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.
Sure I'll share my system. But please wait a while...
I'll be updating frequently to let you know how I'm doing.
Pat494
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Good luck with the system
I can wait - patience is one of the many qualities I have learnt from trading and life generally.
melodillen
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Awesome charlesD
Looking forward to more post from you 🙂
Looking forward to more post from you 🙂
Stargunner
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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.
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.
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
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...
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...
and another thing, if you've just started don't let that double lure you into a false sense of security thinking it's easy...if you could replicate that every week, it'll only take you 10 weeks to turn £1000 into a cool million...virtually impossible!! by the way if it's not too personal...what's your starting balance and stake size your betting?
Hi,
I only opened an account with £10 and have been placing trades of 0.25 each time. My largest qty was .50 once. Anyway on the ECN thing, I had a chat with them tonight and was told that they are not ECN they are MM (Market Makers). I also wanted to clarify something else as a newbie. I wanted to know if there is a massive imbalance on a graph which causes a gap in the chart could it gap past the stop. They confirmed it can, which I'm sure most people are aware of but what is interesting they offer the GSL Guaranteed stop loss feature. They then said that ECN's do not offer this feature. I thought this was quite interesting....could it be that City could offer this because they are able to calculate the monetary risk more easily and predict market turns as they can see everyone's positions?
I could be talking rubbish as I've only been in this game for a couple of weeks.
Food for thought though, don't you think?😕
Thanks,
Jay
Think of the Guaranteed Stops as a sort of Insurance premium, it costs you a few pips to set one, so in essence you have lots of people paying small amounts as a kind of insurance against a possible bigger loss.
Those large gaps more often occur on individual shares especially so the day after an earnings report. I don't see very large gaps on the indices, but I've known the Dow to gap up or down by upto 100 pips over the weekend. I don't think it'll be necessary to set guaranteed stop losses unless you hold a trade overnight or over the weekend. Large gaps shouldn't occur during normal hours midweek.
By the way, that's a heck of a small account you have, how'd you manage to even open an account, most brokers require a minimum starting balance of at least a few hundred. I don't think you can do this properly with that small amount, unless you're just playing about and aren't too serious about it, you'll probably just lose it all, after a couple losses I would imagine you won't have enough margin to place another trade.
Stargunner
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Cityindex is a good broker with sensible stake sizing, but it is not ECN or NDD, or No Requote.
I am now at the point where I make 5%-10% return on account size per month with a high level of consistency. I have had one losing month, and one month with a dizzying (to me anyway) 25% return. Risk management and a clear trading plan you stick to changes EVERYTHING. I have had the occasional, unusually slow execution on some trades, and they aren't within stupidly volatile periods. I am probably getting some trades looked at.
I appreciate what you say about not taking profits fast enough, but if the profits were that small, they probably weren't worth taking. It's all about sensible risk/reward ratios. Where is a rational place to put your stop loss order? Where is a rational place to put your take profit order? Is the take profit order about twice as far away as the stop loss order? If yes, that's a good trade, providing you know where to place those two orders. Scalping isn't necessarily an easy answer, it can be a very painful way to trade if you're used to holding positions.
However, market maker brokers do rely on an fair portion of their clients losing, even with order matching, they do not make money from ultra tight spreads. NDD brokers have wider spreads because they don't decide whether to bet against you or not, or requote.
Decide which is best for you. Tight spreads, or no intervention, or losing money.
P.S - Guaranteed stop losses are a rip off, I've never been gapped out of a market to any real appreciable degree.
I am now at the point where I make 5%-10% return on account size per month with a high level of consistency. I have had one losing month, and one month with a dizzying (to me anyway) 25% return. Risk management and a clear trading plan you stick to changes EVERYTHING. I have had the occasional, unusually slow execution on some trades, and they aren't within stupidly volatile periods. I am probably getting some trades looked at.
I appreciate what you say about not taking profits fast enough, but if the profits were that small, they probably weren't worth taking. It's all about sensible risk/reward ratios. Where is a rational place to put your stop loss order? Where is a rational place to put your take profit order? Is the take profit order about twice as far away as the stop loss order? If yes, that's a good trade, providing you know where to place those two orders. Scalping isn't necessarily an easy answer, it can be a very painful way to trade if you're used to holding positions.
However, market maker brokers do rely on an fair portion of their clients losing, even with order matching, they do not make money from ultra tight spreads. NDD brokers have wider spreads because they don't decide whether to bet against you or not, or requote.
Decide which is best for you. Tight spreads, or no intervention, or losing money.
P.S - Guaranteed stop losses are a rip off, I've never been gapped out of a market to any real appreciable degree.
