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DavyJones

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Everything posted by DavyJones

  1. cheers man, will watching as I type . I am jumping around from strategy to strategy too much. I will start a new testing plan tomorrow, For an hour a day, I will go through a charts bar by bar testing an example strategy like the one above, and see if I can narrow in from there
  2. I have come to the preliminary conclusion that only fast moving stocks or big news you can make money DTing. I did ok on EasyJet recently and FTSE is absolutely tanking today (i got in late) but for the majority of stocks is just not worth trying . I think I will start looking more towards swing trading in the next month and easy off DT. The overnight risk is a concern but as you say you can always use Share dealing but with UK stocks you have the charges. US I find much better
  3. It definitely gets better ..... very slowly.... , I still make stupid and emotional mistakes and its those that wipe out the last 10 profitable trades . I find with those trades you really need to write down and force yourself to revisit it, even if it's just have a look at the MA or something , it's too easy to block out the bad trades and move on always living on a promise of a win. Hence the YT gurus. Indeed I have a PhD in maths, was CFA registered in London but really it doesn't give you much advantage . In fact it can quite a disadvantage as you can be quite arro
  4. Sorry Mark really not following , every trade has the BID ASK attached in PRT, it usually fills at this price
  5. cheers, I am playing around with stops , its hard to know what to do . I found that with stops, you often get knocked out by a sharp downward wick, In fact trailing stops seem to have this effect, not sure. Then if you don't use them you need to be watching the screen all day. I guess this is why back testing is somewhat limited as you are missing the real time limits and stops which influence the price On that particular trade yes I moved the stop to breakeven but as the price approached it I thought about removing the stop, then talked myself out of it for lack of discipline. I
  6. I don't quite get that, that's the point of the ASK price, sure there can be some slippage but its not a certainty to be filled at a worse price that the ASK, In any case that doesn't explain in a highly liquid market why the order gets filled at the extreme of the 2min wicks. Law of probability would suggest it somewhere in the middle.
  7. Exact same thing Silver trade from 2 days ago. Its as well I keep notes on all my trades.
  8. Hi Mark, no that's what the green band is showing, the Bid ASK spread, they match the online platform exactly , You have to add it on to the chart
  9. This is probably a case of paranoia but I'll ask anyway I trade gold and silver mostly and many times this phenomenon occurs. I put on a trade at a MARKET ORDER and it seems to fill right at the extreme wick of a candle and when I put a stop on it it's like the price reaches down to knock it out . Look at the chart (The time axis is because I am in asia), In the last hour I put on a LONG Silver trade [AUGUSD] with ProRealTime , I bought in at the (orange circle) I am 99.99% certain I put it on at the yellow line price . Once the trade moved in my favour, I put a stop on at break ev
  10. Leverage is a very common occurrence in everyday lives. Majority of Britain's >30yo I'd imagine are financially leveraged via a mortgage .
