Caseynotes
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Posts posted by Caseynotes
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7 hours ago, dmedin said:
They could have left their spare cash in a 2% savings account or even in an S&P ETF or managed fund and made some money, and in the meantime used their spare time to learn a skill that gives them a good chance of finding a better job.
After one year I feel like most of what I tried to learn is more confusing than enlightening and I have to start again from the beginning.
Is it worth 'blowing it' for several more years, or putting the money by and learning something with a much better chance of paying off? (Such as learning a programming language...)
I f**king hate office culture and modern work but I'm not talented or lucky enough to escape from it.
How long does it take to 'learn to code'? 🙂
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Dow has found support again at 26890 after news the Chinese trade delegation returned home early from the US trip.
US GDP data later in the week expected at 2% q/q should draw the Dow back towards the highs with Dax, Ftse and ASX waiting expectantly for Dow to make a move. Lots of Fed speak this week and a FOMC press conference may give the markets a push but which direction.
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Indices took a knock on Friday afternoon when a Chinese trade delegation went home early and around the same time Trump said he didn't need to conclude a deal this year or next. Sunday trading saw some recovery.
Indices mixed, Bonds up USD down, Oil up Gold down. Chart Hang Seng.
Ger and EU PMIs this morning US PMIs this afternoon. Lots of Fed speak all this week could provide some sparks.
COT net change in non-commercial positions: Euro, GBP, USD, AUD down. Oil, Gold, JPY up.
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16 hours ago, dmedin said:
I used to take piano lessons.
With enough practice, one can play beautiful pieces of music.
One grows personally, being exposed to wonderful music and developing the discipline to read sheet music.
yes, and probably takes us a step closer to the truth. How many can play the piano straight off the bat - 0%. But of all the people who started to learn how many kept going til they were at a professional standard - 1%?
I don't think I ever heard of anyone who didn't blow their first trading account, sometimes their 2nd and 3rd as well. So some of those who are listed in the studies are not new traders at all, they were on their 2nd or 3rd or 4th attempt.
That's why the advice is always to concentrate on just staying in the game, keep bet size as low as possible, give yourself time to learn the technicalities of trading and chart reading (rather than technical analysis).
I've been repeating it on this forum constantly for well over 3 years but it's just not what new traders want to hear.
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This is quite an old video now and has been posted and discussed on the forum before. Worth noting a couple of points, firstly that he smears all educators in what is basically the introduction and launch of his own very expensive education academy and secondly he smears all brokers without reference to any regulation authority as if they all operated out of Israel or some third world swamp.
It really is just a big advertisement to get people to sign up to his courses, as in you can't make money using educators or brokers or by day trading unless you sign up with us.
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Some excitement starting to stir on the increasing breadth of the US indices as measured by the advance decline indicator and as seen in the percentage of stocks over their 200 day MA (70% up from 50% in mid July).
A second major breadth thrust for 2019 (A/D 2.3x) is showing on the S&P (the first was in Jan) and may be the signal to another breakout.
The two flys sitting on the rim of the ointment are the FANGs which have been lagging lately and Trump who traditionally likes market tops to up the stakes in the trade war and send the markets back down again.
(Callum Thomas)
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3 hours ago, hbrowna said:
How do I switch my account from CFD trading to share trading?
Hi, I think you just need to open a new share dealing account and then transfer funds across. As share dealing is non-leveraged there should be no extra hoops to jump through to open the account.
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10 hours ago, Deb2 said:
Thank you Caseynotes. I use IG MT4 as my trading platform. Can you tell me where I can find the list containing the minimum SL distances when trading in the M1, M5 and M15 charts? Thank you.
Hi, yes this is where it gets a little tricky, the min stop is variable as is the spread so during times of increased volatility and decreased liquidity both the spread and min stop will widen. This may last just a few seconds or sometimes an hour and will be introduced just before scheduled news events or immediately on breaking news.
