top trader
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morning all
long XTA at 1700p, fiver a point, stop at -170p
long XTA at 1700p, fiver a point, stop at -170p
Index Spread Betting
- Thread starter top trader
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top trader
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CLOSED FOR +50p, 250 pounds.
top trader
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long fiver in XTA at 1736p
top trader
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tenner long in RR. at 340p
top trader
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XTA at around 1600p, down over 130 points, may ride it out.
Phil Mibbutz
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Hope you're not still holding XTA, TT?
Lee Shepherd
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No news is always considered bad news in this game.
I leave the rest over to top trader. He has been ghosting and watching since last post and I highly expect he's reading this.
I leave the rest over to top trader. He has been ghosting and watching since last post and I highly expect he's reading this.
Lee Shepherd
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eh, what like a triangle point, or point the finger ect.
Define point:
point. A city or other stop on an itinerary.
Hi spreadbetit - long time since you posted this but its worth a word - I think I understand your situation but is this right? - you place an order at say, 4410 to buy: the SB market moves to 4412 and triggers your order, immediately starts to drop, taking you into loss.
I have had this myself countless times. It does 'feel' as if they are hunting your order by running up a price spike for a couple of minutes and then bringing the quotes back down again. I doubt that many of us have sufficient stake to warrant that kind of personal attention, but I don't think it would be illegal if the SBs did it. I suspect instead they are seeking to bring in all the orders and also the manual trades that will depend on entry in the same area that you (and I) have highlighted in our TA. I am sure the majority of their revenue comes from manual trades, not advance orders. In any case, the outcome is the same, if you're in a shoal of fish, the shark will find you - its easier to find a shoal than it is to find one little fish. So, whatever TA process drove you to enter a buy order at 4410, hundreds of other traders probably got the same answer - buy at 4410.
Salt in the wounds comes when the order is triggered getting you long on a short-term spike - and at this point you are trading naked with no stop: had two big losses lately due to this. (I wish the SBs would allow an order fill to trigger a text or an e-mail so I would know to immediately put a stop on (or get out).)
The only way ahead is to be out of the crowd, but that is going to be tough to plan and require nerve to execute. I'm not saying sell when everyone else is buying or vice versa - that is simplistic, wrong and eventually suicidal. What I mean is develop your entries at places where the SB can't defend - you need to look at the SB tick charts as much as the index charts. The SBs are very good at seeing short-term intra-day entry and stop points - they will see you coming and rob you. They know very well that their highs and lows do not match the market's but all their clients see them (and other SBs' clients if they share the same chart and price feed) and will act on them as pivot or reference points. They can put a price spike of 30 points in for some minutes and net all those orders and trades from the shoal, but longer-term, they have less room for manoeuvre - they can't sustain being 200 points the wrong side of the market for days, they must follow the market. Of course, when the underlying market is closed, they can be more inventive with prices.....
Another smart-****, Sun Tzu, said - To unfailingly take what you attack, attack where there is no defence.
I frequently get a box telling me that the price has moved on and, quite often enough to set my mind at rest, I have got a better price. Of course, the reverse is true, too. But I don't think that I get screwed there. Perhaps, somewhere else.......
Split
Split
Phil Mibbutz
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TT's certainly in a spot if he's still holding that XTA long!
(Hey Lee - speaking of no news, what happened to your blog?
)
Lee Shepherd
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TT's certainly in a spot if he's still holding that XTA long!
(Hey Lee - speaking of no news, what happened to your blog?
Hi Phil,
As stated on my profile page after your message, no positions are currently held nor due to be held for some time. This was bought about by expiry on the contracts and above usual losses. Usual losses amount to no more than 2 weeks in every quarter, this time round gave losses in excess of several weeks wiping out 3 quarters of the gains in that period.
I am currently working on a strategy for the current climate (which is in play) and am studying and paper trading a divergence convergence system between two european markets.
I am currently day trading only. Usual average trades per week are around 20, currently I am doing in excess of 40 per day. This causes more paper work than I wish for and I have provided a link for some recent trades I have done.
http://www.trade2win.com/boards/general-trading-chat/41248-ig-wouldnt-close-3.html
I will not be updating my blog with day trading as it's totally irrelevant and the moment to trade would have past days ago, therefor, warranting it useless and irrelevant. Also, it would take many screenshots and trades would amount to over200 per week. I hope you understand that because of this, the blog will not be updated.
Blog will resume when I have a firm understanding of general market direction and wont be before christmas due to taking it easy, a break well deserved I feel.
TT could ride this out, at the moment he is down less than £4k on XTA and just less than £1k on RR so worst case £5k down.
His account was at over £11k before he bought these, so still £6k left, so as long as the market doesn't go much further he could be ok, although I assume he is getting charged interest.
TT mentions that he is holding long DAX at 5800 in his other account, this will be £11,000 down ! so I assume this has been closed unless he has very deep pockets
His account was at over £11k before he bought these, so still £6k left, so as long as the market doesn't go much further he could be ok, although I assume he is getting charged interest.
