isatrader
Senior member
- Messages
- 2,963
- Likes
- 135
I have both on my permanent watch list.
Last year I shorted JPM following the whale issues.
GS is dangerous
SuddenDeath
Legendary member
- Messages
- 14,063
- Likes
- 143
do u find them good barometers of the broad market
samspade79
Established member
- Messages
- 576
- Likes
- 25
Partially.
JPM is heavy, doesn't move a lot.
GS can become very speculative. Tried in the past when it was at 200 to daytrade it but not very successfully.
What is your thinking, trade them or use them as indicators ?
SuddenDeath
Legendary member
- Messages
- 14,063
- Likes
- 143
GS had a cup and handle breakout on 18th nov 2012. think it can help if you are trading banks,
SuddenDeath
Legendary member
- Messages
- 14,063
- Likes
- 143
EURUSD now 1.3562
Talbs!
Experienced member
- Messages
- 1,180
- Likes
- 24
Nobody going short into any close
you know this ! :cheesy:
SuddenDeath
Legendary member
- Messages
- 14,063
- Likes
- 143
anyone short DAX will be happy -59
Lee Shepherd
Senior member
- Messages
- 2,164
- Likes
- 573
Hi Jon,
You say everyone you know......well.....you know of me and I'm still around making money. Some will be jealous by that statement but its true. I make money trading and have done since I was 17, I have brought much property this way and set up business's from the markets, I have had the privilege of owning (outright) some of the finest cars, I am net profitable, I take money out not put in.
This is why I keep harping on about money management. Many will use this term so loosely or believe they have good money management until it goes belly up.
If you win take it out or at best set a ratio, an example could be take out 90% of what you've made. Scaling up should be done very carefully and slowly, like building any business, the same rules apply.
If I am trading the range and lets say for example that my range is 500 points on top of an already 500 point rise on the Dax and to last for the next 6 months then I trade the range and take the money. Should it go up in one foul swoop (which lets face it is very unlikely but again I'm confident someone can be bothered to dig up that one time), then I would be out of pocket on that one time experience.
The problem you would have found with the people you know that have tried and fail have failed only because they did not take money out and tried to compound to get the riches quickly. Once you have taken money out and spent it, the markets ain't ever getting it back.
Also there is a great deal of difference between sitting on hope that it will turn around and trading a specific range for a set period of time. This in effect is the stop loss which safeguards the account or at best you know what you are prepared to lose before you play the game.
An example of mine is my last account blew over 5 years ago but I still had plenty stashed away (markets money) to play again and without it affecting my lifestyle. The system (not my system but A system) is a simple one and most effective once applied with money management, it wont get you to riches over night nor unfortunately will you be a millionaire next year or even in 5 years time, but....It will provide an income and after all, that's all I'm after - to be net profitable and be constantly taking money out to spend on other things in life other than my broker.
If I lose then I lose some cash, If I win then I win far more than at risk at any one time. Therefore the times it goes bad has to far out way the times it goes good and the times it goes good.....well, take a look for yourself. Its all in the charts and they don't lie (unless it's spreadbetting of course
)But, like I've stated, I'm not here to convert people. I just like writing every now and again and if it helps others then great, if it doesn't then no worries, its the negative criticism I find most strange as I am simply writing about how I trade and posting up statements which lets face it, no other person does this to my knowledge - other than Trader Dante but he's on the other side now I believe.
Maybe one day before I get my pipe and slippers I may even hide away and write a book. Who knows??? Not for a long time yet though.
In the meantime lets all go and grab some cash and may the best open minded learners win.
Regards,
Lee
barjon
Legendary member
- Messages
- 10,752
- Likes
- 1,863
Aye
. I only sounded the warning because so many inexperienced people take that route as a way out of trouble. It often "works", but tends to be fatal when it doesn't.You can't do it without deep pockets and a very sound understanding (and adherence) to your money management parameters.
Lee Shepherd
Senior member
- Messages
- 2,164
- Likes
- 573
Aye
You can't do it without deep pockets and a very sound understanding (and adherence) to your money management parameters.
Hi Jon,
Your absolutely right. Deep pockets is an expression but yes, you do need adequate capital behind you in anything you do, this term can be twinned with only play with what you can afford to lose. Money management would cover this before playing the game.
The warning is good but to be honest, the warning should be across the board full stop. The way I believe and this is only my belief as its how I started out is to paper trade for a few years then when live trading trade very small and slowly and build from there. People will give their own time frames to this but ultimately we all learn at hugely different rates and therefore someone else putting a specific time on a someone else's personal journey is extremely difficult.
