everything is sliding down..but I plan to hold out, so I can see what happens. I am still up across the 4 markets. Will have to see what happens when the dow opens. This is the beginning of the my 'holding positions for more than one day....hoping to ride the trend.
I have a sell lined up on the SP for March futures...gonna hold onto it for the inevitable trend change..I hope ^^
I have a sell lined up on the SP for March futures...gonna hold onto it for the inevitable trend change..I hope ^^
Close FTSE short
Decided to close my FTSE short position neting 68 quids. I am a bit uncomfortable with my approach.
Still short LSE and long CLDN. In hind sight, I shouldn't have bought Caledonian Investments. The spread was more than 20 points and the trading volume is pathetic.
I still limit myself to a maximum stake of 5 quids. Whenever I am not 100 per cent sure, I go with 50p stake by Finspreads.
Decided to close my FTSE short position neting 68 quids. I am a bit uncomfortable with my approach.
Still short LSE and long CLDN. In hind sight, I shouldn't have bought Caledonian Investments. The spread was more than 20 points and the trading volume is pathetic.
I still limit myself to a maximum stake of 5 quids. Whenever I am not 100 per cent sure, I go with 50p stake by Finspreads.
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I have to remind myself that I am in this game for the long term. I am not in a race as the market and my chosen instrument will still be there and there'll be plenty of opportunities to make money. Eventhough I was right to short the FTSE yesterday in terms of the end result, the underlying reason was not convincing enough.
I still think that the rise of the FTSE and other shares have been too fast. The FTSE is predicted to rise only 4 per cent this year so some sizeable pull backs are expected. They are the opportunities to ride the wave and get some hundreds points.
I still think that the rise of the FTSE and other shares have been too fast. The FTSE is predicted to rise only 4 per cent this year so some sizeable pull backs are expected. They are the opportunities to ride the wave and get some hundreds points.
I closed a long BP this morning because it did not seem to be going anywhere. Made a few points after several days.
REL attracted my attention and opened for 519.5. Posting a chart to see what you guys think. I bought for holding for a few days although, if it goes crazy today, either way, I'll close.
The blue line is the resistance that I want to break through. The red line is support that I hope not to break.
Split
REL attracted my attention and opened for 519.5. Posting a chart to see what you guys think. I bought for holding for a few days although, if it goes crazy today, either way, I'll close.
The blue line is the resistance that I want to break through. The red line is support that I hope not to break.
Split
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chindl said:
Many thanks, Chris. I only get to see this now.
How good is the Trading Day by Day book. I have some of the trading books that I haven't touched or finished reading.
I agree overtrading is one of the reasons some of the traders keep losing money. If only they can wait for an optimum chart set up rather than go along with a half-baked signal.
Talk to you later,
Hung
Splitlink said:
It's a tough call, Split. Good luck with it. I think it's in a trading range and from the chart below it had broken your red line once not too long ago. I can also see that it is capable of falling for 8 consecutive days. I always use stop loss and for this one, I don't know where to put it.
Best,
Hung
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Splitlink said:
I can tell from the chart that it's probably bound to go back to the upper line of the channel. But in general, I don't like trading range though when I traded shares, ARM was one of those shares that formed perfect trading range and I was so familiar with it that I could always buy at the bottome and sell at the top of the channel.
Best,
Hung
chindl
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Morning Hunghungvir said:
I enjoyed it, helped me drive down my school fees to the market university to steal a phrase. However, I do see that it may not be everyone's cup of tea.
I bought the book in Dec 04 and had not been setting the world alight. This book helped me to get a better understanding of trend following principles and allowed me to tweak my own system. By Feb 2005 I was no longer a loss making trader and in fact turned profit on 8 of the 12 months following. This has clearly made a big difference to my trading. It certainly paid for itself in the first quarter that's for sure.
There's a good thread if you search for it on this particular book. Take a look before you buy in order to see whether this would support your particular trading style.
Chris
chindl said:
Hi Chris,
Thanks for the info and good to hear that it's been helping you make money. I can say the same about ''Marc Rivalland on Swing Trading''.
I just came back to the market two weeks ago and looking at my 'balance sheet', I've been doing well with my small capital. With some luck and a free bet of course. Imagine if I'd started out with a million
I'll trade and learn for the next few months then I'll increase my trading capital as my confidence and skills grow.
Later,
Hung
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''A profit is a profit''
I closed my short position on LSE. Could have exited earlier in the day with double the amount I made. But a Worldspreads person told me ''a profit is a profit'' and I agree. My decision to short LSE based purely on my assumption that it can't go up any further as the takeover is not going to go ahead. But with brokerage houses still having target price at more than 900, I have my doubt.
I closed my short position on LSE. Could have exited earlier in the day with double the amount I made. But a Worldspreads person told me ''a profit is a profit'' and I agree. My decision to short LSE based purely on my assumption that it can't go up any further as the takeover is not going to go ahead. But with brokerage houses still having target price at more than 900, I have my doubt.
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Digitallook
I signed up to digitallook.com to complement my free advfn service. As soon as I gave it 10 out of 10, it's trying to drive me crazy with service interruption.
I am still not willing to pay a penny for data or software. And I am confident I'll be able to make money with just the freebies.
I signed up to digitallook.com to complement my free advfn service. As soon as I gave it 10 out of 10, it's trying to drive me crazy with service interruption.
I am still not willing to pay a penny for data or software. And I am confident I'll be able to make money with just the freebies.
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Watch list
EMG seems incapable of breaking thru the 2300 ceiling. If it get close to between 2285-2295 range again, I'll go short with stop loss at around 2309 risking 24 points plus spread.
The chance to go long BARC passed me by just because I have too many stocks to watch. I'll reduce them to under ten. PRU has its first down day. Will watch closely.
Tough call on RIO. It may bounce off the lower line and go up again or break thru it.
AZN has two up day already. Wait for at least one more to go short.
EMG seems incapable of breaking thru the 2300 ceiling. If it get close to between 2285-2295 range again, I'll go short with stop loss at around 2309 risking 24 points plus spread.
The chance to go long BARC passed me by just because I have too many stocks to watch. I'll reduce them to under ten. PRU has its first down day. Will watch closely.
Tough call on RIO. It may bounce off the lower line and go up again or break thru it.
AZN has two up day already. Wait for at least one more to go short.
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Capital
I am thinking about how much capital I'll need when I'll really have the edge in this game. Probably 10,000 to start with so that I can abide by the rule of only risking 1 per cent per trade.
Assuming 50:50 losing and winning ratio, and maximum capital at risk per trade of 100, I'll be able to add around 1000 quids to my income each month with trades' risk : reward ratio being 20points:60points.
And I'll still pay myself a low wage of 20 quids an hour given the time spent on research/screen watch and trades.
Just a thought at the moment.
I am thinking about how much capital I'll need when I'll really have the edge in this game. Probably 10,000 to start with so that I can abide by the rule of only risking 1 per cent per trade.
Assuming 50:50 losing and winning ratio, and maximum capital at risk per trade of 100, I'll be able to add around 1000 quids to my income each month with trades' risk : reward ratio being 20points:60points.
And I'll still pay myself a low wage of 20 quids an hour given the time spent on research/screen watch and trades.
Just a thought at the moment.
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