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Showing content with the highest reputation since 05/08/20 in Posts

  1. 5 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!)
  2. 4 points
    Development needs for Share Dealing and ISA Accounts: - 1. A low-cost Dividend Reinvestment facility is a must - this will have huge benefits for IG as, with your commission structure, I'm confident you would attract more long-term investors by offering a DRIP facility 2. Please include all costs in the positions window (i.e. commission plus stamp duty) so that average price and profit/loss figures are accurate 3. Please improve your help desk and phone availability - responses are extremely slow or with the help desk email sometimes non-existent, which reflects very badly on IG and suggests your investors are much lower priority than higher value margin clients
  3. 3 points
    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...
  4. 3 points
    Please assign the IG labs forums to someone that doesn't ignore messages. There must be someone that can respond to technical questions. There are posts that have been sitting there for months. https://labs.ig.com/node/702 It is very frustrating to see that there is no one to help there.
  5. 3 points
    Limit (take profit) orders on daily and weekly options would be nice
  6. 2 points
    More than -17K in three days. It took me 2 years to recover it
  7. 2 points
    yeah I agree, the other option of paying a $30 round trip for non FX conversion is just a sneaky way of doing business. It bugs me that they hide this in the fine print especially when there is no logical reason for it and no one at IG can give a straight answer as to why , They should be encouraging clients to trade not discourage them.
  8. 2 points
    Title says it all, is there any way for it to be all the same for simplicity?
  9. 2 points
    Volatility is such fun. If you are on the right side of it , of course. Dow@ 27239, will go higher expect 27550+/- 1%. Then hang on to your shorts as it's big swinging cahones time. If there is no more stimulus, saving the Fed largesse then watch the Dow sink 3-5% as retrenchment may be the order of the day. With stimulus expect a gain, then retrenchment, then exuberance, then retrenchment, then a small nervous breakdown....... It's as if the Dow has become the schizophrenic naughty cousin of the S&P. Today is the last day before the delayed August break for Congress so it's pooh or bust for legislators, who will naturally blame each other if they fail to agree. Ahh the competence of governments.......
  10. 2 points
    Whats really funny is that he wants to force a vaccine on every human being on the planet, yet he cannot even get rid of the viruses on his software! Maybe sorting that out would be a good start. But oh I forgot its all about the money and power.....
  11. 2 points
    I call it a wash and rinse - it happens often at swing lows and swing highs, as they are the obvious place for stops to be placed at, the "science" of the markets means that these places are often hit because of what the market HAS to do to move.
  12. 2 points
    online option dealing for individual shares and stocks (usa)
  13. 2 points
    I believe that it's better to get the basics right first, so in order of importance: 1. Fix your charts please (those bizarre spikes up and down not seen at any other broker, as well as those empty spaces on charts for Sat/Sun, see example of your own chart below with 2-bars wide empty spaces between each Friday and Monday) 2. Trailing stop loss on ISA/sharedealing account 3. Volume moving average 4. P/L and P/L %age for the day (currently only showing P/L since the position was opened) 5. Trade analytics tool on ISA/share dealing account - you keep emailing me to check it out but it's still not available on my accounts The below I realise it's unlikely to happen, but it would be amazing to have: 6. Stock screener similar to what Stockopedia offers (realise this is a premium feature so would be happy to pay extra for it) 7. An option similar to 'export chart' but for trade details, i.e. exporting trade data to excel sheet, like entry price, values for MAs and indicators currently on the chart etc. basically all the info visible on the chart but as numbers instead of a picture
  14. 2 points
    The backtesting tool that is available on TradingView.com (it's also available on the infinitely inferior Barchart.com) Do you know the one I am talking about Charlotte? It lets people test a strategy without needing to know how to program. Sometimes trades are too complex to be done entirely programmatically anyway (a few basic parameters can alert you to a potential setup, then you can review it manually before deciding to go in) TradingView.com is just generally more aesthetic, faster, responsive and intuitive.
  15. 1 point
    If in the UK you can buy physical silver (coins or bars) from the royal mint or royal mint authorised dealers. Just search the internet. You probably want to buy whatever is captial gains tax exempt (I think silver britannias are). Shop around for the best price and also be careful about VAT as I think you may have to pay that on some purchases and not on others . Of course when you buy physical silver in UK as an investment you also have to consider what GBP/ USD is up to as any change in exchange rate in future will affect your return (as silver is priced in USD). If you don't want physical then you could buy shares in a silver ETF (eg. SSLN) which is backed by physical metal or if you want to spread bet it you could buy spot silver. It all depends why you want to buy it. If just as an investment then you get a better return buying etf or spread betting (easier to cash in when you want to and potentially less hassles with tax). If you are worried the banking system will freeze up and you can't get money out at some point in the future ( possibly not likely but you can never rule it out) then it's physical - stored outside the banking system either with a company or stored somewhere by yourself. I'm not an expert on this but have just read a bit about it lately as lots of articles suggesting silver will go higher over the next months / year.
