nit2wynit
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Posts posted by nit2wynit
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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.
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@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.
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@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.
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@dmedin, I often use a tighter chart view to create more obvious Peaks and Troughs. Helps identify.
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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.
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@Caseynotes what time frame would you recommend for the breakout?
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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.
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Right, where' this going?
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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?
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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.
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@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.-
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Why have you gone from being helpful and informative, to critical, sarcastic and rude Foxy?
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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?
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4 hours ago, Caseynotes said:
Tomorrow will be different because .... 🤨 What did you discover from the end of day post mortem?
The day proved to be an uptrending day. You had 9 long trades with 5 winners and 4 losers which is fine.
The problem was the 18 short trades of which 14 were losers and 4 were winners.
So you need some way of determining the intraday direction of price action.
Consider something like a 20 period smoothed sma.
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.
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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.?
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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.
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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
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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.
Is spread betting for fools?
in New to IG Community
Posted
@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.