og76 - well done for starting this thread, and good luck with your trading strategy. Also thanks for posting your experiences with the spreadbetting firms. I think they are all crooks and they use tricks with fills and order placement restrictions to make money out of the retail trader. But for swing trades with small order sizes they are ok.
LIVE real money S&P500 daily mechanical trading
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ordinaryguy76
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Hello Martin, yes, you're right that these companies try to mug you at every turn. They are close to useless for scalping where every pip counts. I'm trying to use them for longer-term trading now, where a few pips here and there shouldn't make a big difference.
ordinaryguy76
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Today shows why 150 pips stop is helpful. My trade was -129 pips at the lowest point, but it's still on, near b/e at the moment. 9 pm trade will be UP. Fingers crossed for my first profit, can't wait !
ordinaryguy76
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Just watching my trade, still in positive territory, I hope it stays that way until 9 pm.
As the next trade will be UP as well, I could just leave this trade open, but amend SL and opposite trade only. The only thing is, I want to apply for the account bonus tomorrow.
As the next trade will be UP as well, I could just leave this trade open, but amend SL and opposite trade only. The only thing is, I want to apply for the account bonus tomorrow.
ordinaryguy76
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Trade closed by me for +£8.70. Adding +£0.60 realised overnight gives +£9.30.
Opposite trade cancelled.
One more trade to apply for the bonus.
Account balance is £502.20.
So, here's what Finspreads do. When they rollover your trade at around 3 am, any profit / loss is realised and a new trade started at the current price. A bit weird for me as I have not seen this before, but it seems ok, I don't feel robbed yet.
New trade
05/01/2012 21:00
Buy £3 (that's 30p per 0.1) S&P500 @ 1281.7, SL 1266.7
(I was looking at the chart at the time and am a bit surprised I was given such a high price, to be honest)
Sell order £2 S&P500 @ 1265.7, SL 1280.7
Sell order is for £2 as I am reverting to original stake.
Opposite trade cancelled.
One more trade to apply for the bonus.
Account balance is £502.20.
So, here's what Finspreads do. When they rollover your trade at around 3 am, any profit / loss is realised and a new trade started at the current price. A bit weird for me as I have not seen this before, but it seems ok, I don't feel robbed yet.
New trade
05/01/2012 21:00
Buy £3 (that's 30p per 0.1) S&P500 @ 1281.7, SL 1266.7
(I was looking at the chart at the time and am a bit surprised I was given such a high price, to be honest)
Sell order £2 S&P500 @ 1265.7, SL 1280.7
Sell order is for £2 as I am reverting to original stake.
isatrader
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This is something you need to watch out for on spread betting firms charts as for example the Finspreads chart has around a 20 second delay most of the time. You can work out the exact delay by looking at the clock in the platform and watching when the new candle is created on the chart.
So NEVER look at the chart when you are entering or exiting your trade on Finspreads. Determine the price level that you want to buy or sell at and then only watch the actual buy and sell price box data that you click on. I even sometimes closed the chart so the delayed movements didn't distract me as once you know your levels you don't need it.
ordinaryguy76
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Right, my trade is slightly under water, but not too bad. I am cautiously optimistic.
I have just applied for £100 credit to my account and it should be there some time next week, I was told. That would reduce my own investment to £900. (£400 of which is still in my savings account).
I have just applied for £100 credit to my account and it should be there some time next week, I was told. That would reduce my own investment to £900. (£400 of which is still in my savings account).
ordinaryguy76
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Looks like next trade UP tonight
ordinaryguy76
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Good news, I have received £100 account credit.
As the next trade is up as well, but I wanted to reduce stake back to £2,
I've closed £1 only @ 1279.3 and left £2 open. Now, this is where it becomes
complicated, because there was a £15 loss on a full £3 realised overnight @ 1276.7.
This means that £1 that I closed gave me £2.60 profit.
Account balance showing as £589.55.
Current trades / orders:
Buy £2 S&P500 @ 1276.7, SL 1264.3 (SL 150 pips from 9pm price of 1279.3)
Sell order £2 S&P500 @ 1263.3, SL 1278.3
Week 1: 3 losers, 1 winner. Doesn't look great yet, eh ?
Account history attached. It does not show current balance, though.
As the next trade is up as well, but I wanted to reduce stake back to £2,
I've closed £1 only @ 1279.3 and left £2 open. Now, this is where it becomes
complicated, because there was a £15 loss on a full £3 realised overnight @ 1276.7.
This means that £1 that I closed gave me £2.60 profit.
Account balance showing as £589.55.
Current trades / orders:
Buy £2 S&P500 @ 1276.7, SL 1264.3 (SL 150 pips from 9pm price of 1279.3)
Sell order £2 S&P500 @ 1263.3, SL 1278.3
Week 1: 3 losers, 1 winner. Doesn't look great yet, eh ?
Account history attached. It does not show current balance, though.
Attachments
DionysusToast
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Good stuff so far.
My first account was with Finspreads - it's a good way to dip your toe in the water.
My first account was with Finspreads - it's a good way to dip your toe in the water.
ordinaryguy76
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My trade is around b/e at the moment.