  16. 1 point
    Copper looks like it is in a very interesting place. My thinking... Demand is dropping as factories are slow to get back to work and GDP is falling in the major economies. On a positive note, demand in China, the biggest market, would appear to be coming back. On the supply side, mining has help up during the response to Covid_19 and supply seems strong. Lower demand, higher supply and price at a 2 year high... perhaps a correction is due. I am considering a short position and will start thinking about an entry level.
  17. 1 point
    Hello, I'm trying to figure out the Margin Required to create a BUY position on EUR/USD with my base currency in AUD. However - I really don't know how to get the calculation right, can you please help? Please see the attached screenshot EURUSD_1.png and EURUSD_2.png: Size: 5 Contract Size: EUR 10,000 Price: 1.12208 (EUR/USD) Value of one point: USD 1 Margin: 0.5% Margin Required (USD): US$108.01 My calculation: I understand to get the Margin Required in AUD - it would require currency conversion from USD to AUD. However - I cannot even get the calculation right for the Margin Required (USD) : USD108.01. Can anyone help me how to get that figure (ie. USD108.01)? Below is more information about EURUSD mini pair. (if it helps). Please let me know Thank you
  18. 1 point
    yes, smaller companies. also you are right to avoid the open when there is always turmoil with big volumes going through in both directions, rather wait for things to settle and one way direction to the next level is established.
  19. 1 point
    Hi all, Easy question of the day. Just wondered what the stats were from people who know a lot more than me. As i keep reading every trade is 50/50 so interesting to know how this looks in reality. It makes me laugh how many tools there are out there and yet it still seems easier to win on flipping a fair coin than to trade on a daily basis. Thanks
  20. 1 point
    I did the same thing on Dax, Tom, and got a similar win rate (49%) This is the running equity position, based on points It's wonderful! I'm already trading this system on multiple markets
  21. 1 point
    Dax and Dow H1. Dow taking another look at R2;
  22. 1 point
    Biden shops for self-help books 😃🤔 https://video.twimg.com/ext_tw_video/1238302374373888002/pu/vid/1280x720/hXIZRC7AuUxKuOjZ.mp4?tag=10
  23. 1 point
    for uk stuff https://www.londonstockexchange.com/indices/ftse-100/constituents/risers-and-fallers-and-volume-leaders if you click on where I arrowed, you can change the index
  24. 1 point
    13 - twice. See below graph taken from the 'Trade Planing and Testing' thread.
  25. 1 point
    what are you doing these days with trades. although early loss pretty bad you can tell your system seems to be good.
  26. 1 point
    a platform should not dictate what strategy to use for gaining maximum profits. In the end it depends on the setup of the trade you are doing which one to go for.
  27. 1 point
    1) It would be really helpful to be able to change a stop loss from normal to guaranteed stop in the online trading platform. Currently we can only do that on the mobile app which is ridiculous because the online trading platform should be having more features than the mobile app. 2) Allow us to set limit (take profit) for partial position size. Example if I buy 5 contracts of AUD/USD at 0.7150. I would like the option to be able to set take profit for 3 contracts at 0.7170 and 2 contracts at 0.7190.
  28. 1 point
    A strong charge going into the weekend, a sure sign of bullish confidence. S&P H4 chart;
  29. 1 point
    Hi, if you are on the Share Dealing platform some exchanges don't offer stop loss orders so need to put a sell order in after you have bought the shares. SB and CFDs are leveraged and you need to apply for a separate leveraged account to trade them on their respective platforms.
  30. 1 point
    The top row A is the relative strengths of each currency, strongest on the left to weakest on the right when the snap was taken. B is the strength difference between the pairs and C ranks them from largest at the top to smallest difference at the bottom. So the top 4 all have a Diff of -4.4 but when spread is taken into account the the best trade was calced as Short (red) gbpusd. A look at the chart shows that this is not new news but given that the correlation table updates every second is worth keeping an eye on. Equally important is knowing which pairs to stay away from, those of equal strength and just going sideways.
  31. 1 point
    For day trading you need a broker who does not eat your profits in the name of conversion and commission. IG is the worst. with falling USD there is no point in dealing with shares for IG. Example 1) Bought SPOT 50 shares at $253 1) 2 hours later sold SPOT at $256. Return -£25 (yes negative) They say they don't charge commissions but their conversion rates are so different for buy and sell that you are just donating them your research, hardwork and profit. Did the same experiment with DEGIRO ended up with £100+.
  32. 1 point
    I have been following with great interest the various comments re your ‘baptism of fire’ over the last few months. From my own personal experience and testing the advice of others, a comment made on another platform that sticks with me very forcefully is: “the only aspiration of the market is to persuade you to pay more for your shares than they are worth and then to buy them back from you at a much lower price”. Whatever the ‘news management’ or any other marketing stratagems used, these are exclusively for the sole purpose of making money for the market at your/my expense. Call me a cynic, but nothing I have seen over the last 4 years convinces me otherwise. True value has its place but it is hard to find and the ‘retail’ (that is us) usually arrives on the scene after the profit bus has already left.
