nit2wynit

@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

@Foxy I play for 2pts at 5 per point. Ironically it's safer as it's quicker. Most up and downs patters are 5-10pts, unless i lose focus and get stuck in a 3pt up and down consolidation, so happy if I can grab 2 or 3 of them providing I've gone in the right direction in the first place. I know it's risky as it's proven today. Pre market actually dropped about 20 pts to start the day, so thought it was setting up for a big drop. I need to reset.

I totally effed up today. Like I'd never even seen a chart before. I know it was fear. I knew I was going live today and didn't sleep well. Was up at 6. Watching Pre market from 7-8. Read about Trump, Brexit and FTSE NEWS and I actually was expecting a huge drop. So right off the bat i was in the wrong mindset. I kept waiting for it to drop.. It didn't, it just kept going up, then when it did reverse, i went all in thinking this was the big drop only for it to change direction. Like it can be seen in hindsight, today was an uptrend. I know I have a bad habit of trying to anticipate the breakouts. Then I seen that Uber was being investigated for Tax, It dropped massively today, and tried to get in on it. I was already £100 under at this point. The drop was aggressive and stopped me out immediately for £54 loss. Thanks for the feedback folks. Here to fight another day.

I'll try again tomorrow and see if that works. My stops are a direct relation to the movement within the trend. Today i just had every Bet going the wrong way. We'll see. Whatch this space for a bankruptcy notice. lol

Thanks for stopping by @Caseynotes @dmedin Yeah.........what else is there to say. Must be the fear! I'm £600 down now since march. Hundreds could have been made today on the FTSE but I was clearly not in a the right mind. The Demo practice was with a 2k account too. £5 per point. 5pt stop loss. I rarely let it go past £15) Margin of around £1800. I concentrated mostly on £10 wins but literally every trade (bar 2 or 3) went the other way. Un-believable Statistically. This is the complete opposite of what I've been achieving on the Demo. What this space to see what I'm down tomorrow lol.

Call me a fool. I feel it important to keep you all up to date with my progress. I've been posting screen shots of my Wins on the Demo. I have been easily achieving around £100 per day (2hrs) with 80% winning trades. I've gone Live again today for the 2nd time with 2k. I've lost 90% of my trades and down £230 in 3hrs on the FTSE. £55 on Uber in 2 seconds. I've already been sick once. Something is clearly not right here. Even using the lowest stake I can't win £2. The chart appears to freeze for a moment when I Buy in. then it reverses. I noticed this a few months ago when I started and commented that my Buy In almost always becomes the point of reversal. I went back to the Demo (back then) and proved a winning streak. went back Live lost it all again. I know we're going to put it down to psychology and fear of Loss. I don't know what to think.

I posted that as my strategy. Maybe I wasn't clear in my post. I was showing how I learn. I knew each of those 20's was going to fail. The Ups and Downs were about 4 or 5 points. I was only using a 4pt stop loss. I set them up to fail. What I mean is I re-affirmed what i thought would happen by doing to the opposite. I never left the screen in the last half hour. I let them fail on purpose to confirm my learning. I even set up the £10 win to fail but it actually went the right way, hence why I called it a fail. It's good to make purposeful mistakes. They also prove you know when you're making a mistake as well as making a Win. Proving your Gut and your ego. not been trading today. Well, only 1 trade and up £20 so 100% win lol

David you've missed the details. I did those on purpose. I prove my wins as well as my fails.

Right, for those interested this is a typical day of late. You'll notice the Red boxes and the Blue. The Red boxes are actually real Fails. The Blue Boxes are me Proving Fails. What I mean is I set up trades to prove the reasoning they can and will go the other way and that returning after a long day is not wise. Ironically the £10 in between the 2 Red boxes was not a win but a Fail because i expected it to go Down instead of up. So chalk the £10 win to a Fail. You can see around 4pm that i got out of 2 trades that clearly showed me I may have read it all wrong but luckily managed 2 small profits. Then I set out to prove the fails. I would not normally allow them to reach -£20. Having convinced myself I knew what i was reading after I corrected myself, i waited for the anticipated drop. I was pretty sure in my thinking that the FTSE was going to drop by the end of the day. It clearly did in the last few mins. this was done using a simulated 2k account. The margin was around £1800. Adding up the figure below will give a Net Profit of £70. However, if i add, or remove the Proof Fails it's around £170.

I probably won't be doing any more today as have a few things to take care of. I can often trade like this. But i can't afford to take my eyes off the screen. I will do this every day. Longer goals is to Trades Shares directly as the more I add to my account the great the cost to the stake and potential greater losses. Buying shares directly and controlling my Stops will prove more advantageous dealing Shares I think.