Message For Ftse Traders......

I'm glad that I am not trading today! This is for scalpers and has been a whipsaw since 0930. I would have lost money, for sure.
 
its not nice this stuff actually. FX is shaping up well though.

Tight stops work well, testing underside of the trendline now... woah spike.
 
I keep doing really dumb stuff - I do my analysis, then get caught in the moment of actually placing the trades... Like suddenly i forget why i'm sitting here, so i just randomly enter the market at silly stops, allowing greed to give me very close stops (which for me increases my Pound per point)....

7th loss in a row. Unbelievable, keep doing the wrong trades and in guilt and fear of an 8th loss missing the good trade, then because i missed the good one i become impatient and place a bad trade - The cycle then continues.... :(
 
HaloTrader said:
I keep doing really dumb stuff - I do my analysis, then get caught in the moment of actually placing the trades... Like suddenly i forget why i'm sitting here, so i just randomly enter the market at silly stops, allowing greed to give me very close stops (which for me increases my Pound per point)....

7th loss in a row. Unbelievable, keep doing the wrong trades and in guilt and fear of an 8th loss missing the good trade, then because i missed the good one i become impatient and place a bad trade - The cycle then continues.... :(
Click to expand...

Have you had a look at Mr Charts thread? He's a trend follower and may have something for you. If you have had seven losers in a row today I should imagine that you are trying to spot the turns. I'll tell you, now, that that is a dangerous business.

Get into trends when they are established. Let others try to spot their turning points.
 
HaloTrader said:
I keep doing really dumb stuff - I do my analysis, then get caught in the moment of actually placing the trades... Like suddenly i forget why i'm sitting here, so i just randomly enter the market at silly stops, allowing greed to give me very close stops (which for me increases my Pound per point)....

7th loss in a row. Unbelievable, keep doing the wrong trades and in guilt and fear of an 8th loss missing the good trade, then because i missed the good one i become impatient and place a bad trade - The cycle then continues.... :(
Click to expand...

it takes time to get disciplined im down to 1-2 trades a day! took time tho.

try just printing out a sheet with your 3-5 entry rules on and dont trade unless it meets those rules.

& 3 strikes and you are out. u must do that or u will eat your account in one day trying to chase it.

step away from the machine!
 
Its my seventh loss, spread over a four day period.... I'm on a losing streak and i've even taken a 3 day break inbetween to try rid myself of it... I think its cause now i'm 'trying' to get that money back rather than trading....

Problem is since i am a discretionary trader (support/resistance, trendlines, fibonacci) i don't have 'rules' for entry and exit... I don't have a rule book to decide to take a trade or not/

Thanks 4 help Francis.
 
HaloTrader said:
Its my seventh loss, spread over a four day period.... I'm on a losing streak and i've even taken a 3 day break inbetween to try rid myself of it... I think its cause now i'm 'trying' to get that money back rather than trading....

Problem is since i am a discretionary trader (support/resistance, trendlines, fibonacci) i don't have 'rules' for entry and exit... I don't have a rule book to decide to take a trade or not/

Thanks 4 help Francis.
Click to expand...

ok. do you write down every trade that you do or at least write down an entry and apportion a stop loss with a profit target to each trade?

if not has your broker got the ability to print out to excel those 7 trades.

forget another trade for the minute. analyse those 7 trades. look at what you could have improved. dont get hung up where you went wrong it is the past you cannot change it. but you can change the future.

was it your entry that was poor? did you get the general direction wrong? was the exit wrong? did you move your stop loss. do it 7 times over and gauge how you could improve and make sure that improvement is seen in your next trade.

if you dont have rules you wont win at this over a long period of time. you have to be mechanical. you have to be as close to a machine as possible. no emotion just trade your plan relentlessly.

sounds gey but u gotta.
 
francisfinley said:
ok. do you write down every trade that you do or at least write down an entry and apportion a stop loss with a profit target to each trade?

if not has your broker got the ability to print out to excel those 7 trades.

forget another trade for the minute. analyse those 7 trades. look at what you could have improved. dont get hung up where you went wrong it is the past you cannot change it. but you can change the future.

was it your entry that was poor? did you get the general direction wrong? was the exit wrong? did you move your stop loss. do it 7 times over and gauge how you could improve and make sure that improvement is seen in your next trade.

if you dont have rules you wont win at this over a long period of time. you have to be mechanical. you have to be as close to a machine as possible. no emotion just trade your plan relentlessly.

sounds gey but u gotta.
Click to expand...

I keep an excel spreadsheet of all my trade information and print of the daily,hourly and 5-minute chart for each trade so i will have a good analysis... I know what i'm doing wrong now ^^

Thanks for the ideas Francis.

I was drawing my analysis on, then because i'm sitting here waiting for price to touch them, through boredom, i'd all some more 5-minute Support and resistance and trade them through impatienc... and because i'm currently trading such small amounts, i do silly trades because i don't mind if i lose and i think 'May aswell, don't want to miss the move and doesn't matter if i lose' plus trying to make any money with £5 trades you feel you have to do loads of trades! when thats not the answer at all and not my plan at all! Got to focus on the hourly support and resistance and be patient.
 
