Spread Betting the Wall Street Rolling Daily

Exactly Ross. £10 per pip on a £2000 account and you'd want a 4-6 point top just to be risking a reasonably high (for me anyway) amount of 2-3% on each trade. The fact there are also no stops doesn't look good, and the 60% drawdown just cements it. Why not lower your risk mobanded, before oyu blow your account?
 
Spread Betting the Wall Street Rolling Daily - TRIAL INFO.

I will send an message to this forum, within one minute of my making a personal trade on the Wall Street Rolling Daily. My trades are 10 pips and I pay 2 pips spread. The message will read:

Sold Dow at ???? (NOW IN) OR Bought Dow at ???? (NOW IN)

I very rarely close a losing trade unless my funds are close to being completely drained. There are exceptions but the loss would have to be dramatic before I close. I do not suggest you do this - if you wish to apply your own stop loss, then please do so.

If I decide to take a profit I will send an message as shown above but with the words NOW OUT replacing NOW IN. Profit taking is your own decision.

Finally, the problem of timing. All of my trades will be made during the period 8 a.m. and 9 p.m. UK time. These times embrace the start of the UK Markets and the close of the Wall Street Rolling Daily. Spreadbets can be outside of normal US trading hours (1430 to 2100). I expect most of them will be In and Out between 8.00am and 1.30 UK Time, especially if something is due to be announced in the US.

I cannot see any alternative to sending times of my spread bets to this forum, other than you taking it from the time of the message. The message will be sent within one minute of me receiving confirmation that my bet has been placed.

Any suggestions? please get in touch.

Please note I will not answer and message while I have a spread bet in progress.

Be lucky.
 
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Ross Spur said:
Apart from anything else, I think betting £10 a pip on the Dow (even using stops) with a £2000 pot is asking for trouble. The wild fluctuations you've experienced prove it.
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Hi Ross - I am sick of losing money because some expert told me I have to use a stop loss or can only trade a fixed percentage of my pot and any one time. I am hoping to prove that this logic is flawed but if I fall on my face, so be it. 10 days will tell. Please watch with interest. Thanks
 
Shakone said:
Exactly Ross. £10 per pip on a £2000 account and you'd want a 4-6 point top just to be risking a reasonably high (for me anyway) amount of 2-3% on each trade. The fact there are also no stops doesn't look good, and the 60% drawdown just cements it. Why not lower your risk mobanded, before oyu blow your account?
Click to expand...

Hi Shakone - I am sick of losing money because some expert told me I have to use a stop loss or can only trade a fixed percentage of my pot at any one time. I am hoping to prove that this logic is flawed but if I fall on my face, so be it. 10 days will tell. Please watch with interest. Thanks
Ps. that 60% drawdown turned into a profit so I am not grumbling. I was prepared to lose the lot and got lucky (Maybe!!!).
 
I think i get your strategy. If you look at any ranging (or as long as its not strongly trending) type chart and place a buy or sell there is a more than fair probability that if you leave it long enough it will end up going your way. Therefor dont use an sl and just wait. With a bit of TA your chances of a profit situation earlier improve. The problem being you could end up getting a margin call before it turns in your favour. Less chance if you are using 1 or 5min charts though. Wouldnt call it trading. Its just gambling and i wish i had half your luck.

The other issue is if you are doing £10 per point on a 2k account you cant lose a lot before getting a margin call. In fact if you have had a 60% drawdown i find it hard to believe you would have the initial margin to do a £10 per point trade. Which SB are you using?
 
mobanded said:
Hi Ross - I am sick of losing money because some expert told me I have to use a stop loss or can only trade a fixed percentage of my pot and any one time. I am hoping to prove that this logic is flawed but if I fall on my face, so be it. 10 days will tell. Please watch with interest. Thanks
Click to expand...

