Ftse Professional Scalping

i dont know if youre aware george but a guy called mp6843 or something similar spent a lot of someones money claiming to be some kind of guru so showing a chart of a trade that worked out well counts for nothing. i think most people have had a few successful trades at some point. so it makes sense for anyone thinking of risking money on what you say to be sure its unlikely to just dissapear. a reasonably sized sample of trades would do this but based on whats been said so far i think its clear that wont be happening any time soon for obvious reasons
 
Jigsaw

Trading is such a complex jigsaw I did not wish this thread to be used as a training thread.
My intention was to find someone who could trade profitably to start with and give them my advice on where to improve. When they had improved they could trade some of my funds for a good commission.
I hestitate to put up the 'too obvious' to some and the 'too complex' for others but as long as I do not get drawn into long explanations I have added an attachment to show how I enter and exit trades.
There are several ways to be profitable but if the trader is patient, wait for the market to come to you then you should not go wrong if you have a good system.
Sadly there are some who have had bad experiences and I am sorry for them. THIS IS NO EXCUSE FOR IGNORANCE AND RUDENESS.
I use CCI divergence as the FIRST signal for an entry. I have prepared a word doc to illustrate this.
Secondly I use trendlines only on OPEN prices in association with the CCI indicator.
Thirdly I use at least one other momentum oscillator depending on what timeframe chart I use.
The 2 other oscillators I use are the Price Oscillator set on 10/30 ema's and stochastics set on 8-3-3. These also show divergence but it is important to know that they all are used as confirmers and not as entry indicators.
Specific indicators are excellent BUT the trader MUST, MUST, MUST understand the indicator. Divergence is normal sometimes and the best friend you have ever had at other times. It is hugely important to recognise the different types.
I wish all of you good luck.
George
"Trade what you see and not what you hear or hope."
 

Attachments

  • The Commodity Channel Index.doc
    93.5 KB · Views: 996
i dont know if youre aware george but a guy called mp6843 or something similar spent a lot of someones money claiming to be some kind of guru so showing a chart of a trade that worked out well counts for nothing. i think most people have had a few successful trades at some point. so it makes sense for anyone thinking of risking money on what you say to be sure its unlikely to just dissapear. a reasonably sized sample of trades would do this but based on whats been said so far i think its clear that wont be happening any time soon for obvious reasons

People who know whats what's and what's not, don't use indicators....or Spread Betting.
 
People who know whats what's and what's not, don't use indicators....or Spread Betting.

Obviously I know nothing then.

I wouldn't trade indicator signals - however then can be very useful for predicting resistance levels on a pullback.
 
that is pure bull**** and shows just how ignorant you really are 'new trader'

A very convincing argument :rolleyes:

Why don't you explain exactly how indicators work? Not how you trade with them, I'm not interested in your 'system', at all. Tell me what an indicator is and how it is derived. This should be interesting...
 
Why do you need to know how an indicator works? Should it not be enough to know what it achieves?
George
A very convincing argument :rolleyes:

Why don't you explain exactly how indicators work? Not how you trade with them, I'm not interested in your 'system', at all. Tell me what an indicator is and how it is derived. This should be interesting...
 
Why do you need to know how an indicator works? Should it not be enough to know what it achieves?
George

That's the sort of answer I expected from people use and defend indicators....call me ignorant!! :rolleyes:
 
Just my 2 cents - don't want to get involved in a fight but I don't think it's really for anyone to say that something DOES or DOESN'T work and that includes indicators or spread betting for that matter.

I personally shun indicators and use pure price action and simple TA but I know some, albeit not many, people that use indicators as a main part of their strategy and are successful. One trader I know uses Woodies CCI which as far as I can tell puts the emphasis SOLELY on the indicator and can be traded without even looking at the candles.

Same goes with spread betting. It has its advantages and disadvantages. I have used both spread betting AND direct market and each has its place. Infact I actually believe that unless you are a scalper it is EASIER to make money spread betting than direct market.
 
Indicators can and do work and the likes of Grey1 has consistently proven this day in and day out posting live trades and P&L accounts daily on the Technical Trader forum. I also don't doubt that price action only can work as well.


Paul
 
Just my 2 cents - don't want to get involved in a fight but I don't think it's really for anyone to say that something DOES or DOESN'T work and that includes indicators or spread betting for that matter.

I personally shun indicators and use pure price action and simple TA but I know some, albeit not many, people that use indicators as a main part of their strategy and are successful. One trader I know uses Woodies CCI which as far as I can tell puts the emphasis SOLELY on the indicator and can be traded without even looking at the candles.

