Spread Betting the Wall Street Rolling Daily

[anley]

Hi jon

You are always constructive but, as I keep indicating, my methods do go against accepted practice and until I am proven wrong (ie I am taken out big time) I will stick to it.

Thing is Mo you're NOT going against the accepted practice.

Yes, you're going against the 'accepted practice' for a profitable trader who knows what he's doing and is in it for the long term.

But for a 'mug punter', one who's naive and stupid then you're doing 100% the 'accepted norm'.

Please don't take it personally, I was the above many years ago, most of us were. And yes, I got called an idiot, didn't believe it but it was true

 

[mobanded]

Thing is Mo you're NOT going against the accepted practice.

Yes, you're going against the 'accepted practice' for a profitable trader who knows what he's doing and is in it for the long term.

But for a 'mug punter', one who's naive and stupid then you're doing 100% the 'accepted norm'.

Please don't take it personally, I was the above many years ago, most of us were. And yes, I got called an idiot, didn't believe it but it was true

Hi anley

Wow, You are being a bit hard on me but I do not take it personally.

Can I ask you if, during your 'mug punter' days, you ever tried to trade the market the way I am doing with a two hundred pip stop loss or did you perhaps use 'expertly dictated formulae' on stop losses and still suffer losses. Also, at what stage did you see the light and what caused it? I'm always interested in trading plans that can be proven to a live audience, to show profits.

Regards
Mobanded

 

[leonarda]

Hi anley

Wow, You are being a bit hard on me but I do not take it personally.

Can I ask you if, during your 'mug punter' days, you ever tried to trade the market the way I am doing with a two hundred pip stop loss or did you perhaps use 'expertly dictated formulae' on stop losses and still suffer losses. Also, at what stage did you see the light and what caused it? I'm always interested in trading plans that can be proven to a live audience, to show profits.

Regards
Mobanded

Anley's got to the point quite nicely, and I must admit I was in the "mug punter" stage to start with also. I played, admitedly with smaller bets than you, 50p/£1 per point on the ftse, but I had no stop loss, I thought I knew which way it was going to go, and I would watch it go against me getting more and more nervous the worse it got, wishing "go on turn, turn now, go on...i'll wait just a bit longer...i'm down x pips so another 20 won't harm", until "BAM!", but also got the euphoria when "wow just made £xx"! I also thought I "knew what I was doing", when in fact knowing what I do now, 1 1/2 years later, I didn't have a clue!

I must also admit where I am now I am still on the early learning curve compared to most of the profitable guys on this forum.

 

[barjon]

.....with a two hundred pip stop loss ..................

Mo

Before you conclude that you're running a 200 point stop-loss (horrible tho that is ) I hope you've checked the small print of your SB company - they are not obliged to protect your account from going negative.

........and there was that occasion in May this year when the DOW dropped a thousand points in not so many minutes

jon

 

[mobanded]

[/COLOR]

Mo

Before you conclude that you're running a 200 point stop-loss (horrible tho that is ) I hope you've checked the small print of your SB company - they are not obliged to protect your account from going negative.

........and there was that occasion in May this year when the DOW dropped a thousand points in not so many minutes

jon

Hi jon

I am aware of the small print concerning my SB company's obligations but, if it got so close to my 200 point stop then I would be doing some very strong monitoring.

I must admit the one thousand point drop has me worried but I do not think that is going to happen very frequently, and if it did, would it matter if one had a 200 point stop loss or a 20 point.

It would be just my luck to be going short on a day like that!!

Regards
Mobanded

 

[mobanded]

Hi

I am buying the Dow at 10240 at 15:24

Mobanded

I missed the low of 10233 and it was at 10240 before I managed to deal.

The Dow has reverted back to my original position this morning and my system tells me to get back in.[/COLOR]

 

[mobanded]

Hi

I have sold and am out at 10252 - 15;38

I am not happy with the nifty fifty's.

Profit (£110) 11 points

 

[mobanded]

Hi

Bought in again at 10332 - 1544.

Mobanded

Wished I had waited another minute, it is now at 10220.
Three reasons for going long. The first is because of my indicator being broken; Second I was hoping it would bounce back for 10233 and Third I feel the Dow is ranging between 10200 and 10300 and I like the risk reward factor of a possible 33 down to an upside potential of 67.

 

[Ross Spur]

Thing is Mo you're NOT going against the accepted practice.

Yes, you're going against the 'accepted practice' for a profitable trader who knows what he's doing and is in it for the long term.

But for a 'mug punter', one who's naive and stupid then you're doing 100% the 'accepted norm'.

