With spreadbetting it isn't easy to get price that I wanted right at the start, so I don't do it. I did spot the top correctly, though, and shorted at around 0830ish for 6522.8. This is still open, don't know how long for. I almost stopped myself out at 6529.8, good job I was doing it manually. Wasn't fast enough and it dropped!
Split
Split
Hi Ziff,
I also trade the MACD, I started yesterday with also a 7 / 20 ema cross but I felt I was getting in too late. I now trade the MACD with a confirming ema on a 5 mionute chart. Sort of the same but in reverse. So far it has been good to me
My last trade was stopped out at +20. This is in accordance to my strategy so I don't mind.
Tesco was also stopped out with a +0.6 profit. Profit is profit no matter how small :cheesy:
I am now SHORT @ 6506.0 I missed the really good entry at 6510 but I was on the tube and I can't get charts on my mobile
Forgot to add that Ziff, I trade Cash prices off of Finspreads
What ema do you use demon ?
Do you trade from work ?
demontaz
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Ziff,
I trade the MACD exclusively, I think my 55 EMA is just for show I trade all signals during the UK session only ie: if I have a signal at 17:00 BST I won't take it.
I also have a fixed stop loss of +10 (including spread)
I tend to try and get to breakeven as soon as possible to limit my risk as well as increase my risk:reward ratio. This is what allows me to trade all signals. If I feel that it was not a good entry I will either stop and reverse immediately (if valid of course) or just plain get out.
I do trade from work as my job allows this, I look after a database for a charity so I can pretty flexible with my time. I also have setup a VPN to my pc at home so I can be on there as well if needed. I tend to just use Finspread's charts as this is better for prices, there are no discrepancies.
Hope this helps
Thanks
I trade the MACD exclusively, I think my 55 EMA is just for show
I trade all signals during the UK session only ie: if I have a signal at 17:00 BST I won't take it.I also have a fixed stop loss of +10 (including spread)
I tend to try and get to breakeven as soon as possible to limit my risk as well as increase my risk:reward ratio. This is what allows me to trade all signals. If I feel that it was not a good entry I will either stop and reverse immediately (if valid of course) or just plain get out.
I do trade from work as my job allows this, I look after a database for a charity so I can pretty flexible with my time. I also have setup a VPN to my pc at home so I can be on there as well if needed. I tend to just use Finspread's charts as this is better for prices, there are no discrepancies.
Hope this helps
Thanks
I know this sounds wreckless but I don't use 'hard' stops.
I have traded the ftse full time for over six years and although I'm not the best trader in the world I 'know' when it's gone wrong!
I find arbitary stops difficult and on the direct market they give the system something to gun for. If I say 'I'm only going to lose 10 pips on this, there are time getting out at 5 is right and seeing 12 against you is fine.'
All this said the use of stops must be the single best thing you can do especially if you are newer to it.
You see 3 can look like a big size but 1 is a longer term short I'm happy with. One was added at 6514 which I am annoyed about and one was pretty much at the top. I would have exited the last one I entered at a profit on any pull back and maybe used a pull back to exit another one too. The 6514 short annoyed me because by the time it was six or so points agaisnt me I 'knew' if was going higher and should have exited sooner. As it is a stroke of luck got me out.
There is a common theme though in a lot of trading books about 'luck'. They say if something happens and a bad trade turns good often it means you are with a deeper underlying trend or at a reveral point so hold on and be brave. That is what I did and closed the two added shorts, one at 1 pip profit and one at a 20 pip profit.
Please don't let any of this stop you using your stops, it's the best thing you can do and had I used them without question for the six years I've traded I would be AT LEAST six figures better off and I am not joking.
Stops are your friend, no doubt about it.
Stephen McCreedy
I have traded the ftse full time for over six years and although I'm not the best trader in the world I 'know' when it's gone wrong!
I find arbitary stops difficult and on the direct market they give the system something to gun for. If I say 'I'm only going to lose 10 pips on this, there are time getting out at 5 is right and seeing 12 against you is fine.'
All this said the use of stops must be the single best thing you can do especially if you are newer to it.
You see 3 can look like a big size but 1 is a longer term short I'm happy with. One was added at 6514 which I am annoyed about and one was pretty much at the top. I would have exited the last one I entered at a profit on any pull back and maybe used a pull back to exit another one too. The 6514 short annoyed me because by the time it was six or so points agaisnt me I 'knew' if was going higher and should have exited sooner. As it is a stroke of luck got me out.
There is a common theme though in a lot of trading books about 'luck'. They say if something happens and a bad trade turns good often it means you are with a deeper underlying trend or at a reveral point so hold on and be brave. That is what I did and closed the two added shorts, one at 1 pip profit and one at a 20 pip profit.
Please don't let any of this stop you using your stops, it's the best thing you can do and had I used them without question for the six years I've traded I would be AT LEAST six figures better off and I am not joking.
Stops are your friend, no doubt about it.
Stephen McCreedy
Ziff,
I trade the MACD exclusively, I think my 55 EMA is just for show
I also have a fixed stop loss of +10 (including spread)
I tend to try and get to breakeven as soon as possible to limit my risk as well as increase my risk:reward ratio. This is what allows me to trade all signals. If I feel that it was not a good entry I will either stop and reverse immediately (if valid of course) or just plain get out.
