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Everything posted by DSchenk

  1. Yes, green are manual entries and red crosses sells Remember, the big bull run towards the end is only visible in hindsight My rationale was to enter whenever there was a small pullback and then a 1min candle making a new high. And then I sold as soon as I could once in profit, typically every $20ct move. That was £6 of profit every trade. Done that 10-12 times or so Although also have to say, if one of those positions went against me, the daily profit would've likely been gone. So will have to see in future how this scalping with high position sizes works out
  2. Almost everything that makes you a million bucks is one in a million or worse. Found a business and grow it to a million bucks profit per year - 9 out of 10 start-ups fail in the first year. Only few make it to 7 figures Work in a corporate environment and work yourself up the ladder until you earn 1 million per year - chances are extremely thin - Only members of the C-Level suite earn that kind of money and the average time until you get there is probably 20 years or more Invest for the longterm until your portfolio reaches 1 million - will take a long time depending on with how much you start Try to marry into a rich family - good luck finding someone - chances, less than 1 in a million Wait for your elders to decease so that you can inherit their million bucks - have fun waiting until your 50, the average age where you inherit Winning the lottery - chance less than 1 in 10 million Considering all of this, day trading doesn't seem to be too far off. And the best thing is you can give it a try while you're exploring one of the other options above as a fallback.
  3. Slight change of game plan for me. On short notice flying to South East Asia today. US Market Open is over there at 21.30, so not too sure how much I'm going to be able to trade. Possibly need to re-start the small account challenge when I'm back, end of November.
  4. Love this thread - reads like a comedy show
  5. If its only IG's client sentiment then we would first need to know how good IGs traders are compared to the rest Then we could either specifically trade against it (if IG traders are ****) or go with it (if they are the best).
  6. Cool When I started out here in this forum I thought @Caseynotes was the admin He's just too seriously active in here for being just a normal guy
  7. Found this video there the other day, which shows how IG hedges. (At minute 2.00 approx) They don't hedge individual customers, but overall positions. So if 100 customers trade let's say FTSE 100, 50 short and 50 long (with same size), they don't hedge at all, cause the customers hedge each other. If 80 would go long and only 20 short, then at one point they hedge and go long on the underlying market.
  8. Here's how I configured my platform btw. Screen 1 Main trading screen with the following windows (from top left to bottom right) Watchlist Scanner Alerts Charts (5min, daily, 1min) Level 2 window (although not working as discussed above) Realtime Time and Sales Window Order Entry Screen 2 Executed Orders Open Positions 2 more charts for stuff I'm watching next to my main trading window Excel "Cheat Sheet" which I use for calculating position sizes and keep track on available funds, margin, etc. (cause PRT doesn't provide that by default for some odd reason) (The daily PnL shows -£20,000 cause I first needed to deplete the demo account down to £500 before I could start trading with the small account challenge)
  9. Nice @elle My watchlist today was: Traded mostly XNET and a little AUY. Went well. Up £81 (+16.2%) Account balance Day 1: £581 XNET Classic Gap and go My strategy was to take profit as quick as possible. Typically every $0.20. Scalped myself up that way pretty well
  10. Ah ok. That's unfortunate. Does anyone know a provider who offers L2 data for the US market - for a similar price like IG does for UK market - couple of £ per month?
  11. Level 2 Having the same issues again as a few weeks back. Subscribed to the relevant exchanges via IG. But no Level 2 data showing up in L2. @CharlotteIG Can you advise please what's wrong?
  12. Thanks for the reply @CharlotteIG I should be fine for this month anyway, and at the end of next month we shall see how far we will have come with this approach. Maybe in a position then to place a few trades on live already
  13. Yep, Apple and other large cap stocks are off limits. Focus will be on stocks under $10
  14. Challenge 2: My Demo account has £20,686 in it. How do I get it down to £500? Do I need to place a couple of trades to lose it and then charge £500 on it? Lol
  15. He mentioned he's gonna make a video shortly explaining what costs he is occurring with the small account. He obviously needs to use a different broker than his usual one, cause he needs to work around the PDT rule in the US (until his account has reached £25k). So he will need to use an offshore broker rather than a US one. Btw, just started a new thread about this: https://community.ig.com/forums/topic/7773-small-account-challenge-aka-warrior-trading-strategy/
  16. Challenge 1: Setting up PRT for a Demo account Message from IG: You have activated ProRealTime. As you currently trade regularly with us, the normal monthly fee of GBP 30 has been waived. ProRealTime will continue to be available to you free of charge if you meet our minimum number of transactions per calendar month, and we will never debit the monthly fee from your account without your prior agreement. You have activated ProRealTime. If you trade four or more times with us in a given month, you will not be charged for advanced chart access. Otherwise there is a monthly fee of GBP 30. See our Terms & Conditions for details. Obviously not keen on paying the £30 per month. So I'm thinking of still placing 4 trades per month on live to keep it free. Should be possible to maybe take 4 positions on a slow moving asset like an index and close it straight away, so you only pay the spread. Should be way cheaper this way than £30. Like spread on FTSE with size 0.5, costs £0.5. 4x this makes £2 per month. What do you think of this approach? Makes more sense to me than paying the £30.
