Hours and Days

sifts2win

Member
59 0
Hi Helen,
still finding my way around the site unsuccessfully so for now will just reply wherever I can find you. Why do u trade Euro stoxx futures ? What are these pivots I keep hearing about and if I suscribe to Mytrack data but don't want to trade every stock on the planet just a few index futures what level do I need and roughly what will be the monthly outlay. I'm starting think I should be joining you and saying bye bye to sb's !
Many thanks again. PS. tried to follow your thoughts on TBS but without chart sounds scary !!
 

sifts2win

Member
59 0
$59 that's v. good ! Thanks for links. Do you have a preference for trading stocks or index futures and if so why ? Are you a news hound with a scanner looking to scalp reversals or do you focus on a just a few stocks. I have tried to just focus on the Dow / S&P for the last 6 months to get a real feel and am starting to think I've picked the hardest nut of all ! Typical.
 

Helenqu

Established member
841 3
Hi Mike,

When I finally go full time I want a FTSE 100 stocks swing system and the STOXX futures as well. I might move to FTSE futures when I have more money but not yet. With the swing system I use a piece of software called Pfscan which scans for reversals.

www.pfscan.com

You can use it on any market, so it's great if you wnat to trade US or UK. You just need an EOD data feed. I also use a scan in AIQ for "bounce" candidates. There's load of stuff on that on CTS, the system is called FOFLS.


HTH
 

sifts2win

Member
59 0
Wow,
you really are serious. This stuff isn't cheap. How can get your head around all that and do a Phd and bring up children. You really are a woman !
PS. Nearly went for AIQ last year but chose Metastock eod package with Citifeed data. Jacked it in after a year of building indicators, developing complex models, etc. resulting in no progress and some spectacular mistakes ! What do u think of it ? The Sierra/Mytrack combo looks hard to beat. Will have a practice and look forward to one day giving something back when I can post some great trades too !

Out of interest to everyone I did the Chris Manning course last year £1500 !! - Still waiting for the light to come on. Some very useful stuff, just true what everyone says, nothing beats practise, money management, an open mind and passion for it I guess. Wish I could say it was awesome, but maybe I just couldn't make it work. Seems selling courses easier than trading ! Hmmmmm.
Mike
 

Helenqu

Established member
841 3
Hi Mike,

I started using AIQ for my live charts at first but wasn't impressed, apart from the alarms which were excellent. Like you and probably most other people who are keen on trading I've spent a lot of time with the EDS system developing different screens but the only worthwhile thing is FOFLS and I didn't need £800 worth of software to get that really :)

Reading and playing about with systems is really helpful, even if it's just to isolate what you don't like and feel right with. But the real learning about yourself comes when face to face with the moving market and money at stake.


I'm not a good trader yet by any means, but I'm further on than I was a month ago and that's all you can hope for. Trading is a skill and it takes time and lots of enthusiasm to get any good at it.

One of the US traders on TMF who is very experienced and has written a trading book (his name is DbPhoenix) read my first year summary and said to me. That's fine Helen, but make sure that by the end of next year you have another years learning under your belt, not this year repeated. At the time I thought it was an odd thing to say. What he meant was settle down and learn your system properly. That's what I'm trying to do now.
 

ChartMan

Legendary member
5,580 46
A few of us here have done the Manning thing. My overall verdict is "a very expensive foundation course". I think one route to success is to concentrate on a few instruments, be they stocks, indicies futures or whatever, Learn the nuances of each and know them inside out. That way you will know when to trade, which way, and the probable outcome. I used to think that AIQ EDS was the answer to everyting, but that just wasn't true. Sure, it would pick stocks, but then you had to really evaluate manually what it had picked, or you ended up flying blind. That's not to say EDS can't produce long term acceptable results ( FOLS). Try and decide what takes your fancy- US Stocks, DOW high volatility and big points moves (both ways!), ES for small points move but big$ per point.... and timescales. Somewhere along the road you will find your niche......
 