LondonTraderUK said:
Not many people last long when they trade FTSE100. I didnt. £14,000 loss in total over a 2 year period.
Click to expand...

You just made that up to compensate for the fact that you weren't able to trade it. The FTSE100 is a market like any other and i think you'll find that its drop-out rate is the same as any other.

Don't put others off or tell people it can't be done just because you suck.
 
:D
HaloTrader said:
You just made that up to compensate for the fact that you weren't able to trade it. The FTSE100 is a market like any other and i think you'll find that its drop-out rate is the same as any other.

Don't put others off or tell people it can't be done just because you suck.
Click to expand...

Well said, mate, there's nothing wrong with trading this index.

Except for this week, that is. :(

I'm a trendfollower and can make neither head nor tails of this week, except in hindsight. Fortunately, I'm not trading because I can't stay at it all the time--being busy at home.

I'm glad you have spotted your problem but, unless you are good at scalping, or that's what you want to do in life, I should look for some UK shares that could be trending until something more interesting happens here.

Split has spoken. Now watch it take off, in one direction or the other. :D
 
Well, I've been looking at Footsie 1 minute chart, not something I encourage all the time, but in this kind of market it looks quite attractive and I can see some entry points that I would consider, giving targets that look fairly easy to reach.
 
Splitlink said:
:D

Well said, mate, there's nothing wrong with trading this index.

Except for this week, that is. :(

I'm a trendfollower and can make neither head nor tails of this week, except in hindsight. Fortunately, I'm not trading because I can't stay at it all the time--being busy at home.

I'm glad you have spotted your problem but, unless you are good at scalping, or that's what you want to do in life, I should look for some UK shares that could be trending until something more interesting happens here.

Split has spoken. Now watch it take off, in one direction or the other. :D
Click to expand...

What is your entry for trending markets, bounces of trendlines? Pullbacks? pullbacks to EMAs?

I'm just looking through the UK stocks, problem i'm finding with them at the moment is they are so fragile to the FTSE100 movements. Don't really have a plan of trading them, nor the capital :D
 
You have to make sure that you are in a trending market then, as you say, enter on a pullback.

Using averages can get you in some nasty whipsaws, the type that we have been witnessing this week. The trouble is that there is no knowing when it will end.

At present, if I were trading, I think that I would get most information out of the 1' TF but it is a question of grabbing profits quickly, not waiting for reversals. Reversals will just swipe your profits
 
Short on 1-hour pinbar formed against upper-trendline.
Entry 4149
Stop loss above recent high 4183
Target Bottom trendline, 4070 (i think can't remember)
£5 total risk
£0.14 pence per point.

Let's make £30 baby
 
HaloTrader said:
I keep an excel spreadsheet of all my trade information and print of the daily,hourly and 5-minute chart for each trade so i will have a good analysis... I know what i'm doing wrong now ^^

Thanks for the ideas Francis.

I was drawing my analysis on, then because i'm sitting here waiting for price to touch them, through boredom, i'd all some more 5-minute Support and resistance and trade them through impatienc... and because i'm currently trading such small amounts, i do silly trades because i don't mind if i lose and i think 'May aswell, don't want to miss the move and doesn't matter if i lose' plus trying to make any money with £5 trades you feel you have to do loads of trades! when thats not the answer at all and not my plan at all! Got to focus on the hourly support and resistance and be patient.
Click to expand...


Hey Halo, as a new trader and adding my tuppence worth, another suggestion on avoiding those boredom trades is that I print out my essential 5 essential rules and keep them above my laptop so I can glance at them whenever I am nearing a trade or thinking of it.

To borrow some of Francis' expert terminology :p, this may seem 'gay' or being a 'bumlord', but for me its not enough just to have it sitting in my head, I need to see it in black and white in big bold letters in front of me to have something as a last stop before pressing the button that the trade has a reason and there is no boredom, emotion, 'oh its only x£ I can afford a punt' etc etc - ie. an unemotional black and white reminder to make things more mechanical.

I am realising in these early days the satsifaction of obeying the rules should actually be more rewarding than getting a trade right and making money- the latter follows the former (hopefully) eventually.

The day when it becomes second nature and you become 'as close to a machine as possible' as Francis says will, strangely enough, be a glorious day!
 
You must log in or register to reply here.

Similar threads

Windlesham1
Surrey Traders
Replies
7
Views
2K
Windlesham1
Windlesham1
wallstreet1928
  • Locked
Wallstreet1928 Analysis & live calls on FTSE,DAX,S&P...aimed to help New traders
969 970 971
Replies
19K
Views
2M
barjon
barjon
S
short term ftse
2
Replies
20
Views
3K
pb8856
pb8856
R
TradeStation Symbol For FTSE 100?
Replies
0
Views
4K
ramanujan
R
F
Bet against what exactly?
Replies
5
Views
2K
farmerben
F
Top