For those interested, 9 pm trade will be (95% prob) UP. If that's the case, I will just hold my current trade.
For those interested, 9 pm trade will be (95% prob) UP. If that's the case, I will just hold my current trade.
Shakone
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95% prob. Pretty specific, where do you get that from?
ordinaryguy76
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Hello Shakone, thanks for looking around.
It's a very simple system, formula-driven. I know the formula inside out, so after looking at open, close, low and high over the past few days, I know that the formula will give me an UP trade. I can also fiddle with numbers to see when the result will change from UP to DOWN.
I'm not saying that the market will move up !
My system could be completely mistaken. Only time will tell.
By the way, I don't like flat days (9pm - 9pm) as I cannot make (or lose
) any money. I much rather prefer days with some direction. Unfortunately, January is not great so far.
It's a very simple system, formula-driven. I know the formula inside out, so after looking at open, close, low and high over the past few days, I know that the formula will give me an UP trade. I can also fiddle with numbers to see when the result will change from UP to DOWN.
I'm not saying that the market will move up !
My system could be completely mistaken. Only time will tell.
By the way, I don't like flat days (9pm - 9pm) as I cannot make (or lose
) any money. I much rather prefer days with some direction. Unfortunately, January is not great so far.
ordinaryguy76
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We've got a bit of a move up. It's not a get-rich-quick scheme, though !
As said before, new trade is UP as well, so closing / reopening
would just be a waste of time (and spread), so I left my trade open.
Price at 9pm (basis for SL and opposite trade): 1280.7.
Account movements since yesterday:
3 x financing -£0.16
profit realised over weekend £5.40
Account balance showing as £594.46.
Looks more complicated than it really is. I'm still struggling to get around the way Finspreads make adjustments to my account.
Current trades / orders:
Buy £2 S&P500 @ 1279.4 (price from today 8:45 am when they realised £5.40 profit), SL 1265.7 (based on 1280.7)
Sell order £2 S&P500 @ 1264.7, SL 1279.7
By the way, my plan is to increase stake by 10%, to £2.2 once account balance goes over £600. If account balance goes down, stake will be reduced as well every now and then.
As said before, new trade is UP as well, so closing / reopening
would just be a waste of time (and spread), so I left my trade open.
Price at 9pm (basis for SL and opposite trade): 1280.7.
Account movements since yesterday:
3 x financing -£0.16
profit realised over weekend £5.40
Account balance showing as £594.46.
Looks more complicated than it really is. I'm still struggling to get around the way Finspreads make adjustments to my account.
Current trades / orders:
Buy £2 S&P500 @ 1279.4 (price from today 8:45 am when they realised £5.40 profit), SL 1265.7 (based on 1280.7)
Sell order £2 S&P500 @ 1264.7, SL 1279.7
By the way, my plan is to increase stake by 10%, to £2.2 once account balance goes over £600. If account balance goes down, stake will be reduced as well every now and then.
ordinaryguy76
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Hmm, I have a feeling someone rated this thread with one star. Must be a joke. Can't be THAT bad.
Did you lose a lot of money following my trades ? I doubt it, too early for that and I only lost 1% of my balance since the beginning of January.
If you have any real reasons, bring it on !
The initial 5 star rating wasn't from me. Dunno who did it.
Did you lose a lot of money following my trades ? I doubt it, too early for that and I only lost 1% of my balance since the beginning of January.
If you have any real reasons, bring it on !
The initial 5 star rating wasn't from me. Dunno who did it.
ordinaryguy76
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wow, positive overnight move for a change.
£7.60 realised, another £8 still open.
£7.60 realised, another £8 still open.
ordinaryguy76
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Well, well, well.
S&P flying up.
SL moved to 1281.0 (+3 pips), opposite trade cancelled.
This is where some more experience would be beneficial to decide on exit point. For now, I'm holding until 9 pm.
For the time being, system points to a DOWN trade @ 9 pm.
S&P flying up.
SL moved to 1281.0 (+3 pips), opposite trade cancelled.
This is where some more experience would be beneficial to decide on exit point. For now, I'm holding until 9 pm.
For the time being, system points to a DOWN trade @ 9 pm.
ordinaryguy76
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Closed my trade @ 1291.8 for additional £17.20
profit.
Account balance showing as £619.10.
Stake increased to £2.20
Current trades / orders:
Sell £2.2 S&P500 @ 1291.8, SL 1306.8
Buy order £2.2 S&P500 @ 1307.8, SL 1292.8
profit.
Account balance showing as £619.10.
Stake increased to £2.20
Current trades / orders:
Sell £2.2 S&P500 @ 1291.8, SL 1306.8
Buy order £2.2 S&P500 @ 1307.8, SL 1292.8
ordinaryguy76
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Thanks deebee1 !
Update on my trade: £10.56 profit realised @ 3am and trade opening price automatically adjusted to 1287.0. Currently showing -£5.28.
Update on my trade: £10.56 profit realised @ 3am and trade opening price automatically adjusted to 1287.0. Currently showing -£5.28.
