dmedin

In my experience, day trading is the quickest and easiest way to lose a LOT of money.

It was indeed 'strange'. Trading sideways. Lots of opportunity to lose money.

If by 'blue sky' you mean functionality that is already implemented and included on other platforms ... Even Forex Factory is better than what IG has at the moment, which takes forever to get updated with the actual results.

Do you now think there has been a true breakout for gold? This supposed 'long overdue retracement' sure is becoming long overdue.

Could you provide the source of this info? Thanks ...

Another day, try again. I am still holding faith that trading can be learned in the same way as a skilled profession like a mechanic. It suits my personality and I enjoy it, except when I lose money. So that's almost every day Today I am trying the pivot points. They look promising. Something I have always had problems with is choosing support and resistance lines. I end up with too many and get confused. RealTimePro offers to automatically draw strong and weaker support and resistance lines for you, but I turned on the pivot point indicator in the HTML5 platform and it looks good. Does the work for me ... great!

In my post above I said 2% of £2000 is £20. D'oh! It's of course £40 😊 Would still be better than the losses I've made over the last 10 months though hahahaha

There's no 'way' to do it. I'm beginning to come to the realization that it's all a massive con and a crock of shizzle (day trading at least).

Did you go long? And if so, why? The upward momentum has stalled.

Don't you need to have an enormous deposit in order to bet that many PPP? I suppose this is why so many traders are working as employees for a big company and not working for themselves - they've got an institution's deposit behind them and can make reasonable profit from just a few pips. The amount of stress involved in L2 order book scalping or betting huge PPP rules it out for me ... so I will have to give up on the idea of day trading as a job (BTW, I am not convinced that this is an achievable goal for the vast, vast majority of people) Like I said ... if you have £2000, the banks will give you 2% if you deposit it in a savings account for one year (£20). With judicious SB you can do a lot better than that over 12 months. But I don't agree that you can consistently make a net 2% profit a day, and even if you could it's still not enough to live on.

The performance of this index is awful, is the industry floundering or something?! Also, volumes no longer reported. Now we have no way to know whether breakouts and trends are strong or not.

Can you also approach that by starting a five wave count from the purple 1 near 11,200 or does it need to be nested within other waves?

Looks like it was just a minor blip. 😱

Look how clear this is on the day chart with multiple confirmations ( < 200 SMA, Fib levels, break of trend lines)

I'm back to using day charts only for all markets. Various reasons for this: patterns are more significant; closing prices are more significant; support and resistance points are more significant; the most popular MAs are clearer (the infamous 200 daily SMA that the media goes on about). If I can master day charts (with weeklies and monthlies as pointers) then I might look at intra-day again.

What is so holy and sacred about this supposed ratio?

Good luck with that. The only thing worse than day trading indices is day trading forex. The quickest and easiest way to lose money.

I must be unlucky or incredibly stupid as I'm getting slaughtered ... for every one pattern like that there are 99 others where it's up and down all over the place

Ooh ... 15 minute chart. In order for that to be worthwhile you are looking at betting multiple pounds per point, which is incredibly scary unless you have a big deposit, and even the best candlestick pattern can be suddenly reversed on such a short time scale.

Up and down like a yo-yo ... and people say it's easier to trade the indices than individual stocks?!

Well on one hand EWT seems an awful lot like 'making the facts fit the theory' but on the other, there can be no automated system that is always profitable otherwise everyone would jump on the bandwagon. I think everyone is really just a gambler, each with their own 'system'; but some are more informed than others.

Very interesting.

I was being ****'s advocate, the opportunities from being able to go long and short are obviously impressive.

I also like volume. I know it is not used by IG analysts but high volume amplifies the significance of support/resistance and breakouts for me anyway. Brent crude seems to be on its way for more falls.

If you had been lucky enough to put £10,000 into the SPY in 1993 and reinvest the dividends you'd probably have a few million by now!