I'll be interested to see how you do and hope things work out well, but having tried similar ideas when I started SB-ing, the omens are not good. This sort of strategy can work for a while, then suddenly fall apart putting you back to square one, or worse, before you can say 'Warren Buffett'.
In particular, saying you rarely close a losing trade worries me. I suppose that having £2000 in your account at £10 a point is a sort of stop loss, though.:)
 
Mata Nui said:
I think i get your strategy. If you look at any ranging (or as long as its not strongly trending) type chart and place a buy or sell there is a more than fair probability that if you leave it long enough it will end up going your way. Therefor dont use an sl and just wait. With a bit of TA your chances of a profit situation earlier improve. The problem being you could end up getting a margin call before it turns in your favour. Less chance if you are using 1 or 5min charts though. Wouldnt call it trading. Its just gambling and i wish i had half your luck.

The other issue is if you are doing £10 per point on a 2k account you cant lose a lot before getting a margin call. In fact if you have had a 60% drawdown i find it hard to believe you would have the initial margin to do a £10 per point trade. Which SB are you using?
Click to expand...

Hi. I do not understand your question about a margin call. I do not get them. Either I have the money in my account which is a minimum of 50 times the bet and a maximum of 200 times the bet. I presume the spread betting company place a stop on the transaction based on the amount available in my account at the time of placing it. Concerning the system I use, I do not intend to publish or comment on it but be assured I have more than a crystal ball available. Maybe at the end of these 10 days I will be wishing I used a crystal ball!!!!
 
mobanded said:
Hi Ross - I am sick of losing money because some expert told me I have to use a stop loss or can only trade a fixed percentage of my pot and any one time. I am hoping to prove that this logic is flawed but if I fall on my face, so be it. 10 days will tell. Please watch with interest. Thanks
Click to expand...

Mo, don't take it personally but there's a 100% chance you're going to fall on your face because -

a) You don't realise that successful trading is all about risk control
b) You're risking far too much on a £2k account, try £1-£2 a point
c) You dismiss stops when they are a trader's BEST FRIEND, I repeat BEST FRIEND

When will you lose it all? Maybe today, maybe next week, maybe not for a year or two but you WILL lose.

Like I said don't take it personally but do try to switch your thinking 180 degrees.

Good luck anyway :)
 
mobanded said:


For clarification the highest loss I have suffered is nearly £1,200 (60% of my starting capital and based on £10 a pip), and this happened within the last two weeks. But I recovered it and more before the end of the day. I am not bragging or complaining - it is a fact. If I had got to the 100% point then I wouldn't be here today.
Click to expand...

Mo - that fact is setting you up to lose and lose it all.

See, you got away with nearly being blown out once but you held your nerve and the market came back. Well done.

Trouble is this will have effected your overall Psychology. You brain now thinks 'I did it once, I can do it again'. You probably won't realise this though as these thoughts and reafirmations are going in in the depths of your brain.

Chances are it will happen again and you'll get the cash back, another positive for your Psychology which re-inforces the fact that it's Ok to lose big because you're a fighter.

This might go on (lose big with an open position, get it back) for sometime until it doesn't and you end up losing 80% on one trade.

Then you're out of the game regardless of whether you've got more money to deposit because your brain is totally shot to pieces. But that's if you're not a gambler.

If you're a gambler then you;ll be back for more, believe me, and the same result will happen.

Summary: Successful trading is all about managing risk and not only are you not managing it you're not even considering it. Gamblers ruin will therefore get you as sure as the Sun rises in the East.

Good luck anyway and you've got a hell of a ride coming :)
 
Wise words, Anley, but like most of us, mobanded seems determined to learn the hard way.
 
mobanded said:
Day One - Transaction:

BOUGHT Dow at 10239 (NOW IN)

Time Approx.:9.54
Click to expand...

assuming this is £10 pp doesn't this mean if the DOW falls to 10039 your £2k is all wiped out? and I wouldn't put it past the current DOW sentiment to reach there soon...Anyway, you're only 40 points down at the moment, or £400 or 20% of your account... wow what a risk on one trade!!
ps. i'm Long at the moment too, so i'm sort of hoping i'm going to eat my words here! but i'm on equities with Stops.
 
Ross Spur said:
Wise words, Anley, but like most of us, mobanded seems determined to learn the hard way.
Click to expand...

That Mobanded guy-He no listen to your wise words ?
 

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