So there is not a list of min stops but the min is displayed on the web based platform (live or demo) next to the stop input box on the deal ticket.
Also, the mt4 platform deals with decimal places differently to the web platform. If like Dax there is only one decimal place the point (tick) is shifted left so the spread (1 point) becomes 10, so to enter a 10 point stop in the input box you would put 100. I think on fx where there is 2 decimal places it is as the web platform (1=1).
If mt4 rejects my normal stop I first check why, what's happened that I don't know about. If I still want in I just enter with a very wide stop and then slide it up on the chart to as close as it will allow and usually within a few minutes I can put it where I want.
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6 minutes ago, Cedric said:
Apologies I obviously didn't check it. Yes, both accounts are IG. My objective is to have a joint a/c. I am quite elderly so by having a joint account she can then take it over when I move on to a happier place.
Shouldn't be a problem, here is the link to the IG joint account info page where you will find links to the application forms to apply for a new joint account either SB or CFD.
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9 minutes ago, Cedric said:
I have written to IB but no reply! My daughter has an active Spread Bet a/c. I have an active CFD a/c. Do I have to change my a/c to a Spread Bet a/c. What do I have to do in understandable steps:- 1. 2. 3.......
you'll need to be a bit more clear as to what you are trying to do but firstly are you sure you are on the right forum. This is IG but you mention IB (the firm Interactive Broker).
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9 hours ago, besilviu said:
Hi guys,
I am wondering if you can help me calm my blood pressure.
Just started learning how to trade and left a long position open by mistake today and did not manage to close - GBP/CAD.
Is there any way to close it or minimise the risk of losing money.
My account is not big at all but I am most worried about losing more and/or going on a negative balance.
Any suggestions?
Best regards!
Hi, you won't be able to change anything until the fx market reopens at 9pm Sunday (UK time), all you can do really is to keep an eye on the Weekend ftse market which opened at 4am Saturday (this morning). GBP and Ftse tend to have an inverted correlation so if ftse starts going up you might want to go long in that market as a hedge against GBP going down.
But if there is no major market moving news over the weekend you will probably find the market reopens with little change.
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8 hours ago, anthony27540 said:
Hi,
I get a blank page when I try to click "Funding using card" on the deposit page. Could someone please help?
Thanks,
Anthony
Hi, going by the time of your post I suspect you were trying to deposit during IG's routine shut down after the US session close for maintenance, should be back up now.
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9 minutes ago, Caseynotes said:
Another week of hopeless trading ... my balance is getting smaller and smaller. This TA stuff just doesn't seem to work on a reliable or consistent basis.
I was at a party a while back and was chatting to a friend, we were standing next to an old piano and he said to me "Can you play a musical instrument at all?" I said "I don't know, I've never tried". So I sat down on the piano stool and bashed on the keys for a minute or two but it must have been broken because the noise was horrendous. It was a shame really because now I guess I'll never know. ☹️
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7 minutes ago, Deb2 said:
Good morning IG community
When scalping on the 1M chart, I am unable to place trades and receive the captioned message. Is there anyone who can tell me why the message appears and prevents the placing of a trade. When buying, the SL is below the price level and TP above, and when selling the SL is above the price level and the TP below. Why am I still unable to place the trade?
Thank you for sharing your feedback.
Hi, not sure which platform you are using but the message is usually indicating the stop loss is less than the minimum set by IG at that time for that market, try widening it or check on the web based platform where the min distance is displayed.
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7 hours ago, dmedin said:
Another week of hopeless trading ... my balance is getting smaller and smaller. This TA stuff just doesn't seem to work on a reliable or consistent basis.
TA is just a tool, it's not trading, some tools might aid you but will never be the determining factor as to whether you will be or are successful or not.
You are right to question what is believable as often things people say isn't, when you are inexperienced it can be hard to know which boastful claims are true or which are false, best just to be wary of anyone who does it at all.
