Diary of a swing spread better

[JillyB]

Thanks for the Help

Hi Jill,

From my experience, if you move your stop to break even point first then you're in a better position to get fatter profit. From then on, I would just trail my stop sell order as succesive lows are formed.

And if you think about risk/reward, it does not make sense if you risk 20-30 points just to have a gain of 10. I also got carried away when day trading but money management is the key in this biz and we just can't afford to take our eyes off it.

Best,

Hung

Hi Hung

Just to let you know - I did it! I stuck with the trade and didn't get out until the limit order kicked in!

Ok, so I will admit to almost requiring a straight-jacket to stop my hands wandering to the mouse and venturing towards the BUY button (I was on a SELL trade), but I managed to resist the temptation.

Thanks for the advice. I had my mental stop in place and did trail it down as you suggested.

Well that's me done for the day - my system only generated two trades today. Up to the previous high of yesterday and then Sell down to the open of today.

Thanks for your help

Jilly :cheesy:

 

[Lightning McQueen]

Surprisingly honest. It's the first time I've read the Finspreads diary as I believed it to be propaganda. I'll keep an eye on it from now on- for a while, at least! In fact, I stay away from most "helpful" pieces from the spreadbetters. All I want from the is a fair spread.

Still in CPI trade. It moved into profit yesterday.

Split

deleted a bit of tripe here could not find the article

Not much from me on the trading front

have closed my disastrous buy on the dow which was at one point nearly £1600 under water but thankfully closed it for only a £40 loss which was lucky I think! still learning lots from the rest of you guys and gals
Nearly 14000 views for your diary Hung congrats

Don

 

[hungvir]

Thanks, Don! The more, the merrier!

For your loss on the DOW, I find that a winning/losing trade in this market is just a matter of time frame. A two hour trade can be a losing one while a four hour one may a winner. But the danger of holding on to your losing positions is there'll be a time the market will really turn and never look back.

So be ruthless with your losers. Most experienced traders would always advise not to 'reward' bad performers by letting them 'live' longer and take money from your pocket and take a toll on your emotion as well.

Later,

Hung

 

[hungvir]

Hi Hung

Just to let you know - I did it! I stuck with the trade and didn't get out until the limit order kicked in!

Ok, so I will admit to almost requiring a straight-jacket to stop my hands wandering to the mouse and venturing towards the BUY button (I was on a SELL trade), but I managed to resist the temptation.

Thanks for the advice. I had my mental stop in place and did trail it down as you suggested.

Well that's me done for the day - my system only generated two trades today. Up to the previous high of yesterday and then Sell down to the open of today.

Thanks for your help

Jilly :cheesy:

Hi Jilly,

It sounds like a good system you're having. And a good system and good money management are all you need to win in the market I would think.

I don't have much time to trade now and till after next week. It's school break and l've been taking the kids out to the countryside.

Later,

Hung

 

[hungvir]

Fresh from a do at the Hamptons it suddenly dawned on me that with finspreads I can do what I can't with others.

I like Fins a lot. If their spreads are better, I would say they're number 1.

 

[hungvir]

Just had a quick look at the FTSE and it stood at 6069. The bulls are still winning. But for how much longer :?:

 

[hungvir]

Yesterday's DOW

The DOW had a 40 minutes plus 'bull run' then wend down for the next 180 minutes staying under a 45 degree trend line. I love this set up because whend the line is breached, it's a fair bet that the market will turn the other way.

For swing traders, there's a false change in trend about 90 minutes into the decline. At that time the price was still under the 40 period line and the trend line.

A perfect entry was when both of these lines were broken and the price had closed down for three bars then went up.

 

[hungvir]

Had I traded it, I would have been stopped out after an hour, netting 25 points.

Then the 45 degree up trend line that held for amlost two hours was breached. A hunt for a short opportunity is on.

 

[hungvir]

A short chance never materialised as the price never went down after the new low was formed.

New long could have been established just after 19:00 and the position would have been stopped out about 30 mins later.

The price had also never breached the 250 green line.

 

[hungvir]

A triangle was formed and it offered a chance to scalp 20 points out of the DOW.

 

[hungvir]

The DOW is now my darling I'll do analysis on it everyday even if I can't afford to trade.

 

[hungvir]

BLT has risen 10 per cent since March 29 and RSI registers strong overbought. I don't think it can rise any further without a mild dip. Will short it if it reaches 1129 again. Stop loss at 1142.

My experiment in post 551 did not work out. Lost 16 points. Won't try it again.

 

[Splitlink]

well Split I would hold judgement on that article for the mo as I believe ive seen it before in an article in the US about a day trader who threw in the towel if I cant find the link I will delete this bit

Not much from me on the trading front

have closed my disastrous buy on the dow which was at one point nearly £1600 under water but thankfully closed it for only a £40 loss which was lucky I think! still learning lots from the rest of you guys and gals
Nearly 14000 views for your diary Hung congrats

Don

Hung, you can't do that. You were extremely lucky to recoup most of your loss.You have to keep your stops tighter. The trouble is that you cannot abide a loss and so you hang on while it gets worse. Go over to the psychological thread and let them brainwash you a bit.

I'm only half joking!! I've been through that stage which has made me believe that DOW trading is extremely risky and why I trade FT shares

To keep my log straight, I closed the LLOY short this morning for a loss of 1.1 points. I don't, normally, trade with stops that close- just had a different view of the share this morning.

Split

 

[Splitlink]

Is Footsie getting tired? I took profits on CPI , bt for 459.9- closed for 469.3. +9.4 points

Split

 

[Splitlink]

B/O III for 940 at 1340

Split

 

[hungvir]

Long the DOW with trend line being breached. Stop loss at 11194.

 

[hungvir]

It looks like the DOW is setting up for an explosive break out, up or down.

 

[hungvir]

Out of the trade. A loss of 17 points even though I was up 14 points immediately after buying.

 

[hungvir]

Did not move stop loss to break even just because I am still using Worldspreads and they don't take market price. Using Fins behind a firewall is painfully slow.

 

[hungvir]

Open short position on the DOW. Already moved in my favour and stop loss is at break even at 11189.