Wallstreet1928 Analysis & live calls on FTSE,DAX,S&P...aimed to help New traders

[dr.blix]

hey manya,

no i don't watch each tic...i used to use a 1min TF and i went a bit nuts after a few days...i still get a twitch just thinking about it :cheesy:

the lowest TF i'll dip into these days is the 10min and that's just to sus what patterns are forming at key points on my H1 TF.

yeah bit a bit of a day on the E$!

 

[dr.blix]

oops, looks like i'm gonna get pwned by the E$ for that long...

 

[dr.blix]

ok, seeing as i'm probably the only one left on here now, i'll have a random post.

this is for WS:

i read on here that you sometimes have trouble sleeping WS...a great way to get to aid sleep is drink a small glass of warm milk before bed.

apparently warming the milk creates a chemical reaction resulting in creating the beneficial sleeping components.

 

[dr.blix]

i opened another long after the beaflag played out. didn't get a good entry though (868)

might be ok with this, up a few pips at the mo, bullish osc div but only on the 10m TF so far.

crossing over in oversold on the stochastic H1 TF.

gonna leave it on overnight, you never know...could see a poss 50% fib retrace to 940.

or i could just get stopped out...which is the far more likely scenario...

is this the internet equivalent of talking to oneself?

if i continue will a polygon rendered white van appear, complete with 8 bit, pixelated men in white coats, to carry me off to a 'virtual' asylum?

 

[kaisen]

u get stopped out kaisen?

i opened another long after the beaflag played out. didn't get a good entry though (868)

got a really tight stop on too (12 pips)

Hey DB, yes stopped out for +14. It seemed to be lacking the legs to go further (at the minute at least) but i would rather be stopped out in profit than close the trade for a couple of pips more and then see it leap another 30-40 pips.

Trading is so much psychological and so i am trying to do everything that makes me feel good.

A tight stop means i dont see a good position go against me to BE or even worse a loss.

I am thinking of doing mutiple lots so i can close one portion for a profit and then move the stop to BE on the other lot(s). But I know if i do that i will probably want to close everything and secure the profit anyway!:cheesy:

Another thing i am thinking is that if you dont put alot of money on the trade, you dont feel compelled to take the profit.
If you had 10gbp per pip/point on and it was +10 you would be more inclined to take the 100gbp. +10 at 10p or even 1gbp doesnt have the same psychological benefit.

However i do want to demonstrate i can be successful in taking the pips off the table before i ramp up but i am sure there must be something in this theory. How often do we say +20 is my target and then carry on trading because the financial rewards are not there?

But saying that i would like to become proficient at taking a good level of pips/pnts per day and trading a lower amount as this will help move my skills forward and is better risk/money management.

If i had traded all day i could have at least done 150 pips/pnts today which at 1gbp would have been a nice daily income. With a bit more care i could have done easily over 200. Moving my SL too soon first thing this morning on cable was rather silly and cost me a 80-100 pip move. Add that alone to the other pips and points i took and that, without the big drop in the afternoon would have been 150 total.

Oh the toils!

 

[dr.blix]

i know...not easy this stuff is it?

you'd think opening the right position would be the hard part, turns out closing them is the real nightmare!

something that keeps popping into my head is mr. miyagi off the karate kid...

he says something like:

"either karate do 'yes', or karate do 'no'...no karate 'guess so'.

karate 'guess so' = squished, just like grape"


replace karate with trading...

sounds mental, but i think this is my subconscious trying to remind me that most of the time when i make bad calls, it's because i'm not 'in the zone' so to speak...i'm out of touch with whats going on and haven't put in enough effort/concentration.

when i put the effort in and start following the instrument and get my head into the right 'space' the results a so much better.

 

[dr.blix]

and yeah kaisen i agree, trading small position sizes is the way to go in 'education mode'...plenty of time to lose loads of money later on ey?! :cheesy:

 

[Da.DesiTrader]

16 trades since last Wednesday on FTSE100. only 3 losses and 13 winners. on a winning streak of 7.

I would recommend, start using daily S&Rs lines to help you decide where to take your profits when you enter your signals as S&Rs is what the market reacts to 80% of the time; 20% of the time is a reversal moves.

Do not over-trade or up your stake to recover your losses - Theres always tomorrow. Take a breather.

can u show an example of daily s&r lines?

 

[Geofract]

I do wonder if trading would be easier with large sums of wedge for small pips/points. In and out quickly for £10 a pip for +10, or so, a couple of times a day sounds great. Would you really care if you missed the big move of the day, or only caught a fraction of a move? I don't think I would if I was making plenty.

I do seriously wonder about that, because I can usually make a good 60-100 pips in day. The idea of capturing the major part of a days move, or working out the right time to exit could just be a big distraction. I guess it depends on wether or not trading is just a means to an end, or some search for proficiency beyond making cash, if that makes sense.

edit: For example, I scalped £Y this evening, 3 trades made +25 ish - not much effort in terms of working out the perfect exit. I just exit when the market finds a little support.

Now I am thinking my targets were over ambitious before - perhaps I should trade again, but with less pip expectations.

 

[dr.blix]

I do wonder if trading would be easier with large sums of wedge for small pips/points. In and out quickly for £10 a pip for +10, or so, a couple of times a day sounds great. Would you really care if you missed the big move of the day, or only caught a fraction of a move? I don't think I would if I was making plenty.

