At this rate I'll be rich in no time...

redtag12

Active member
153 3
3 trades in
2 weeks
account up 10.7%

not bad...

target: multiple my account 300x
timeframe: 2-3 years

lol,yeah right,congrats.How long have you been trading?Whats your edge?If you do not know what your edge is then you do not have one and you may well be up 10% but you will be wiped out.Good luck and please keep us posted.Mike
 

charlesD

Member
53 3
lol,yeah right,congrats.How long have you been trading?Whats your edge?If you do not know what your edge is then you do not have one and you may well be up 10% but you will be wiped out.Good luck and please keep us posted.Mike

Well I've been trading quite a long time actually. I've been in the stock market for 10 years, and I started spreadbetting 2 years ago. This is actually my spreadbetting account. First off, this is my third attempt. Round 1 lasted 4 months and I blew my whole account. I gave up for 6 months after that. Round 2 lasted for 14 months and I blew my whole account. I gave up for 2 months. This is the start of Round 3.

I've learnt by losing, tried various methods, and believe I am better now, so giving it another go.
 

Pat494

Legendary member
14,573 1,553
Sure I'll share my system. But please wait a while...

I'll be updating frequently to let you know how I'm doing.

Good luck with the system

I can wait - patience is one of the many qualities I have learnt from trading and life generally.
 

charlesD

Member
53 3
Week 1: -1.32% (2 trades)

Trade 1: -26 pips
Trade 2: +15 pips

Week 2: 12.19% (1 trade)

Trade 1: +100 pips
 

charlesD

Member
53 3
So it's the end of week 3. A bad week it was...

Week 3: -4.44% (6 trades)

Trade 1: -10 pips
Trade 2: +1 pip
Trade 3: -5 pips
Trade 4: +5 pips
Trade 5: -21 pips
Trade 6: -11 pips

Not a good week!
 

Stargunner

Active member
127 19
It kind of seems like you're letting losses run for a large amount of pips, then swiping early profits on wins, apart from your 100 pip win of course.
 

charlesD

Member
53 3
I'm starting to realise that Stargunner, I think the problem is more not taking profits early enough! The trouble is when you set narrow stops you start thinking I wish I set it wider then I'd still be in the trade! But after another bad week, I've decided to change my method. Whereas before I was setting 15,20,25 pip stops and aiming for a 60,80,100 pip profit, I'm now going to begin scalping, setting micro stops of 5,10 pips and aiming for a 5,15 or 20 pip profit. There's nothing more annoying than watching your position go into profit 20 pips and then hoping for a larger move towards your target only to be watching the price almost constantly for 7 hours and then to your dismay watch it eventually move back in the opposite direction stopping you out and wiping out your profits or more! By scalping I can be in and out of a trade in less than 30 minutes maybe an hour. It'll be so much more less time consuming and less frustrating as you're not stuck watching the price constantly. Yes I might kick myself for selling too early if it moves another 80 or 100 pips, but let's face it, that's only going to happen once or twice out of every ten trades!

So after another disastrous week, I've wiped out all my profits, and ahem...a bit more...so I've now got less than my starting balance. So all next week, I will try scalping instead.
 

Jay3

Newbie
7 0
I'm starting to realise that Stargunner, I think the problem is more not taking profits early enough! The trouble is when you set narrow stops you start thinking I wish I set it wider then I'd still be in the trade! But after another bad week, I've decided to change my method. Whereas before I was setting 15,20,25 pip stops and aiming for a 60,80,100 pip profit, I'm now going to begin scalping, setting micro stops of 5,10 pips and aiming for a 5,15 or 20 pip profit. There's nothing more annoying than watching your position go into profit 20 pips and then hoping for a larger move towards your target only to be watching the price almost constantly for 7 hours and then to your dismay watch it eventually move back in the opposite direction stopping you out and wiping out your profits or more! By scalping I can be in and out of a trade in less than 30 minutes maybe an hour. It'll be so much more less time consuming and less frustrating as you're not stuck watching the price constantly. Yes I might kick myself for selling too early if it moves another 80 or 100 pips, but let's face it, that's only going to happen once or twice out of every ten trades!

So after another disastrous week, I've wiped out all my profits, and ahem...a bit more...so I've now got less than my starting balance. So all next week, I will try scalping instead.

Hi,

I'm a complete newbie and started on spread betting. In my first week I doubled my account but all I did was work on the basis that what goes up must come down I looked back at previous data to see what levels it was at and just made a call. My luck then changed and I lost my profits and have about 85% of my account remaining. But I then started noticing a shift in my mindset as my luck started to change and I started trying to chase my losses. That's why I'm now at 85% of my original account.

Anyway, you probably aware of this already but I went on a trading course on the weekend and was told that a number of spread betting brokers can actually see your positions so you're playing a losing game a lot of the time. Apparently you have to make sure that you broker is an ECN broker.....don't know what it stands for but it's the safegaurd against your broker being able to see you cards so to speak.

Is this common knowledge to people in the game?

Anyway, thought I'd share just in case.

Thanks,
Jay3
 

charlesD

Member
53 3
Hi Jay,

Thanks, If anyone knows whether Cityindex is an ECN broker please let me know...

I started a previous thread about this - whether the spreadbetting brokers gain from you losing. I can't remember a definite conclusion though, the topic sort of drifted off topic...

I think they make the most of their money from the spread, and as long as there's an even number of buyers and sellers they wouldn't lose out on the rest...

So you're new to this huh? All I can say is watch your step and be careful or you will end up losing a lot of unrecoverable money like me...85% left on your first deposit? That's quite good, you could end up making several deposits and blowing the lot...but yes I agree with what you said about the mindset...95% of it is psychological and down to your own doing...chasing losses is my problem too...
 
 
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