Please don't take it personally, I was the above many years ago, most of us were. And yes, I got called an idiot, didn't believe it but it was true

After nearly ten years of SB, I'm still an idiot, but hopefully less of one. In those days the spreads were so wide and the platform/connections so slow that you didn't even need a mug punter mentality to lose, so at least Mob has a much better chance of survival.

 

[anley]

Hi anley

Wow, You are being a bit hard on me but I do not take it personally.

Can I ask you if, during your 'mug punter' days, you ever tried to trade the market the way I am doing with a two hundred pip stop loss or did you perhaps use 'expertly dictated formulae' on stop losses and still suffer losses. Also, at what stage did you see the light and what caused it? I'm always interested in trading plans that can be proven to a live audience, to show profits.

Regards
Mobanded

The difference was when I realised that the game was ALL about losses. Control those and you've got a chance, anyone has a chance.

But when I first started I though it was ALL about profits, make more than you lost and you'd be OK.

So I bet big, in relation to my stake, got plenty of winners but then right on cue 2-3 trades lost me over 50% of my account. Then I learnt all about how phycological the game really is...........

And when I read books ALL the pros banged on about the points above - ALL OF THEM. Let me repeat that again - ALL OF THEM.

So I swollowed my pride and said 'you know what, it's hard to admit but I don't know best here ". If these guys ALL say it then it must be true and who am I to argue.

That was the first breakthrough.

Subsequent breakthroughs were made over the coming years but very slowly.

Now all I do is focus on potential losses, focus on my risk (per positon and as a portfolio if I have a number of positions). I also have set rules that are CASTE IN STONE.

one of them - never lose more than 5% in a week.

Another one - Never lose more than 15% over a month. So if I have 5 positions on the 1st of the month and something big happens and I lose 15% (even when the trades are open, some of them might be in profit) then ALL trades are liquidated at market and NO MORE TRADING THAT MONTH - NO MORE!

So what I now know is this - It's virtually impossible for me to go broke in this business (if I stick to my rules) and because of that I'll still be in the game in 20 years (if I want). You on the otherhand Mo might make 60% today, possibly even 100% but then at the rate you're going you won't be here in 20 weeks, maybe even 20 days or even 20 hours................................

Like I said before hand it's not personal when we're having a go at you - even if you lose you might find the money is a great investment in the future as it tells you the wrong way to proceed.

Good luck and hope this helps. Whatever the case it's a good thread.

 

[Mata Nui]

This thread is totally pointless. The reason for starting it is to prove your system before selling it right? Nobody is EVER EVER going to buy a system that risks your entire account on a single trade. A 200 point stoploss is a relative waste of time anyway. You will probably get margin called at 160 points loss and your position closed for you soon after that.

It is entertaining though and you obviously have balls (i just dont know where they are located). I am interested to see how far you get but please dont for a second think this could ever be a sustainable marketable system.

 

[Ross Spur]

You're still long presumably, Mob? Are you palms sweating yet?

 

[mobanded]

This thread is totally pointless. The reason for starting it is to prove your system before selling it right? Nobody is EVER EVER going to buy a system that risks your entire account on a single trade. A 200 point stoploss is a relative waste of time anyway. You will probably get margin called at 160 points loss and your position closed for you soon after that.

It is entertaining though and you obviously have balls (i just dont know where they are located). I am interested to see how far you get but please dont for a second think this could ever be a sustainable marketable system.

Hi Mata Nui

If you read my threads (the ones in blue) you will see that I have now repudiated any suggestion that I intend to try and sell this system and that I am simply following through on a promise I made to give a ten day picture of my trading (in real time).
I have also addressed the question of margin calls - I do not get them. Are you spread betting or doing something else?

Regards
Mobanded

 

[mobanded]

Hi

I have closed my long position in the Dow by selling at 10251 - 7.16pm. I am now out for the day.
Mobanded

I have closed the trade with £160 profit (16 pips) and my reason was the same as earlier, the nifty fifties are proving a stumbling block.

Regards
Mobended

 

[mobanded]

You're still long presumably, Mob? Are you palms sweating yet?

Hi Ross Spur

Please see my latest update (at 134).

