Always have ears when it comes to the markets,everyday one can pick up tidbits...
Aspire especially interested in fast quality access to the ftse..if its not taboo can i ask which broker
Hi,
Not taboo at all, am happy to answer.
I don't actually use a broker, I'm at a prop firm going direct to the exchange from TT via a clearing bank.
George,
It seems this thread got out of hand a bit. I'm a FTSE trader. That's all I trade and I trade from 8am till 12pm spread betting and I'm profitable. I use pure price patterns and what I know about market profile to determine my entries and exits. I'm quite happy to discuss my system with you in private. I'm responding to your offer because I'm curious. I've logged in about 1500 trades on the FTSE and I'm getting better at trading this instrument by the day. I'm very, very interested in refining my system. I don't use indicators at all except for the 10 and 20 day EMAs on the one minute chart which work wonders for me. The only other thing I use is RSI but it has next to no impact on my trading, I just like to use it for confirmation. I have a very detailed plan on price patterns and focus on trying to get good entries when these patterns occur. The exits are determined by the occurance of the price patterns, so they take care of themselves.
Money wise, my track record is light weight but I'm working my way up to using 14k of funds and once I've reached that level, would like to take on additional funds. If you've got something that complements what I'm doing; I'm happy to use it with my own funds to see how well it works and if it's successful, am happy to add your funds once I'm using my 14k of margin.
Regards,
Alex
It seems this thread got out of hand a bit. I'm a FTSE trader. That's all I trade and I trade from 8am till 12pm spread betting and I'm profitable. I use pure price patterns and what I know about market profile to determine my entries and exits. I'm quite happy to discuss my system with you in private. I'm responding to your offer because I'm curious. I've logged in about 1500 trades on the FTSE and I'm getting better at trading this instrument by the day. I'm very, very interested in refining my system. I don't use indicators at all except for the 10 and 20 day EMAs on the one minute chart which work wonders for me. The only other thing I use is RSI but it has next to no impact on my trading, I just like to use it for confirmation. I have a very detailed plan on price patterns and focus on trying to get good entries when these patterns occur. The exits are determined by the occurance of the price patterns, so they take care of themselves.
Money wise, my track record is light weight but I'm working my way up to using 14k of funds and once I've reached that level, would like to take on additional funds. If you've got something that complements what I'm doing; I'm happy to use it with my own funds to see how well it works and if it's successful, am happy to add your funds once I'm using my 14k of margin.
Regards,
Alex
COINMOUNTAIN
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bulldog192
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Am trader who do you use for your spread betting and how much per pt do you trade?
COINMOUNTAIN
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i use etx as only 1 pip spread on ftse
COINMOUNTAIN
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further to my earlier reply i look for 30 pips a day and trade between £20 and £50 per pip
if its a good day i cut trades to £5/10 per pip after achieving target or stop for the day.]
If i lose 30 pips i stop for the day.
Although i trade for money i also enjoy my work as an ebay powerseller.
Just wondered how others trade and their parameters.
Etx has good charts and low pip spread.Having had my fingers burnt in the past have learnt not to get too greedy and enjoy life without to much stress.
regards
bulldog192
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Thanks for the reply coinmountain. On demo trading I find £20 per pip fine and agree with not being greedy. WhaT sort of capital backup do you use for you account. Would £10000 be enough
I am about to start trading full time later this month, having taken early retirement to achieve my ambition.
I am about to start trading full time later this month, having taken early retirement to achieve my ambition.
COINMOUNTAIN
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Hi Bulldog192 feel free to contact me direct at [email protected]
or here. £10,000 is plenty enough.
Please advise your trading parameters more than happy to reciprocate .
Having made and lost a fortune in the past and now trading at these comfortable levels
know that demo trading is an insight but not like the real thing
regards
or here. £10,000 is plenty enough.
Please advise your trading parameters more than happy to reciprocate .
Having made and lost a fortune in the past and now trading at these comfortable levels
know that demo trading is an insight but not like the real thing
regards
Alexander Fleming
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Hi Alex,
My name is also Alex. I'm really interested in your Ftse trading strategy!
I have been trading it on and off for about 3 years now and have recently started again following a ftse trader called Dominic www.tradingknowledge.info
His results are consistent and records his sessions and shares his account when trading so you see his trades. He said his strategy is 18 months old with the 2nd half of that time being positive.
I am working on my own system at the moment only looking for 10-20 points per day to make around £100 per day. One thing I'm uncomfortable with is the amount I need to have in my trading account to trade with in order to generate this.
Any ideas how much I would need in order to make £100 per day?
Thanks for sharing
Alex
timsk
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Hi Alex,
Using the figures that you've provided, let's say you average 10pts profit per day. To generate your £100 target, you'll need to trade at £10.00 per point. If you work on the basis that you don't want to risk more than 1% of your account on any one trade, the amount of starting capital will be determined by where you place your stops:
1. A 5pt stop will result in a loss of -£50.00, therefore you will need a £5,000 account.
2. A 10pt stop will result in a loss of -£100.00, therefore you will need a £10,000 account.
3. A 15pt stop will result in a loss of -£150.00, therefore you will need a £15,000 account.
And so it goes on. If you're prepared to risk more than 1%, then you won't need so much capital and, conversely, if you risk less than 1% you'll need a larger account.
