New to swing trading

This is a discussion on New to swing trading within the Swing & Position Trading forums, part of the Methods category; Originally Posted by wildkactus Simon, With going short, you just sell the stock first instead of buying it, then you ...

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Old Jun 21, 2008, 4:41pm   #9
Joined Jul 2007
si1503 started this thread
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Originally Posted by wildkactus View Post
Simon,

With going short, you just sell the stock first instead of buying it, then you place a buy order to close out the trade. This is if the stock is available to short by your broker, they normally have a list of stocks available to short, not all stocks are.

all the best for your trading journey.
wildkactus - thanks for clearing that up I will check with my broker on Monday.
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Old Jun 21, 2008, 5:16pm   #10
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I was actually looking at this in more detail yesterday evening. I think I am actually swaying toward sharescope Gold, as you say it is good value and if I am trading for periods of days/weeks at a time, as opposed to minutes (in intra-day) then EOD information should suffice. I don't think I would have time to check data much more often anyway, and if I do need to check during the day then I have digitallook/advfn that provide slightly delayed quotes.

With this in mind I am strongly considering sharescope. I was also looking at some videos of the alpesh patel addition. So okay it is all basically just indicators based on different financial measures/ratios, some technical indicators and other things as far as I am aware, nothing of any value to an experienced investor with their own systems and indicators, but for a beginner it could perhaps be interesting to see what indicators can be used when looking to come up with an investment strategy, or am I just being too lazy here?

The sharescope tools would certainly help me in making investment decisions, be it UT's or individual shares, and as far as I am aware you subscribe and that is it - you are good to go (I downloaded the amibroker trial but having difficulty getting UK data on it, and the interface seemed a little unfriendly, but that is only my very initial impression).

Simon
Once you have selected the shares that interest you from Sharescope you should be able to get a realtime service from your broker, provided he trades that share. You need Sharescope, though, so as to be able to scan the lot.

When you open an account ask them if they provide a real time chart service (free).

I use a spreadbetter, but the choice is up to you. I posted three timeframe chartsa short time ago on one of the boards. Here's the link for you to look at.

http://www.trade2win.com/boards/firs...tml#post444567

There are several bars that you can use, plus all the timeframes and half a dozen indicators. I'm waiting for the day that they provide an audio alarm but I guess, for free, it will be a long wait.

Regards Split
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Old Jun 23, 2008, 2:29am   #11
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si1503 started this thread Well I went with sharescope Gold in the end, been playing with it over the weekend and quite happy with it so far; looking forward to getting to grips with it more over the next few weeks.

I will check with H-L what they offer.

Which spreadbettor are you with? I am considering using a SB with a small bank just initially to learn on (get used to entry/exit, develop my own selection criteria, prefered strategy, etc) as I do not have the capital right now to make direct market trading worthwhile when factoring in commission.

I assume any SB company will be okay for taking postions over several days to a few weeks? I am considering CMC as I know they are quite popular, but as far as I am aware they all offer a similar sort of thing (IG, tradindex, capitalspreads, GNI... etc).

Simon
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Old Jun 23, 2008, 4:16am   #12
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Since you ask for advice, I'm with Finspreads. Like the rest, there are those for and against. CMC have been getting some stick, lately, but do not know them to make judgements. There is a spreadbetting board.

I find Fins quick and the chart service is good. Spreads on Footsie and Dax are 2 points and SP 0.6 points. Be careful with spreads on everything else. Make sure you've checked them out before you press the button!

Good trading.
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Old Jun 23, 2008, 4:09pm   #13
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si1503 started this thread Thanks. I think I will check out CMC and if I get on okay with them and run into problems then I can always move elsewhere. It seems to me those most fustrated are those that make good profits then are given poor quotes to get out of trades; so I doubt this will apply to me for a while! (But you never know!!), and I have also read of spikes in prices to hit stops - which is really not on, however this was back when they were based in oz.

On the plus side they have a deposit £200+ and place 2 trades and they will credit your ac £100 offer for new customers until the month end, not a bad little incentive to give them a try.

Simon
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Old Jun 23, 2008, 9:38pm   #14
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Thanks. I think I will check out CMC and if I get on okay with them and run into problems then I can always move elsewhere. It seems to me those most fustrated are those that make good profits then are given poor quotes to get out of trades; so I doubt this will apply to me for a while! (But you never know!!), and I have also read of spikes in prices to hit stops - which is really not on, however this was back when they were based in oz.

On the plus side they have a deposit £200+ and place 2 trades and they will credit your ac £100 offer for new customers until the month end, not a bad little incentive to give them a try.

Simon
Spikes are always an unknown menace. Before you blame the spreadbet companies, though, make sure that the spike is not general in the market, as a whole. I've never been able to protest over a spike. When I've looked at Big Charts, for instance, I have found the spike there, as well.

AND be careful with overnight trading!

To be frank with you, I find that my exits on Fins are as good as the entries. Limit orders and stops are better, in my experience, than manual closing in a fast moving market.

Remember to ask yourself that, where you put your stops, is that where everyone is putting his and will the professionals be waiting to enter the market at those levels?

Good trading, Split
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Thanks! The following members like this post: si1503
Old Jun 24, 2008, 2:39am   #15
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Spikes are always an unknown menace. Before you blame the spreadbet companies, though, make sure that the spike is not general in the market, as a whole. I've never been able to protest over a spike. When I've looked at Big Charts, for instance, I have found the spike there, as well.

AND be careful with overnight trading!

To be frank with you, I find that my exits on Fins are as good as the entries. Limit orders and stops are better, in my experience, than manual closing in a fast moving market.

Remember to ask yourself that, where you put your stops, is that where everyone is putting his and will the professionals be waiting to enter the market at those levels?

Good trading, Split
Hmm the more I read about CMC the more I get put off. I am currently looking at the Capital Spreads and GFT demos, had Bloomberg on today Cap spreads prices very tight and accurate, heard positive things about IG index too. I guess it will just be a case of trying some of them out till I find one I feel I can work with.

And when you say be careful overnight, are you purely referring to the importance of setting stop losses? - This is something I will certainly be doing, I think I will set stop losses and also limits slightly beyond what I normally would, then monitor at open, midday and before close, and manually close trades where possible, as I feel exits from stops/limits are far from ideal, but I wouldn't dream of placing a spreadbet without a stop, ever.
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Old Jun 24, 2008, 6:44am   #16
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I can't comment on what I don't know so all I will say, for informative reasons, is that Fins costs 100 pounds to open an account and they have a minimum trade of 50p.

When the markets close, If you have a future, that instrument is traded on Globex, in Chicago. Sometimes, quite wild swings take place, triggering even the farthest stops and you can wake up with no trade. The same can happen with a rolling trade because, although your instrument is closed for the night, the gap the next morning, when the market opens, will make it impossible to close that trade at opening.

There are two groups of traders. Those who assume the overnight risk and those who close the trade before the close. With swing trading, you have to take the former choice as one of the risks involved.
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