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About thomasschmidtco

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  1. All, An option you could consider would be to take out a "one cancels other" order at the price level that you would like to be stopped out at. For instance, if you are going long in XYZ at 100.00, your guaranteed stop is set to 90.00, take out a short order at 98.00 (to achieve the desired 2%). Be mindful of the platform that you are using, if it is "good until cancelled" in which case the order will remain open until you cancel it (in which case, if you close your position, you will also need to manually close the contra order). On some advanced platforms, you can "attach" orders and make them good for the life of another order. You can use this strategy to also scale into and out of trades. This does not constitute advice and all that legal jazz, all my own opinion, if you lose, it's your fault. [MOD EDIT: please refrain from posting personal details as this goes against our terms of service]
  2. Sorin, Take out a contra-order at the price point you want an effective stop (it won't protect you from market "gapping"). Buy XXX at 100.00 £1pp with guaranteed stop at 50.00 mark (exagerated). Suppose you wanted an "effective" stop at 90.00, take out order to Sell at 90.00 £1pp. One cancels the other and provides you with an effective stop. You could also "scale out/scale in" to trades. Please note that that the order will remain open if you close the original trade, so you need to ensure you orders are well managed. Some advanced platforms allow you to attach orders to other orders (eg, good whilst order active not just good till cancelled). You can also use the alerts to send you a message when a price is reached, for instance, send sms/email when price point reaches 91.00, "Get back to terminal symbol GBP/USD", etc. Hope this helps, feel free to comment if you need any help. None of what I have said constitutes advice and all that legal jazz, just personal opinion, you're on your own if you screw up. [MOD EDIT: please refrain from posting personal details as this goes against our terms of service]
  3. All, Brokerages are correct in their assessment criteria for a requirements of a professional account as per section 3.5.3 paragraph 1 of the FCA Code of Business. However, please be advised that section 3.5.3 paragraph 3 of the same FCA Code of Business also allows a client to be "elected" to be treated as a professional client if they do not meet the criteria. The requirements for the selection of professional client lie not with the broker but with the client, the broker merely has to demonstrate due diligence in protecting the retailer. My strategy is one of portfolio diversification (which is the correct d-risking strategy) and therefore I do not meet the full criteria for a professional account per say as I keep my lot sizes small. I don't wish to change my strategy either. I've been profitable for 12 years. [MOD EDIT: please refrain from posting personal details as this goes against our terms of service]
  4. All, Although the assessment criteria are absolutely correct for the requirements for a "Professional" account to section 3.5.3 paragraph 1 of the FCA code of conduct, the application process does not take into account subsequent paragraph 3 where it states that a client can request to be "elected" as a professional client. It should also be noted that the Code of Business is not intended to protect the retail investor and clearly offers the retailer a way of "opting out" of these protections, the role of the broker is to undertake due diligence in assuring that the retailer is aware of the risks. The effect of ESMA is that I am going to have to de-versify my portfolio and present my portfolio with a greater risk to meet the margin requirements (which is contrary to it's desired effect). If IG can leverage paragraph 3 requirements to accommodate long term and profitable clients, this would give IG a significant lead in the market place. I don't wish to change my diversification strategy (I've been profitable for twelve straight years). [MOD EDIT: please refrain from posting personal details as this goes against our terms of service]