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DavyJones

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Posts posted by DavyJones


  1. 2 minutes ago, dmedin said:

    ol I'm the opposite and find it far harder to trade individual stocks.  

    Mainly because of the constant gapping.

    I think my best strategy is 20k "all on red", better that the daily waterboarding 😄

     

    • Great! 1

  2. 57 minutes ago, dmedin said:

    With higher time frames and looser stops you're less beholden to 'events', this is evidenced by backtesting using a purely mechanical approach and simply following the signals.  Responding to events is a mug's game anyway because there will always be 'unexpected' announcements...

    thanks dude, problem is that some news events are quick wins like HERTZ EasyJet,  but Indices I find it difficult to work out

     


  3. 4 minutes ago, Caseynotes said:

    yes, smaller companies. also you are right to avoid the open when there is always turmoil with big volumes going through in both directions, rather wait for things to settle and one way direction to the next level is established. 

    another lesson learned! I think I'll have to turn to swing trading , my Day trading is just not looking  feasible 


  4. 4 minutes ago, Caseynotes said:

    the market is not the economy, the companies that make up the ftse are big internationals and have their biggest market in the US so ftse and dax will follow the US indices which are an expression of future confidence in the US economy and so the US consumer. The UK market is not that important to them. 

    after I posted that I check the 250, that's much more UK focused I'd imagine. That gapped down


  5. God **** I don't understand these markets 

    Headline news British economy suffered record collapse in the second quarter

    FTSE rises fast from open  and I drop 500 in about 25 minutes!  😖

    Looks like one of the biggest bullish 30min candles in weeks. 

    That's it I am staying away from the 'Open', don't know diddlysquat about it 

     


  6. 3 minutes ago, Caseynotes said:

    All of the indicators work to some degree or another, it's a case of finding one that suits your style of trading as well as your preferential market and time frame.

    Maybe add a filter indicator that keeps you out of more bad trades than good ones and also know the market (chart) structure on which to apply it.  

    Remove the thinking and guess work and trade the plan like an algo would.

    Its difficult to know whether to reply on pure price action, indicators or news. I suspect a mixture of all is the way forward . For example I have been researching Gold and despite it all suggesting buy (and my subsequent loss) , last friday's and early this week sell off was due to funds monetizing profits of which they may well reload . 

    • Like 1

  7. Just now, dmedin said:

    The placing of stop losses and limits doesn't really lend itself to programming as far as I can tell.

     

    well yeah that's a very good point, I am still struggling with stops on IG, Its baffling how I put on a stop the candle wicks rises up to it , Just right before the price hits it  I cancel the stop and the wick retracts. I have see this about 20 times now   . 

    • Thought provoking 1

  8. 19 hours ago, HeadBeeGuy said:

    Sorry I didn't find your posts originally after trying to search in the bar, but you're echoing my own experience there, Davy.

    It is definitely poor service, and I would say it's not unfair to call it deceitful practice.

    It's their most advertised feature. The absolutely rubbish FX rate means constant commission is a necessity, and with that is the issue you've mentioned.

    A structure for a flat fee to pay for short term investment/trading really would be great but is elusive here it seems, and instead we've been very much misled with the marketing. 

     

    yeah I agree, the other option of paying a $30 round trip for non FX conversion is just a sneaky way of doing business.

    It bugs me that they hide this in the fine print especially when there is no logical reason for it and no one at IG can give a straight answer as to why , 

    They should be encouraging clients to trade not discourage them. 

     

    • Like 2

  9. 18 hours ago, HeadBeeGuy said:

    Anyone else experience this? I'm hoping I'm completely wrong, but contacting the helpdesk seems to confirm this ...

    I made a few posts about this, its  very poor service , you either pay the commision fee or work on the pretence of zero commision , but then a rubbish  FX rate .

    And if you hold investments for a long time your profits can get killed in the advent of an adverse FX rate , (should you elect to automatically have FX conversion )

     

     

    • Like 2

  10. 21 hours ago, yosoh said:

    For day trading you need a broker who does not eat your profits in the name of conversion and commission. IG is the worst.

    with falling USD there is no point in dealing with shares for IG. Example 

    1) Bought SPOT 50 shares at $253

    1) 2 hours later sold SPOT at $256.

    Return -£25 (yes negative)

    They say they don't charge commissions but their conversion rates are so different for buy and sell that you are just donating them your research, hardwork and profit.

    Did the same experiment with DEGIRO ended up with £100+.

