warning for some of you, and maybe give hold to others of you, who may be suffering from a similarly disastrous experience. Such can take you to some very dark places - and I believe I can assure you I've been there - and I always found happiness again after. Time heals all wounds. You can change NOW. And yes, it's not only the money - it's the shame as well, being a loser. In my case, maybe it would have been easier if I was not working professionally in the investment industry, mostly in risk management, to complete the irony. I have a masters degree in finance with specialization in capital market research, am a certified financial risk manager, and a chartered alternative investment analyst. I've worked in the industry 15 years, been following markets for more than 30 years and have a Bloomberg screen in front of me for 40 hours a week. So if there's a loser of losers, the worst loser ever - it's most likely me and not you, so cheer up. But obviously I cannot tell you how to improve - if you're like me, then there's nothing I can say that has proven to work. There's a monster inside me, that keeps me coming back. I would name this monster "Hope". All you have to do is start with a thousand, double your capital 10 times (to 2, 4, 8...), and you're a millionaire, right? And how easy is it to double one's capital. We all can make 200 out of 100 within hours at some point (we may have lost a few thousands the hours before though). Finally back to above question: why did I not adhere to my limits and plans. I wish I knew. Maybe resisting urges is harder for some of us than it is for others - like those who have longer legs are likely to run faster - ceteris paribus. What do you think? I'm trying a new approach now. I changed my target: full focus is now on not losing more than 500 the coming week. As J Powell would phrase it: I'm not even thinking about thinking about thinking about profits.
  3. 1 point
    IG is a big public company, its more likely to be incompetence than nefarious. some small dodgy brokers though are notorious for dirty tricks like showing you candles that dont exist. cfd brokers have a dealing desk whose job is to hedge unmatched trades and take counterparty trades where they expect to profit. the profits are huge. https://www.iggroup.com/investors/financial-results these dont come from shaving tight spreads and commission. indeed close to 50% profits on revenue. can only come from people blowing up their accounts. it's the cfd business model, over-leveraged accounts will blow up sooner or later, the cfd broker always has his eye on your entire capital. hence for example why they wont break out individual margins on trades, everything is designed to get you to overleverage. regulators really need to put a broom through this industry.
  4. 1 point
    This is Nison's candlestick book and it's one of my favourites. https://www.pdfdrive.com/japanese-candlestick-charting-techniques-e13778991.html
  5. 1 point
    `The key really (for everyone not just you) is to change the mindset to stop thinking like a gambler and instead think automation, as in the video - know your strategy so well you don't need to think. So instead of all the maybe, could and should nonsense it's the, - if the market does this then I will automatically do that. The strategy needs to be simple and applied to a certain chart structure and be tested to ensure positive expectancy. It doesn't matter if it only has a win rate of 50% if the overall risk/reward is 1:1.5 or more over multiple trades. yes, everyone wants to run their trades to massive profits but nearly always end up seeing any profit disappear and scramble out at break even or a loss hence have a realistic set target, at least till you are consistently profitable. and yes, it's often not worth the torture of waiting to get stopped out, pull the plug if the reason for taking the trade in the first place has been nullified.
  6. 1 point
    I started losing massively as well and what improved my situation was the ability to follow a system. If you don't have one that is clearly a flaw to fix. We discussed in this post our loses : https://community.ig.com/forums/topic/12368-whats-your-record-for-the-most-losing-trades-in-a-row if you want to laugh, we all have been there. What went wrong for me, I: ... didn't have a plan to exit before I entered, no risk management at all. ... executed my trades manually. ... revenge-traded chasing loses. ... used indicators. What went right for me, I: ... removed completely all indicators, I entered randomly. There is no way I can justify why I entered in a trade using indicators so I removed them, I also didn't look at charts at all. ... had a clear exit point that I never changed and executed with stoicism, specially when taking loses. This came out of a risk management plan. ... automated every single trade and set my trailing limits and stops loses in a separate database. This can be done with orders trough the web interface, it was just my preference to do it. ... never read the news, specially the ones specialized about stock markets.
  7. 1 point
    Nasdaq monthly 10 year trend channel Aggresive call buyers made it go "thru the roof" Will the parabolic move continue or is it back in the channel again? I would say back in the channel, but with all the stimulus and manipulation going on who knows? As long as the upper trendline holds (support) i suppose buy the dip continue?
  8. 1 point
    I personally don't worry too much about indicators myself though vwap and volume can be useful tools, instead I prefer repeating chart patterns like simple dip buying in strong trends or perhaps reversals off strong support/resistance levels. I was just re-watching a short video I posted in another thread about strategy selection, development and execution which might interest you (the process rather than the actual strategy he uses to demonstrate the process).
  9. 1 point
    Would you be willing to share your trading diary? We can run backtesters to highlight what could have been done to improve your history of trades. If you are planning to start with a new system you can post it here in the forum or at: https://www.mql5.com/en/code People there are great at giving feedback that can improve your system.
