AndrewS
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Posts posted by AndrewS
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1 hour ago, dmedin said:
Come on then, show us some of your trades. Winning and losing ones. Get the charts up.
Share your wisdom with everyone.
I am no trading Guru, but I will try to get back to your comments. You can look at my comments which I think can give a good idea of how I trade.
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3 hours ago, dmedin said:
Having another go
No comment.
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36 minutes ago, dmedin said:
I still don't see how any of this can possibly be profitable without the benefit of hindsight. While you are 'live trading', whether it goes up or down is purely random.
You just identify something which appears non-random and trial it on your support-resistance grid.
The last 5 hourly candles all had lower highs, so you may provisionally adopt the highs and lows of hourly candles as an area of interest.
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47 minutes ago, dmedin said:
How does trading 40 times a day in a non-trending market perform for you financially?
Well I may be coming down from 40 trades a day now because I doubt that it is optimal, but I can give a clear example when I was on the wrong side of a trending market and it was a definite improvement.
I had been scalping on the Dax for 4 hours one day and I decided to go for a big swing trade on the Nikkei and sold it. I was wrong and hedged it by opening a long position. For the next 12 hours I was continually opening and closing long hedges ( this was when the spread on the Nikkei was 15 points!). The Nikkei dipped a bit in its early trading session to a point slightly higher than when I went short and I closed the lot and was finally flat.
The trade analytics look like this.
True P/L
#Trades
#Profit trades
Win rate
Avg profit
Avg loss
P/L ratio
Return rate
Japan 225 Cash (A$1)
AUD309.70
42
33
79%
AUD32.11
AUD-83.34
0.39:1
1.09
I estimate that I paid about $700 in spreads. I am not planning to do this again.
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9 hours ago, dmedin said:
A pair of old Tories blowing smoke up their own @rses?
Of course IG wants you to trade 250 times a day - they make money from the spreads/commissions.
You're a f*king stupid moron if you actually do trade that much though
A few things:
1. I am addressing your comment that “People who actively trade lose money” which is not universally the case at all, although many beginners perhaps should avoid scalping.
2. The video is from 2007 which is before IG had an association with DailyFX.com.
3. Steven Ickow was primarily working off the bids and offers displayed on the Level 2 screen for the Nasdaq which provided much better transparency than the specialist book on the NYSE. He also looks at daily and 5 min charts for the Nasdaq, S&P and E-mini Russell futures.
4. In the book he says “I don’t like to buy highs and sell lows. I like to buy pullbacks.” That gives some context to his comment in the interview about not chasing stocks.
5. He does not average down on losers, but does scale out of winners.
6. Now I have been averaging 40 trades a day but if my trade size is 10% of someone who has 4 trades a day the spreads/commissions are the same.
7. The spread on the Dow at the moment is about one twentieth of the ATR of a five minute candle.
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2 hours ago, dmedin said:
People who actively trade lose money. People who get paid for their worthless 'analysis' or training get a regular stable income. That's the difference.
Not everyone’s experience is the same. I have thought of this interview often when I have seen your comments about trading on shorter time frames and have only just managed to track it down. Interview with Boris Schlossberg (co-creator of DailyFX.com) and a Steven Ickow who did about 250 trades a day.
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New minimum spreads for Germany 30 and Wall Street
Dear Mr. S.
You may have experienced wider spreads when trading indices recently – resulting from unprecedented market volatility. However, markets have since stabilised and allowed us to return to our minimum spreads.
All our index spreads are subject to change based on market conditions, and we’ve now adjusted the minimum spreads on two major indices:•
Germany 30 now 1.2 points
•
Wall Street now 2.4 points
These new spreads are effective immediately.
We're here to help
If you have any questions about this or need assistance with your account, you can find answers in our help and support area or IG Community. Alternatively, our highly trained client services team is available by phone or email 24 hours a day, except from 7am to 1pm Saturdays (AEST).
Kind regards
IG
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1 hour ago, dmedin said:
Easier than losing shed loads of money every day
I was up £1500 one day, down to £60 the next, but it went back up again. But ever since closing out for Easter it's just been a disaster for me.