  17. Mentioned it in the ISBFF thread, Ross from Warrior Trading is starting over again with a small account challenge. Starting with $500 !!! Video here: https://youtu.be/7weufrj_3iw I'm gonna do the same - although starting initially with a Demo account, cause low on cash at the moment, after blowing up my last account, lol. Would love if more here in the forum would jump on it and do the same. We can then post daily trades in here and compare to what Ross did better/worse than us. Ross is going to break down his rules for the challenge in future videos this/next week, but I guess it's something similar to the below. So here are the rules: Starting capital: £500 (let's be generous with the conversion rate ) Trading US open exclusively, that's 14.30 to about 15.30 UK time Strategy is almost exclusively Gap-and-Go, but can also be momentum continuation trades, gap-reversals or momentum shorts after spikes (latter ones are usually restricted to trade by IG though) Max risk per trade: 10% of account size (So that's £50 initially, if starting with £500) Max risk per day: 20% of account size (£100 initially, if starting with £500). Meaning 2 max-losses back to back and out for the day Daily Target: Not sure if we need to set one. Probably somewhere around 10-20% per day to have it balanced with the risk (that's £50-£100 initially if starting with £500). Goal should be initially to make base-hits and not lose any money. Once the account is at £20k or so, we can start hitting for home-runs from time to time. Winning trades % aim is somewhere around 70% Risk-Reward Ratio aim is around 1:1 Tools to use: Broker: IG For trading I'm gonna use ProRealTime provided by IG For Level 2 I'm gonna use L2 provided by IG For scanning pre-market I'm gonna use the scanner from https://trade-ideas.com/ (Demo account sufficient - it's free) Starting today! Who's in?
  18. Good news. Ross from Warrior Trading is starting over again. With a small account challenge. Starting with $500 !!! His last small account challenge started about 3 years ago, also with around $500 and he turned it into a million $ within bit over 2 years. Might be the perfect time to also create a small account and trade alongside him. Should be a good learning experience comparing on a daily basis what trades you took vs him, your profits vs his, etc. Also for the doubters, like @dmedin who believe it's not even possible to grow a small account to a million - if Ross can pull it off twice within a 5 years timeframe - then everyone can do it. No doubt about it. All you need is passion for the game, concentration, resilience and the right mindset to pull it off. I'm gonna set-up my demo account today (I'm actually out of cash - wasn't joking earlier) and will focus on US market open for the next couple of weeks. No more indices, commodities, etc. Not sure yet if I'm also gonna give UK market open another try. I guess I got to do something in the morning as well. If I manage to grow the demo account consistently over a period of 4 weeks, then I'm gonna go back to live. Who else is in giving the small account challenge a try? @nit2wynit, @dmedin, @Mercury, @Caseynotes, @TrendFollower, @elle ...
  19. Well, it's all about how much you lose vs your net worth. My very own Dad actually told me the other day, that he tried day- trading back in the days as well and lost £100k on it! But for him that's only a few % of his net-worth, so no big deal. All relative On a side note. Ross trade recap for yesterday went exactly as I predicted with APOP. Check it out: https://youtu.be/C8r31NF6ims At about minute 3.50 he says: "I started with 9000 shares, then added 6000 for the break of 4. I thought it would go right to 4.10 / 4.20." Told you, classic Ross trade. Luckily for him, he managed to get out at 4.03. That was also a level I thought for a split second to close my trade, but then I didn't. That's the difference between a trader with little experience vs Ross with years of experience I guess.
  20. Probably overdone it with the position size. Went as high as margin allowed it. £3 per point. On a 25 point drop in a few seconds that's £75 right there (25% of £300) Question is now, what shall be the plan going forwards? Figure it all out on Demo first and have then another try on live? Got almost £2k of losses now over the past 1.5 years. (Thinking about it this way, I certainly spent more money on even stupider stuff than spread betting )
  21. You're not playing Ross Cameron's game then - almost certain he's trading APOP today as well and might get burned on the same $4 rejection - sounds like a classic Ross move ("here I added to my position for the break of $4 - ah **** it") - let's see later when his market recap comes out I'm gonna head to Demo now and start searching for a job - don't think I can afford this any longer