I do seriously wonder about that, because I can usually make a good 60-100 pips in day. The idea of capturing the major part of a days move, or working out the right time to exit could just be a big distraction. I guess it depends on wether or not trading is just a means to an end, or some search for proficiency beyond making cash, if that makes sense.

that's so mental that you've finally said this geo.

there's been a couple of times now i've sat and thought to myself, 'if geo can make a 100-200 + pips, why doesn't he just concentrate on making 30 pips a day'!!

i think i've mentioned something like this in a PM to you too...that you should set yourself a small daily/weekly target where you gain pips consistently, rather than aiming for trying to make a load of pips every once in a while...i'd said at the time, that consistency is the key to making a living from this, but you only need be consistent with say 20-30 pips a day...the money comes from how many £ per pip you do.

which is why my target was 20 pts a day...because i thought if i could do that, then £10 per pt is £200 a day tax free.

and, why i place importance on the ability to consistently hit a target each day, even if real money isn't used all the time...

i've been meaning to say this to you for a while!

 

[dr.blix]

that's also why i had set myself a window...

my idea was to trade with 50p positions, after 3 months of consistently hitting 20 pts per day i could move it to £1 pp until 3 months of consistency at that level and so on...

blimey i'm knackered...time for bed.

 

[Geofract]

Sadly I think I have to learn these things for myself Dr. B, so I learn the hard way!

Also, I saw being consistent as taking most of the move in a day, and obviously being consistent in my trading style. I never really thought about making a consistent amount of pips, I just looked at it as the market will give what it gives - which is probably isn't right.

 

[litetrader]

Geo and Dr.blix - It is good to see that others are thinking the same. I have been working on concentrating on smaller no of pips with higher £ and stepped up to £10. This works but my problem has been that when trades have gone against me, I have had a few big hits. It then takes long to recover and the only way to recover is to either throw more money in the pot or take the long and slow recovery with smaller £ per pip. I do nevertheless believe this is a good strategy. My problem I believe is discipline in the stops.

that's so mental that you've finally said this geo.

there's been a couple of times now i've sat and thought to myself, 'if geo can make a 100-200 + pips, why doesn't he just concentrate on making 30 pips a day'!!

i think i've mentioned something like this in a PM to you too...that you should set yourself a small daily/weekly target where you gain pips consistently, rather than aiming for trying to make a load of pips every once in a while...i'd said at the time, that consistency is the key to making a living from this, but you only need be consistent with say 20-30 pips a day...the money comes from how many £ per pip you do.

which is why my target was 20 pts a day...because i thought if i could do that, then £10 per pt is £200 a day tax free.

and, why i place importance on the ability to consistently hit a target each day, even if real money isn't used all the time...

i've been meaning to say this to you for a while!

 

[matrader]

that's so mental that you've finally said this geo.

there's been a couple of times now i've sat and thought to myself, 'if geo can make a 100-200 + pips, why doesn't he just concentrate on making 30 pips a day'!!

i think i've mentioned something like this in a PM to you too...that you should set yourself a small daily/weekly target where you gain pips consistently, rather than aiming for trying to make a load of pips every once in a while...i'd said at the time, that consistency is the key to making a living from this, but you only need be consistent with say 20-30 pips a day...the money comes from how many £ per pip you do.

which is why my target was 20 pts a day...because i thought if i could do that, then £10 per pt is £200 a day tax free.

and, why i place importance on the ability to consistently hit a target each day, even if real money isn't used all the time...

i've been meaning to say this to you for a while!

Geo /Dr Blix
This is exactley my plan/ method....identify the trade make a few points and get out.
Often getting back in on pullbacks for an even smaller target always fearful of a snapback.
Seems to work ok for me.
Target is 20 pts - made +30 yesterday ....but only +10 friday.
Matt

 

[matrader]

Morning everyone

 

[kaisen]

Morning everyone

Morning!

You made 300 gbp then Matt yesterday?

 

[SabreTT]

consistency is king

Oil giant BP kicked off the oil majors results season on Tuesday with third quarter figures that showed a smaller than feared drop in profits. Profit attributable to shareholders came to $5.34bn from $8.05bn in the third quarter last year.

Ive read the market is showing as short term oversold. Ftse is apparently going to close up from yesterdays close ?

Ive no firm opinion but I think another flat or negative day (ie. ftse below 5200 at close) may be in order though the trend has always been to rise back from every dip

 

[SuddenDeath]

good morning everyone

 

[fast trader7]

Morning all

 

[ed_inacloud]

Geo and Dr.blix - It is good to see that others are thinking the same. I have been working on concentrating on smaller no of pips with higher £ and stepped up to £10. This works but my problem has been that when trades have gone against me, I have had a few big hits. It then takes long to recover and the only way to recover is to either throw more money in the pot or take the long and slow recovery with smaller £ per pip. I do nevertheless believe this is a good strategy. My problem I believe is discipline in the stops.

Morning all,

Nice to see a number of people looking at a similar strategy, I'm only looking for 10 to 20 points at £20 pp which seems easy when the FTSE Oscilates 200+ points a day...but it's not for me at the moment. As with all schemes it's money management is key, both with stops and getting to the £20pp.

Aiming for 10 points with a 10 point SL is proving difficult but moving to 20 points give an ROI of 1:2 which makes me nervous when the market moves against me.

I thinks it's a good strategy, just wish I could get it implemented. Hoping Wallstreet can fit me into his mentoring to give me a different insight.