Kevin546, you are mainly talking about ftse/futures trading.My point was about using cmc cfd's for equities only.Dmford , I believe , is talking about equity trading.Btw, 'VW'.. volkswagen, i presume!!
Citytrader, the point on CMC/ peanuts/monkeys is an unfair one. I'm gni's no.1 commission paying private uk cfd equity client and I trade with cmc as well cos that offers different scalping opportunities which are not always available using Direct access.
Size is a problem with cmc without doubt if you daytrade but there are other ''angles'' which make it invaluable in my experience.
Citytrader, the point on CMC/ peanuts/monkeys is an unfair one. I'm gni's no.1 commission paying private uk cfd equity client and I trade with cmc as well cos that offers different scalping opportunities which are not always available using Direct access.
Size is a problem with cmc without doubt if you daytrade but there are other ''angles'' which make it invaluable in my experience.
Nobrainer
How does CMC or GNI compare against IB and FTSE index futures. I have found what I consider the best way to daytrade within D4F providing it is not to large. IB have been very good for fills and sizes. What from your experience would CFD's from either GNI or CMC offer. My initial thoughts were that GNI would not play games.
How does CMC or GNI compare against IB and FTSE index futures. I have found what I consider the best way to daytrade within D4F providing it is not to large. IB have been very good for fills and sizes. What from your experience would CFD's from either GNI or CMC offer. My initial thoughts were that GNI would not play games.
CityTrader
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nobrainer - I used to use GNI - I found them perfectly adequate. I only switched to another firm so I get dual use out of my money- direct access for CFD's and can switch the money to SB if not using it for CFD's.
I'm probably not the best person to ask Kevin546 - as I have special deals with a couple of firms due to the size and volume I trade. VW was part of my facetious comment about Trabants VW= Volkswagen ! sorry....
I'm probably not the best person to ask Kevin546 - as I have special deals with a couple of firms due to the size and volume I trade. VW was part of my facetious comment about Trabants VW= Volkswagen ! sorry....
CityTrader
Ok, it helps to have a sense of humour, LOL.
A different question then, what benefits do CFD's offer in your opinion over futures. The second question, you appeared from a previous post to be against SB firms due to the unseen cost but your last post suggests you make use of SB. Could you explain.
I know from previous posts you have been trading for a long time so would welcome your view. I have a limited knowledge and experience of futures with IB and have traded mainly through SB until I opened my IB account a few months ago.
Ok, it helps to have a sense of humour, LOL.
A different question then, what benefits do CFD's offer in your opinion over futures. The second question, you appeared from a previous post to be against SB firms due to the unseen cost but your last post suggests you make use of SB. Could you explain.
I know from previous posts you have been trading for a long time so would welcome your view. I have a limited knowledge and experience of futures with IB and have traded mainly through SB until I opened my IB account a few months ago.
CityTrader
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Kevin, I trade mainly through SB - purely because of the tax situation. CFD's have a much lower transaction cost, but every individual needs to know at what stage the Tax advantage is wiped out by the transaction costs of SB.
Having said that, I do like to use CFD's as well. I think the "feel" you can gain for a stock ( how easy is it to buy a stock? how quickly do the sellers reload? How quickly do other buyers come in at the same price? how volume is trading at your limit?) is very important.
I'm not per se against SB firms, What does annoy me, is the way some firms are quite happy to put up ( commit capital) to the losing punters, yet as soon as a punter starts winning they back away. One thing I do know, is that my way of doing things really would not suit 99% of the people on this board, and I'm probably not the best person to ask advice from.
Having said that, I do like to use CFD's as well. I think the "feel" you can gain for a stock ( how easy is it to buy a stock? how quickly do the sellers reload? How quickly do other buyers come in at the same price? how volume is trading at your limit?) is very important.
I'm not per se against SB firms, What does annoy me, is the way some firms are quite happy to put up ( commit capital) to the losing punters, yet as soon as a punter starts winning they back away. One thing I do know, is that my way of doing things really would not suit 99% of the people on this board, and I'm probably not the best person to ask advice from.
CityTrader
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Kevin - I don't really trade futures- (tend to lose money on futures!) but when I do, I use SB's.
I just put a trade on with a mental target price- all fairly short term - but if it takes 2 or 3 days rather than 2 or 3 hours- then I will run my position, and so, I don't actually know if it will be a day trade. My larger trades tend to be the SB's, and smaller, quick punt in the market's tend to be done through CFD's.