TT mentions that he is holding long DAX at 5800 in his other account, this will be £11,000 down ! so I assume this has been closed unless he has very deep pockets
Lee Shepherd
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Your missing the point my trader friend, 'riding it out' is not the answer, it is NOT trading and only hoping it wil come back in line.
Head these words........USE STOPS.
If he had of gotten out and reversed the trade or stayed out completely he would not be sat on the same losses, at best he would be up on his money and no stress in the land of hope with no glory.
Lee Shepherd
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Alarm bells started ringing back in July when I noticed trades going way off side only to bring in a few quid.
Lets not forget it is easy to trade a ranging market with this strategy and make money, if its ranging it will most certainly come back to your entry level and very possibly give you a few points extra. As soon as the range breaks.....well....here we are.
Here is a link to the IPR trade in particular that I posted about and a graph that at the time was not posted to influence anyones trading, especially Top Trader.
http://www.trade2win.com/boards/spread-betting/33561-index-spread-betting-17.html
I have also put up the the same graph(from old) to which the link will verify is the same and a current graph from today, which any platform or teletext system(if anyone stil uses that) will show.
What I'm getting at here is what I suspected from june:
Lack of stops or poorly used ones.
Profits too early
Heavily offside trades and for many days (which ties up margin that could be used elsewhere)
Disobeying the trend.
So, always use graphs (and I mean properly, dont just look at them and take a punt).
Use stops (and again I mean proper reasonable stops based on your target) No good having a stop 800 points away only to take 20pts. This is what has been happening.
It's common knowledge that when people are making money they tend to stick two fingers up at anyone that challenges or attempts to help them, ie, I'm making money so stuff you, or in TT words, "I am comfortable with my trading".
People that dont trade or trade extremely part time with small insignificant amounts wish it to be true, ie, this guy is for real and I too can double my account by implementing the same strategy and in only a very short time.
It can happen but you have more chance in winning the lottery than sustaining this craziness for any period of time.
If you wish to become a trader, you have to use reasonable stops in comparison to your target. You also have to use common sense, hope and faith has no meaning in the capitalist world we live in today.
And on another note:
I'm no longer sure what or who is a trader, everyone I know that has ever placed a trade or made a bet on the market once a week but yet has made no consistant gains calls themself this.
It took years before I told people I traded the markets, before this date I simply said I play the markets for a bit of cash and only when I was full time trading did I dare call myself one, and this again was many months into it when my account (paying my wages) said I was competent enough to continue.
I gues anyone that has ever placed a bet at a bookies on the direction of the market or made at least one trade now bears the title.
The world and its occupants get stranger every day.(excluding all species apart from humans)
Lets not forget it is easy to trade a ranging market with this strategy and make money, if its ranging it will most certainly come back to your entry level and very possibly give you a few points extra. As soon as the range breaks.....well....here we are.
Here is a link to the IPR trade in particular that I posted about and a graph that at the time was not posted to influence anyones trading, especially Top Trader.
http://www.trade2win.com/boards/spread-betting/33561-index-spread-betting-17.html
I have also put up the the same graph(from old) to which the link will verify is the same and a current graph from today, which any platform or teletext system(if anyone stil uses that) will show.
What I'm getting at here is what I suspected from june:
Lack of stops or poorly used ones.
Profits too early
Heavily offside trades and for many days (which ties up margin that could be used elsewhere)
Disobeying the trend.
So, always use graphs (and I mean properly, dont just look at them and take a punt).
Use stops (and again I mean proper reasonable stops based on your target) No good having a stop 800 points away only to take 20pts. This is what has been happening.
It's common knowledge that when people are making money they tend to stick two fingers up at anyone that challenges or attempts to help them, ie, I'm making money so stuff you, or in TT words, "I am comfortable with my trading".
People that dont trade or trade extremely part time with small insignificant amounts wish it to be true, ie, this guy is for real and I too can double my account by implementing the same strategy and in only a very short time.
It can happen but you have more chance in winning the lottery than sustaining this craziness for any period of time.
If you wish to become a trader, you have to use reasonable stops in comparison to your target. You also have to use common sense, hope and faith has no meaning in the capitalist world we live in today.
And on another note:
I'm no longer sure what or who is a trader, everyone I know that has ever placed a trade or made a bet on the market once a week but yet has made no consistant gains calls themself this.
It took years before I told people I traded the markets, before this date I simply said I play the markets for a bit of cash and only when I was full time trading did I dare call myself one, and this again was many months into it when my account (paying my wages) said I was competent enough to continue.
I gues anyone that has ever placed a bet at a bookies on the direction of the market or made at least one trade now bears the title.
The world and its occupants get stranger every day.(excluding all species apart from humans)
Attachments
Lee,
I couldn't agree with you more, see my post on page 22.
as you say if he had got out, he could be picking up some of the "debris" along the way.
Isn't this so easy to do, you hold a position a bit too long and go past your stop, then start thinking, I can't close it now, I will wait for a rebound, only for it to head lower.
Good luck TT
I couldn't agree with you more, see my post on page 22.
as you say if he had got out, he could be picking up some of the "debris" along the way.
Isn't this so easy to do, you hold a position a bit too long and go past your stop, then start thinking, I can't close it now, I will wait for a rebound, only for it to head lower.
Good luck TT