Looking for a UK trading buddy

[barneydunn]

Hello, I am looking for someone else who is spread betting in the UK and would like to discuss trades and trading ideas. I have been trading forex for just over 5 years and I'm just moving over to spread betting shares, indicies, etc.

I trade with GKFX and look at all available charts on mt4. I use mt4 because that is what I am used to from the forex. Also I can code in mql4 so I have all my money management tools already coded in mt4. I have ea's for trade management too.

I only trade daily charts with pending orders in the direction of the trend which is something that has worked consistently well for me in forex.

If you are interested in getting in touch then either post here or pm me and hopefully we can meet on Skype.

Newbies are welcome as I can soon get you up to speed on the method.

 

[counter_violent]

Hello, I am looking for someone else who is spread betting in the UK and would like to discuss trades and trading ideas. I have been trading forex for just over 5 years and I'm just moving over to spread betting shares, indicies, etc.

I trade with GKFX and look at all available charts on mt4. I use mt4 because that is what I am used to from the forex. Also I can code in mql4 so I have all my money management tools already coded in mt4. I have ea's for trade management too.

I only trade daily charts with pending orders in the direction of the trend which is something that has worked consistently well for me in forex.

If you are interested in getting in touch then either post here or pm me and hopefully we can meet on Skype.

Newbies are welcome as I can soon get you up to speed on the method.

Hi Barney, any chance you can post up some charts of positions taken this week and a brief description of stop loss / take profit levels etc.

cheers CV

 

[barneydunn]

Hi Barney, any chance you can post up some charts of positions taken this week and a brief description of stop loss / take profit levels etc.

cheers CV

Sure thing... I haven't been through all the available charts yet as I'm just starting with this but here is my current watchlist, two open trades and some pending orders I have currently. There are also some others that I am watching. For good measure there's a forex chart too.

aal... in a downtrend, 1542 looks like good resistance to sell below. This pending order obviously also would be a trendline break. I'll consider longs if it breaks that main down trend line.

barc... a lovely range between 280 and 330. Also a minor range at the bottom of the main range. Almost touched me in today but not quite. This has potential to go up to the high 4 hundreds. There's a fib extension of the move up that suggests this (for another post maybe?)

csr... this put in a good show today before pulling back for a doji. 500 is nice support hence the stop below that. 520 is a minor level but a clear level to break. 575 looks nice for a head and shoulders or maybe a push higher than that?

dom... support at 525 and the rising major trendline. 563 should prove minor resistance. Very good potential.

fres... I like the look of 1280 for a sell.

ws30... not so sure about this one after todays up move but 14875 would be a nice level to break.

bnzl... 1325 horizontal and trendline support?

cey... a trendline break. A break and retest of 40 would give me somewhere logical to place my buy stop.

chg... 298 acted as good resistance but ultimately broke, a small range between 298 and 320 which broke today. I'll be putting a buy stop above that candle on Tuesday morning. This stock split in may 11 from £37 ish to £7 ish. It has declined since but the price action recently around those resistance levels suggests this could be the time to be speculating north.

eurusd... this chart is a day behind but you get the point. If that entry gets hit then it will be a trendline break too. 1.3150 is starting to look like minor support and 1.2750 looks increasingly more possible.

In terms of stops I generally use 2 x ATR and adjust my position size accordingly to risk a certain amount per trade. If the 20 donch channel which I use to trail my stops is close then I will use that as the stop level and adjust my position size according to that.

I hope this makes sense and answers your question?

 

[barneydunn]

I forgot to say I never use take profits. I always cut my losers short and let my winners run. My favourite method is a 20 donch channel trail.

 

[Steakeater]

What spreadbetting company do you use to do all that on MT4?

 

[counter_violent]

Nice to see a clean consistent orderly approach to trading. Very rare on here

Daily TF and upwards, again rare.

Keep us updated, ideal material for a Journal.

 

[counter_violent]

What spreadbetting company do you use to do all that on MT4?

Post 1

GKFX Formerly, Smart Live Markets

 

[barneydunn]

What spreadbetting company do you use to do all that on MT4?

GKFX. I've had no problems with them so far and I have read mostly positive reviews about them.

 

[barneydunn]

Nice to see a clean consistent orderly approach to trading. Very rare on here

Daily TF and upwards, again rare.

Keep us updated, ideal material for a Journal.

Thank you. So the big question... waffler or doer?

 

[Jakestn8]

Hey I'm looking for a UK spread betting partner too if you're interested email me: [email protected]

Many Thanks
Jake

 

[Pat494]

 

[barneydunn]

Hello Pat.

 

[barneydunn]

Here's something that might help.

What Makes a Successful Trader? By Nick Radge, The Chartist - YouTube

 

[barneydunn]

Here's another

The Whipsaw Song - YouTube

 

[phoenix25140]

Does GKFX have a decent variety of market? Im making the switch from Forex to shares also.

 

[barneydunn]

Does GKFX have a decent variety of market? Im making the switch from Forex to shares also.

Yes, pretty good. They are a bit short on commodities but they list a huge number of shares.

 

[Pat494]

Does GKFX have a decent variety of market? Im making the switch from Forex to shares also.

I would stick with forex over shares unless you have inside sources.

 

[gle101]

GKFX. I've had no problems with them so far and I have read mostly positive reviews about them.

Well, I do not have the same experience positive experience trading with GKFX. Anyway, when it comes to trading Forex with them I do not understand why one should trade with them in comparison to companies like ActivTrades or ECN with Tradesway? Trading indices I have found companies like ETX or DF markets to be a better choice. MT4 execution time is way too slow, MT5 is much better, I know less EA's and scripts, but nevertheless much faster execution time. Compared to platforms like MT5 and cTrader MT4 is hopelessly outdated.

 

[barneydunn]

I would stick with forex over shares unless you have inside sources.

If you are trading technically there shouldn't be too much difference between the two should there? After all I haven't got inside sources in any central banks.

Also, trading daily charts keeps you away from a lot of trouble.

 

[barneydunn]

Well, I do not have the same experience positive experience trading with GKFX. Anyway, when it comes to trading Forex with them I do not understand why one should trade with them in comparison to companies like ActivTrades or ECN with Tradesway? Trading indices I have found companies like ETX or DF markets to be a better choice. MT4 execution time is way too slow, MT5 is much better, I know less EA's and scripts, but nevertheless much faster execution time. Compared to platforms like MT5 and cTrader MT4 is hopelessly outdated.

I would agree but execution time matters very little when you're trading daily charts. I have tried to code for mt5 and it is fiendishly complicated whereas mql4 is a lot easier to learn and understand so that is the main reason for sticking with mt4.