It still remains the same though whether any system is good or not and even the bad obvious car crash systems, some will make but most will lose. Take recently for example, we can all see it going in one direction but yet we still choose to close out each night and re-enter the next day or even the next hour paying again another set of commissions or even still hedge the losing bet in hope it will come good, sorry Jon, no dig. If we're in a trade for 20pts and the spread is 1pt that's a whopping 5% commission and that's only after the trade is profitable and at this rate, obviously these figures get worse the less we take and if we lose are even worse still.
Its best to see it as a longer term trade/investment strategy. Someone may be playing with £20pp to get 20pts with comms at 1pt or 5%, but if you stretch that out and play with £2pp for a 200pt target your comms are still 1pt but instead make the percentage more nearer 0.5% which is a far deal better, in fact its ten times better. It also helps prevent getting whipsawed on minor news events and spikes. The gains are the same as is the trade loss amount. The major thing that changes is the amounts you have to keep chopping in and out of which is what the brokers love the most.....our money on many trades. Lets face it though, and this is no dig, but trade 2 win also loves it as it creates post counts and activity.
Instead of many posts about getting in here and exiting here etc the posts should be more tailored to strategies with people discussing firm and prominent technical data and fundamentals. But like I say, I'm not looking to convert people, just giving my spin on it for what its worth.
Lets face it though, not many wish to hold overnight through fear or losing but yet wake the next day only to find that if they had held they would have woke to a nice profit, they then only have to find another entry and by this time have possibly missed a good move.
The longer term strategy is by far the best solution to people with limited time as it allows one to be away from the screen and not miss minor moves, imagine turning on the screen the next day and finding you have in the bank that cash and yet only paid one lot of spreads/commissions for it. Less stress and more time is one of the major benefactors here.
I always find it fun to ask people that trade down the pub or whilst at their day jobs whether they think they are better than all the institutional traders and hedge fund managers etc that spend more hours in a day than they do all week. If this is the case then why aren't they all down the pub or only trading 2 hours per day????
All the best,
Lee
Hi Guys
My last post for a while.
Want to concentrate on my trading.
Just finding that I have started to get influenced by different opinions.
So going to lock my self way from the blog and any other (TV, family, internet surfing) outside distraction. With only a calendar of upcoming economic and corporate events.
Have some very big targets for the next 3 month's and beyond in my trading plan.
Won't share the targets, because people will say they are outrage and can't be done, but have been done before on a regular basis.
Some people say this business is not wages, but to me it is on a daily basis.
I look to take 50% profit out of the account on a daily basis, with 50% left in to cover any days of losses. 100% of my trades are on a daily basis, that's what seems to work for me.
I also spend a lot of screen time on the PC, with 6 to 8 hours a day and few hours homework at the weekend. Patience is the key and it pays off waiting for the set up to come to you.
Only ever posted on this thread and only ever will, because of the great people on the thread and the thread is always friendly with a bit of a joke along the way
Big thanks to SD and barjon, new and old traders can learn a lot from these guys.
Will update in April to tell you where I am at.
All the best in your trading
Darrell
P.S Pataince and indpendent thinking.
My last post for a while.
Want to concentrate on my trading.
Just finding that I have started to get influenced by different opinions.
So going to lock my self way from the blog and any other (TV, family, internet surfing) outside distraction. With only a calendar of upcoming economic and corporate events.
Have some very big targets for the next 3 month's and beyond in my trading plan.
Won't share the targets, because people will say they are outrage and can't be done, but have been done before on a regular basis.
Some people say this business is not wages, but to me it is on a daily basis.
I look to take 50% profit out of the account on a daily basis, with 50% left in to cover any days of losses. 100% of my trades are on a daily basis, that's what seems to work for me.
I also spend a lot of screen time on the PC, with 6 to 8 hours a day and few hours homework at the weekend. Patience is the key and it pays off waiting for the set up to come to you.
Only ever posted on this thread and only ever will, because of the great people on the thread and the thread is always friendly with a bit of a joke along the way
Big thanks to SD and barjon, new and old traders can learn a lot from these guys.
Will update in April to tell you where I am at.
All the best in your trading
Darrell
P.S Pataince and indpendent thinking.
Attachments
Last edited:
samspade79
Established member
- Messages
- 576
- Likes
- 25
I read the news on Marketwatch :
"Deutsche Bank up 2,4% after swinging to a net loss"
Does it make any sense ?
Does the market ever make any sense ?
Pathetic GDP in hugely overbought market = slight red.
Apple huge profits = trading 10x
Intel dominates the chip market and trades 9x
Amazon = 1000000000000x and pops daily
Nflx = 6 subscribers and explodes 100%
Rimm = up 200% in a few months because they sold 9 blackberries
Housing = not a penny profit between them and 600% gains in 18 months.
SuddenDeath
Legendary member
- Messages
- 14,063
- Likes
- 143