I just put a trade on with a mental target price- all fairly short term - but if it takes 2 or 3 days rather than 2 or 3 hours- then I will run my position, and so, I don't actually know if it will be a day trade. My larger trades tend to be the SB's, and smaller, quick punt in the market's tend to be done through CFD's.
donaldduke
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I have recently turned a SB credit account with a Negative 2000
into a account with positive 13000 init, so it is possible,
i traded with a notional 10,000 (which i have in a building society).
This was my risk capital although it wasnt in my account directly.
My biggest drawdown to date has been 500 pounds
(the inital 2000 loss was while i trying out various systems!)
I recall the point when i went from a losing trader to a
winning trader: This was the point when i developed and
back tested my system and realised it had a very good positive expectancy...
This gave me a level of confidence i never had before!
If you the have the commitment and (well founded) confidence
because you know your system works then it doesnt matter
how much money you have in your account (even 0!), you should
be able to make enough to live on..
into a account with positive 13000 init, so it is possible,
i traded with a notional 10,000 (which i have in a building society).
This was my risk capital although it wasnt in my account directly.
My biggest drawdown to date has been 500 pounds
(the inital 2000 loss was while i trying out various systems!)
I recall the point when i went from a losing trader to a
winning trader: This was the point when i developed and
back tested my system and realised it had a very good positive expectancy...
This gave me a level of confidence i never had before!
If you the have the commitment and (well founded) confidence
because you know your system works then it doesnt matter
how much money you have in your account (even 0!), you should
be able to make enough to live on..
Last edited:
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Nice post donaldduke. There are plenty of success stories around, but few seem to realise that you have to go through the painful bad times first.
Perhaps you can tell us a few more things about your trading - such as whether you are trading UK or US, whether you are day trading or position trading, and just a little about your method (which indictors you use, if any, etc).
Perhaps you can tell us a few more things about your trading - such as whether you are trading UK or US, whether you are day trading or position trading, and just a little about your method (which indictors you use, if any, etc).
Donaldduke
Congrates on your system and well done for having gone through the pain barrier and coming out on top.
Can you advise what you changed from in your trading to turn it around. For that matter was there much to be changed. I know you originally lost a lot but when you discovered your system was it a case of a complete change or was it just some refinement as it was there all along hiding among the others you were testing.
Well done
Kevin
Congrates on your system and well done for having gone through the pain barrier and coming out on top.
Can you advise what you changed from in your trading to turn it around. For that matter was there much to be changed. I know you originally lost a lot but when you discovered your system was it a case of a complete change or was it just some refinement as it was there all along hiding among the others you were testing.
Well done
Kevin
donaldduke
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kevin546,
The difference is that i didnt have any real system before
that i had backtested (or forward tested).
I would come up with a system, I would trade full size
have a few loses in a row and then give up and try the next
system or get id get frustrated and double up, let my losses run
etc (made almost every mistake in the book!)
Because i was losing money my brain was feeling only
pain most of the time, the learning process was being
blocked by the pain.
I would strongly recommend that anyone starting out in this
business start with the smallest bet size possible until they
learn how the markets work. The markets do the same things
over and over but i never saw this because i was focused on
money.
Then you need to think in terms of probablities because no
system generates 100% sucessfull trades.
I would recommend the following books which helped me
transform my trading:
'The Disciplined Trader' by Mark Douglas
And 'Trading in the Zone' by the same author (which ive
only recently bought, its almost as good as his first but is
simpler and clearer to read).
There is a very good and practical trading exercise at the back of
both books that really helped me learn how to trade a system.
These books are quite dense textually but are well worth it.
(Douglas actually describes how he went Bankrupt before he became successfull).
The two books by Dr Van Tharp are also excellent as are the
two Market Wizard books.
You need to read and reread all these books over and over until
they become a part of you.
The difference is that i didnt have any real system before
that i had backtested (or forward tested).
I would come up with a system, I would trade full size
have a few loses in a row and then give up and try the next
system or get id get frustrated and double up, let my losses run
etc (made almost every mistake in the book!)
Because i was losing money my brain was feeling only
pain most of the time, the learning process was being
blocked by the pain.