To accurately determine all the above, you'll need to know your key ratios obtained from testing your methodology on a demo account. A more detailed explanation can be found here:
Realistically, How much Money can I Expect to Make?
How Much Money Does a Trader Need To Start Trading?
Essentials Of 'Risk & Money Management'
Keep in mind that account growth of 1% per day is absolutely phenomenal and will be extremely difficult to achieve. Theoretically, this means you'll be doubling your account roughly every five months! If you're new to trading (and I assume from your question that you are), my advice would be to scale your goals right back to something much more conservative. In his book ‘Come into My Trading Room’, Dr. Alexander Elder suggests that a realistic goal for a newbie trader is to break even after expenses in the first year, equal the return you would get from a Building Society account in the second year, and to aim to double that return in the third year. This prospect isn't very exciting I know, but it's probably more realistic for most traders.
Enjoy!
Tim.
Alexander Fleming
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Hi Tim,
Many thanks for the clear and simple break down. Although I have been trading for quite some years now, I do find it refreshing to keep returning to basics to ensure I don't let things slip and get out of hand, resulting in losses.
So many thanks for the much valued humbled response and keeping it real.
I am following a FTSE trader who makes a few hundred pounds quite comfortably every day but he has the sort of account size that allows him to do it and seems to have a few accounts that he uses. He shares his accounts and charts via the live room so this is how know how much he uses as you get to see his trades. He is a big scalper and really amazing at it! Have been trading with him since St Paddy's Day and have only had 1 negative day!
This is what scares me though! You see, I have about half the amount he uses, so about £25k. My point is I reckon I always end up over risking despite having what I consider to be a good amount. I should have mentioned I risk about 3%-5% when trading. Do you feel this is too high?
timsk
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Hi Alex,
Apologies for assuming you were a newbie, but, the question 'how much capital do I need' is right up there in the newbie's top 5.
I had a quick look at the link in your last post and I can't make head nor tail of what the chap you're following is doing. The description of his scalping strategy made no sense to me at all but, if it works, that's all that matters. If you've only had one losing day in 6 weeks or so - on the face of it - that sounds impressive, so long as the occasional loss doesn't wipe out the profits on the many and frequent winners.
I can't say whether or not risking 3% - 5% is too much or not, as it's down to your appetite for risk, confidence in the methodology employed and the stat's derived from your success and profit ratios. A very high success ratio tends to be accompanied by a very poor profit ratio, so, it really depends on how much you lose on losing trades. I recommend you work out your expectancy and take it from there. (That's covered in the 3rd link in my last post.)
Tim.
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tar
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" I should have mentioned I risk about 3%-5% when trading. Do you feel this is too high?"
Thats too high , surely you are going to have 10 consecutive losses at some point or atleast you should be prepared for , so what that costs you ? 40% , you need now 66% just to go back to the starting line , and i doubt your mental ability will be the same when you have such drawdown ...
My 2 cents
Thats too high , surely you are going to have 10 consecutive losses at some point or atleast you should be prepared for , so what that costs you ? 40% , you need now 66% just to go back to the starting line , and i doubt your mental ability will be the same when you have such drawdown ...
My 2 cents
Forexmospherian
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Hi tar
Commercial trading using capital accounts of multi millions is a total different "ball game" to retail traders - who probably 90% of them use capital accounts under $100k - if that ( the average is probably under $10k for anyone who is retail and part time)
Whilst on the surface placing a bet with 3-5% stake size is too high ( would agree on that part) that does not mean with clever MM - you cannot do - especially when scalping.
For scalping - many suggest a 1- 2% stake on scalps with 5 pips stops - is far too high etc etc
Well yes agree with a multi million dollar capital account - but not with $10 k or even up to $50k+ - yet again its a different ballgame played totally differently
Scalpers normally multi trade per day - either on average 10 -20 times day -as a SSS ( sweet spot scalper) or as a pure scalper just after 1- 3 pips in a couple of minutes or less.
Pure retail scalpers doing 40 -100 trades a day do have total flexibility if they understand advanced money management - and are working with ultra tight stops of ideally under 3-5 pips.
Example -
Ok start the day at the European Open - and initially use only 0 5% or 1% stake size.
Take first 10 trades - lets say 7 win - (ie only average scalper) result on 1% stakes
- 7 wins with RR's only 0 75- not even 1 - so 5.25% gain and 3 losses at 1% - so net result after 10 trades - 5 25 - 3 00 = 2 00% gain - account up Ok
Next 10 trades - allow an extra 0 5% increase per stake
So 7 wins at 1 5% stake at 0 75% RR = 7,87% gain - but 3 losses at 1 5% = net 7 87% - 4 5% = 3 37% increase
So after 20 trades - account now up 2% + 3.37% = 5 37% - and no trade over 1 5% stake
OK - not even half way through the day - you accounts up 5 37%% - with low risk so far
Time to play - about 3 % stake - that allow you 1trade wrong - and you would still have 2 37% positive on account balance
Two scenarios - you risk first trade at 3% - and it loses - you down to 2 37% increase again - back to only 1% stakes - and build up againt over next 9 trades
Second scenario - you risk trade at 3% and it wins - so account up now approx 8% even with a 0 75 ( less than 1 RR )
Account now after 21 trades up approx 8% - how you you want to play your next 10 -30 trades??
