swingin' the ftse: 2008

[dailytrader81]

Hi guys,
Closed the trade at 5281 and made £8400 profit. So not bad.

G

 

[Splitlink]

£8400? You sold at 5367, bought at 5281, a gain of 86 points. So you must have been trading at £100 per point.

I wonder how many new guys start like that?

 

[Lee Shepherd]

dailytrader81,

I hope you consider this pure luck in the gamble and no skill whatsoever.

You have been lucky on this occassion, the downfall to this is if you do not realise this then you will do the same again next time and so on, however, the next time you may not be so lucky.

I cant bring myself to saying well done because that would be inapropriate. Maybe you lucky b4stard is more befitting. Now buy some books and invest some money that you've just won and learn to trade instead of gamble.

 

[dailytrader81]

Sure guys

 

[jaygo]

Sure guys

Dont listen to there advice what do they know except that they have been trading for years. there just jealous i think you should up the stakes to 200 per point....

sarcasm^

seriously though at 100 per point your learning curve is going to be very expensive. If i were you i'd lower the stakes and spend some money on educating yourself. Its just that when you come onto this forum asking on advice to close a live trade at 100 perpoint it highlights that you dont know what your doing and sooner or later youll blow your account.
but thats jsut my opinion.

 

[dailytrader81]

Could you recommend any books or where I can learn more about spread betting. Although people who read charts and do calculations they loose lot of money too.

 

[Splitlink]

Dont listen to there advice what do they know except that they have been trading for years. there just jealous i think you should up the stakes to 200 per point....

sarcasm^

seriously though at 100 per point your learning curve is going to be very expensive. If i were you i'd lower the stakes and spend some money on educating yourself. Its just that when you come onto this forum asking on advice to close a live trade at 100 perpoint it highlights that you dont know what your doing and sooner or later youll blow your account.
but thats jsut my opinion.

Yes, because he'd need 10000 just to open the trade, so he'd have to have more than that to avoid possible margin calls. This guy's in the big league!

Split

 

[Geofract]

Could you recommend any books or where I can learn more about spread betting. Although people who read charts and do calculations they loose lot of money too.

If you would prefer to trade without charts, then you will be blind IMO, and probably just gambling. I would suggest you start by reading the news, to understand why the FTSE dropped so significantly this morning.

You could read 'Technical Analysis, Plain and Simple' by Michael N. Kahn. It's a good basic introduction to charting. has helped me a lot as the newbie I am!

Ollie

Edit: You could try reading Alexander Elder, 'Come in to My Trading Room' - equally you should be prepared to listen to the people on TW2 - there are some very experience people here, with good advice to give. Don't be arrogant and smug, it's not gonna help you!

You could try the reading this thread http://www.trade2win.com/boards/european-indices/25277-volatile-ibex-simple-trading-strategy.html by Nkruger and Options, it's very good indeed, and helped me a lot. IMO, you shouldn't bet another penny until you understand how things work though, and can prove you can consistantly make sensible trades.

Anyway, perhaps the guys on this thread will help you somemore, if you haven't insulted their intelligence enough already

 

[dailytrader81]

Sorry Guys I didn't mean to insult anyone or being arrogant. I said I like to know books and I really appreciate people comments here. I was just commenting that even sometime people who read charts can get wrong but it doesn't mean that I place trade by closing my eyes. I might attend the seminars do u think those help conducted my CMC. So where you guys see market going from here. Do you think that the market gonna touch 5000 in couple of days.

 

[HW07]

here is my first ever technical analisys, please feel free to criticise

I think, this day finally will qualify the trend swing from up to down. Trendline has been broken on the 4th, retested on the 8th and today we will make a lower day close from the break.

I know, we have the whole afternoon and a big recovery on DOW could pull FTSE out of the deep, but wouldn't put a penny on that

Daytrader, we have so much to learn here. reading charts, setup a detailed plan to trae, manage our account and be disciplined to carry on this plan. I am so nowhere with all this, but every day one step further.

 

[Lee Shepherd]

Could you recommend any books or where I can learn more about spread betting. Although people who read charts and do calculations they loose lot of money too.

Yo dude,

Many people will recommend various different books based on their own experiences and how they intend to trade and what direction they have taken, also, reco's for books come from those who have read that one in particular and thought of being good out of the rest they've read. This of course is all their own opinion, my experiences would be no different and would of course be biased.

I would suggest any books on trading, then you can make up your mind what you need and what you dont, what to throw away and what to keep.

You may find you read a whole book and only take one sentence from it, so be it, it could be this one line that makes or breaks your next trade, however, the more lines you take from something the more you're prepared for the next encounter with the market and the people involved in it.

 

[porph]

With your £8400, I'm sure you could buy a whole load of books.

Malcolm Prior has a good book on spread betting IIRC. Might be a good general overview.

 

[HW07]

Dear fellow traders,

Am i right thinking that with this day we have a valid change in direction from up to down?

If so, then what could be a good entry point for a short. Is it worth to look for an intraday entry point or better to decide from purely EOD? From the little experience i accumulated i could wait maybe for tomorrows day high to enter a short? But then who can tell where will be it?

I am as you can see still looking for my trader self here.

Thank you,

HW

 

[trigger]

Dear fellow traders,

Am i right thinking that with this day we have a valid change in direction from up to down?