I would strongly recommend that anyone starting out in this
business start with the smallest bet size possible until they
learn how the markets work. The markets do the same things
over and over but i never saw this because i was focused on
money.
Then you need to think in terms of probablities because no
system generates 100% sucessfull trades.
I would recommend the following books which helped me
transform my trading:
'The Disciplined Trader' by Mark Douglas
And 'Trading in the Zone' by the same author (which ive
only recently bought, its almost as good as his first but is
simpler and clearer to read).
There is a very good and practical trading exercise at the back of
both books that really helped me learn how to trade a system.
These books are quite dense textually but are well worth it.
(Douglas actually describes how he went Bankrupt before he became successfull).
The two books by Dr Van Tharp are also excellent as are the
two Market Wizard books.
You need to read and reread all these books over and over until
they become a part of you.
donaldduke
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Skimbleshanks,
For obvious reasons i dont want to talk too much about my
system except:
Its a short term statistically based system, US markets,
Options, tight stops..
The only indicator i use is Price!
I will not say anymore about my system.
If you look at the turtle trading system used by R. Dennis and
his group they also used price as the only indicator.
For anyone who has not seen the turtle system (a long term
trend following system) they should go to:
http://www.originalturtles.org/
Where it can be downloaded for free.
For obvious reasons i dont want to talk too much about my
system except:
Its a short term statistically based system, US markets,
Options, tight stops..
The only indicator i use is Price!
I will not say anymore about my system.
If you look at the turtle trading system used by R. Dennis and
his group they also used price as the only indicator.
For anyone who has not seen the turtle system (a long term
trend following system) they should go to:
http://www.originalturtles.org/
Where it can be downloaded for free.
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If you notice, I didn't ask you for any specifics about your system - just for the basics, such as US or UK, daytrading or position trading.
spredbetterstop
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Hi Guys & Gals
I started spreadbetting for a third time after two failed attemts over a period of 2 years. I started again on the 10th Nov 03 with an account of £300, trading Dow daily cash at £1 per pt as of today my account stands at £506 after 8 weeks trading 2 weeks of that wasnt traded over the xmas period. I feel quite pleased at my progress. Im thinking it can be done with a small account and hopefully the right system, what do you guys think.
spredbetterstop
I started spreadbetting for a third time after two failed attemts over a period of 2 years. I started again on the 10th Nov 03 with an account of £300, trading Dow daily cash at £1 per pt as of today my account stands at £506 after 8 weeks trading 2 weeks of that wasnt traded over the xmas period. I feel quite pleased at my progress. Im thinking it can be done with a small account and hopefully the right system, what do you guys think.
spredbetterstop
A very intetresting thread that i'm glad i took the 2 hours to read due to the markets being so dull today.
I am having a career break after working in IT for past 5 years and making plenty of cash but no time with family and previously having worked in City i deceided to look at whether it is possible to make a decent living from the markets.
Must admit to struggling at present doing spreadbets, basically breaking even and spending 12 hours a day in front of screen means i am worse off than before but direct access looks very interesting as if i wasn't paying spread to bookies i would be up
What is IB?
Splash
I am having a career break after working in IT for past 5 years and making plenty of cash but no time with family and previously having worked in City i deceided to look at whether it is possible to make a decent living from the markets.
Must admit to struggling at present doing spreadbets, basically breaking even and spending 12 hours a day in front of screen means i am worse off than before but direct access looks very interesting as if i wasn't paying spread to bookies i would be up
What is IB?
Splash
donaldduke
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spreadbetshop,
Well done for actually making some money spread betting..
We all know how hard it is.
However you need to compare your performance with DOW
iteself over that period between Nov10 and Dec19. The DOW
rose 500 pts. So with £1 per point bets your target would have
be to beat this buy and hold stragey... ie 500 pounds.. you are
not quite there yet.. but keep at it.. And also six weeks isnt
really long enough to gauge your performace do it over atleast
3-6 months.
Good luck
Well done for actually making some money spread betting..
We all know how hard it is.
However you need to compare your performance with DOW
iteself over that period between Nov10 and Dec19. The DOW
rose 500 pts. So with £1 per point bets your target would have
be to beat this buy and hold stragey... ie 500 pounds.. you are
not quite there yet.. but keep at it.. And also six weeks isnt
really long enough to gauge your performace do it over atleast
3-6 months.
Good luck