Dow 2007

wen long at 13435, out at 13483 for 48pts, up 63pts today and calling it a day. I'm sick of the big spreads with spread betting and all the other little hidden charges. Most of the time when i'm wrong i only lose the spread and thats it, maybe another 5points. At 4 - 5pts spread it feels like i'm getting raped. Can't wait untill my IB account is sorted with nice 1pt spreads and a decent service. Then i'm gonna phone CMC and tell them where to shove my account...
 
Kevin21 said:
wen long at 13435, out at 13483 for 48pts, up 63pts today and calling it a day. I'm sick of the big spreads with spread betting and all the other little hidden charges. Most of the time when i'm wrong i only lose the spread and thats it, maybe another 5points. At 4 - 5pts spread it feels like i'm getting raped. Can't wait untill my IB account is sorted with nice 1pt spreads and a decent service. Then i'm gonna phone CMC and tell them where to shove my account...
Click to expand...

IB - good man. I've lost £1600 over 8 months spreadbetting, and paid £3500 in spread. If I had DMA, maybe I'd be breakeven by now.

Net -3 today. Not so bad. Tried to short 55 there, no fill. Pity.
 
on average i recon i have 4 loosers a day, but i'm quick to cut them, and my good trades i let ride. So with IB i'll be saving 3-4pts on each loss, so i'll be saving between 12-16pts a day, which is around 60-80pts a week, which is around 360-480pts a month! I'm currently going 2 quid per point, so i'll be saving on around 720 - 960 quid a month! Thats about the same if i worked full time for a month at my old bar job whiles i'm at uni. These little points they take off you soon add up. It's true what they say about little bits being the road to riches. One day i'll start my own SB company...
 
Kevin21 said:
on average i recon i have 4 loosers a day, but i'm quick to cut them, and my good trades i let ride. So with IB i'll be saving 3-4pts on each loss, so i'll be saving between 12-16pts a day, which is around 60-80pts a week, which is around 360-480pts a month! I'm currently going 2 quid per point, so i'll be saving on around 720 - 960 quid a month! Thats about the same if i worked full time for a month at my old bar job whiles i'm at uni. These little points they take off you soon add up. It's true what they say about little bits being the road to riches. One day i'll start my own SB company...
Click to expand...

Didn't the director of IG or CMC start the firm after being fired for bad discipline and trading mistakes? If you can trade, you're wasting your time running a company anyway. If you are a good trader, you'll make more running a hedge fund than a spreadbet company.

Good luck with DMA. I'm doing that when I can comfortably afford to lose £3k in the markets. I bet I'd be quite profitable with £4.95 commissions on the YM and a 1 point spread!
 
I got a short signal at 13467, but i didn't trade it because i'm out for the day. My exit signal came out around 13439.
 
Lurker, if you trade mini dow futures they're the same as going $5 a points, which is pretty much 2.50 quid a point. I'm trading at 2 quid a point, so for me it is very much in my interest to give the finger to spread betting. A lot of trades i see people make aren't really that bad, but when you look at the losses, the problems you have trying to get filled, large spreads etc make your trades look at lot worse than what they actually were, and as a result, your confidence gets a big kick in the teeth
 
lurkerlurker said:
Short 50.
Click to expand...

Out -31. Lesson learned. Ouch. That was a sore one. I was trying to cover it at 70. Tough luck. I see 80 didn't hold, unsurprisingly.

Daily loss limit of £30 hit. No more trading for me today. I also don't open new trades in the last 40 minutes.

Ouch! A bad day indeed.

9 Trades
6 Winners
3 Losers
Win %: 66
Average Win: 4
Average Loss: 18 (this is bad).

I got carried away with the scalping. I should have quit when up £1. I was beginning to be aware towards the end of that trade that I should cover at a loss. I didn't want to and didn't - lapse of discipline - nearly 90 minutes of rapid trading has taken it out of me. Ouch.

On the funny side I now have 114 emails, which will all be TradIndex confirmations.
 
Stop hunters. The market traded 1 contract at my stoploss, and has now plunged.

I end the week down £54.

18 Trades
12 Wins
6 Losses
Win % 66
Average Win: 4.17 (scalping instead of position trading)
Average Loss: 17.3 (not cutting my losses quick enough)

Well, another expensive week, and more lessons learned. No trades for me tomorrow on the Dow.

Have a good weekend all.

Oh, I see the YM has just hit 30, my short target from 50. I should have just taken my loss at -15 (inc spread) when it was there. Nevermind. Losses are part of this.
 
Last edited:
Unlucky lurker, there's always another day mate. The man who wins is the man who keeps on getting back up and having another go. God loves a trier....
 
Kevin21 said:
Unlucky lurker, there's always another day mate. The man who wins is the man who keeps on getting back up and having another go. God loves a trier....
Click to expand...

Thanks. I'm working on this, but I'm feeling pretty down on trading right now.
 
Keep going LL! I know how you feel. I got chopped up in the market today and quit before the going got rough. Interesting thoughts and posts regarding spread betting companies and the like. I also use Tradindex and getting fills in the kind of market we had today is essential to making positive retuns IMHO. I too am no longer attracted to the idea of using a spreadbetting company to trade the markets. But more of that at the right time.

Meanwhile, I would like to say thank you to firewalker99 and Pat494 for your feedback. At the moment I am so focussed on reading the chart and managing the position, it would be quite difficult to post charts and analysis whilst trading at the same time even though I only make on average 2/3 trades a session. I will however try and find a way around this. I am able to make analysis on my trades because I keep a journal which I have made a requirement of filling out every time a position is opened. Not only that, I will take and print a screenshot of the chart at the exact, or as close to the exact entry/exit as possible. Included in the diary. These are the ones I have begun attaching to my posts. What may be of interest to some is that included in my journal analysis, I am required to note at the time of entry (among other things):

My psychology, self esteem, levels of fatigue, how I read the market at the exact timing of entry i.e. what conclusion/view I made from the chart, volume levels and rapidity of price action. This may seem a lot but after short practice, you are able to whittle down all this information if any if it is indeed relevant. I find that it helps with end of day/end of week post market analysis and you can quickly identify flaws and therefore remedy them. Additional analysis from T2W members is in my view, a bonus.

I hope this is of benefit to you.

Tafita

PS my trades/analysis to follow...
 
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