If so, then what could be a good entry point for a short. Is it worth to look for an intraday entry point or better to decide from purely EOD? From the little experience i accumulated i could wait maybe for tomorrows day high to enter a short? But then who can tell where will be it?

I am as you can see still looking for my trader self here.

Thank you,

HW

Hi, you seem rushed.. patience patience patience! sounds cliche but trust me, sit back and wait til the next opportunity screams out at you, then, even as a newbie you will not need to ask, i know from experience that when a new trader asks so many questions so quickly, it will usually end in tears of frustration!
I have, over the years blown my account right out and had to save to start again and again... only now after years can see the picture emerging, and building a solid base.
I will not offer my views on where i think the next move will be, yes thats annoying, but take your time to FEEL the market you choose to trade, following coat tails, trust me please, is not the way to learn

Be Well

Steve

 

[HW07]

Hi, you seem rushed.. patience patience patience! sounds cliche but trust me, sit back and wait til the next opportunity screams out at you, then, even as a newbie you will not need to ask, i know from experience that when a new trader asks so many questions so quickly, it will usually end in tears of frustration!
I have, over the years blown my account right out and had to save to start again and again... only now after years can see the picture emerging, and building a solid base.
I will not offer my views on where i think the next move will be, yes thats annoying, but take your time to FEEL the market you choose to trade, following coat tails, trust me please, is not the way to learn

Be Well

Steve

hmmm, there is a lot to digest in that, thank you for your advice.


At the moment i am paper trading and will not put any money on this until i will be able to write my trading plan and strategy for myself. I know, long way to go

 

[morphman]

Dont forget there are as many opportunities out of hours that intraday for trading the FTSE. Lookup a phenonemon called "Filling the Gap" on the FTSE and you might see why

 

[trigger]

hmmm, there is a lot to digest in that, thank you for your advice.


At the moment i am paper trading and will not put any money on this until i will be able to write my trading plan and strategy for myself. I know, long way to go

Hi,
Its good that your paper trading, and forgive me if i sounded bombastic earlier
There is such a wealth of good advice and knowledge on T2W, my only worry was that i thought you were trading live and asking what your next trade should be, it rang alarm bells!...my mistake

Be Well
Steve

 

[HW07]

Hi,
Its good that your paper trading, and forgive me if i sounded bombastic earlier
There is such a wealth of good advice and knowledge on T2W, my only worry was that i thought you were trading live and asking what your next trade should be, it rang alarm bells!...my mistake

Be Well
Steve

No mistake made, i guess, you came across a few like me who was in a hurry to blow some account up My luck is, that at the moment i cant afford that, so saving and practicing. To be honest sometimes my papertrading can be quite stressful too... seeing my poor entries lower my account first then turn some tiny profit

I would love to charge in full speed, but where would that lead?

 

[cu20052003]

Hi to all in this thread!

First of all we are seeing a classic sign of the BEAR CHARG ( the opp of a Bull Charge ) and that is not without obstacles ............ there should be some retracements before a BULLISH FULL BEAR CHARG!!!!!!!

Well, HW, dear sir, please do stick to your paper trading for a while and not to rush into the frenzy as there is not much really ............ remember to surf the TIDE and Enjoy the Height! You might want to perhaps gain a little perfection over your trading system to get at least a better result?

A successful trade has no scruples over profits - the higher the better, that's the way it is ............. no change. In this world of trading, profit is Key.

But, if you want to just have a small tidy profit on paper, then you'll be surprised! 'Cos the Brokers Will Wipe your paper trade profits right way off perhaps turning it into a major loss - choose your broker wisely!!

Do the above mentioned homework and you might gain from it, darling!


Yours




S K

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Hi There

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Hi there

Be the One for GOD, so that I may appoint a deliverer for thy SOUL!

HariHaraBramKalki(S K)

360.yahoo.com/cu20052003

No mistake made, i guess, you came across a few like me who was in a hurry to blow some account up My luck is, that at the moment i cant afford that, so saving and practicing. To be honest sometimes my papertrading can be quite stressful too... seeing my poor entries lower my account first then turn some tiny profit

I would love to charge in full speed, but where would that lead?

 

[HW07]

S K,

Thank you for your comments,

I promise i will stick to my paper trading as long as i have to. I know, there is so much to learn.

One of the first things i came across looking at the FTSE index is the different timescales. Well, in my first month i was watching the one minute line chart trying to figure where it can go, needless to say without any success... Then i decided, if this is intersting to me, then lets put some effort behind it and start to educate myself.

Has anyone read "Trend following" from Michael Covel? I find it very interesting as the majority of people here and everywhere on different forums focus mainly on intraday data and systems. The book explains that with simple systems on eod and eow data can capture long trends and takes much less time, research and complexity than shorter timeframes. Of course one need to have a deeper pocket to start with.

One of these systems is based on MA crossovers, which i find quite fascinating that a dead simple thig like this can generate such a good results. For example buy at 21-60 SMA crossover and short at the opposite on weekly data. Full mechanical and profitable. One just need some good money management rules and find the balance between risk and reward ratios. Only thing is when markets are moving nowhere like recent weeks.

Is anyone working from weekly data? Seeing historical data and statements, is very convincing to use it with some KISS style system...