Ftse Professional Scalping

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Old Jun 4, 2008, 9:08am   #61
 
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Fast execution and small spreads

Always have ears when it comes to the markets,everyday one can pick up tidbits...
Aspire especially interested in fast quality access to the ftse..if its not taboo can i ask which broker
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Old Jun 4, 2008, 7:17pm   #62
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Originally Posted by gawster View Post
Always have ears when it comes to the markets,everyday one can pick up tidbits...
Aspire especially interested in fast quality access to the ftse..if its not taboo can i ask which broker
Hi,

Not taboo at all, am happy to answer.

I don't actually use a broker, I'm at a prop firm going direct to the exchange from TT via a clearing bank.
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Old Jun 13, 2008, 3:19pm   #63
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George,

It seems this thread got out of hand a bit. I'm a FTSE trader. That's all I trade and I trade from 8am till 12pm spread betting and I'm profitable. I use pure price patterns and what I know about market profile to determine my entries and exits. I'm quite happy to discuss my system with you in private. I'm responding to your offer because I'm curious. I've logged in about 1500 trades on the FTSE and I'm getting better at trading this instrument by the day. I'm very, very interested in refining my system. I don't use indicators at all except for the 10 and 20 day EMAs on the one minute chart which work wonders for me. The only other thing I use is RSI but it has next to no impact on my trading, I just like to use it for confirmation. I have a very detailed plan on price patterns and focus on trying to get good entries when these patterns occur. The exits are determined by the occurance of the price patterns, so they take care of themselves.
Money wise, my track record is light weight but I'm working my way up to using 14k of funds and once I've reached that level, would like to take on additional funds. If you've got something that complements what I'm doing; I'm happy to use it with my own funds to see how well it works and if it's successful, am happy to add your funds once I'm using my 14k of margin.

Regards,

Alex
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Old Aug 4, 2011, 8:54am   #64
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Re: Ftse Professional Scalping

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Originally Posted by amtrader1 View Post
George,

It seems this thread got out of hand a bit. I'm a FTSE trader. That's all I trade and I trade from 8am till 12pm spread betting and I'm profitable. I use pure price patterns and what I know about market profile to determine my entries and exits. I'm quite happy to discuss my system with you in private. I'm responding to your offer because I'm curious. I've logged in about 1500 trades on the FTSE and I'm getting better at trading this instrument by the day. I'm very, very interested in refining my system. I don't use indicators at all except for the 10 and 20 day EMAs on the one minute chart which work wonders for me. The only other thing I use is RSI but it has next to no impact on my trading, I just like to use it for confirmation. I have a very detailed plan on price patterns and focus on trying to get good entries when these patterns occur. The exits are determined by the occurance of the price patterns, so they take care of themselves.
Money wise, my track record is light weight but I'm working my way up to using 14k of funds and once I've reached that level, would like to take on additional funds. If you've got something that complements what I'm doing; I'm happy to use it with my own funds to see how well it works and if it's successful, am happy to add your funds once I'm using my 14k of margin.

Regards,

Alex
Alex
on your 1 min scalps on ftse do yuo use a smooth stochastic?
regards Michael
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Old Aug 5, 2011, 8:03am   #65
 
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Re: Ftse Professional Scalping

Am trader who do you use for your spread betting and how much per pt do you trade?
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Old Aug 5, 2011, 8:13am   #66
Joined Sep 2006
Re: Ftse Professional Scalping

i use etx as only 1 pip spread on ftse
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Old Aug 5, 2011, 7:59pm   #67
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Re: Ftse Professional Scalping

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Originally Posted by bulldog192 View Post
Am trader who do you use for your spread betting and how much per pt do you trade?
further to my earlier reply i look for 30 pips a day and trade between £20 and £50 per pip
if its a good day i cut trades to £5/10 per pip after achieving target or stop for the day.]
If i lose 30 pips i stop for the day.
Although i trade for money i also enjoy my work as an ebay powerseller.
Just wondered how others trade and their parameters.
Etx has good charts and low pip spread.Having had my fingers burnt in the past have learnt not to get too greedy and enjoy life without to much stress.
regards
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Old Aug 5, 2011, 8:12pm   #68
 
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Re: Ftse Professional Scalping

Thanks for the reply coinmountain. On demo trading I find £20 per pip fine and agree with not being greedy. WhaT sort of capital backup do you use for you account. Would £10000 be enough
I am about to start trading full time later this month, having taken early retirement to achieve my ambition.
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Old Aug 5, 2011, 8:31pm   #69
Joined Sep 2006
Re: Ftse Professional Scalping