Then there is the other side of the coin, people persistently conjoling you in order to get you to reveal the holy grail indicator or the golden key or the magic words or whatever they think the secret is, but there is no secret, they get nastier and nastier and you just have to get defensive and rude because their real character has come out.
I once saw a man who looked to be painting a very nice picture but it must have been a fake because when I asked him how he did it he just gave me a blank look. I expect there are some real painters out there somewhere but they probably went to art college or something.
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18 minutes ago, Luthando said:
I have been struggling to trade on my live account lately, every time I place an order of buy, it gives me the final position of buy and when I alternatively place an order of buy it will give me a final position of sell. I no longer know what to do since the whole week i have not traded. I also have attached a video.
Hi, not really sure what is going on there, probably worth reporting via the platform. Go to PRT 'Help' > Technical Support' and you should see an option to send a report via a pop up box to type in a brief description of the problem which will be sent to IG's prt technical staff
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8 minutes ago, mikeakirk said:
What is a Retail service provider?
not quite sure of the context you mean but a broker will have retail clients and professional clients though you might be classified as retail but still trade full time.
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2 minutes ago, TrendFollower said:
How much does it cost for this privilege? Up front fees and charges? What if the trader cannot prove profitability levels as per the companies criteria and show managing risk as per the companies criteria then would they lose any upfront fees and costs?
If a trader can prove profitability and prove they can manage risk then why would they sign up to this? Surely they could just go alone? The only reason I can think of is that they have access to more capital and therefore the 80% profit would be more then if they had very little of their own capital to trade?
What if the trader proves the above, starts trading and fails, they still lose the upfront fees and charges.
They are searching for already profitable traders, there is no cost, upfront fees or charges, if you can't provide proof of profitability don't even bother applying. Generally it's something like 12 months minimum of account records showing profitability with minimal drawdown.
Keeping 80% of profits trading a 500k account is better than 100% of a 1k account and with 100:1 leverage and not even your own money.
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Dax bouncing between the pivot and H4 chart resistance, ranging and balanced, no overall direction.
M5 chart;
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With the US indices back up near the highs it must be time for Trump to ratchet up the trade war again (4 times in a row so far).
Donald Trump’s ready to escalate US trade war if deal not agreed soon, says top White House adviser Michael Pillsbury
- Tariffs on Chinese goods ‘could go to 50 per cent or 100 per cent’, Michael Pillsbury says
- But the American leader is not pursuing ‘cold war 2.0’, and US-China decoupling would be a ‘consequence of no agreement’ by Beijing, he says
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14 hours ago, nit2wynit said:
Cheers Mark but i don't even know what that means 😮 Tear off a Deal Ticket?
from right click on the market the 'Open ticket in new window' creates a deal ticket (as in @Mark27000 's post above) you can move to wherever you want.
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Dax starting out above the pivot while Dow starts below, may take a little while to get back in step and decide on direction. Medium and long term remains bullish while short term is neutral.
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12 hours ago, TrendFollower said:
Betting is only too expensive to hold overnight positions for very long if your is trade is wrong and the trade is going against you.
not clear on why someone with a bet of 10, 50 or 100 contracts would be happy paying hundreds of pounds every night for months on end in overnight funding charges when forwards or futures markets, where you don't pay any at all, were designed specifically for the task.
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1 hour ago, TrendFollower said:
Just be careful posting these. There may be some on the IG Community who may get involved with such opportunities and get themselves into a pickle.
Can't see any problem with this, the firm clearly states you must be able to prove your profitability and prove you can manage risk and if accepted you keep the first 5k and 80% of profits thereafter, at no point is the traders own capital put at risk.
Interesting contrast to the company in @DSchenk 's new thread.
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Dax & Dow
in Indices and Macro Events
Posted
Both starting below the pivot (Friday's data) so may see a check of support first, Dow with strong support at 26890. Not much movement on the European open so waiting for the London open, the side that controls the pivot controls direction.