  10. 1 point
    Every trader has been in that zone and made most trading mistakes - it's why only 5% survive the journey Discipline I'm afraid - rules, stick to them, read them, apply them Another aspect is because of your qualifications and work (I used to be a Financial Adviser) you'll think you know what the markets going to do and you'll be fighting that subconsciously with proving yourself right Everything comes into the mix - the keys to success is not a method although that does help, it's managing emotions, controlling things you can manage and being absolutely disciplined and ruthless in your execution of trades etc Thanks for sharing your story - it will be applicable to others, I just hope that you rectify the issues and start to win One method for keeping yourself in check is to withdraw 50-70% of winnings shove them in another non-trading/Investment account and leave them, so you're growing an account slowly Wishing you all the best for your future
  11. 1 point
    People will say that patience is important in trading but it's nowhere near as important as discipline. Most people can't stick to a basic strategy for love nor money, we have to tinker, we tell ourselves these adjustments are improvements and continue on till there is no semblance to the original and then discard it and move onto the next thing having decided it doesn't work without realising we didn't actually give it a chance. Find a simple strategy with cast iron entry rules and add a fixed stop loss and profit target amount so that when the alarm goes you just hit the buy or sell and then forget it. Backtest and forward test to prove positive expectancy. If it actually works over a fair number of trades try it out live with minimum bet size. If your account grows have a fixed time period to reassess bet size. Have a max amount you are willing to lose per week, once hit stop trading till next week (market conditions not conducive to your strategy). Discipline can only be applied if the objective is fixed. Fixed entry rules, fixed loss and target, fixed periodic position size adjustment, fixed max weekly loss amount. Working in the industry is probably more a hindrance than a help and just saying 'walk away' is not much use, hope the above might help.
  12. 1 point
    Brian Watt piecing it all together ...
  13. 1 point
    You can also try to calculate market volatility. http://1.droppdf.com/files/gxQpD/volatility-trading-2013.pdf
  14. 1 point
    Anna Coulling's 'A Complete Guide to Volume Price Analysis'. https://www.fx-arabia.com/vb/uploaded/3212_11399310873.pdf
  15. 1 point
    Go ahead - we don't endorse anything external, but happy for you to link. Just nothing paid for please.
  16. 1 point
    Morning, You can see these in platform, this post shows where: Shout if any questions. Cheers, Ludwik
  17. 1 point
  18. 1 point
    My own requests: IG videos that are in their own "window", don't obstruct the platform view, and can be resized like other elements. We had this at one point, they showed up in the notifications pane and now they're gone. I asked support if they'd come back and was told there's no plans to bring it back. This would be nice for reuters videos as well. An economic calendar inside the trading platform, not one that opens to a new site. The ability to change font sizes on news overlays. Echoing other requests: Backtesting feature like TradingView's market replay would be awesome. I'd have little need to visit another platform if that were available. TradingView integration. Oanda and FXCM are already there as well as Gemini. Would be handy to trade FX along with crypto. The ability to fully reset demo accounts. The ability to set the chart timezone. A market clock showing which markets are active and which will soon be active (perhaps one like forex factory has?) Pie in the sky requests: Crypto and commodities trading in the US.
  19. 1 point
    Add a +1 from me! TradingView support would be phenomenal.
  20. 1 point
    yes, better to have things line up rather than hoping one thing on it's own will be strong enough ( unless it's major news). Fundamentals with technicals, multi time frame trend oscillators all aligned with each other and with price action which will always have the final say and be the actual trigger.
  21. 1 point
    Its difficult to know whether to reply on pure price action, indicators or news. I suspect a mixture of all is the way forward . For example I have been researching Gold and despite it all suggesting buy (and my subsequent loss) , last friday's and early this week sell off was due to funds monetizing profits of which they may well reload .
  22. 1 point
    All of the indicators work to some degree or another, it's a case of finding one that suits your style of trading as well as your preferential market and time frame. Maybe add a filter indicator that keeps you out of more bad trades than good ones and also know the market (chart) structure on which to apply it. Remove the thinking and guess work and trade the plan like an algo would. T
  23. 1 point
    That's the EXACT reason I posted my NEW MOON post - I was going to flip a coin but as I couldn't be bothered to I just opted for it to trade long every new moon - They KEY of the system is the money management and I'm willing to bet it beats 99% of traders and Investors out there most years over 20/30 years Try trading randomly on paper for 12 months - Flip a coin 1st trading day of every month (heads = go long and tails = go short @ the open - set a stop that is a % of ATR/volatility and a target that is 4+ times the risk I've had in the past about 30 losses in a row in my early days - but i was trading multiple methods and it's dead easy to have 10 in a row per system especially with too tight a stop loss! Drawdowns are parts of all trading methods - you have absolutely no idea in what order the wins/losses are coming in - so its best to know your numbers and assume all the losses are coming one after the other
  24. 1 point
    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!)
  25. 1 point
    can be more than 10 times in a row for me..almost feels like the market is just looking at what I am doing and going opposite of me. It also makes me feel like I would do better trading with my eyes closed at times...
