nit2wynit

@Caseynotes @TrendFollower @dmedin We all know that we must be careful. We all know we must limit risk. We all know we must have a strategy. But we must also have courage, staying power and a strong stomach for losses. Not sure why there'a always so much resistance to Day Trading. I mean yeah, I get it, it's not for everyone. Try not to push so hard against it because it's not something you like, understand or whatever. I don't understand doing this part time. I don't understand only making 2 trades per year. I don't understand why someone would do a 9-5 for 50 years. I've worked for myself or been in education for the last 25 years!!! Let's remember it's all Opinion, and an Opinion is collection of ideas based upon a lack of Fact. Since 3.13 yesterday (I trade after US opens usually-this gives me the entire morning to research), and leaving 2 trades open by accident that luckily continued to go the same way, I achieved this on the Demo, all with a 2k account. But to be honest, i would only be able to place one trade at a time, so in reality i couldn't have placed both. However, what it demonstrates is that even with a 2k account I can move on to the next setup. Add this to the £340 i showed you earlier (though I would NOT make this trade in real life at the moment) but also the -£30 -£50, then it's clear to see, that Demo or Not, the gains are possible. I've posted my lists now several times of my successes on the Demo, but it proves that if you can remove the psychological barrier, success it not only possible, but guaranteed. Is anyone else posting Wins/Losses using the Demo? If it's a simple case of saying It's the Demo, we can all win, I'd like to see them here.

Must Day Trade? No. Can Day Trade. I have the time and the will to Intraday Trade. If i make £50 in 2 hours I'm done till the next day. Or if i see a particular set up i will trade that too. I will make some lose some. So long as I am consistent with a 1:1 porift loss, I'm hoping to end up or even each week. Holding a Trade for Days or Weeks!!!...is not Day Trading, or Intraday Trading! I am a Day trader. All Trades will be closed by the End of the Day. My Target is to make £50 per day. or more specifically £200 per week.

You're also forgetting that I have been live back in March and made wins and losses from £2 to £100 on several occasions with a £1400 account limit. Yes, I left down £400. All we're talking about here is Consistency and 1:1 ratio. My trades are often more than 50% wins. Please discount my post last week with a considerable loss. I have explained this loss in detail and my psychology at the time was well off. I can't pretend I don't still have The Fear.

@Caseynotes you'll see i did say, I would most likely NOT do this for real . i also said it was the chart and Set up that was what i was looking at. Therefore any size bet would deliver. However, with more certainty in my chart reading, I dare say I might in the future. However, my plan will not be to SB at that point but to literally Buy the Shares and Sell.

@dmedin I really hope to prove to you and myself that when I go Live again i can easily achieve £50 per day with a 2k account. That is a minimum. If you're watching and interested, I will endeavor to only make considered choices tomorrow of Dead Certs and post my results by the end of the day. Full disclosure. I may do multiple trades at once on different Stock, but all will be with a 2k account, making full use of my Margin. as soon as I make £50, i'll post it here and Tag you.

I'd have made £600 today using a 2k account. However, I did Lose £80 on 2 trades on the US100 I wasn't paying attention to. I appreciate risk management. But you need to be sure of your direction. Willing to Risk for Reward. Be consistent in your Win/Loss Ratio and never go less than 1:1. I know it's easy to put it in writing, so only time will tell when I get my confidence back to go Live and see if i can prove it time and time again.

@dmedin Luckily this is the Demo, but this is another trade I have running. Look where the Limit is? Someone came to the door so I had to go answer. Then I forgot about it and the Market closed. Currently £97 in profit, but missed out on the £260. I NEVER leave a trade open and leave until it's over. All with a 2k account limit using maximum (or 10% less) margin.

@dmedin no buddy. All of my trades are as if I had a 2k account! Margin £1800, buys me £170 pp. 2pt spread put me under £340. Moved 4pts in seconds. £340 profit.

@dmedin I see you struggling buddy, like i have been. I realised something today crucial to my Strategy and what I want to achieve. I've been struggling with account size, vs %moves vs Price per Point and stop losses etc. What no-one has been able to tell me until I figured it out today was the difference between the Cost of a share, vs the PPP, vs the Stop Loss, vs the Volatility vs What I want to Achieve. What has been revealed today is that in order to make money in the shortest amount of time, I need to find a LOW PRICED stock and Stake LARGE ppp OR LARGE Priced stock and small ppp. This may sound simple in hindsight, but the decision as to which stock to go with is dependent on your strategy. If I go Low ppp on a High Priced stock, it's important that even though the stock may not have moved much %, it has moved in Points. Maybe it moves 200p per minute. On the other hand, the High Priced Stock may have moved 200%, but this might be £2 to £4. But with a Spread of 1pt I've got to get it right straight away. To drive this home, below is an example of a trade today. Below is my perfect setup. This move made me £340 in about 5 seconds! £170 per point, £1800 margin, but it was a 2pt Spread so I started £340 under right off the bat. Yeah, it's risky, but this is what we do. We risk Capital to make Profit. I don't care how you wrap it up. The main point is to have greater success than fails or at least 50%; To be sure of the direction we're going in. I got in an out with an Auto Limit of 2pts. I figured 1:1 ratio on this. It moved about 10pts in total. Nearly £1500 to be had! Seems to me though, you haven't actually decided on Swing, Day, Intraday, Long, Short what whatever. I know I want to Day Trade. My trades are within 5 minutes If I can find them. Sure I'm back to the Demo, but I want to give you my insight. 1st, decide what method above you want to work with. Here's the main point though. It's not the amount of stake, it's the Setup that is ideal. If we were all certain of a direction, we'd go all in right? Now, would I be willing to play this trade for real at these amounts? Probably not. It's not sound. If it did go the other way, I'd be finished. So, on to my revelation. Above is great and Ideal setup. Regardless of the stake. It's patterns like this I look for. In, Out, on to the next one.