     

    Cheers, I made a post about the exact same thing , up $87, profit -£52 in 2 mins! Will check out Degiro. 

    On 07/08/2020 at 05:44, FranticFred said:

    I have been following with great interest the various comments re your ‘baptism of fire’ over the last few months.
    From my own personal experience and testing the advice of others, a comment made on another platform that sticks with me very forcefully is: “the only aspiration of the market is to persuade you to pay more for your shares than they are worth and then to buy them back from you at a much lower price”.

    Whatever the ‘news management’ or any other marketing stratagems used, these are exclusively for the sole purpose of making money for the market at your/my expense. 
    Call me a cynic, but nothing I have seen over the last 4 years convinces me otherwise.
    True value has its place but it is hard to find and the ‘retail’ (that is us) usually arrives on the scene after the profit bus has already left.

     

    One personality trait I noticed, I turn on my IG account , check the markets, news and usually with 15minutes I make a trade. That makes no sense, Its like I am just looking for an excuse to trade  . A good trade didn't happen to coincide with the moment I randomly decide to open IG 

     

    22 hours ago, dmedin said:

    I believe you are correct and also, active trading won't make big money in the short-term but it will beat the 2% or less that savings accounts will net you.  As to whether it beats buying an S&P 500 ETF and doing nothing, that remains to be seen :)

     

    I am still leaning towards there are profits to be made if you put in the hard work and further that you need to focus on particular assets. I trade silver more that anything and have about 70% hit rate now, however my one trade yesterday wiped out twice anything I made on silver since I started! Dumb mistake, I could have sworn I put on a stop with PRT but on the IG platform it did not registered , I should have checked! Was £250 up, went to supermarket came back £1400 down! Same with Gold, was 350 up, swing trade running last few days, stop moved up to swing low within 30 mins it dropped and stopped me out at £5 up,  I didn't sleep well last night, turning over in my mind what thinking about how reckless I was! That could be the half bottle of whisky I drank though to drown my sorrows. haha

     Again it's these these foolish mistakes are costing me badly. However I suppose the positive side is they that are fixable mistakes, 

     

    • Like 1
    • Sad 1

  11. 1 hour ago, Fletch said:

    Shhhh, I was under the impression that the minimum charge for not using their automatic currency conversion was $15 - at least that's what it says on their charges and commissions page:

    '*Note for multi-currency accounts: These figures apply to clients who opt for the default setting of 'instant currency conversion'. Clients who choose to convert currencies manually will pay commission of 2 cents per share with a minimum charge of $15 on US stocks.'

    oh so it is damm!

    time to find another broker, Not paying  $30 round trip given I trade 4 or 5 times a day!

    IG just not suited for this 

    • Sad 1

  12. Just did a quick scalp trade on Kodak, testing out if its possible using share dealing . <2mins 

    as you can see IG always has some way of sneaking in a charge .

    I gained $7590 + $7615  - $15118 = +$87 yet when I see the GBP proceeds its $5,749 + $5,766.82 - $11,568.5  = -£52

    If I elect to to have the USD to USD automatically not converted they have a $8 charge, In this case it would still be a profit of $71

    Under spread bet its a 9 point spread so would also have been a loss also.

    My question is why is there an $8 charge, anytime  I phone and ask IG, I just get , "that's just the way the rules are" 

     

     

     

     

    FX.jpg


  13. Using Spread bet is not suitable for scalping in my view , you get filled and exit at a poor price and its hard to cover a spread. Depends on what your definition of a 'scalp'  is though

     

    Share dealing is  a lot better for US stocks (no fees) but you need the capital and can only go long. 


  14. On 31/07/2020 at 21:24, dmedin said:

    Could you not hedge by spread betting or taking out a CFD on GBP/USD?

     

    problem is that CFD's ends up being costly. I think it's the only way  though but if you try hedge having 20 positions all put on and off at different times , it needs a lot of management not to mention the accumulation of overnight charges , as the SB could be on for years if the US share  is still profitable 

    Looks like not much options though

    • Thought provoking 1

  15. On 08/07/2020 at 19:07, nit2wynit said:

    ...to add to that remark though, it's almost impossible to follow the Gap and Go strategy with a small account.  Even so, most of the small cap stocks are unavailable with Spread Betting. 

    That's it really.  Not rocket science.  The limitations with IG and Spread Betting don't allow for larger success ratios using this strategy.

