Anyone spreadbetting daily FTSE?

Rubys

Newbie
7 0
Hi I'm new to the forum and day trading. I am sure you seasoned traders will have heard all this before! But I would appreciate some helpful comments!

I have been lucky enough to have been given some money to trade a particular system which my relative was convinced, (having paper traded it for 2 months) that it was likely to generate a £1,000 a month income! The relative reckons he has been sucessful in the past, believes in me enough to be able to give the money back if it works or blow it if it doesn't!!

I paper traded for a month with some sucess so decided to 'copy' the owner of the system and place half her £20 bet sizes in order to generate the kind of profit I dreamed of! Well after a week of disaster, I went back to trading pence for a time as allowed by my trading platform and then the minimum bet size allowed. Three months in I have now lost nearly half my starting bank. :eek:

This 'system' claims to have an 80% sucess rate and as I can't get anywhere near the systems published results I am back to paper trading the system again. Also e mails requesting help with entry (when not to trade the signals) and exit strategies have produced very vague replies! :(

Consequently, to my families dismay, I am spending hours at the computer trying to make this work as well as trying to develop my own strategies.

I am interested in out of hours trading, particularly the time from 06.30am to opening at 8am if the price moves above a resistance line or below a support line. In my modest efforts at research I have noticed that the market is less volatile, is more likely (not Today) to stay on trend and trade should end just before /after opening at 8am. Paper trading has shown modest profits, though inevitably this week when i go live I am away from the computer and miss a profit and today trade a loss!

Is there anyone out there who day trades the FTSE who is prepared to share their experiences?
 

ns1000

Established member
524 38
My advice - steer well clear of any 'system' for spread betting. There is not a single one which makes money. I'm only aware of one system marketed by a 'her' - suggest you read the thread on her before wasting any more money.

There is little advantage to be gained trading out of hours - SBs move their prices according to what the US, or Asian markets are doing, so you might as well trade those instead.

The only way to make money in the markets is through hard work. Learn technical analysis, or fundamental analysis and study. In buying a trading 'system' your trying to take a short cut by buying someone else's work. To use a metaphor, its like driving from London to Birmingham using a map drawn by someone from Mongolia who's basis for knowing the route is that that they once sat in a car.

If you want to trade, there are no short cuts that work.
 

shadowninja

Legendary member
5,524 643
Try demo trading it. Maybe by paper trading you are not taking into account the spread so accurately. TradIndex offers a demo account.
 

Hoggums

Senior member
2,176 878
Hi I'm new to the forum and day trading. I am sure you seasoned traders will have heard all this before! But I would appreciate some helpful comments!

I have been lucky enough to have been given some money to trade a particular system which my relative was convinced, (having paper traded it for 2 months) that it was likely to generate a £1,000 a month income! The relative reckons he has been sucessful in the past, believes in me enough to be able to give the money back if it works or blow it if it doesn't!!

I paper traded for a month with some sucess so decided to 'copy' the owner of the system and place half her £20 bet sizes in order to generate the kind of profit I dreamed of! Well after a week of disaster, I went back to trading pence for a time as allowed by my trading platform and then the minimum bet size allowed. Three months in I have now lost nearly half my starting bank. :eek:

This 'system' claims to have an 80% sucess rate and as I can't get anywhere near the systems published results I am back to paper trading the system again. Also e mails requesting help with entry (when not to trade the signals) and exit strategies have produced very vague replies! :(

Consequently, to my families dismay, I am spending hours at the computer trying to make this work as well as trying to develop my own strategies.

I am interested in out of hours trading, particularly the time from 06.30am to opening at 8am if the price moves above a resistance line or below a support line. In my modest efforts at research I have noticed that the market is less volatile, is more likely (not Today) to stay on trend and trade should end just before /after opening at 8am. Paper trading has shown modest profits, though inevitably this week when i go live I am away from the computer and miss a profit and today trade a loss!

Is there anyone out there who day trades the FTSE who is prepared to share their experiences?

I trade the FTSE using the daily bar charts - although I do look at shorter time frames for comfirmation of my trade.

