Challenge Stage 1; £100 to £1000 using simple method

Interesting strategy. Good Luck!

Are you trading equities, Spread Betting or CFDs? I'd take it you trade through Barclays... In wich case you could get Level 2 included for free if you trade enough per quarter/month.

Buying a Blueray DVD player from your first 10k is cool as long as you declare it in your tax returns (if you are trading equities and CFDs).

Will be checking your progress :)

TT
 
I actually really like what you've done with this journal, Taylored001. I like your sense of humour and I like the way you are willing to share your strategy. I also think you've concentrated on some of the more important things early on - targets, rewards for goals achieved and daily structure. You seem honest and I respect you for that. Personally, I have no idea whether you will succeed but you have the right mindset, I believe. Best of luck to you - I'll drop in from time to time and catch up.

-Tom
 
pedro01 said:
impetuous youth you are, capitalisation you seek, solve your problems it will not.

- Master Yoda
Click to expand...

Rofl, i appreciate your comment but i just can't take it seriously because your pretending to be Yoda and that just seems weird to me.
 
trader_dante said:
I actually really like what you've done with this journal, Taylored001. I like your sense of humour and I like the way you are willing to share your strategy. I also think you've concentrated on some of the more important things early on - targets, rewards for goals achieved and daily structure. You seem honest and I respect you for that. Personally, I have no idea whether you will succeed but you have the right mindset, I believe. Best of luck to you - I'll drop in from time to time and catch up.

-Tom
Click to expand...

heehee thanks :) I've read the entirety of your 'Making money...' thread, it was very much worth the long read.

:smart:
 
ttabz said:
Interesting strategy. Good Luck!

Are you trading equities, Spread Betting or CFDs? I'd take it you trade through Barclays... In wich case you could get Level 2 included for free if you trade enough per quarter/month.

Buying a Blueray DVD player from your first 10k is cool as long as you declare it in your tax returns (if you are trading equities and CFDs).

Will be checking your progress :)

TT
Click to expand...

I already have level 2 but i don't use it, i'm going to use IGINDEX for this particular challenge to show that you can make money spreadbetting a simple strategy.

I already have the blueray player .... I got it ages ago lol This is just a 'challenge' to show how a simple strategy can make money. I also trade 'properly' if you like, mostly using MA's, price action, 1-2-3 setup, Fibonacci, trendline breakouts/bounces, pivot points, price patterns. Just most people don't like indicators, i don't use them in my trading so this is more of a test to see if an indicator-based strategy can make money consistantly, because as far as trading goes - Indicators giving you definate signals to buy or sell is as easy as it gets.
 
Chaoss said:
Hi Taylored,

First i'd like to thank you for showing us youre strat. and for keeping this journal.
It looks promising and i'm very keen to see where it will lead us to.
I'm going to follow this and made the preparations to test this strat too.
Already this strat has raised some questions, but i will wait for the live trades before asking them, because i'm pretty sure it will all become very clear then.

I'm from Holland and i'm curious if this will work for our AEX index too, but that is something i will test for myself.

Good luck and keep this journal going!

greets
Chaoss
Click to expand...


'Already this strat has raised some questions, but i will wait for the live trades before asking them'? Ask now please ;) Because i'm making my final revisions over the weekend from the demo phase, so your comments would be appreciated in improving the strategy now rather than later :)
 
Ok but these are very specific questions about when to enter and i guess they are not going to improve the strategy.
I wondered what to do when you have only two decreasing MACD histogram bars and then the MACD goes trough the zero line and after that the third bar is bigger than the second one.
For example: 1st bar = -0.44 2nd bar = -0.13 and the third bar = +0.50
The three bars are decreasing but the third is bigger in the positive, then the second is in the negative.
I hope i made myself clear, English isn't my native lol.
 
I agree with the Yoda. You have many lessons to learn young one. I guess it will be a laugh watching you crash and burn so I'm watching this one.:) Good luck, you soo will need it lol.
 
Taylored001 said:
Rofl, i appreciate your comment but i just can't take it seriously because your pretending to be Yoda and that just seems weird to me.
Click to expand...

Hmmmm... Luke never had a problem with it...

Anyway - I'm looking forward to Monday & wish you well with it.

Perhaps one day your little bro will be the Tiger Woods of day trading.
 
Good luck Taylored! Just a few questions:

1) How long have you been trading your other account(s?) live?

2) Do you always restrict yourself to the FTSE? If not what else do you trade?