That's fair enough Trader Dante. But note that I didn't mention anywhere in my post about whether indicators "work" or not. I said people who know what's what and what's not don't use indicators. You can use a brick, the heel of a shoe, the blunt end of an axe, a metal pipe or any other heavy instrument to drive a nail into a piece of wood because they "work", but those who know what's what and what's not use a hammer.

I simply asked for someone to explain the mechanics of an indicator and nobody who uses them and professes that they work has been able to do that. They are the product of a software engineer’s idea of what people want they are not what real traders ask for.

Same goes with spread betting. It has its advantages and disadvantages. I have used both spread betting AND direct market and each has its place. Infact I actually believe that unless you are a scalper it is EASIER to make money spread betting than direct market.

Sorry TD, but this makes no sense...easier? I say SB is non-professional and now you are telling me it's actually easier? You will have to explain that one...
 
Sorry TD, but this makes no sense...easier? I say SB is non-professional and now you are telling me it's actually easier? You will have to explain that one...

Some of the reasons I think spread betting is easier:

a) The firm will always take the other side of your trade meaning you never have any liquidity issues. If you've ever spread bet a product like Natural Gas and then actually seen a direct market ladder for it you'll realise how much of a blessing this is.

b) Yes SB firms platforms freeze from time to time. So do exchanges. I've been at my prop firm for just under five months and so far we've had the exchanges go down twice with traders trapped in positions.

c) SB firms keep fixed spreads. In the direct market, the participants have direct control of who will provide the best bid and offer. The spread on GBP/USD stays at 3 for me with E*Trade on non-farm payrolls. On my direct market, the spread can widen to five times this at least.

d) Direct market limits you to contract sizes. Spread betting does not. This means that if 2% of your account is £204 you can position your risk almost PERFECTLY.

e) SB firms make MISTAKES. This is rare in the direct market. I see SB firms regularly misquote prices and when they do I clean up :)
 
Some of the reasons I think spread betting is easier:

a) The firm will always take the other side of your trade meaning you never have any liquidity issues. If you've ever spread bet a product like Natural Gas and then actually seen a direct market ladder for it you'll realise how much of a blessing this is.


How does someone who ONLY has a S/B account know this? Besides, commodity prices, like any other instrument are essentially driven by demand and supply.

b) Yes SB firms platforms freeze from time to time. So do exchanges. I've been at my prop firm for just under five months and so far we've had the exchanges go down twice with traders trapped in positions.

Ok, so they both suffer the same risk of platform freezes. How does this make S/B easier to make money?

c) SB firms keep fixed spreads. In the direct market, the participants have direct control of who will provide the best bid and offer. The spread on GBP/USD stays at 3 for me with E*Trade on non-farm payrolls. On my direct market, the spread can widen to five times this at least.

How does this make it "easier" for someone with only a S/B account make a winning trade?

d) Direct market limits you to contract sizes. Spread betting does not. This means that if 2% of your account is £204 you can position your risk almost PERFECTLY.

This is irrelevant. Are you saying that someone with £200,000 will be worried about minimum contract size?

e) SB firms make MISTAKES. This is rare in the direct market. I see SB firms regularly misquote prices and when they do I clean up :)

And again, how does this make it "easier" to make money for someone with only a S/B account?
 
"You have to be in control of the chart",

are you controlling the chart via the spread bet platform ?

what sort of size do i need to control the chart ?
 
Geez I thought this forum had some integrity. Whole lot of you jumped in like wolves without any evidence what so ever. George explained clearly he was looking for someone to trade his funds if there was later to be some catch I'm sure the interested party would have updated this thread. Really vicious and appalling (n)
 
Geez I thought this forum had some integrity. Whole lot of you jumped in like wolves without any evidence what so ever. George explained clearly he was looking for someone to trade his funds if there was later to be some catch I'm sure the interested party would have updated this thread. Really vicious and appalling (n)

vicious and appaling wh\t a crock o shyte someone whos talking about scalping via spread betting if an indicater points up is obviously going to get some stick if hes tsalking about teaching people
 
tightstop

As you know I have offered to share with you my experience but you have chosen not to bother yet you continue to post these rude and ignorant comments.
THERE IS NO EXCUSE FOR IGNORANCE AND RUDENESS.
If you have something that works for you then stay with it. I have no problem with the way you choose to trade. Also I know that there are many ways to make money trading. It is just that I have my own way that I consider to be one of the safest and most accurate.
I am a relatively patient person but if I see any further rude comments like this one and I will report you to the administrator.
George
vicious and appaling wh\t a crock o shyte someone whos talking about scalping via spread betting if an indicater points up is obviously going to get some stick if hes tsalking about teaching people
 
Top