     

    Have you tried the Share Dealing route (long only)? I have a 100% success record*** on that, tighter spreads . Might be feasible, not sure yet . Agree SB is not really feasible unless you have a big big moves like EZJ recently  . Also you get filled at the worse possible position 

     

    *** statistics based on only 2 trades 😅

    • Great! 1

  16. 55 minutes ago, jlz said:

    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. 

     

    the whole 'pump and dump' scam  has been around for 100 years. I start getting suspicious when the top traders keep focusing on penny stocks, When I see them taking on facebook., Amazon I have more faith in their ability . 

    End of the day if you are a top trader , more expensive stocks will be preferably to you due to liquidity reasons .

     


  17. On 31/07/2020 at 21:26, DSchenk said:

    @DavyJones Explain to me how you fake a 3h live stream where he made $225k (his biggest day so far)

    https://youtu.be/TntupfLJyDs

    The only way how you could fake that is if the "live stream" actually isn't live, but like 30s delayed.
    Then you look at the actual live chart and when it is going up, you say on your "live stream" I go long here, cause you know it is going up in the next 30s and by how much. And you say I'm selling here, cause you know it will soon stop going up.
    But surely people would notice if the stream is delayed, those who trade side by side with him in the premium classes anyway.

    I'm not on a mission to attack the dude but just glancing at the video, a few things that I  noticed :

    1) talking in  $$$ amounts is meaningless, its % rtn that people need to know
    2) I jumped through it and literally every comment " I just bought in here or I just exited here" . Everything said in the past tense after a favourable bar formed  
    3) at no point can I actually see a P&L, open position list nor even the trades on the chart he is watching  . Personally I have never use software that doesn't show this. Yet all the YT comments are "wow you just made 50k dude!! ". The point is people watching his YT stream are taking what he says purely in faith .

    also, would the video be marketed  and become viral around so much is he didn't make much cash, its the average long ten performance run is having that is the important factor ,

    As I say I am unbiased towards him so I have little evidence to call him a scam artist nor great trader,. but personally I don't take any youtube guru just on his word. Analysing someone's ability is like proving something in maths " you first remain undecided and only when evidence present itself you learn towards a belief or conjecture. 

    Ask yourself if you had a mind to, could you replicate that YT performance  bu yelling views, hey on IG I just went long Facebook, hey I just exited here "

    Of course maybe he is and there are lots of video on YT showing his performance, I haven't taken time to investigate. 


  18. Over the last week I have been cashing out of my portfolio , mostly US stocks, all pretty good (average 20%) rtn but when I look this morning and did the analysis , it took a big dent due to the adverse USDGBP Fx move in the last 3 months . 

    IG have this unfair rule (in my view) that they don't waive the $15 commissions unless you elect to have all currencies automatically converted back to GBP, so question is  how to hedge  the FX components, 

    Would be fiddly to keep buying an ETF every time I trade USA and SB long term would just use margin up  and overnight charges 

     

     

    • Like 1

  19. 16 hours ago, DSchenk said:

    Check out his recent videos. Making a couple of $100k+ days and probably doing over $1m in profits in the past couple of months. True legend.

     

    how do you know though? Its healthy to play ****'s advocate here but he could be doing a pump and dump on the penny stocks , With larger stocks , he could be going long and short on the same position and just showing the winning one, uploading only profitable trades to YT and his followers,. He remains perfectly hedged . Easy to show a 100k trade that way

    I have no idea if he is a scammer or not and one look at his YT vids I immediately switched off, It is wise to at least question the possibility.

    Also  from what I can see it's not just him but so many people defend online YT traders but readily admit "they are not profitable themselves just yet". They live of the "I'll be rich one day if  keep learning from this guy" dream

    I worked on the trading floor for the big bank for many years putting out trade ideas after trade in, It was not a scam but naturally everyone would show a client a favourable situation . In fact we only ever showed profitable trades, selected window lengths, scenarios  and avoided the probability of risk / return .The equites desks all put out bear market trades and my desk Interest rates was all on rising rates , high inflation scenarios. I'd say every client we had lost money through over the last 15 years 

    The usual FSA warnings were attached like .... well IG have at the bottom of this page,  but human nature being what it is, every just ignores it 

     

    • Thought provoking 1

  20. with indices dropping around the world, thoughts of US ones after the opening bell? Anyone do a recent correlation study?

    Naturally I am late to the party today and shorted the FTSE at 6001. 

    I should sell a training course. I'll give you all my trades and you take the opposite position, guaranteed win for you 😄 

    • Like 1
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