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Everything posted by nit2wynit
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So long as we all do.....eventually. Up £45 today on Gold. Bit it's been a hard slog. Not long now to make up the 1k I've lost :O
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I'll add this to my To Do List then. That must also explain the spike yesterday also? Thanks.
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My General Feeling it was going to Drop was because it has been for over 12hours. As for Data releases, it's something I should be aware of.
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Oh, i see. and you think I'm tying to come across as a Prophet?? lol
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huh? I don't know what you're talking about. I just look at charts patterns. What's happened Casey? you appear to have turned Sarcastic and Hostile.
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I've thanked you for your input and advice, so confused now. I have had reasons. I have had a plan. I don't just look at a chart and go Buy/Sell. I've told you many times. I have a bad habit of anticipating Reversals. Yesterday was a prime example. However, i've been 100% right on Gold this morning, but hesitated. It's just dropped. I now anticipate another rally, but I could be wrong. I'm in 1pp Long. 3pt stop.
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Jeeeez too busy typing. Anyone catch that drop?? :O Knew it was there somewhere.
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It has been, but stuck at around previous resistance of 1425 for 12 hours! I no longer assume it's an Up Trend. Speculation suggests another spike soon. Others say a Drop. i think at this point it's a waiting game till it's proves a direction. How are you doing? Making progress?
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Casey I've not been on the Demo for 3 weeks........I don't keep going back to the Demo! But 80% success rate must count for something? That's not 1 time i tried the Demo, that 2 months. Fear aside. Same charts, same Instruments, Same 2k account. I've proved time and time again. Not sure why you have such a stance on it. The only difference as we've discussed is the Emotion attached. ergo; get over that, then proving success Live should theoretically be the same as the Demo. Like I've said, Fear, Emotion aside. I've clearly not got a hold of my emotion Live. Especially when it comes to FOMO. Maybe i was lucky this morning on the Gold chart. Maybe i didn't notice the down trend, or the consolidating wedge. Unfortunate that I changed from £20pp to £6 otherwise I'd be looking at closer to £100 win, but i still would have only risked 1pt at Resistance level. I couldn't take another £20 or £40 loss. So now the stakes are smaller. No idea where Gold is going so going to leave it now. Cheers.
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But I have 80% success on the Demo Casey! Anyway, Gold, I figured it's foolish to Go long while it's going in a Down trend so went straight back in at 1418 to Short. Took £10 off me. Time for a break. Still £20 up
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I suppose my 1st mistake is asking if it is a Mistake? and not being Confident. I got out for £2.60 profit. It's simply not moving quick enough. On to the next chart. Ahhh dear.
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I took the £25 when it hit the bottom, anticipating a Reversal back to Resistance. Used my £25 win as a Risk of £10 per point for a 2pt Stop for £20 going back up. I'm not at all confident about this one. Mistake?
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Yes I see that. Support at around 1419. I have it marked. Struggling now at 1421 area. I'll let it fail now if it goes up. Will cost me nothing but time; which is more valuable than money I've changed as I should have, from making money, to Not losing any. It's taken a while, but a bit at a time, it's going in. Thank you for continually taking the time Casey. Really appreciate it. However, I anticipate more losses to come before it's in my bones.
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Also^^^^ If this pattern is a Descending Wedge, when should I get out, if at all? Is it likely to go back up? What is the statistic?
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OK, so fresh approach applying the rules. Smaller stake. Deeper breaths. Clear Chart patterns. Smaller stake of £6 per point with only 1 stop risk. If it's wrong it's wrong. This did drop and I was up £15, but it was at the point of either previous reversal or pull back, so I adjusted my Stop to make sure no matter what, the trade cost me Zero! No loss incurred. What should I have done? Took the £15, or let it ride for bigger profit assuming it's a small pull back? Let it fail and be happy it cost me nothing? What would you all advise or have advised?
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@Caseynotes do you have any points to make on Gold right now. For my last trade on it, I've placed one for £6pp with a 1pt Stop. Just to see if i have any clue at all about what I'm looking at. Appears to be a Descending Bull Flag. I've a small £6pp Short with a £6 Stop just above resistance. Tell me what you see please and what you'd do here? I won't be trading this today. Call it Therapy. for what it's worth, it's looking like it might go Up! :O
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Just the Account balance lol
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Yep. That's pretty much it in a nutshell. £20 per point on a instrument that moves very little is too much risk as i wasn't willing to add a £100 point Stop. But that's not what went wrong yesterday. It's the same ole Beat the Reversal story again. Other than the spike, Gold did a very slow dance with me over the entire day on in to 1.30 this morning. It's simple now. News said it was going to Drop. I didn't think it was. Missed the spike. Then chased the Reversal for 10 hours. It's not my stops that got me as I mostly ended when they went the wrong way, coz it kept going up!. Lesson Learned. Tick. Guess my new bike and Xbox will need to wait a bit longer. So, anything Instruments to recommend then that may suit my goals? Volatility etc. What are the best Daily Movers where I can take 5 points here and there at £5 per point? I think I've basically got tired of looking thru the Instrument panel. I should have Invested in a screener from Day 1. You're dead Right about the Demo. @davidbrister said the very same thing that spending too much time on it is futile. Losing money is easy. I've said I know why I did because I have several A4 pages of notes going back to March telling me in Pink Neon Marker that I keep doing the same thing; Trying to catch the Reversal instead of Trend Following. I've also explained where I learned this approach; I simply haven't mastered it. So far a £1000 education on how I'm not keeping to the Rules. OK. Got my Fail Badge well and truly earned. Let's turn this around.