3) You mentioned your dad warned you against Easter Monday trading, is he involved in trading himself?


p.s. No idea what your account type is with IG but seeing as you're 18 I expect they've hit you with the 'guaranteed stop' bull**** which increases your spread by 3 points? This would had a big affect on your system targetting just 12 points a trade...
 
mb325 said:
p.s. No idea what your account type is with IG but seeing as you're 18 I expect they've hit you with the 'guaranteed stop' bull**** which increases your spread by 3 points? This would had a big affect on your system targetting just 12 points a trade...
Click to expand...

This depends on how much money he has in the bank. If you have enough they will put you on normal stops but warn you that it's not guaranteed.


edit: also on experience
 
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According to IG, in my case it comes down to the fact that I'm a student and have no fixed income.

I've rung them up several times to say that I have the resources to put more funds (and I've been specific) in the account which would EASILY cover any losses at the prices I'm currently trading (£1-£5 a point), but they keep saying no citing 'FSA guidelines'.

As Taylored is 18 and would seem to have no full-time job I assumed it would be the same for him!
 
mb325 said:
According to IG, in my case it comes down to the fact that I'm a student and have no fixed income.

I've rung them up several times to say that I have the resources to put more funds (and I've been specific) in the account which would EASILY cover any losses at the prices I'm currently trading (£1-£5 a point), but they keep saying no citing 'FSA guidelines'.

As Taylored is 18 and would seem to have no full-time job I assumed it would be the same for him!
Click to expand...

I have a normal account, i don't use guaranteed stop. I think its because of my capital probs.

Oh and then i very first started trading i worked in Somerfields... Not cool enough for waitrose *cries*
 
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mb325 said:
Good luck Taylored! Just a few questions:

1) How long have you been trading your other account(s?) live?

2) Do you always restrict yourself to the FTSE? If not what else do you trade?

3) You mentioned your dad warned you against Easter Monday trading, is he involved in trading himself?


p.s. No idea what your account type is with IG but seeing as you're 18 I expect they've hit you with the 'guaranteed stop' bull**** which increases your spread by 3 points? This would had a big affect on your system targetting just 12 points a trade...
Click to expand...

1. Probably about a year now

2. I trade commodities, indicies and forex (I like oil most)

3. Yeah he trades.
 
pedro01 said:
Hmmmm... Luke never had a problem with it...

Anyway - I'm looking forward to Monday & wish you well with it.

Perhaps one day your little bro will be the Tiger Woods of day trading.
Click to expand...

Haha, Luke is special and has the force so hes an exception.

:) Thanks, i've read a few of your posts and you seem pretty cool so sorry for insinuating that your weird ;) x
 
stevexyg said:
I agree with the Yoda. You have many lessons to learn young one. I guess it will be a laugh watching you crash and burn so I'm watching this one.:) Good luck, you soo will need it lol.
Click to expand...

I'm bored so i'm kindly going to point out some annoyances i had with your post.

1) Did you just 'laugh out loud' at your own joke at the end there? ... Nice

2) Pretending to be Yoda is the other guys thing, why you copying him saying 'You have many lessons to learn young one' ? Like seriously... You just took his style and stole it.

3) 'Laugh watching you crash and burn' Thanks for the encouragement, you're obviously a helping hand in the community (Now i know your a dumass but that was sarcasm)

4) Just out of interest how much money have you made trading? If its less than me i'm going to ROFL at your attempts to act 'wise' to me.

:smart:
 
Chaoss said:
Ok but these are very specific questions about when to enter and i guess they are not going to improve the strategy.
I wondered what to do when you have only two decreasing MACD histogram bars and then the MACD goes trough the zero line and after that the third bar is bigger than the second one.
For example: 1st bar = -0.44 2nd bar = -0.13 and the third bar = +0.50
The three bars are decreasing but the third is bigger in the positive, then the second is in the negative.
I hope i made myself clear, English isn't my native lol.
Click to expand...

Good question, although difficult to interpret, the 4 bars of increasing price but all be negative, if the 4th is positive, we don't enter and wait for the next opportunity

:) Got that?
 
Heres another little strategy for anyone who wants to have a go at forex while i'm bored;
EUR/USD
1-hour chart
Long when the MA's are in this order;
10EMA
20EMA
50EMA
200EMA
and all sloping up.
Wait for price to touch 10EMA and enter long with a stop loss, half of the 7 day ATR below 10EMA.
Everyday trail the stop loss half the of the 7day ATR below 10EMA until stopped out.

I'm only just starting to try it out and backtest it but so far so good if anyone wants to have a look into it and help me develop the idea. Its the only trade my older brother does and he uses it succesfully... So i may vary it and try it out :)
 
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