Diary of a swing spread better

[hungvir]

Missed opportunity

I missed an opportunity to long the DOW. Meant to buy it when it climbed above 11240 but lost the 'fight' to use the computer with my daughter.

I'll soon have to buy a laptop. A friend is coming to visit from the States and may be she can help me with this.

 

[hungvir]

Heated argument

Just had a heated argument with my wife about spreadbetting. She said she wanted nothing to do with a ''gambler''. She shoundn't have known about this but we maintain a joint bank account until last month. This matter won't be open for discussion any longer.

 

[tomorton]

bad news hungvir. i've lurked here a bit and like your column. your wife might be ignorant but not necessarily wrong. anyone taking excessive risks or not winning consistently or with poor money management should stop a while and re-evaluate what they are doing. then develop a strategy that keeps you from serious damage, though it may not get you a Rolls.

either way, could be worth a lot to settle it with her.

 

[Splitlink]

Hungvir, your domestic happiness is worth more than this.

Split

 

[Lightning McQueen]

Just had a heated argument with my wife about spreadbetting. She said she wanted nothing to do with a ''gambler''. She shoundn't have known about this but we maintain a joint bank account until last month. This matter won't be open for discussion any longer.

Oh dear I fear this thread is rapidly turning into "confessions of a swing spread better"

hungvir please bring harmony back into family life as quickly as possible. if you want to continue with trading turn this around now for your future peace of mind and future success at this. you need your family on your side
1 your wife perceives you as a gambler because she can see losses on the account
losses = gambler
gains = hero
to sort this out DONT MAKE REAL FINANCIAL LOSSES open a demo spread betting account to refine and practice plans and strategies I myself am showing a 6k loss on my demo account at Capital and have probably wiped out 20+k on the tradindex simulator, hey its fun losing money when its not for real! deep doodoo if it was for real
If you cant make money on a demo account you wont in the real market

2 get that laptop NOW surely the BBC has a huge IT department go ask them they may have some lurking on the shelf gathering dust worth a try. EBAY can be cheap as chips on there

Best wishes and good trading
Don

 

[hungvir]

Don, Split and Tomorton,

Many thanks for your advice. They are all sound. But to be honest, my venture into spreadbetting is only the last drop, so...

I am reducing trading size and now am betting only 30-100p stake. I am willing to pay a bit to study the market and stil full of confidence that I'll make it sooner or later.

Good talking to you and happy trading!

Hung

 

[hungvir]

Good book

I am reading ''The Nasdaq trader's toolkit'' by Rogan Labier (published by Wiley) and I quite like it.

Labier was a former Nasdaq makret maker and a head trader and is now runnning his own brokerage firm. This more of a book for day trader but it's useful to anyone wanting to understand what market makers do, how they can trick the day traders, how to have the right trading mentality...

I just googled it and the digital version is about 19UShttp://www.amazon.com/gp/product/B00005OL82/102-7123212-3952922?v=glance&n=551440.

I got mine from an Oxfarm book shop. Can't remember how much it cost me.

 

[hungvir]

The day before yesterday once more?

Turned on my computer at 8PM and saw the DOW came crashing down. The same thing happened on Tuesday and I went long just to lose 15 points.

Long again today with stop loss at 11250 after a short position proved wrong. The risk is 17 points.

What I tend to do more often these days is entering a trade then plan it.

And now a promise.

I won't put on another trade until I have my plan here first. It's going to include three good reasons to enter the trade, risk-reward ratio, stop loss level when to add to the postion, when to trail profit taking orders.

 

[hungvir]

The trade seems to go my way. Stop loss raised to 11258.

 

[hungvir]

Not a lot is happening. I'll be lucky to make 10 points.

 

[Splitlink]

I shorted REL for 562.9 this morning.

Split

 

[hungvir]

Hi Split,

How did it go so far?!

I just got 5 points from longing the DOW. What an achievement

The 40 period exponential line was the support level for the DOW in the last 45 minutes or so.

 

[hungvir]

Long LSE

Why?

- Rival bids can push the price higher.
- LSE is a good company with competitive P/E ratio. It's run by a good team of people one of whom bought quite a number of shares.
- A swing low is established.

Risks
- It just gapped up.

R/R
- Risking 27 points. A limit sell order is already in at 12000 level. Will trail it as it goes up.

 

[hungvir]

Is RIO a buy?

I think so. But rather late. If it breaks thru the 2800 level, I'll wait for the next swing low to join the greedy crowd.

 

[hungvir]

LSE stop buy order is not yet filled. The stock is going down this morning while the FTSE heads up. I'll have a chance to buy it cheaper next week. If the gap is filled, it's even better.

My long AZN is going well. It has moved up about 50 points. But with a 30p stake, it's nothing to talk about.

 

[pboi]

Hung, 30 points Is something to talk about, do not let 30p enter your mind. its all about the pips, success now, will hopefully lead to experience and success in the future...pips are pips, not matter how much you bet on them

 

[hungvir]

You're right, Mat.

I only trade with what I have at CMC and Fins at the moment (CMC does not give credit and I haven't applied for one at Fins). So the maximum I can afford is about 50p at Fins and one quid at CMC.

But when I am very confident about a trade's chance of success, I can always use my Worldspreads account. I have a 'waived margin' of 1000 pounds, enough for a 10 quid bet.

How's everthing with you?

Later,

Hung

 

[pboi]

lost interest lately as I have switched from my intraday things to focusing on practice with solely betting on a trend change in the market. I got out after a few days to realise good profit, shame really, this up trend has been so long on all markets. doing my figures everynight, then when we get a trend change down, will start posting on here with my story.
Intraday required a bit more attention, but I want something a little less affected by spikes.

so far so good with this trend system..but then I havent experienced any sideways action.

 

[hungvir]

It's less exciting trading end of day but I think I make better decisions when I trade this way. Day trading require total attention/devotion that I some time can't afford. But I have to admit it's very addictive.

And I can't believe it that ADVFN offers live feed of the DOW. I trust that if I had the time, I would be able to trade the DOW successfully using only support and resistance. Possibly with Relative Strength Index.

 

[Splitlink]

It's less exciting trading end of day but I think I make better decisions when I trade this way. Day trading require total attention/devotion that I some time can't afford. But I have to admit it's very addictive.

And I can't believe it that ADVFN offers live feed of the DOW. I trust that if I had the time, I would be able to trade the DOW successfully using only support and resistance. Possibly with Relative Strength Index.

So! You are coming around to unexciting trading? Get the emotion out of it and you may start making more money. I've been a day trader. It's not everyone's cup of tea- certainly not mine.

Had to come to a decision on REL because I'm off to work. Wish I had waited to enter at 570-
now it is 560. I'm holding over the weekend .I entered at 562.9.

No more trading until Monday. Good luck.

Split