Charity Trading Account - Trades for 10/08/07

[EK1]

Please make suggestions for our Charity Trading Account (details here) for trades on 10/08/07.

Please abide by the following restrictions:

All trades must have an entry point
All trades must have an exit (target) point
All trades must be good for that day only (no rollovers to start with)
All trades must have a stop

No trades will be made in non-UK Equities or in Heating Oil or Natural Gas contracts.

The maximum stake will be £1 a point in indices, energy and metal commodities and Currency Markets. The maximum stake in all other contracts shall be £2.

Please suggest your stake along with your suggested instrument.

Please do not use this thread for anything other than trade suggestions. Irrelevant posts will be deleted without explanation.

Our thanks to Capital Spreads for setting up the account.

Good trading,

EK1

 

[EK1]

Thanks GJ,

Order in to buy 1 GBP/JPY at 238.20.

Hopefully some pips for the account

EK1

 

[EK1]

Today's trade:
11.23 buy 1 GBP/JPY @ 238.20
11.24 stopped at 237.80
loss = £40

Yes GJ that was very fast.
No problem, many thanks for taking part.

EK1

 

[Paul71]

This charity account is making people look bad at trading, i think it needs tweaking. What's the account total at the moment? Where are the people who have been in this business for years when you need them? What about the masses of green squares with the elequant lines of indispensibilty and legendary status?

Halt trading while there is still money in the charity account and make it work, for christs sake!

 

[options]

Paul 71.
Don't worry mate. The account gets replenished each month regardless, and starts again with 1000 in balance.

There have been a few 'teething' problems, the worst being that trades put forward that are not entered appear to be the ones that would keep the account in profit.

So we have a problem getting the trades on in the first place.
Placing them the night before can sometimes work, but given the consistent stop hunting, it can be a hard thing to do. We only have an hour or two in the morning to place trades, and again some may not 'appear' at the right moment, take my one the other day and tightstops one last week as an example. 2 trades that would have turned healthy profits.

Swinging it is the way to go, but getting the trade on is the problem.

Solution is to have someone available all the time during market hours to place the orders. But it will make for a long day. From 7 in the morning to 9.30 at night gb time.
I think the solution I suggested last week to 'pass' the order book from mod to mod as need be is the best one, but may not be workable. I am around for most of the uk and us sessions but 'go off' for periods of time at any unpredictable moment.

Given the eod swinging solution the trades needs to placed with much wider stops. But then of course the direction must right or the loss will be greater.

I think we will get used to this challenge fairly quickly. Not only is perceived personal reputation at stake but the reputation of t2w as a site for traders.

Bottom line: You can't make an omelette without breaking eggs!

 

[Paul71]

Hi Options.

I'm sorry i didn't realise it was replenished every month, how long will this account run for? For indices, the account has 1000 pts to play with, yeh? Why don't members choose one market for that particular month instead of changing all the time, or are they already doing this, i've not been taking that much notice. More team work is needed everyone is playing this thier own way, it's not working.

 

[Paul71]

Get the Dow boys involved, Firewalker, Steve2468 and the rest of them, they make some pretty good calls and seem to get general market direction right.

Don't waste this opportunity.

 

[Paul71]

Dare i say get Soccy and Bully into this, it's for charity right. Personal barriers shouldn't come into charity work.

 

[counter_violent]

I agree with G J and Options...also that fek**n USD/CAD swing trade I put forward last week got stopped by a measerly 10 pip overshoot.... GRRRRR..... then promptly dropped some 240 pips.

The way this account has been traded is I suspect not how any of us trade our own accounts.

cv

 

[Paul71]

The way this account has been traded is I suspect not how any of us trade our own accounts.

cv

Definately not. What would be the solution? As it stands at the mo, it's not worth the effing trouble. What can be changed?

