Newbie Spread Traders Journal

timsk

Legendary member
7,601 2,376
Hi danboi8989,
Erm... Thanks for the advice, but if you read my 1st posts you'l see that i am using demo money and its clear i am experimenting to see what is good for me... I agree with everything your saying and that's what I'm trying to do. If you have any ideas on how i can cut this learning curve they will also be greatly appreciated...
Apologies, you did indeed say you're only demo trading. When I read your OP, I got the impression (perhaps wrongly) that you had been trading real money and would do so again as soon as you found a job.

With regard to ideas, I'd suggest you stick to one thing at a time, i.e. one market and timeframes based around either day trading or swing trading. Most members (but not all) will advise against day trading with a spread betting account. Once you really know a market - and understand its pros and cons - you can then make an objective decision as to whether you want to stick with it or move on to another one. Check out the Trading Plan Template in my signature - there's lots of ideas in there which should help in this regard.

P.S I read an interview once about a very successful technical analyst who would trade anything from FX to Indeces Stocks etc... It was just a chart to him... I cannot remember the name of him unfortunately but its true.
Sure, there are the trading equivalents to Usain Bolt. Then there's the rest of us! FWIW, I don't know of and, in the 10 years I've been a member of T2W, I don't recall hearing about - a single trader who successfully trades multiple markets in multiple timeframes. I've met traders who - for example - day trade US stocks and swing trade UK stocks. Or index futures traders who occasionally - and with good reason - trade some commodity futures. It's quite common for equities traders to trade the index futures - as they invariably look at the main market index as much as they do individual stocks. But that's as far as it goes.

The problem with mixing and matching is that you'll never get a sufficient body of trades to analyse in order to work out the key ratios that tell you whether or not you're onto something. If anyone is able to develop a profitable strategy that can be traded across multiple markets and timeframes - then I'll bet they're extremely experienced and are walking encyclopedias of all the markets. It's possible in theory I suppose - but I certainly can't think of anyone that's ever achieved it.
;)
Tim.
 

danboi8989

Member
63 2
Hi danboi8989,

Apologies, you did indeed say you're only demo trading. When I read your OP, I got the impression (perhaps wrongly) that you had been trading real money and would do so again as soon as you found a job.

With regard to ideas, I'd suggest you stick to one thing at a time, i.e. one market and timeframes based around either day trading or swing trading. Most members (but not all) will advise against day trading with a spread betting account. Once you really know a market - and understand its pros and cons - you can then make an objective decision as to whether you want to stick with it or move on to another one. Check out the Trading Plan Template in my signature - there's lots of ideas in there which should help in this regard.


Sure, there are the trading equivalents to Usain Bolt. Then there's the rest of us! FWIW, I don't know of and, in the 10 years I've been a member of T2W, I don't recall hearing about - a single trader who successfully trades multiple markets in multiple timeframes. I've met traders who - for example - day trade US stocks and swing trade UK stocks. Or index futures traders who occasionally - and with good reason - trade some commodity futures. It's quite common for equities traders to trade the index futures - as they invariably look at the main market index as much as they do individual stocks. But that's as far as it goes.

The problem with mixing and matching is that you'll never get a sufficient body of trades to analyse in order to work out the key ratios that tell you whether or not you're onto something. If anyone is able to develop a profitable strategy that can be traded across multiple markets and timeframes - then I'll bet they're extremely experienced and are walking encyclopedias of all the markets. It's possible in theory I suppose - but I certainly can't think of anyone that's ever achieved it.
;)
Tim.

Thanks for the advice, i think your right... FTSE100 is what i have most experience in from the past... maybe I'l stick trading and studying the price movement of this. I am aware of a lot of the factors that can affect this market so it may be good for me to focus all my energy onto mastering it. Thanks
 
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danboi8989

Member
63 2
Right so my Gold trade was 160 points in profit and within one hour i got stopped out of a 144 point loss and the price darted back up again... was there a news announcement or is it just normal for such volatility... anything i missed?? check out the last hourly bar i could really use some feedback on this one...
 

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markmc27

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101116

Member
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I think you should have moved your stop up at some point. No reason for it to be at -144p. Or was it not a trade on the hourly chart?
 

danboi8989

Member
63 2
I think you should have moved your stop up at some point. No reason for it to be at -144p. Or was it not a trade on the hourly chart?

Yer it was by the hourly using the 15 min to time my entries and exits.... You're right i should have moved my stop but am just experimenting at the min, the last time i moved my stop price seemed spike exactly to that point, stop me out, then go back in the direction i needed it to... so after that i said 'no more tampering with stops!!' probably not the best move and definitely some thing i need to read more up on.
 

danboi8989

Member
63 2
well today i'm going to avoid entering pointless trades for tradings sake... unless i see something special i will spend the majority of the day researching market psychologies as i believe this is a massive part of trading.... No posts yesterday because i pretty much did the same thing plus the US market wasn't open and everything seemed quiet.
 

danboi8989

Member
63 2
The market closed with my Facebook trade still open at 178 pips in profit. regardless, i have moved the stop to zero. i cannot see another potential good winner turn into a big loser
 

danboi8989

Member
63 2
Change of strategy again today... By using just the FTSE100 to spot my trades there simply is not enough set ups. I need more charts to analyse but also need to stick to one category to specialize in. I have chosen today to stick to Day Trading FX. I can imagine there will be a good few trades made so i will not report them all down individually on here but i will report on my overall profit or loss...
 

danboi8989

Member
63 2
This mornings trading went terrible. I followed a system i learned online that used pivot points as entries and exits. none of my trades where successful and i netted 50 pips down. I realize copying other systems is not the way forward and from now on i will continue to use my own knowledge of technical analysis and tools and time frames that suit me best. taking the rest of the day off. Better start tomorrow....
 

danboi8989

Member
63 2
P.S i still plan to trade FX currencies this hasn't changed. I feel mass psychology plays a massive part in the movement of these markets and that is where i think technical analysis works best...
 

danboi8989

Member
63 2
Ok, so same again today. Day spread trading FX but this time not based on someone elses system. I will stick to my own trend following system using 3 moving averages and stochastic for extra evidence of a move.
 
 
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