Lee Shepherd's Trading Diary

This is a discussion on Lee Shepherd's Trading Diary within the Trading Journals forums, part of the Reception category; Originally Posted by Kaeso in a nutshell.. in circumstances where it's not cost effective or where it's restrictive in other ...

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Old May 1, 2018, 2:57pm   #166
 
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Quote:
Originally Posted by Kaeso View Post
in a nutshell..

in circumstances where it's not cost effective or where it's restrictive in other ways
Hi Kaeso,

Iíve never found my broker (IG) restrictive in any way. Buy or sell, carried out instantly. As for cost effectiveness, again, no problems here. I find them extremely competitive for price and great for service. This is based all on my own personal experiences. Although I know many others that also trade through them without fault, issue or problem of any kind.

Hence my being with them for many years now.

Obviously if one is trading from a different country then they may not have the same benefits as we do here in the UK.

Needless to say, itís usually down to being under capitalised and a high level of ignorance as to why so many donít make it. I heard a saying once that Ďan idiot doesnít know theyíre an idiotí. Iím not sure if thatís true as Iím not an idiot..... or am I. Who knows. 😂😂😂😂

Lee
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Old May 1, 2018, 10:18pm   #167
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Quote:
Originally Posted by Lee Shepherd View Post
..I’ve never found my broker (IG) restrictive in any way. Buy or sell, carried out instantly. As for cost effectiveness, again, no problems here. I find them extremely competitive for price and great for service. This is based all on my own personal experiences. Although I know many others that also trade through them without fault, issue or problem of any kind....
An example of what i was referring to when i said restrictive is the stock options you can trade on IG, or the exchange traded funds.. the list goes on... of things you don't have access to via spreadbetting

Cost-effective-wise, if the spreads one is subject to mean trades are cost effective compared to cheapest commission (direct access) then that's good, however, one is limited to the position size and instruments where spreads are cost effective, sometimes they will not be. There is also the financing of holding overnight even if you are not "borrowing" the money, which has an impact.

It doesn't matter though if you are happy trading the instruments they do offer, financing issues etc, its a great platform to use, i guess you are making more money than me anyway so i cant fault you!

Quote:
Originally Posted by Lee Shepherd View Post
..I heard a saying once that ‘an idiot doesn’t know they’re an idiot’. I’m not sure if that’s true as I’m not an idiot..... or am I. Who knows. ��������
You come across more as a whizz rather than idiot who doesn't know it!

Last edited by Kaeso; May 2, 2018 at 5:54pm.
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Old May 21, 2018, 5:48pm   #168
 
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Handling swings

Lee Shepherd started this thread Right so here goes:

I'm now loaded up with some positions and the following posts will be about the swings.

I am expecting swings of around -+£3-5,000 per day. Although I would expect the majority of that to happen within a couple of hours of the markets open.

Handling the swings in your account can be daunting to say the least and is another factor as to why new traders will close out positions by usually one of the following ways:

The market is going in my favour so a few more points and I'm out, dam its gone back down, I'll close it now so I don't take a loss and instead take a few quid profit.

The other one is: dam it, its gone against me, now it's going my way I'll hold on till break even, maybe a little more then close out and take a small loss or small profit - ie, aim for break even.

All trades are made (in your head at least) before the execution of the said trade. In most cases there will be a set (or should be) parameters that you would follow, if not, you'll find yourself with one of the 2 outcomes listed above - or any combination of that.

I will post up screenshots (within 24 hours) to show these swings in account so that all who are interested can see that on a daily basis the account can go from a loss or gain of several thousands. I will only be showing a small portion of this over the coming days so the amounts will bounce around £3,000 to £5,000 per day.

Note: I'm not here to discuss the positions, the amount or the levels in play. This is simply to show the swings and to reiterate the do or die attitude. If the research is carried out correctly, then seeing out the trade is all one needs to do - however ,that is no guarantee in this world, just merely a statistic of odds.

Account is showing a loss of £-2,850.00

(for those not familiar with IG, the profit/loss is shown on the bottom of the screenshot)

This will go down or up by £3-5k on a daily basis.

Lee
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Old Yesterday, 10:28am   #169
 
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Handling swings

Lee Shepherd started this thread Its been brought to my attention that the single figure showing profit and loss would not be a true representative of the trades and swing amounts. In fact it could be by shear luck/coincidence that the overall figure remains the same whilst the individual trades bounce around. The 4 sets of individual positions will change but the overall may stay the same.

Therefore I will break it down in order of the 4 trades and as titled simply as 1,2,3 & 4.

So yesterday (21/5/18) at 17:37 the trades were as follows:

Trade 1: +£215.00
Trade 2: +£801.00
Trade 3: +£8,820.00
Trade 4: -£12,597.00

Total P/L = -£2,850.00

Today (22/5/18) at 10:14 the trades were as follows:

Trade 1: +£250.00 - difference of +£35.00
Trade 2: +£909.00 - difference of +£108.00
Trade 3: +£8,400.00 - difference of -£420.00
Trade 4: -£9,594.00 - difference of +£3,003.00

Total P/L =-£40.00

Swing of £2,810.00.

This will change throughout the day so I will update later. Although knocking off early today so may be tomorrow.

I'll also (when I make the time), discuss the different styles of trading profitably and to hedge and balance your book. I know of so many (failed/struggling) traders that tend to get involved with one particular instrument, they tend to see this as a master of one. However, a trader should always be able to diversify. Never marry a position, get in and get out and take what you can. That's the name of the game. You're in the position for a good time not a long time. And always diversify.

Happy trading all.

Lee
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Old Yesterday, 10:54am   #170
 
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Lee

Can we see the swing in the context of your “die” risk on each instrument? And, maybe, the “do”?
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Old Yesterday, 12:10pm   #171
 
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Lee Shepherd started this thread So just in under 2 hours we have sizeable movement. It's as follows:

So earlier today (22/5/18) at 10:14 the trades were:

Trade 1: +£250.00
Trade 2: +£909.00
Trade 3: +£8,400.00
Trade 4: -£9,594.00

Total P/L = -£40.00

Now almost 2 hours later (22/5/18) at 11:56 the amounts are:

Trade 1: +£530.00 - difference of +£280.00
Trade 2: +£1,029.00 - difference of +£100.00
Trade 3: +£8,232.00 - difference of -£168.00
Trade 4: -£7,614.00 - difference of +£1,980.00

Total P/L = +£2,204.00 (in just under 2 hours)

Swing of £2,164.00

Just under £5,000 in less than 24 hours.
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