  11. I use ProRealTime, much better than the web platform in myview. It's a bit 'French' in that nothing is in the obvious place and seems like its old technology that has just been patched up for a decade now . Its clunky but works Further if you want to day trade on IG, its a hard task. The spreads on SB are just too high and you can only do very liquid stocks FX or commodities, You often need fast movers / e.g. silver . I found reducing risk / reward down and getting hit rate higher is a better strategy. I somethings trade using share dealing account but can only go long, tig
  12. If it makes it easier just use stops and limits in £,$ via the option in IG, that way you can be sure what exactly you're risk/ reward is money
  13. Yeah it's confusing. As I understand it a 'point' is the 1st whole integer number. i.e, the first digit before the decimal place Take Barclays, The value at the moment is £1.19 per share but expressed as pence 119.44 on the trading platform (CFD, SB, share dealing). Obviously we can't have £1.1944 in real monetary terms so a rounding takes place when you actually cash out so if you do a trade of 'BUY £1 a point', that means for every 1 penny rise (on the screen 119.44 -> 120.44) in the price of barclays you make a £1, or in other words, you are 100 times leverage, Look at the 2
  14. Thanks, certainly things looking brighter here in China, industry is getting back to full steam . I think they are in a much better position that Europe for 2nd waves of viruses. It's happened a few times buy area get shut down in a flash. I think they have learned their lessons I just sold out my Vanguard FTSE 250 ETF shares which are starting to tank. Dump it into China shares
  15. Dead obvious for you experienced folks on here but updating my trade notes from yesterday, I realised what a silly mistake I was make . I was trying to test a trade off the open, I noticed from the screeners on PRT that the QQQ was down from previous day's close. I saw 3 big Red bars on 2 min time frame with large volume so I thought I'd test a quick SHORT trade. In and out in 5 minutes at £1 a point got me £25, cool. However looking at the bigger picture this morning, that is looking at the 2m, 15m and 1 hour chart I realised it was a foolish trade to take for a few reasons
  16. Yeah I get that there are minimum distances for stops, thus it impacts your Risk / Reward ratio but realistically the major stumbling block are the large spreads, not the stops. In any case there are loads of stocks, FX, commodities to choose from that will keep your risk to less that a few quid, 0.5% account is £10 for case. Its just a suggestions so feel free to ignore it but I think you're focusing on the wrong aspect of trading, Sure your stop may be further away than your like but if there is a high probability of hitting it then the trade shouldn't have been put on in the first pl
  17. just use stops as tight as you can , FTSE 0.5pt min, stop 4 point = £2 quid. Lloyds: £1 a point, min stop 0.2 = 20p how low do you want it ? 🙂 You can always exit the trade anytime
  18. I was looking at a few live stream, the d@vil is in the detail 1) They all use large capital sizes ($50k min) to scrape out a few hundred dollars. People get fooled by the click bait titles, e.g Oliver Velez "I made $5k in the first 30mins of the open trading Facebook". Look closely at the screen, pause the video, and you see that he bought 2000 shares (at $240 a share), Nice if you have 1/2 million dollars in your account 2) they have exceptionally tight spreads that is a lot better than IG 3) Their set up is very professional and get filled a lot quicker than perhaps we could, n
  19. thanks, I am trying to learn more about Range breakouts (backed by volume) but such short time frames (1min, 2min) seem a no go.
  20. It seems to me that using SB is for the majority pointless for scalping stocks due to the wide spreads, I tried it several times and although I get the direction right (mostly), I barely make the spread back. With share dealing you have the advantage of a tighter spread but you have to factor - £6 return ticket (UK) - can only go long. - 0.5% on buy side (UK exchanges) The last one seem to put us back in the same position as the SB route. US exchanges have a 0.00207% and no fees (if >3 trades pm) so seems viable Looking at a few past trades, it seems like its only the ver
  21. for free? why would they? Also you can never know if they are full of BS or not. I don't think I have ever seen anyone actually show verified trading statements
  22. Yeah look I am, in under no illusion that this could be a total waste of time, in fact it more satisfying the curiosity I have had about this for years. I think there are other fringe benefits to trading , such as starting to take note about general money management. For example I remortgage my property a month ago. I was paying an extra 1.5% for probably 8 year than I really needed to. Leaving cash just sitting in a current account for a decade and so on all has long term significant impacts on your wealth. I am approaching 50 and the best thing I ever did money wise was getting on the
  23. I generally have a rule of thumb of a stop of 1 bollinger band with should in theory (well based of previous moves) cover 66% of [price moves for that time frame [BB just seems to be a 1 normal standard deviation of a specific window length], but then started to look at other 'accepted' trading strategies. For example as you mention, if your very confident with your trade perhaps a tight stop is advisable so you get several tried at it.It seems like a lot of people advocate it. On the other hand , the usual price volatility can knock you out quickly. I never considered automated trading bots,
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