 

[Crap Buddist]

Do capital spreads, offer binaries? might be easier and or profitable if people suggest say bet, cable to finish up monday and buy the binary at mkt at a static time, london open ? or 9.00 am etc... stop and targets are simplfied, just hold till it expires.

the only other way i could see it working if the trader wanted to "Time & consider market context realtime" would be to use a special charity forex comp account or something and capital spreads settle the bet on that basis, I mean dont think they would hedge quid a punt would they for charity, so wouldnt need to go through their system?

do a round robin of traders who want to participate and they would take turn to put the bet on in the charity comp account which would offer time sensitive ability. Then capital spreads (wonderful they are) would settle on that.

couple of ideas for the pot.

 

[rossored]

We can try and change it however you think it'll work. I've said many times now that we're open to suggestions - so let's hear them.

The only restriction we have is that there's only really two of us (myself and Eamonn - EK1) who can/will execute the trades. That's something that's been enforced by Capital Spreads for obvious reasons for for compliance/fsa issues no doubt.

The account is replenished once either a) funds are exhausted - got to hope we don't get to that point! or b) the month ends. However it is not an endless pot of money. Simon at Capital Spreads is not going to keep just throwing a grand our way each month, so if we don't make a return in the first 2 or 3 months then I expect - quite reasonably so - that there won't be a month 3 or 4.

So yes, we need to get it sorted.

 

[Paul71]

Binaries are a good idea, CB, better than the current system anyway. Do members have to use daily contracts? Can monthly contracts be used?

 

[Paul71]

This is for charity, it's not about 'Big Balls Ego Man' walking up and making a killer trade. What options have CS given members with this 1000 quid account? Bit of team work needed here, no good p*ss balling around on the forex comp whilst on your dinner hour, there's some real money on the table here. Come on traders, do some trading.

 

[Crap Buddist]

We can try and change it however you think it'll work. I've said many times now that we're open to suggestions - so let's hear them.

The only restriction we have is that there's only really two of us (myself and Eamonn - EK1) who can/will execute the trades. That's something that's been enforced by Capital Spreads for obvious reasons for for compliance/fsa issues no doubt.

The account is replenished once either a) funds are exhausted - got to hope we don't get to that point! or b) the month ends. However it is not an endless pot of money. Simon at Capital Spreads is not going to keep just throwing a grand our way each month, so if we don't make a return in the first 2 or 3 months then I expect - quite reasonably so - that there won't be a month 3 or 4.

So yes, we need to get it sorted.

hmm think binaries might be the way to go, daily binary, to finish up or down, market on open market orders, plenty of time value so even if the asians or london pips 30 or 40 either way from the traders direction on open ,time value will give a target, almost like slippage come london open the slippage on the binary at times will be in favour or not, so that should even things out...

or can you put a limit orders on binary, say trader does the analysis cable finish up monday, limit say 40 on the binary, then hold till expiry. ? if you cant have limit orders on binaries then just buy either market open or buy first quote sub/or @ 50 or someting...

Hopefully if the traders analysis is right then the market will likely skew off the open so they(the market) can load up ,this should favour the binary punter too preying for cheap as chips entry.

with the binaries it gives a fair chance for the directional punts to run for 12 hours and absorb the mental whips here and there where the trades are getting clipped out.

 

[options]

Well, I don't know a lot about binaries, so I can't really comment on them. I'll leave that to the more experienced binary traders. I know there are some on here. The only view I have is that they are not going to leave a lot on the table. I mean they will cover themselves pretty quickly and just leave a few crumbs. But a profit is a profit as long as the risk is tolerable.

In light of that, I'll put forward a trade for the pot for Monday.

An oco order. Dax cash. sell @ 7412 buy @ 7473
Whichever goes on then place a stop at either 7613 if the sell is actioned or 7238 if the buy is actioned.

No target as yet. I'll tie up with EK1 in the morning to keep an eye on it live as it were to make adjustments as need be if the trade goes on.

 

[dick_dastardly]

However it is not an endless pot of money. Simon at Capital Spreads is not going to keep just throwing a grand our way each month, so if we don't make a return in the first 2 or 3 months then I expect - quite reasonably so - that there won't be a month 3 or 4.

If the account failed to show a profit month after month then that wouldn't really make a good advert for spreadbetting would it now ?

dd