Firstly going to this "system" - most of the people selling these are con-artists. If you had a successful system then why would you sell it - you would just trade it yourself and keep quiet about it. Also the 80% success rate - that's definitely achievable - but usually it means you take small profits and large losses. Any system should reverse that if they hope to be profitable in the long term. I only get a tad over 50% of my trades correct - however my winners are on average 2x my losers so that doesn't matter. I would be dubious of any system claiming over a 75% success rate.

My advice would be to stay away from trading out of hours - they are difficult to backtest and the choppiness in the first hour when market is open is very likely to take out any of your stops. I would also stop trading until you've properly backtested your system, I get the feeling you've not done a full backtest including money management etc.

I suggest you try swing trading - pick up a few books - marc rivallands swing trading book is an excellent introduction.
 

Splitlink

Legendary member
10,850 1,234
Hi I'm new to the forum and day trading. I am sure you seasoned traders will have heard all this before! But I would appreciate some helpful comments!

I have been lucky enough to have been given some money to trade a particular system which my relative was convinced, (having paper traded it for 2 months) that it was likely to generate a £1,000 a month income! The relative reckons he has been sucessful in the past, believes in me enough to be able to give the money back if it works or blow it if it doesn't!!

I paper traded for a month with some sucess so decided to 'copy' the owner of the system and place half her £20 bet sizes in order to generate the kind of profit I dreamed of! Well after a week of disaster, I went back to trading pence for a time as allowed by my trading platform and then the minimum bet size allowed. Three months in I have now lost nearly half my starting bank. :eek:

This 'system' claims to have an 80% sucess rate and as I can't get anywhere near the systems published results I am back to paper trading the system again. Also e mails requesting help with entry (when not to trade the signals) and exit strategies have produced very vague replies! :(

Consequently, to my families dismay, I am spending hours at the computer trying to make this work as well as trying to develop my own strategies.

I am interested in out of hours trading, particularly the time from 06.30am to opening at 8am if the price moves above a resistance line or below a support line. In my modest efforts at research I have noticed that the market is less volatile, is more likely (not Today) to stay on trend and trade should end just before /after opening at 8am. Paper trading has shown modest profits, though inevitably this week when i go live I am away from the computer and miss a profit and today trade a loss!

Is there anyone out there who day trades the FTSE who is prepared to share their experiences?

If you are interested in overnight trading, then I suggest reading Barjon's Swing trading thread. Swing trading is a well known method and there are lots of posts about it. There are lots of variations, it depends on your aggresiveness. My thoughts on this are that out of hours trading is dangerous because the exchange is closed and trading is done on the Chicago based Globex market.

Got to go, now.

Split
 

sofaking

Junior member
48 4
Hi I'm new to the forum and day trading. I am sure you seasoned traders will have heard all this before! But I would appreciate some helpful comments!

I have been lucky enough to have been given some money to trade a particular system which my relative was convinced, (having paper traded it for 2 months) that it was likely to generate a £1,000 a month income! The relative reckons he has been sucessful in the past, believes in me enough to be able to give the money back if it works or blow it if it doesn't!!

I paper traded for a month with some sucess so decided to 'copy' the owner of the system and place half her £20 bet sizes in order to generate the kind of profit I dreamed of! Well after a week of disaster, I went back to trading pence for a time as allowed by my trading platform and then the minimum bet size allowed. Three months in I have now lost nearly half my starting bank. :eek:

This 'system' claims to have an 80% sucess rate and as I can't get anywhere near the systems published results I am back to paper trading the system again. Also e mails requesting help with entry (when not to trade the signals) and exit strategies have produced very vague replies! :(

Consequently, to my families dismay, I am spending hours at the computer trying to make this work as well as trying to develop my own strategies.

I am interested in out of hours trading, particularly the time from 06.30am to opening at 8am if the price moves above a resistance line or below a support line. In my modest efforts at research I have noticed that the market is less volatile, is more likely (not Today) to stay on trend and trade should end just before /after opening at 8am. Paper trading has shown modest profits, though inevitably this week when i go live I am away from the computer and miss a profit and today trade a loss!

Is there anyone out there who day trades the FTSE who is prepared to share their experiences?

I'm trying that same system as you, Rubys and just started today. Still learning the ropes and starting very low. well at least I broke even today. Don't forget there's a money-back guarantee for 30 days if it doesn't work out for you.
 