Don't do silly things - like Martingale etc - - and don't risk all gain on just one or two next trades - back down to 1% - 2% on next 9 trades even
Its all relative to your money risk - think "outside the box" guys - commercial traders are not normally allowed to do this - especially if they are playing with a $100 million capital account .
Their ballgame is totally different to the retail ballgame - if a scalper lost 10 trades in a row using 10% on a $150 capital account - and wiped the account out - SO WHAT - it does not matter.- the same scalper can lose more than that on 1 loss with just 0 5% stake on $35k capital account
Also - yes you can have 10 consecutive losses - it does happen - even if you have 75 -85% win ratio
But what all the negative not thinking outside the box guys forget - yes you can also have 10 - or 20 or even 30+ wins in a row - ie a lot more than losses if you system as win ratios over 65-70%
Conclusion
Trading is never just black or white
There is so much grey in it - it should be remembered there not always a right or wrong.
Commercial traders and their industry are bound by rules and regulations and face dismissal etc if they break them
Experienced Retail Scalpers who know their enemy and their market - can then start to look for ways around everything - but if you are a newbie and part time - it might take you 10 -15 years to find out what an experienced full time retail trader finds out in 3 years.
You are in charge - You are the boss of your destiny
You know the risks - don't use money you cannot afford to lose
Good trading to all
Regards
F
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timsk
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I applaud tar and DowJones for putting their differences aside and commenting on the topic of the thread and, in particular, addressing Alex Flemming's question about 3-5% risk. Good on you chaps!
FoMo - you on the other hand can't resist the opportunity to infect every thread telling us how great you are and prattling on ad nauseam about the shortcomings of the commercial side of the industry. Early on in your lecture (post) you even say: "I have said many times. . ." How about making this the last?
If you can't confine yourself to the topic in question - don't post at all. With that in mind, I suggest you edit your post to leave just those elements that are germane to this thread. T2W is a discussion forum - so kindly stop treating it as your personal soap box and spare us all of the incredibly tiresome and relentless FoMo dogma. Pretty please!
Tim.
PS. Either do as I ask - or not. Whatever you do, please don't reply with a lengthy explanation as to why said what you said and why it has to be repeated at every possible opportunity. I really don't want to know!
FoMo - you on the other hand can't resist the opportunity to infect every thread telling us how great you are and prattling on ad nauseam about the shortcomings of the commercial side of the industry. Early on in your lecture (post) you even say: "I have said many times. . ." How about making this the last?
If you can't confine yourself to the topic in question - don't post at all. With that in mind, I suggest you edit your post to leave just those elements that are germane to this thread. T2W is a discussion forum - so kindly stop treating it as your personal soap box and spare us all of the incredibly tiresome and relentless FoMo dogma. Pretty please!
Tim.
PS. Either do as I ask - or not. Whatever you do, please don't reply with a lengthy explanation as to why said what you said and why it has to be repeated at every possible opportunity. I really don't want to know!
Alexander Fleming
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thanks guys for the replies. my concern for risking too much is a mental thing i reckon as am so used to risking 1% or less. but as it's been pointed out, scalping is a whole different game and one which i am new to so just wanted to chat to other traders who scalp the ftse I suppose.
didn't know about the fsa thing so asked Dominic who said he had been in trouble for doing things that need regulation so fair enough I suppose. and call me naive as am no expert trader but he seems a really nice guy who is always happy to help and the consistent profits speak for themselves.
anyway, will keep you posted if you're interested as am only less than 2 months into this journey so anything could happen like lose it all! ha
didn't know about the fsa thing so asked Dominic who said he had been in trouble for doing things that need regulation so fair enough I suppose. and call me naive as am no expert trader but he seems a really nice guy who is always happy to help and the consistent profits speak for themselves.
anyway, will keep you posted if you're interested as am only less than 2 months into this journey so anything could happen like lose it all! ha
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Alexander Fleming
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thanks DowJones.
may I ask, how do you scalp? i mean what's your risk and reward?
or what's your typical target or does this vary?
any pointers would be gratefully received
and thanks for the info again. suppose i should say his service is subscription free in that i only pay him some profit share if i make any, otherwise there are no other costs especially if i don't make any money!
Alx
may I ask, how do you scalp? i mean what's your risk and reward?
or what's your typical target or does this vary?
any pointers would be gratefully received
and thanks for the info again. suppose i should say his service is subscription free in that i only pay him some profit share if i make any, otherwise there are no other costs especially if i don't make any money!
Alx
Forexmospherian
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Alexander Fleming
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yes he has a demo and a few live accounts.
Uses the demo for back testing and says we all should have one for for every day use