I do not know if what I write is of interest or usefulness, but I like to see my name on the screen.
An alternative to “buy and hold” and “all in then all out” is a staggered entry and exit. You could have taken some profit when you were up 1,500 and then increased the position when it was on its low.
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On 19/04/2020 at 05:06, elle said:
Hi Andrew,
with a "tick" chart , time isn't relevant as clearly the amount of ticks in any given time period can vary. I use different value tick charts for the general speed a financial instrument can move, so for instance, the Dow Jones can move much faster than the FTSE & UK stocks are very slow compared to US ones
Hope it helps
Thank you for your reply.
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Hello Elle, I have a question.
What would be the maximum number of candles per hour during active trading you would consider for a tick chart. Would 30 candles per hour be too many?
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22 minutes ago, dmedin said:
There was only a clear case to open a new position three or four times in the last couple of months. How did I end up overtrading to such a ridiculous extent? (And my bet sizes are always minimum so the commissions for IG are trivial.)
I use a 60 and 240 period MA to compensate for Sunday's candle.
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8 minutes ago, dmedin said:
Yes, that's interesting. The pertinent signal for me is the bounce off the blue MA, not the bounce off the orange one. It was clearly only profitable to be long that day. In hindsight
The reason I was profitable going short was because I had closed all my shorts at the blue 20 hour MA.
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14 minutes ago, dmedin said:
I made money on the big leg up, but whittled it away during the sideways and fake-down move.
It pays to be 'watching' from UK time, and have historical pivots on (as I see now).
I'm terrible at trading 'in the moment' as I haven't prepared or thought it out properly beforehand. But ... I'm sure there will always be days when you can sit in front of the chart and never see a good opportunity all day. Hence scanners and all the expensive stuff people pay for.
Well you have to have your bearings.
It is possible for two people to take opposing positions and both do well due to trade management and a few minutes can make a big difference.
The message was posted when the third green candle was forming on the Dow and S&P on the 15 min chart. I sold because of a retracement of a big bear candle on the hourly, a retracement to the 5 hour moving average, a retracement to the daily R1 pivot and a retracement towards some chart structure around 2800 on the S&P and 23850 on the Dow.
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15 hours ago, dmedin said:
Woohoo! Switched to 30 min chart, going long now! 🐮
I could comment on this because I saw this message in real time and had just gone short the Dow.
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11 minutes ago, dmedin said:
Yep, lost money already
People make money from scalping, you say? I don't see how?
It is a good thing to demo because you need very high probability setups to scalp and you may find that scalping stuffs up your ability to swing trade.
Being insane is not a qualification, but it certainly helps.
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That is the 50% retrace for the Dow and S&P.
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Funny you should mention that because there was another from Cyprus I was trying to find and then I realized it had disappeared. I am just going to use the demo when it is too tough to trade and probably look into another one.
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I will probably check out the E-minis.
https://portal.ampclearing.com/account/commissionquote.aspx
https://www.ampglobal.com/trading/metatrader5.html
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If it were not for hedging I probably would have been shaken out at a large loss after being caught wrong footed.
But there were opportunities to close out one leg of the hedge then the other in a fairly relaxed manner.
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Approaching a yearly mid pivot.
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Nikkei225 rallies to December 2018 lows.
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17 hours ago, dmedin said:
No, why?
Because I would not want everyone to know that the way to make you “sad” is by posting a 1 minute chart.
😇 😈
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I would delete it if I could.
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1 hour ago, Caseynotes said:
Not necessarily, some prefer not to trade on time based charts at all. Mutli-time frame analysis is essential but tick based or Renko type charts smooth out the chop as the candles are laid down as per volatility rather than time so they might resemble a H1 chart at certain times or a M5 at others.
Well, I am on the scrounge for a substitute for the 1 minute chart as you can see.
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Indices
in Indices and Macro Events
Posted
It is not a chart pattern for me as much as I simply look at where price is relative to the current candle and give some attention to the range of previous candles.