Rubys

Newbie
7 0
Yes Sofaking, I believe I followed it to the letter. As its the weekend here are some questions I couldn't get answers to and food for thought before you trade on Monday!

Regarding entry, there has been more than one day when her signals have appeared more often than she has traded in her published results. Why? For example a couple of weeks back they occured 5 times in one day, she traded once. Now either she knew something I didn't as to when not to follow her signals, she was away from the computer for an hour, or she only published her profitable trade?

The advice I had from her was wait till the price gathers momentum and does not retrace before placing trade. Is this .5, 1 pip above 3rd candle? (If it continues on trend you may miss profitable pips.)

At what point will you enter if 2nd candle exceeds third in length, or if there is a 4th candle which exceeds 3rd but not 2nd?
Will you enter if the candles happen to occur just before 8am so your entry point is due at opening? (Don't)
Will you trade if 3rd candle is a hanging man or hammer, or candles are shrinking in size but still have a body of more than 1 pip?
Will you trade if 3rd candle is close to a support, resistance line. (Do draw these in)
Will you trade if the candles all have long wicks and shadows?
Always set a stop, but will it always be 15 pips or less?
Are you going to let losing trades always run to their stops? If so I suggest you look back at the charts every time the signal occurs and work out how many times the stop would have been hit versus a profitable trade.
If you are not going to run to the stops each time, at what point will you pull a losing trade, are you going to decide at the time or pre-plan? (I notice her loss recently was 4 pips, but she must risk more because a recent trade published as a profit went down by 12 pips before going into profit.) Unless she changes her strategy each time, or doesn't trade all her signals, she has far more losses than she choses to publish.
If you are going to set a profit limit what will it be? Go back through charts and see how often the limit was hit. (I didn't set one as I preferred to watch the screen) The limit you are aiming for should be in proportion to the stop you set, see her guidelines.
When will you close the trade? The 3 min chart instructions are not particularly helpful, 1 min chart can result in pulling trade too early for a profit but great for a loss! Are you going to use any other signals to assist you as she doesn't suggest any?

It is better to try & make these decisions beforehand rather than the heat of the moment!
Trading real money is very different from paper trading, (sweaty palms) so decision making becomes more difficult! Despite her claims it is easy, it really isn't!

The only elements you have any control over are when to enter the market, where to set your stops & limits, bet size, (stick to absolute min allowed till you can consistently make a profit) and when to exit.

Keep detailed records of all trades you make including your reasons for decisions made. It helps to look back. (Mine were all, should have, would have, could have.....! Hindsight is a wonderful thing!)
Also after reading other posts on this site from more experienced traders all seem to have set themselves crystal clear guidelines for entry and exit with all the decisions made prior to their trades being placed.
I would be interested to hear how you get on and indeed if anyone else has had consistent success with her system. As for me I have stopped even paper trading it!

I wish you luck, I really hope you can make it work and if you do please let me know what that missing piece of information is i.e when not to trade her signals!
 

sofaking

Junior member
48 4
Yes Sofaking, I believe I followed it to the letter. As its the weekend here are some questions I couldn't get answers to and food for thought before you trade on Monday!

Regarding entry, there has been more than one day when her signals have appeared more often than she has traded in her published results. Why? For example a couple of weeks back they occured 5 times in one day, she traded once. Now either she knew something I didn't as to when not to follow her signals, she was away from the computer for an hour, or she only published her profitable trade?

The advice I had from her was wait till the price gathers momentum and does not retrace before placing trade. Is this .5, 1 pip above 3rd candle? (If it continues on trend you may miss profitable pips.)