Regards
Mobanded

 

[Mata Nui]

"f you read my threads (the ones in blue) you will see that I have now repudiated any suggestion that I intend to try and sell this system and that I am simply following through on a promise I made to give a ten day picture of my trading (in real time). "

my apologies, the thread has grown and i admit to skimming throught the rest of it. Good on you for keeping to the 10 day plan but i wish you didnt do it on a real account. As far as margin calls go i do spread betting. Just starting and not profitable yet but using a good mm plan so not loosing much I will be in the game for some time to come. Your spread betting provider requires you to keep a margin of x amount * your bet depending on the instrument traded. I think you already mentioned that yours was 40 for this. With a 2k account this means you need a minimum of £400 for a £10 pp bet. You say you havent had a margin call yet and thats fine but remember that margin is calculated dynamically. So you say you have a 200 point stop (the end of your account) but you dont. You only have 160 point stop. Once your dynamic balance (account +- open pl) gets to less than £400 you will get a margin call. If you fail to top up your account your position will be closed for you.

Not saying you dont understand what you are doing just reminding you you only have 160 points before you get into trouble.

 

[mobanded]

The difference was when I realised that the game was ALL about losses. Control those and you've got a chance, anyone has a chance.

But when I first started I though it was ALL about profits, make more than you lost and you'd be OK.

So I bet big, in relation to my stake, got plenty of winners but then right on cue 2-3 trades lost me over 50% of my account. Then I learnt all about how phycological the game really is...........

And when I read books ALL the pros banged on about the points above - ALL OF THEM. Let me repeat that again - ALL OF THEM.

So I swollowed my pride and said 'you know what, it's hard to admit but I don't know best here ". If these guys ALL say it then it must be true and who am I to argue.

That was the first breakthrough.

Subsequent breakthroughs were made over the coming years but very slowly.

Now all I do is focus on potential losses, focus on my risk (per positon and as a portfolio if I have a number of positions). I also have set rules that are CASTE IN STONE.

one of them - never lose more than 5% in a week.

Another one - Never lose more than 15% over a month. So if I have 5 positions on the 1st of the month and something big happens and I lose 15% (even when the trades are open, some of them might be in profit) then ALL trades are liquidated at market and NO MORE TRADING THAT MONTH - NO MORE!

So what I now know is this - It's virtually impossible for me to go broke in this business (if I stick to my rules) and because of that I'll still be in the game in 20 years (if I want). You on the otherhand Mo might make 60% today, possibly even 100% but then at the rate you're going you won't be here in 20 weeks, maybe even 20 days or even 20 hours................................

Like I said before hand it's not personal when we're having a go at you - even if you lose you might find the money is a great investment in the future as it tells you the wrong way to proceed.

Good luck and hope this helps. Whatever the case it's a good thread.

Hi anley

Thank you for an insite into your trading experiences.

An awful lot of contributors on this site are assuming I am a novice but they couldn't be further from the truth. Perhaps, at the end of this little exercise, I will reveal my 'resume' and then, just maybe, I might be taken seriously.

In the meantime my passion is to make money.

Regards
Mobanded

 

[mobanded]

"f you read my threads (the ones in blue) you will see that I have now repudiated any suggestion that I intend to try and sell this system and that I am simply following through on a promise I made to give a ten day picture of my trading (in real time). "

my apologies, the thread has grown and i admit to skimming throught the rest of it. Good on you for keeping to the 10 day plan but i wish you didnt do it on a real account. As far as margin calls go i do spread betting. Just starting and not profitable yet but using a good mm plan so not loosing much I will be in the game for some time to come. Your spread betting provider requires you to keep a margin of x amount * your bet depending on the instrument traded. I think you already mentioned that yours was 40 for this. With a 2k account this means you need a minimum of £400 for a £10 pp bet. You say you havent had a margin call yet and thats fine but remember that margin is calculated dynamically. So you say you have a 200 point stop (the end of your account) but you dont. You only have 160 point stop. Once your dynamic balance (account +- open pl) gets to less than £400 you will get a margin call. If you fail to top up your account your position will be closed for you.

Not saying you dont understand what you are doing just reminding you you only have 160 points before you get into trouble.

Hi Mata Nui

Please see my response to anley, just before this.

Regards
Mobanded

 

[bedsit]

An awful lot of contributors on this site are assuming I am a novice but they couldn't be further from the truth. Perhaps, at the end of this little exercise, I will reveal my 'resume' and then, just maybe, I might be taken seriously.

In the meantime my passion is to make money.

Regards
Mobanded

It makes sense Mobanded.

I've always suspected you of being a millionaire - risking only 1% per single trade (in case of massive 1000 points move the most you can lose is £10000)

 

[Ross Spur]

It makes sense Mobanded.

I've always suspected you of being a millionaire - risking only 1% per single trade (in case of massive 1000 points move the most you can lose is £10000)

Is there anyone here who isn't a millionaire?