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I've never doubted your advice @Caseynotes, unfortunately it's not how the human brain works. We learn in increments. I can read books, blogs etc. till the cows come home, but until it clicks....then it's just words. I can look at the chart and tell you the points where i should have got in or out, but if my brain was fixed on a drop coming, I always ALWAYS try to beat it. My greatest problem I've come to realise. I know what happened yesterday now after sleeping on it. In the grand scheme of things, Gold hadn't moved that much. There was definitely an opportunity to make money, but at £20 per point the risks were too great, therefore my stops were too tight, and the 1 or 2 point fluctuations were putting me under too much. The Instrument didn't suit me. I got tied into it again and FOMO ruined me waiting for the big reversal that didn't come, though it looks like it's turned now hitting 1425 resistance while asleep. I literally watched the spike while i was in a short. Such a shame. I knew it was coming. I'll need to go back to my previous Demo successes to see what I've missed. I've a feeling the likes of the FTSE OR ANY instrument that moves 10 points at a time at around £5 per point, is my aim. This is where I had most of my success. I'd take anything from 2-10 points from a move. Ten small quick trades per day, making £10 on each. Perfect for me. There is a ratio of Margin vs Price per point that I've not nailed down. but £20 per point and only 27 points of movement over 10 hours on Gold isn't it. I max my margin on every trade, so long of the spread doesn't put me over £10. So this is what I need to figure out. Maximise Margin with adequate Stop, but Spread cost is only £10 Small bets today till I find the right Instrument to trade. Can you recommend one that has decent point movement? Thanks
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I just don't get it. i can't see what's wrong........................ Been going Short on Gold since 1411. Kept going up. Lost £300. Asia opened. So said OK, I'll wait and see where it's going, but Follow the Trend Up. Waited for the pull back..... Went DOWN 3 times, -£60 I Give Up.!!!
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@dmedin It's gone quiet in here. Did we exhaust all that could be said?? :O Down £400 this week. £300 today alone. £1000 since March. I clearly have No Clue. i thought I'd cracked it. Thought I knew candles and chart patterns. Thought i could beat the drop. Time and time again, I'm losing it all. Gold today. News everywhere about it dropping to £1360. Seems every article and Analyst said the same thing. I thought it was a ruse. i anticipated a drop, then a spike, and sure enough it happened. I was up £80 on a short just before the spike. I was waiting for the Reversal. I put a Limit on my profit and got stopped out as it sharply reversed to go up 20 points. I took £25 profit, and got in on the breakout rocket asap. Unfortunately a stuttering chart and 1 minute time frame was too close so missed most of it. Might have pulled £50 from the rise; it was worth about £400!! I then anticipated a sharp sell off.........So I shorted. It was looking Ok, till I took a closer look at the chart to see an obvious Bull Flag formation. I quit the trade for -£25 only for it to drop. I'd have made £100. To keep a long painful story short, the rest of the day is as above. -£300 waiting for a Drop. My biggest loser was £103 where I let it run waiting for it to come back to me. It didn't. I have become my own cautionary tale. A typical story of a Naive Neewbie who thought he had what it takes. It's taken me 45 years to become a Gambler. I don't think I'm very good at it. Hope you've all had a productive day.
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Platform Frozen with Open Trade. Call this number?
nit2wynit replied to nit2wynit's question in IG Technical Support - Platform and App Help
Hi, I've still not had a call back from IG to explain this to me. @JamesIG Can you help me please? -
@elle It's taken £200 off me today, I've clearly got my head in Short Mode but I've got it wrong 4 times in row. I've been anticipating another large drop to around 620 that's had me going in the wrong way. I really need to work on my MA signals :d
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Worked this yesterday for £150 profit, only to lose it again today. I'm still working it. Any advice?
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Platform Frozen with Open Trade. Call this number?
nit2wynit replied to nit2wynit's question in IG Technical Support - Platform and App Help