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jlz

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Posts posted by jlz

  1. Hi, please use glowing yellow in your next question, it hurts way more to the eyes.

    This is how you can calculate the PL for a position.

    image.thumb.png.84c0c47be52776e6e66ab34c81cd3d67.png

    To calculate the required margin for a trade you need to look at the market margin factor, i.e Wall Street

    image.png.49c18106f9f03d15a4d507bfbd003449.png

    You will need to multiply the side price by the margin factor and by the bet size

    image.png.ffe7e8d1d0ca07070339e616c312d211.png 

     

    • Great! 1
  2. Hi all, just wanted to share an email that I got from the City Index team.
    Basically I opened an account with them and wanted to use the Rest API against a demo account, like a decent person would do.

    To my surprise they refereed me to Forex.com and asked me to fund it with at least 5000$ :D before I can do anything.

    They certainly are not checking what other brokers are offering.

    image.png.58e8acdca7b76fc990f35bc8cc619061.png 

    • Thanks 1
  3. 1 hour ago, DavyJones said:

    damm, you have resilience! . Your  misfortune is oddly comforting thought, sorry buddy! 😄

    Glad it came good in the end  You know there is something wrong when your mindset is "Oh I only lost £150 today, good day!😅

    Why use the API and not PRT

     

    I cannot take much credit on the execution, the bot did it for me.

    If there is an API available there is no need to use any third-party software, I can develop my own one. A rest API uses a standard protocol that allows you to use any language of your preference.

    Developing your own code means that you can run it anywhere and at any time. Meaning that I can run it on a server 24/7 with proper exception handling, email alerts, disaster recoveries and all the techniques that would make it to run reliably.  I do not execute my trades from my local desktop, they are sent from a service on a linux server in the cloud. I sent 2190 trades in about 3 years so I am not sure how you would do that  with PRT.


    PRT is a client application, you have to run it on a local desktop. That will not allow  me to handle it the way I would like to. I would have to run it on laptop on my dodgy virgin-media-piece-of-sh*t connection. There is no way that would work. 

    • Like 1
    • Thought provoking 1
  4. The documentation for the API is at https://labs.ig.com/community

    There are a few examples there that can get your started. You are right, you will need to handle it properly and write a lot of code. There are examples on most of the common languages, but if you want your own system you will need to develop it yourself.

    I helped others in the past, if you need anything automated I can give you a hand. They got the system automated and I got to see what they were doing, bringing more ideas to my brain. Send me message if you need a hand.

    • Sad 1
  5. 37 minutes ago, Karma said:

    what are you doing these days with trades. although early loss pretty bad you can tell your system seems to be good.

    Short story - I automated everything, I do not trade anything manually. Everything is automatically executed using the rest API. 

    Long Story - I started without a plan, looking at 5 minutes charts with a trembling hand clicking on every candle. What could go wrong? I failed miserably.

    Then I prepared a system, nothing too spectacular. Any system can work if it is properly executed. I started with an idea and moved to what I have now, changing parameters as I went along just to comply with the target that I wanted to achieve. I back-tested everything with local historical csv data and the demo account. Then when my code was reliable I moved to the live account.  If you are able to define entry and exit points as well as limit and trailing stops with a system, if it is profitable on paper the only reason why it fails is because of the human factor, a person cannot execute a system perfectly, so there is always a way for a trader to decrease the performance of a system just because that trader cannot cope with the perfect execution of it. If you are able to automate it then your system will gain in performance and at the end in R/R ratio.
    You can take any system you want and start your back-test with one simple premise: Whatever you do, make sure that if it goes wrong you can try again. Any risk management technique will translate that sentence into mathematical jargon with hyper complex algorithms, but for me it is literally that: The ability to try again.
    That and an automated execution made it to work.
     

    • Like 1
  6. 44 minutes ago, u0362565 said:

    Thanks for the info, certainly any order i have out there is in a sea of other orders so using an actual stop loss vs a mental stop seems irrelevant.

    We all think at some point that we are important enough, so the "market" is against us. 

    The reality is that if we use the same indicator chances are that we will land in the same range of prices so we will be part of the same cloud of orders.  

    • Sad 1
  7. It is not as simple as flagging your stops so others can see it. Our stops are essentially orders that have not been executed yet, they will be available in the market as a pending order at a particular level. They will not be there as "stops" per se. Level 2 market depth can show the number of orders that are currently available, more or less like the picture below.

    Everyone that have access to this kind of data (normally at a fee) can see where those "stops orders" are.
    What financial institutions have is "buying power", if your stops are part of a cloud of retail traders orders at  a particular level, an institution can execute a much bigger order that will push the price into a direction that will reach those orders. 
    You feel that the market is against you because your behaviour is predictable, probably because of the technical analysis that you are using.  

    image.png.213cf86de867cf42f19bf5b66f25f9ec.png

  8. Make positions P&L public through the Rest API.

    https://labs.ig.com/rest-trading-api-reference/service-detail?id=545

    At the moment we have to calculate P&Ls based on Bid and Offer prices. There is a great level of detail in the position object but one of the most important fields is the P&L and it is missing there.

    The web interface shows a nice box with the calculated value that helps instantly to understand where your position is at. I believe it is just a matter of making that calculation public as it must be implemented already.

    • Like 3
    • Thanks 1
  9. 19 minutes ago, larrybreheny10 said:

    Thanks JLZ,

     

    I am a greenhorn when it comes down to this stuff. Where do I find the exchange opening times to check the selection? Also are the spread bets times for selling different. Strange that IG seems to be closed all the time, I mean the last 20 or so times I went in they were not open

     

    larry

    As an example you can take Barclays PLC.

    You will need to google something like: "Barclays PLC stock exchange"
    That stock is traded at the "London Stock Exchange"
    Then you can google: "London Stock Exchange opening hours" and will return pages like the one below:
    https://www.tradinghours.com/exchanges/lse/trading-hours

     


     

    • Sad 1
  10. Looking at all the techniques that could be considered scalping, I think we just have to count that the life of the trade is very short. Short in the sense of seconds, half a minute the most. The numbers of pips-points don't seem to be part of any scalping technique if you want to get strict. You could modify your exit point in the range you would  prefer but if you exit within seconds, that is considered scalping regardless of the limits you are setting up to exit the trade.

    For that reason you need a very volatile market with the minimum spread possible. As some of you have said already, major Forex pairs or indices are the best. I don't think DAX is going to work every day, there are days when that market is very static because is highly correlated with the rest of major European indices. One that is very popular for scalpers is https://www.ig.com/uk/marketanalysis/ig-indices/russell-2000. The spread seems to be decent and it is constantly moving within a strong sideways trend. The movement range seems to be within 400-500 points the most so you might have a good chance there. 

    • Sad 1
  11. Just to put in my two-penny worth, so we can fill  the jar.

    That guy seems to claim that around 4K traders join his live chat room every day to watch what he is doing.
    So he has a legion of minions that will push any trade he enters to into a direction after he clicks on the mouse. 

    Since he is the one triggering the move, he is always first in the trade. That is not a bad trick I have to say, very similar to the headline "expert advisor say whatever ...  trade the same so he can make a profit, just because he is first in the queue" 

    I am going to watch this week https://www.warriortrading.com chatroom, just for the sake of proving myself wrong if I have to. Thanks for bringing it over here. 

    • Like 1
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