sifts2win

Member
59 0
Thanks Helen and Chartman,
My head is spinning and now realise I'm in the right place at last. Fortunately I've stayed with it through all the mistakes by using really tight stops and discipline so there is a huge lesson there. There are so many abbreviations you guys use and no doubt the links will explain as I read more but just one more please - 'what is CTS Helen', I want to study what FOFLS is ??
For me CManning gave me fib levels that I never understood before and horizontal support /resist levels. Also using different settings on indicators to suit the market I'm trading was good stuff too. My golden period was when I was brave enough to quickly reverse a wrong call and ride the reversal. It made me doubt my system so much though that I started abandoning indicators and just started reading the chart and looking for levels to trade off. These pivots therefore look good for me as another level to look for. Put them together with fibonaci time zones and I'm starting to feel like I know where I'm heading. Like you both say it looks like you have to find your own style. I'll soon have enough data to check the system I've arrived at through a long process of elimination and as soon as I can find a way to make good entries and exits I'll look at the results and post them up.
Thanks again for all your input.
 

Helenqu

Established member
841 3
Hi Mike,

CTS (Contemplating Trading Stategies) is my board on TMF. A bit quiet at the moment as I'm busy doing rather than thinking. All the FOFLS trades from the beginning are there. Here is the link:

http://boards.fool.co.uk/Messages.asp?mid=7537162&bid=51315


If you want a shortcut to fofls though this is the site that Marathonchap maintains of all the trades. It's not earth shattering so don't think it's a grail, it isn't :)

http://www.helenqu.co.uk/FOFLS/FOFLS.htm


I post the FOFLS picks for the next day on CTS on the evenings when they occur. I suspect if this drop continues there will be a a new one tonight.


HTH
 

BeM

Active member
113 1
Speculation and Day-Trading

Hi,
Recently I just entered some real trades (spread-betting) for the first time and some of you know that, reading my previous posts.
It's very much true that it's very difficult to make some money trading in short intervals spread-betting because the spread-bet companies anticipate the moves ahead of you and go above or below the market price depending on the market moevements, so the only way to make something out would be to catch at least movements above 0.15%, or even higher for those instruments that have wider spreads. Maybe they do this in order to survive, it's their business and they warn about it, I have nothing against them.
What I realized, with my real money, was that it's a mistake to think in a speculative way in very short intervals, like minutes or hours. However this was my approach. I was trying to speculate the movements of the day. Many of them were coming true, but the problem was that when they were wrong I wasn't only losing a small amount, I was losing almost double what I had thought of, not only because of the spread but also because of the price adjustment of the s-b company.
So I reached the conclusion that if I want not to waste my time and money trying to speculate the daily movement of the market, I must think days, weeks or maybe months. Probably the same thing would be true trading in the real market, but less harsh.
Probably the only way to day-trade is indeed to analyze the movements of the stocks or the markets and to be happy with small gains. I don't think this is a realistic way of making a fortune unless in very exceptional cases. The true way of making a fortune, and sometimes losing it would be to think a bit wider and speculate about the longer image.
Thanks! :)
 
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sifts2win

Member
59 0
Bem,
that's one of many ways of looking at. There is lots of useful stuff about this in all the links on this site. Sb is good for learning 'cos u can trade really small and learn all the fakes, traps, failed breakouts etc. without being killed.
It's obvious that there's a whole host of traders and trading styles out there and u just have to find your niche. Read Helens stuff about trading futures on 1 minute charts. (ok if slippage, commission is really tight).
I believe the only way to sb is to anticipate the moves before they have moved the spread. Extremely dangerous as you're trading against the trend ! Shortly I will post my theory if I can find a way to upload the charts.

I am looking at using reversals at certain times of day on the Dow / FTSE confirmed with closes outside the bollinger bands on 5/15 min charts and then waiting for the price to start to settle down. I then place a stop 35 points away from last price high/low and hope for the reversal. This of course means if you're wrong you've lost your dough in minutes and the wide stop means smallish bets. If I'm right you can then easily manage the trade as you're in right near the start of the move and can lead to some nice 200-300 pt gains on the day.

Just what I've come to discover after 2/3 years of trying everything else. I would add I haven't started trading this system yet and of course you must add in support/resist, fib levels etc. Oh and pivots !!
 

Helenqu

Established member
841 3
Hi Mike,

I don't know if you have come across JPWones spreadbet system for the Dow? It works, I tried it but decided I didn't want to have to fight the bias to trade :) In fact it was very isntrumental in moving me to futures.

Here is the link to Johns site:
http://212.38.89.86/spreads/
 
 
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