Hi Bulldog192 feel free to contact me direct at michaelcartz@hotmail.com
or here. £10,000 is plenty enough.
Please advise your trading parameters more than happy to reciprocate .
Having made and lost a fortune in the past and now trading at these comfortable levels
know that demo trading is an insight but not like the real thing
regards
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Old May 9, 2014, 5:36pm   #70
Joined Apr 2014
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Originally Posted by amtrader1 View Post
George,

It seems this thread got out of hand a bit. I'm a FTSE trader. That's all I trade and I trade from 8am till 12pm spread betting and I'm profitable. I use pure price patterns and what I know about market profile to determine my entries and exits. I'm quite happy to discuss my system with you in private. I'm responding to your offer because I'm curious. I've logged in about 1500 trades on the FTSE and I'm getting better at trading this instrument by the day. I'm very, very interested in refining my system. I don't use indicators at all except for the 10 and 20 day EMAs on the one minute chart which work wonders for me. The only other thing I use is RSI but it has next to no impact on my trading, I just like to use it for confirmation. I have a very detailed plan on price patterns and focus on trying to get good entries when these patterns occur. The exits are determined by the occurance of the price patterns, so they take care of themselves.
Money wise, my track record is light weight but I'm working my way up to using 14k of funds and once I've reached that level, would like to take on additional funds. If you've got something that complements what I'm doing; I'm happy to use it with my own funds to see how well it works and if it's successful, am happy to add your funds once I'm using my 14k of margin.

Regards,

Alex
Hi Alex,

My name is also Alex. I'm really interested in your Ftse trading strategy!

I have been trading it on and off for about 3 years now and have recently started again following a ftse trader called Dominic www.tradingknowledge.info

His results are consistent and records his sessions and shares his account when trading so you see his trades. He said his strategy is 18 months old with the 2nd half of that time being positive.

I am working on my own system at the moment only looking for 10-20 points per day to make around £100 per day. One thing I'm uncomfortable with is the amount I need to have in my trading account to trade with in order to generate this.

Any ideas how much I would need in order to make £100 per day?

Thanks for sharing
Alex
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Old May 10, 2014, 11:40am   #71
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Originally Posted by Alexander Fleming View Post
I am working on my own system at the moment only looking for 10-20 points per day to make around £100 per day. One thing I'm uncomfortable with is the amount I need to have in my trading account to trade with in order to generate this.

Any ideas how much I would need in order to make £100 per day?
Hi Alex,
Using the figures that you've provided, let's say you average 10pts profit per day. To generate your £100 target, you'll need to trade at £10.00 per point. If you work on the basis that you don't want to risk more than 1% of your account on any one trade, the amount of starting capital will be determined by where you place your stops:
1. A 5pt stop will result in a loss of -£50.00, therefore you will need a £5,000 account.
2. A 10pt stop will result in a loss of -£100.00, therefore you will need a £10,000 account.
3. A 15pt stop will result in a loss of -£150.00, therefore you will need a £15,000 account.
And so it goes on. If you're prepared to risk more than 1%, then you won't need so much capital and, conversely, if you risk less than 1% you'll need a larger account.

To accurately determine all the above, you'll need to know your key ratios obtained from testing your methodology on a demo account. A more detailed explanation can be found here:
Realistically, How much Money can I Expect to Make?
How Much Money Does a Trader Need To Start Trading?
Essentials Of 'Risk & Money Management'

Keep in mind that account growth of 1% per day is absolutely phenomenal and will be extremely difficult to achieve. Theoretically, this means you'll be doubling your account roughly every five months! If you're new to trading (and I assume from your question that you are), my advice would be to scale your goals right back to something much more conservative. In his book ‘Come into My Trading Room’, Dr. Alexander Elder suggests that a realistic goal for a newbie trader is to break even after expenses in the first year, equal the return you would get from a Building Society account in the second year, and to aim to double that return in the third year. This prospect isn't very exciting I know, but it's probably more realistic for most traders.
Enjoy!
Tim.
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Old May 10, 2014, 4:40pm   #72
Joined Apr 2014
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Originally Posted by timsk View Post
Hi Alex,
Using the figures that you've provided, let's say you average 10pts profit per day. To generate your £100 target, you'll need to trade at £10.00 per point. If you work on the basis that you don't want to risk more than 1% of your account on any one trade, the amount of starting capital will be determined by where you place your stops:
1. A 5pt stop will result in a loss of -£50.00, therefore you will need a £5,000 account.
2. A 10pt stop will result in a loss of -£100.00, therefore you will need a £10,000 account.
3. A 15pt stop will result in a loss of -£150.00, therefore you will need a £15,000 account.
And so it goes on. If you're prepared to risk more than 1%, then you won't need so much capital and, conversely, if you risk less than 1% you'll need a larger account.