I do trade from work as my job allows this, I look after a database for a charity so I can pretty flexible with my time. I also have setup a VPN to my pc at home so I can be on there as well if needed. I tend to just use Finspread's charts as this is better for prices, there are no discrepancies.
Hope this helps
Thanks
Questions, questions .....................what settings do you have for MACD :?:
I know this is FTSE thread but any one here trade S & P or the Dow; also any one watch Oscar ? I only started watching his videos last week - but great stuff !
demontaz
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Weird
Ok,
Some might say that my settings are really weird but like I said in earlier posts, I'm experimenting
My settings are 7 / 20 / 26
Have fun with that!
I did trade the S&P and the DOW for a while but it just didn't fit. I also tried the DAX but that gave me a big slap in the face. I need to have wider stops for that and my bankroll says no.
Jay
Ok,
Some might say that my settings are really weird but like I said in earlier posts, I'm experimenting
My settings are 7 / 20 / 26
Have fun with that!
I did trade the S&P and the DOW for a while but it just didn't fit. I also tried the DAX but that gave me a big slap in the face. I need to have wider stops for that and my bankroll says no.
Jay
I trade both YM and ES mini contracts on the S&P and Dow and although I have my moments of brilliance if I sit down and look through records over time they are an expensive hobby. I'm trying to jack them in from this week on.
I often think they are easier to call but I tend to use them when I won't accept I'm wrong, ie I've lost on the FTSE going short and the Dow goes up so I short it too.
If I traded either in there own right I'm sure I'd do ok, especially on the S&P but at the moment I tend to use them when I'm chasing money and overall that can't be good so I'm ditching them.
Also it can mean trading from 7.30 am till 9.30 pm and that is simply too much for anyone even when you're making money it takes it's toll on other things in my life.
For me unless you are trading longer term signals trading one time zone is enough.
Stephen McCreedy
I often think they are easier to call but I tend to use them when I won't accept I'm wrong, ie I've lost on the FTSE going short and the Dow goes up so I short it too.
If I traded either in there own right I'm sure I'd do ok, especially on the S&P but at the moment I tend to use them when I'm chasing money and overall that can't be good so I'm ditching them.
Also it can mean trading from 7.30 am till 9.30 pm and that is simply too much for anyone even when you're making money it takes it's toll on other things in my life.
For me unless you are trading longer term signals trading one time zone is enough.
Stephen McCreedy
It does seem in two minds and I can see both equally as likely.
I'm taking my cue from the US markets with the Dow Fut around 30 points weaker than it's best since 8am.
I have two short ftse contracts, again one I want to really get out of on a down tick! One I'm holding a little longer term.
Stephen
I'm taking my cue from the US markets with the Dow Fut around 30 points weaker than it's best since 8am.
I have two short ftse contracts, again one I want to really get out of on a down tick! One I'm holding a little longer term.
Stephen
demontaz
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Well number 2 panned out and I had the MACD cross,
I am now LONG @ 6507.3 (last trade was a -1.2 loss)
I also have 2 other SHORTS on some FTSE 100 shares
Tesco @ 458.0
British Energy @ 576.92
My question is, is it possible for the FTSE to rise and some shares to still drop?
It does seem that I am contradicting myself
I am now LONG @ 6507.3 (last trade was a -1.2 loss)
I also have 2 other SHORTS on some FTSE 100 shares
Tesco @ 458.0
British Energy @ 576.92
My question is, is it possible for the FTSE to rise and some shares to still drop?
It does seem that I am contradicting myself
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Of course it is possible, quite often you can have strong up days with only 30 rising shares of the 100. Especially if they are oil of financial or in the old days Vodafone and BT it is quite common.
These days miners and oils are really the ones that can move the ftse quite a lot with everything else going against it.
Having long and shorts in the same account is quite a well used strategy as it lessens the emotion on any move, you've got some good and some bad happening all the time, this helps you keep your head balanced. Also hopefully it means come any Sept 11th style shocks you are likely to suffer less as one will make up for the other as long as the balance is right.
Stephen McCreedy
These days miners and oils are really the ones that can move the ftse quite a lot with everything else going against it.
Having long and shorts in the same account is quite a well used strategy as it lessens the emotion on any move, you've got some good and some bad happening all the time, this helps you keep your head balanced. Also hopefully it means come any Sept 11th style shocks you are likely to suffer less as one will make up for the other as long as the balance is right.
Stephen McCreedy
demontaz
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Thanks Stephen,
So it is almost like a hedge, but not exactly
My British Energy SHORT is still showing a + even tho the FTSE is on the up.
My Tesco one needs a slap to wake up, it's not doing anything and is posting a - as we speak
* Tesco changed direction on TA so stopped and reverse - LONG @ 461.0 (last trade -3 loss)
So it is almost like a hedge, but not exactly
My British Energy SHORT is still showing a + even tho the FTSE is on the up.
My Tesco one needs a slap to wake up, it's not doing anything and is posting a - as we speak
* Tesco changed direction on TA so stopped and reverse - LONG @ 461.0 (last trade -3 loss)
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