  33. 1 point
    that is correct, there is no test for covid 19 specifically ,only for corona viruses in general which includes the common cold.
  34. 1 point
    There was a video that didnt stay on YouTube for very long of doctors meeting up in Washington. They have been using HCQ for prevention and have not lost a single patient. There are other doctors that have come out in support of this pharma drug for prevention, e.g. Prof. Dolores Cahill. There are lots of doctors around the world speaking out about this madness but they are being censored and shut down. What is going on is psychological terrorism and people are not educated about looking after their own health by strenghtening their immune system. They have still not found a cure for HIV after 35 years. There is no cure for the other coronaviruses that we get every winter. Why does anyone think there will be a cure for the covid.
  35. 1 point
    Any Indicator setting is useful it all depends what confirmation you need, doesn't matter about the time-frame - if you're using an Indicator it works best when it is as SPECIFIC as possible for the method I spent a year full-time in between trades looking at Indicators back in 2010 - All Indicators are mathematical formulas of price action over x periods, they show momentum, we trade price, however, they can be manipulated to show a higher degree of price action direction which increases the odds of success I've personally not used a default setting of an Indicator for over a decade Walter Bressert [RIP] created a double smoothed stochastic to use as his preferred Indicator for the type of trading he made money from, that was in the 90's The StochRSI in its raw form is a wild Indicator, if you smooth it out, it catches a huge % of the markets turns
  36. 1 point
    Indices, Gold and Oil up. UK rate decision 7am, BoE speaks at 12:30. US jobs data at 1:30. (US NFP tomorrow). FX strength chart.
  37. 1 point
    Great but need to progress the process rather than repeat it, if backtesting is good then forward test on a simulator or a demo account, if that works out ok the test on a live account with minimum position size. Each stage teaches new lessons.
  38. 1 point
    Daily charts;
  39. 1 point
    Hi all, New user, just landing here after the Warrior Trading community on Youtube got me interested. Looking to build a long term portfolio first, and then progress to some day trading after completing some self study and messing around with the demo account. Impressed by the Academy here and all the learning resources Cheers, Matt
  40. 1 point
    If you email/contact Nicholas directly @ PRT he's usually pretty good at helping you if its simply a technical issue
  41. 1 point
    I think the UK has set aside a 'conservative' figure of 60,000 Life Years Lost next year to delayed cancer diagnosis/treatment. Don't know figures on suicides, domestic violence, substance abuse, or bankruptcy etc, sorry. Mean while in Sweden.
  42. 1 point
    if you go onto the toolbar & click objects, then channels it will produce a drop down menu with the standard deviation channel listed - click on it, then on the price chart & it'll create the channel
  43. 1 point
    I was reminded of this gem of an educational video from years ago but still just as relevant today; 'A Blueprint For Trading Success' 50 min.
  44. 1 point
    I found the answer. If you see the first screenshot.. at the bottom it says "Resulting Position +3" while the size = 5. This was because I had an open position on the same pair. Therefore it ruins the basic calculation. All solved now.
  45. 1 point
    So, it's much like a pending amount. Thanks for the clarification, very helpful!
  46. 1 point
    Given that there is on average 10,000 flu deaths and 20,000 pneumonia deaths each year this year could still turn out to be below average. Rumours out of the US say Drs are being coached to call all pneumonia deaths Covid tested or not which could be why we get the chart below posted earlier (pneumonia deaths each week in the US way down this year).
  47. 1 point
    https://www.rt.com/uk/485665-british-police-fascist-coronavirus-picnic/ "The country currently has 85,200 confirmed cases of Covid-19, resulting in more than 10,600 deaths, according to a tally maintained by Johns Hopkins University." All you need to know. By the way, do we expect Boris to go back in again for more tests to divert attention when more suspecting public call this scamdemic?🤔🤔
  48. 1 point
    It looks like Trump is surrounded by mercenaries. He does not want complete lockdown in US but other coordinated forces keeping up the pressure. Interesting fact. Both CDC and Johns Hopkins receives private funding. They are not government organisations. The current WHO chief was selected for his incredible track record. He was involved in a few cover ups in Africa which makes him ideal for the job. People might wonder who funds WHO. People might also wonder who provides the private funding to CDC and Johns Hopkins. Hint...the advocates pushing for vaccine and microchip.
  49. 1 point
    Actually I came back, the queue to get in was over 100 meters long, and this is an asda mega store, so people are having to queue to get food during an isolation lockdown. does not anyone else see the complete stupidity of this govt created crisis?
  50. 1 point
    Compare to the FTSE chart (weekly) Diageo keeps pretty well in step and even leads on some occasions.