EOD Strategy

[phatmike]

Hi,

Does anyone know of an EOD trading strategy which will generate enough income to make a living? I'm not looking to make a fortune. I've tried every possible combination of technical indicators and have realised that nothing works. So i'm looking to buy a book that has a clear strategy on how to trade EOD and make a living from it.

Regards

Mike

 

[sambinho]

Trading day by day - Chick Goslin.

Any decent method will make you money in the long run mike, risk control is the difference between growing equity and going broke.

Trading is a game of odds, a simple up or down numbers game. Read the book!

 

[Hoggums]

Hi,

Does anyone know of an EOD trading strategy which will generate enough income to make a living? I'm not looking to make a fortune. I've tried every possible combination of technical indicators and have realised that nothing works. So i'm looking to buy a book that has a clear strategy on how to trade EOD and make a living from it.

Regards

Mike

I trade using EOD figures using a purely mechanical system based on technical indicators. I make fairly reasonable profits through spread betting - so it is possible. The only advise I can give you is first to back-test any system. A lot of people here think optimisation of indicators is worthless, however from experience I do believe it has some merit. If your system works on backtest then it is a reasonable assumption that it will work in the future.

Be prepared for painful periods, no matter how good your system is - there will be days when all you seem to do it lose money continually. My advice for mechanical traders is to bet small with multiple bets - rather than concentrating on one product where a sudden change in sentiment can wipe you out.

From experience I find that I will get impressive profits over a 1-2 week period before the market flattens/reverses and the profits dwindle away slightly for the next 1-2 weeks - then the cycle repeats.

 

[LevII]

Find a strategy with a positive expectancy then control risk by position sizing and the rewards will look after themselves.

Try Trade your way to financial freedom for a useful read.

Good luck.

 

[phatmike]

Cheers for the help guys.

Mike

 

[neil]

Use Search facility - Glossary

what's EOD?

EOD = End of Day

 

[hungvir]

Hi,

Does anyone know of an EOD trading strategy which will generate enough income to make a living? I'm not looking to make a fortune. I've tried every possible combination of technical indicators and have realised that nothing works. So i'm looking to buy a book that has a clear strategy on how to trade EOD and make a living from it.

Regards

Mike

Hi Mike,

Some people talk about strategy to win in the market as the first priority but when you just start out, your priority is to preserve your capital. If you have 50,000 and lose 50 per cent of that, you will have to make 100 per cent to be back to square one. (I doubt that many traders make anything more than 30 per cent a year. )

So STOP LOSS is the first thing you may want to consider. How much you can lose without losing sleep. What firms offer and gaurantee to carry out your stop loss orders.

For software, I would recommend Sharescopes. Haven't used them for a year now but used to. The data mining facility was quite OK then but should be pretty good by now.

Best,

Hung

 

[TWI]

You could look at following for a start to highlight candidates.
Weekly close above/below 50 week moving average. Go long on close above, short on close below. Stop on daily close on other side of average, re-enter on weekly close above/below previous break out that did not work. .
Do this across many markets. You need a bit of margin for this but it will get you nicely onto all the longer term trends but also whip you horribly sometimes hence the need to diversify.
Now all you need is the exits and size parameters.
I doubt many people could follow this as it is a little long term and the temptation is to take money off the table too soon on the winners.

 

[Edster]

I have to agree with the Stop Loss comment. Having been stung last year then I should know. After making 30k in 5 months and then seeing it wiped out in 1 month teaches you a valuable lesson!
(b*stard crude oil!)

 

[Charlton]

Hi,

Does anyone know of an EOD trading strategy which will generate enough income to make a living? I'm not looking to make a fortune. I've tried every possible combination of technical indicators and have realised that nothing works. So i'm looking to buy a book that has a clear strategy on how to trade EOD and make a living from it.

Regards

Mike

Try looking at this site http://www.insightsupport.com/ It provides both free training material on spreadbetting and additional training/mentoring at an additional cost. The guy who runs it is called Stu Whisson.

There is a thread on it if you want to see the views of people on it.

http://www.trade2win.com/boards/showthread.php?t=10859&referrerid=6480

Charlton

 

[Hoggums]

I have to agree with the Stop Loss comment. Having been stung last year then I should know. After making 30k in 5 months and then seeing it wiped out in 1 month teaches you a valuable lesson!
(b*stard crude oil!)

Yep agree - I've also been stung by crude oil - not because I bet the wrong way (which I did) or lack of stops - but because I bet too big - so money management is an equally important part of any strategy. It's all well and good having a stop - but you dont want to lose a signigicant proportion of your money if the stop is triggered.

 

[stuwhisson]

Try looking at this site http://www.insightsupport.com/ It provides both free training material on spreadbetting and additional training/mentoring at an additional cost. The guy who runs it is called Stu Whisson.

There is a thread on it if you want to see the views of people on it.

http://www.trade2win.com/boards/showthread.php?t=10859&referrerid=6480

Charlton

Hi guys,

Stu Whisson here! You can read an guide that I provided T2W with earlier this year, which is taken from the full course at Insight. Here's the link:

http://www.trade2win.com/knowledge/spreadbetting/guides/spread-betting-guide/

Any questions, please let email me directly at stu [at] insightsupport [dot] com - click this to email! - you're more than welcome to take the free course also.

Any questions, here to help!

Stu