nit2wynit
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Posts posted by nit2wynit
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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. -
1 minute ago, Caseynotes said:
The sudden drop at exactly 13:30 had nothing to do with your chart patterns, it was due to the figures in the US data release
Oh, i see. and you think I'm tying to come across as a Prophet?? lol
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2 minutes ago, Caseynotes said:
Ah right, so you knew what the data release at 1:30 was going to be then, why didn't you tell the rest of us what the figures were going to be?
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. -
3 minutes ago, Caseynotes said:
Entering trades with no real reason or rules based plan is just punting and will fail (see the connection?).
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. -
Jeeeez too busy typing. Anyone catch that drop?? :O
Knew it was there somewhere.
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3 minutes ago, dmedin said:
Gold is in an uptrend so you'd be wiser to use dips as an opportunity to buy.
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? -
2 minutes ago, Caseynotes said:
How many times have you been round this block, demo - live - demo - live ..., success - failure - success - failure ....
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. -
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. -
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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2 minutes ago, Caseynotes said:
The strongest line on the chart is the horizontal support line, horizontals are always stronger than diagonals and for a short the most recent low is the FTA (first trouble area) where you should consider bailing if price can't swiftly break through.
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? -
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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1 minute ago, dmedin said:
Is the demo platform different from the live platform? I.e. deliberately misleading?
Just the Account balance lol
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18 minutes ago, Caseynotes said:
You tried ftse before and had some success with it but then went chasing all the big movers only to get in late, there's another lesson right there
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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2 hours ago, Caseynotes said:
Did try on a number of occasions to point out the problems of your method (or lack of) but was very much a case of 'I can already do it, but just this ...'
Stick to one market, get to know it well.
Have one rules based entry trigger, get to know it well.
Same for exit trigger.
Gut feelings and fomo were never going to work.
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.!!! -
@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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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 -
Worked this yesterday for £150 profit, only to lose it again today. I'm still working it. Any advice?
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A gap has appeared in the chart. Something else I haven't read in the Trading Manual?
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???
Can anyone explain this @JamesIG
Live Trading Deutche Bank. Shorting. Profit around +£80, then the screen froze (no movement, not able to Close) and on the ticket it said:'If you want to trade this market call this number'.. So i did to get IG Support who had No Idea what i was talking about. They can't get thru to the Desk? Technical have no issues to report????
Luckily the page unfroze half way thru the call, but then it had reversed and I managed to get out with £27 profit.
This can't happen.
Is spread betting for fools?
in New to IG Community
Posted · Edited by nit2wynit
I'll add this to my To Do List then.
That must also explain the spike yesterday also?
Thanks.