At what point will you enter if 2nd candle exceeds third in length, or if there is a 4th candle which exceeds 3rd but not 2nd?
Will you enter if the candles happen to occur just before 8am so your entry point is due at opening? (Don't)
Will you trade if 3rd candle is a hanging man or hammer, or candles are shrinking in size but still have a body of more than 1 pip?
Will you trade if 3rd candle is close to a support, resistance line. (Do draw these in)
Will you trade if the candles all have long wicks and shadows?
Always set a stop, but will it always be 15 pips or less?
Are you going to let losing trades always run to their stops? If so I suggest you look back at the charts every time the signal occurs and work out how many times the stop would have been hit versus a profitable trade.
If you are not going to run to the stops each time, at what point will you pull a losing trade, are you going to decide at the time or pre-plan? (I notice her loss recently was 4 pips, but she must risk more because a recent trade published as a profit went down by 12 pips before going into profit.) Unless she changes her strategy each time, or doesn't trade all her signals, she has far more losses than she choses to publish.
If you are going to set a profit limit what will it be? Go back through charts and see how often the limit was hit. (I didn't set one as I preferred to watch the screen) The limit you are aiming for should be in proportion to the stop you set, see her guidelines.
When will you close the trade? The 3 min chart instructions are not particularly helpful, 1 min chart can result in pulling trade too early for a profit but great for a loss! Are you going to use any other signals to assist you as she doesn't suggest any?

It is better to try & make these decisions beforehand rather than the heat of the moment!
Trading real money is very different from paper trading, (sweaty palms) so decision making becomes more difficult! Despite her claims it is easy, it really isn't!

The only elements you have any control over are when to enter the market, where to set your stops & limits, bet size, (stick to absolute min allowed till you can consistently make a profit) and when to exit.

Keep detailed records of all trades you make including your reasons for decisions made. It helps to look back. (Mine were all, should have, would have, could have.....! Hindsight is a wonderful thing!)
Also after reading other posts on this site from more experienced traders all seem to have set themselves crystal clear guidelines for entry and exit with all the decisions made prior to their trades being placed.
I would be interested to hear how you get on and indeed if anyone else has had consistent success with her system. As for me I have stopped even paper trading it!

I wish you luck, I really hope you can make it work and if you do please let me know what that missing piece of information is i.e when not to trade her signals!

you've made a lot of very interesting points there, Rubys, a lot of it I'd been wondering about too. did you ever try to get some answers/advise from her by email?

Her instructions are not very clear on exactly when to enter/exit etc. Did you receive an instruction booklet in the post? is the the same instructions as the PDF version or is there more information?
I assume you were refunded without any problem....
 

imagnus

Newbie
7 0
Hi Guys, Have a look at this, also called a system but with the benifit of trading education. I dont think its the same as the one Rubys refers to; How to trade and make money from the FTSE 100 index.
The home page gives you most of the info you need. I have been a subsciber for several months and can say that it is very worthwhile.
Not only do you get good trading alerts from the website or MSN
but you will also learn trading and charting techniques from an experienced ftse100 trader. Best of all, there is a fist months subscription money back guarantee. If it's not for you then forgive me for troubling you but if it is, then thats great. Good luck whatever you decide. Regards GB
 

Rubys

Newbie
7 0
you've made a lot of very interesting points there, Rubys, a lot of it I'd been wondering about too. did you ever try to get some answers/advise from her by email?

Her instructions are not very clear on exactly when to enter/exit etc. Did you receive an instruction booklet in the post? is the the same instructions as the PDF version or is there more information?
I assume you were refunded without any problem....

I have to admit I didn't buy the system, my relative did! However I did send her the above questions via the relative who is not trading her system. The answer was I was not taking account of the recent highs and lows (not true) and a FAQ factsheet which was useless! The instruction booklet also vague! maybe you have more info?
 

Rubys

Newbie
7 0
Hi Guys, Have a look at this, also called a system but with the benifit of trading education. I dont think its the same as the one Rubys refers to; How to trade and make money from the FTSE 100 index.
The home page gives you most of the info you need. I have been a subsciber for several months and can say that it is very worthwhile.
Not only do you get good trading alerts from the website or MSN
but you will also learn trading and charting techniques from an experienced ftse100 trader. Best of all, there is a fist months subscription money back guarantee. If it's not for you then forgive me for troubling you but if it is, then thats great. Good luck whatever you decide. Regards GB

Thanks imagnus this looks interesting. Are you in profit each week after taking account of the subscription costs?
Does anyone else use this system?
 

imagnus

Newbie
7 0
Yes, we trade in profit most weeks, one week in march was a loss but overall its in profit.
Ftsetrader started the pot wih £1500 and has grown it 504% since November. But more than that you will learn to make your own trades.
 
 
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