@dmedin, I often use a tighter chart view to create more obvious Peaks and Troughs. Helps identify.

Right peeps I reached my daily limit for posting. Who knew. Yesterday shook me to the core. Over it. However, back to the Demo to Prove my Strategy. The data below will look like a terrible day, but on the contrary it went well; it's mostly deliberate (apart from the noted Real Losses. Everything else is simply proving where I went wrong and letting it completely fail. However, If I remove the Playstation mistakes and the aggressive moves where i wasn't paying enough attention and put all my losing trades down as -£15 only, (coz this is where'd I'd get out) then it's around £200. Quick estimate. We'll see I guess. This is all using a 2k account. Maximum ppp @£5 creating a margin of approx £1800. Stop loss of around 5pts (but I used 10 to give me more of an idea of the range I could play with) It's fast, exciting and terrifying. It's elating and downright disappointing too. But when you're reading the charts right, and getting in and out in 2 or 3 points, it's worth it watching them add up.

@Caseynotes what time frame would you recommend for the breakout?

I'd already gone in Casey before I your post arrived I've bought in at 7246 @ 0.5pp with a 20pt stop sitting at around 7228 resistance. I'll leave it to win or fail for -£9 then call it a week. I clearly need to go back to the drawing board and start again. Thought I'd got rid of my bad habits on the demo. Clearly I haven't. Thanks to all for advice. I may not be suited to this at all. Down on the day again already. -£10

@Caseynotes hahahaha I'm becoming my own Joke; my own Cautionary Tale. Bought in, immediately reversed and stopped me out lolololol.

Right, where' this going?

you can see from the image above my Buy In literally became the turning point again. Stopped out and full reversal. It's now going up. Those big moves are 7-8-9 pts. I managed to grab £5.5 but got stopped out for £11. So down again. Retire?

Take a look at this. Typical of me. Followed the trend but bought the drop instead of the pullback. Now a waiting game to keep hold of £10.

@dmedin I literally started looking for a job yesterday lol. I know most of what I'm doing wrong. Even now, got up late, missed the climb on the FTSE, but i was in no rush after yesterday. But also, I'm hanging around in the FTSE and there's no Volume. It's barely moving. I've decided I should be following the US market. There's plenty of info to be gathered. Other's posting Pre market Gappers and such using scanners. I thought I was having a breakdown yesterday. But all day I waited for it to drop. It didn't. Now today has news too saying it's doing well. Started with a huge spike. Is it coming down, or going up?? Who knows.

Why have you gone from being helpful and informative, to critical, sarcastic and rude Foxy?

You clearly skip read Foxy. I literally called myself the Fool. 3 weeks of live trading is hardly making the same mistakes over and over. I made one mistake today. The whole session was the mistake. The mindset I started with was a mistake. I haven't blamed anyone or anything. you do realise this isn't my thread right?

What will be different? I have less money than yesterday. More fear/respect for the money I have left. Won't assume a trend direction. Bet smaller, with bigger stop. Play longer. Make sure the volume is higher than 100.

I've just started at this Foxy. 3 weeks back in March then today! How's it working out for me? Great pal, thanks. Learning. Put your own advice to the test. Tell me. FTSE. 2k account. You want to play £5 pp for 20pts. What's your stop loss? you asked me no questions at all about what I need to make per day to be worthwhile, so I'll tell you. £50. Thanks for your help but your tone no longer serves me. Give up? you're assumed everthing and asked nothing. thanks. No need to help me anymore.

Woooow. It's not my problem. most moves are 2pts or more. Providing I get the direction right I'm in and out in seconds. I play higher and shorter. I can't play 20pts for 5 because my Stop loss would be too great. Pull back could wipe out any profits and put me £100 under on £20!!!!!!! I don't risk that much on a bet. My problem today was assumption it was going down. Fear of loss. Panic from loss. Throwing up then basically Gambling.

@Foxy I don't understand how you don't understand. move 2 pts. Take £10 profit. Move 2 pts take 10 profit. Do this 20 times. Some of the reversals in that chart are nearly 20 pts. I don't want to be sitting at the screen all day. I want to do 2 hrs and do something else. That chart is also hindsight. Of course it's easy to show i and out points. Tell me, what's your Bid on those moves? Stop loss, Margin etc.? Thanks

I use Volume, Bollinger and MACD bud. 1 minute chart. It's not the stops that got me, it's the direction. I was convinced all day it was going to drop. I was playing too close and panicked, then got stuck in the Drop Mindset. I keep trying to anticipate it. I know better of my own mistakes. 1st Day Live since March. Back on it tomorrow with fresh eyes and smaller bets. Cheers