  26. 1 point
    FXCM is now a supported broker on TradingView, its currently limited to Forex and Indicies. They have implemented full integration, so you sign into FXCM via the TradingView platform. Is this even being considered IG? There are 10,000,000 active monthly users on TradingView 💰
  27. 1 point
    Turning on FX swap bid/offer When trading currency pairs, if a position is held through 10pm GMT, it will incur an overnight funding charge. This charge is based on the interest rate differential between the two currencies in the pair, where you receive interest in the currency you buy and pay interest on the currency you sell. Swap rates also apply to cryptocurrencies and spot gold, silver, platinum or palladium. Based on client feedback we have now added these overnight funding charges to the platform. Please keep in mind that they are indicative figures. These swap rates are viewed from a watchlist. Once you have an FX pair on the watchlist, by clicking on the three lines that are positioned on the left-hand corner next to the word 'market', a drop down of columns will appear. Click on the swap bid and swap offer buttons to activate them. What does this mean for me? If GBPUSD was quoted as 0.22 / -0.85 then the 0.22 would be what you receive if you are short, and the 0.85 would be what you pay if you are long. You then need to do the trade size times this value. For example a spread bet of £3/pt on the short trade would result in a credit to your account of 66p (which comes from 0.22 x £3). If you have a CFD account and you're holding a single $10 contract long, you would pay $8.50 per night (which comes from 1 contract x $10 x 0.85). Where does this figure come from? The figure is shown in points and depending on the currency you hold and the direction of your trade you can either earn or pay a premium, keeping in mind that there is an IG charge included in the calculation. Currently this is 0.3% (or 0.8% for mini contracts and spread bets) however as this is subject to change please check IG.com for the latest fees. If you are long on a currency pair, you will need to focus on the swap offer, and if you are short you will focus on the swap bid. If the swap is a positive number, you will be credited, because the interest rate on the currency you are buying is higher than the interest rate on the currency you are selling. If the rate is a negative number you will be charged, because the interest rate on the currency you are buying is lower than the interest rate on the currency you are selling. If the interest rate on the euro is 0.25% and the interest rate on the USD is 2.75% and you buy EURUSD, you will be receiving 0.25% but paying 2.75%, and will be left with an interest rate differential of 2.5 points (excluding the IG change). Example: Let us take EURUSD as a worked example. We will need two figures for our calculation, the underlying market swap rate (known as the Tom/Next rate, which is provided by the banks), as well as the current spot rate of the currency pair at 10pm. The below figures are indicative for this calculation. An example of the underlying 'Tom/Next' rate for EURUSD: 0.34 / 0.39 An example of today's Spot FX rate for EURUSD at 10pm UK time: 1.0650 An example IG admin fee of 0.3% which is subject to change (please find the most up to date admin fees on IG.com) Once we have the Tom/Next rate, we take the 10pm EURUSD spot rate (in points) and multiply by IG's charge of 0.3% (or 0.8% for CFD mini or Spread Betting deal), which is then divided by 360 days to get an overnight value. = (10650 x 0.3%) / 360 = 31.95 / 360 = 0.08875 This is then applied to the underlying market quote of 0.34 / 0.39 Bid = 0.34 - 0.08875 = 0.25125 = 0.25 Offer = 0.39 + 0.08875 = 0.47875 = 0.48 This then gives us our overnight funding rate, inclusive of IG charge, of 0.25 / - 0.48. The '˜Offer' is negative, because currently there is a higher interest rate on USD than there is on EUR. Therefore, buying the pair would leave you paying a larger USD interest vs receiving a smaller EUR interest. E.g. If you were long one main lot, you would do 'Number of Contracts x Contract Size x Tom Next Rate'. Using the information above, if you were long one main lot, your 'Daily FX Interest' would be: 1 x $10 x - 0.48 = $4.80 charge per night. (Conversely if you were short, you would receive $2.50 per night). Important factors to note FX settlement of T+2 means that if you hold your trade through 10pm Wednesday (UK Time) then you'll need to incorporate the weekend into the calculation, and therefore you'll have an 'FX Interest Charge' of 3 days. This is because currency can't settle at the weekend, and the new spot rate would therefore fall on a Monday. It also follows that if you hold through 10pm on a Friday, you only receive a 1 day charge (even though you have to hold through three days before you can close the position). Settlement of FX can't take place on public holidays. Therefore, over periods such as Christmas or Easter, or public holidays such as Martin Luther King Day or Thanksgiving, you may see interest charges for a variable number of days. Some currencies trade on a T+1 basis, most notably USDCAD, USDTRY and USDRUB.
  28. 0 points
    I don’t have a problem with what you wrote, but it is off at a tangent to what I wrote and do.
  29. 0 points
    a while back some smart joker said ... 'I didn't realise I was competing in a two way auction, I thought I was just gambling like I do in Vegas where if the action is really hot and the big guys are throwing lots of money around and the spread is getting bigger and bigger then that is exactly the right time to jump in, boy was I suckered.,