To accurately determine all the above, you'll need to know your key ratios obtained from testing your methodology on a demo account. A more detailed explanation can be found here:
Realistically, How much Money can I Expect to Make?
How Much Money Does a Trader Need To Start Trading?
Essentials Of 'Risk & Money Management'

Keep in mind that account growth of 1% per day is absolutely phenomenal and will be extremely difficult to achieve. Theoretically, this means you'll be doubling your account roughly every five months! If you're new to trading (and I assume from your question that you are), my advice would be to scale your goals right back to something much more conservative. In his book ‘Come into My Trading Room’, Dr. Alexander Elder suggests that a realistic goal for a newbie trader is to break even after expenses in the first year, equal the return you would get from a Building Society account in the second year, and to aim to double that return in the third year. This prospect isn't very exciting I know, but it's probably more realistic for most traders.
Enjoy!
Tim.
Hi Tim,

Many thanks for the clear and simple break down. Although I have been trading for quite some years now, I do find it refreshing to keep returning to basics to ensure I don't let things slip and get out of hand, resulting in losses.

So many thanks for the much valued humbled response and keeping it real.

I am following a FTSE trader who makes a few hundred pounds quite comfortably every day but he has the sort of account size that allows him to do it and seems to have a few accounts that he uses. He shares his accounts and charts via the live room so this is how know how much he uses as you get to see his trades. He is a big scalper and really amazing at it! Have been trading with him since St Paddy's Day and have only had 1 negative day!

This is what scares me though! You see, I have about half the amount he uses, so about £25k. My point is I reckon I always end up over risking despite having what I consider to be a good amount. I should have mentioned I risk about 3%-5% when trading. Do you feel this is too high?
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Old May 11, 2014, 6:17pm   #73
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Originally Posted by Alexander Fleming View Post
. . . I am following a FTSE trader who makes a few hundred pounds quite comfortably every day but he has the sort of account size that allows him to do it and seems to have a few accounts that he uses. He shares his accounts and charts via the live room so this is how know how much he uses as you get to see his trades. He is a big scalper and really amazing at it! Have been trading with him since St Paddy's Day and have only had 1 negative day!

This is what scares me though! You see, I have about half the amount he uses, so about £25k. My point is I reckon I always end up over risking despite having what I consider to be a good amount. I should have mentioned I risk about 3%-5% when trading. Do you feel this is too high?
Hi Alex,
Apologies for assuming you were a newbie, but, the question 'how much capital do I need' is right up there in the newbie's top 5.

I had a quick look at the link in your last post and I can't make head nor tail of what the chap you're following is doing. The description of his scalping strategy made no sense to me at all but, if it works, that's all that matters. If you've only had one losing day in 6 weeks or so - on the face of it - that sounds impressive, so long as the occasional loss doesn't wipe out the profits on the many and frequent winners.

I can't say whether or not risking 3% - 5% is too much or not, as it's down to your appetite for risk, confidence in the methodology employed and the stat's derived from your success and profit ratios. A very high success ratio tends to be accompanied by a very poor profit ratio, so, it really depends on how much you lose on losing trades. I recommend you work out your expectancy and take it from there. (That's covered in the 3rd link in my last post.)
Tim.
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The Trading Plan Template - a must read for anyone without a proper TRADING PLAN
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Last edited by timsk; May 11, 2014 at 6:18pm. Reason: typo
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Old May 11, 2014, 6:32pm   #74
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" I should have mentioned I risk about 3%-5% when trading. Do you feel this is too high?"

Thats too high , surely you are going to have 10 consecutive losses at some point or atleast you should be prepared for , so what that costs you ? 40% , you need now 66% just to go back to the starting line , and i doubt your mental ability will be the same when you have such drawdown ...

My 2 cents
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Old May 11, 2014, 7:52pm   #75
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Originally Posted by Alexander Fleming View Post
" I should have mentioned I risk about 3%-5% when trading. Do you feel this is too high?"
Quote:
Originally Posted by tar View Post
"Thats too high...
tar is completely correct (omg I hated to say that lol), that risk/trade is too high.

As for the trading guy in the link, my first google search brought up an FCA and fraudulent company warning. I also looked at his live training video and was impressed by the demo accounts I saw there (lol). As for his trading style... lets not go there...

Last edited by DowJones; May 11, 2014 at 9:14pm. Reason: Re-formatted quote for clarity
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