mark120169
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dsinclair999
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My latest results.
Regards
DS
Regards
DS
peterf1966
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Part and parcel of the system.
Anyone else notice IG behaving balkily this morning, or was it just my computer?
Placing the trade at 6.30, the deal ticket screen kept freezing. I have also noticed that my stop loss, was actually at -30.76 pips, so a little slippage of .76 pips.
Also, I see a few of you commenting on how the trade is performing - according to the system, Richard recommends you don't look at the screen as it happens, to remove the emotion from the trade.
Anyone else notice IG behaving balkily this morning, or was it just my computer?
Placing the trade at 6.30, the deal ticket screen kept freezing. I have also noticed that my stop loss, was actually at -30.76 pips, so a little slippage of .76 pips.
Also, I see a few of you commenting on how the trade is performing - according to the system, Richard recommends you don't look at the screen as it happens, to remove the emotion from the trade.
mark120169
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That was probably me......but I wasn't watching ther screen as such, I like to know roughly whats going on with this spreadbetting while I am getting ready between 6.30 and 8.05 am and traveling between 8.06 and 8.30 am. So I have from today set three SMS alerts up, on at the entry point or lower/higher, one at the stop loss or lower/ higher and one at the limit stop or lower higher.
So I know whats going on with the action without looking at the screen. This morning in the first hour I got the text that the entry had been triggered then another not to long after telling me the stop loss had been hit.
Checking the PC just before leaving the house both where confirmed as happened. Maybe it's just me but I like some basic info on this type of trading as it's so fast and potentially has a gaurenteed loss every time, where as with shares unless the company goes bust (aka northern rock) / delists etc you will get your money back eventually even if it takes 30 years! (Well im hoping this for my Lloyds and RBS shares anyway!)
M
peterf1966
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I'm ususally back in bed by 6.32, so I don't want any texts waking me up
I did watch on my first day, and I have done a few times since, when I've been up working early. When it gets to +35-36 pips you start to think about closing and taking that, and then wonder if it will hit 50. When its on -20 you think about cutting your losses, and wonder if it will come back the right way the second after you close.
This morning we were up nearly 20 points at one point, would have been wise to take it then, but of course, we're only wise after the event!
One thing I have done, when it's been up at +40, and Ive been watching, is edit the stop loss so that if it plunges back down, you limit the loss or still make a small profit - happened a few weeks back, we got to +49 pips, then it went back and further, hitting the stop. I'd moved my stop so still collected 20pips, but that was a lucky one off.
Ambrose Ackroyd
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Sounds like a complete lack of trade management is involved here.
Is there not a scenario where you move the stop to break-even after 25 pips, say ?
Is there not a scenario where you move the stop to break-even after 25 pips, say ?
peterf1966
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It happened. Though the system is set and forget, if you happened to be looking at the screen and your target was 50, and you were on high 40's... I'd take it there and then, as by that point your the risk of a loss (or a reduced profit) outweighs the little extra profit you get by holding for 50. Of course, it probably all averages out over a long time period, and it might be that it gets to 49 then drops back only once in a blue moon, I don't know.
peterf1966
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Usually it's fine, it was just once that it happened, and luckily for me, I was watching and moved the stop, but it is not as per system, no.
To add though - the system is performing as advertised, overall in profit. I'm sure this happening must be quite rare, so close to target, but just not there. Computers don't know the difference between 49 and 50!
One of the selling points of the system is the set and forget and lack of trade managment, which is why experienced traders might look down on it?
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Trader333
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This does not make sense, at the point where you are in profit by even 10 pips it would be better to move your stop to break even or possibly trail it. Then you can just walk away and know that the trade is not going to be a loss at all. To have a profit of 49 pips and then lose 80 pips and end in a loss is very poor trade management in my view.
Paul
Paul
Ambrose Ackroyd
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Maybe it would be more profitable if you dropped the Set and Forget bit and trailed your stop.
mark120169
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This maybe true but it depends on your circumstances during the timeslot. What is good about this is that although not perfect it removes the need to stay at the computer to make adjustments. With a 1hr commute from the Shires to London for city workers many are on their way to work by car & train by 6.45am-7.15am and don't hit the office until 8am -8.30am. Smartphone apps are ok but fiddly and signal dependent, and the UK does not have integrated wifi on the trains so it's the set up and leave that appeals.
Others will be like myself, self employed where the wife does a good full time job and you sort the kids in the morning and do the school runs, doing self employed work in school hours. So I'm up at 6 anyway, set this at 6.30 and then spend from 6.30 - 8am sorting the kids, and 8am-8.25am driving the kids to school for 8.40am.
So this is great for me as I can set and forget at home early morning, set text alerts to keep me informed about triggers, stops and limits being hit (or not) and then close out manually if needed by smartphone @ 8.30am during the 15 mins i'm waiting for the kids school to open.
So as a spreadbettting system that is simple, so far provides histroic positive MOM results and is set and forget it's perfect.
M
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peterf1966
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Possibly. but as Mark says, the system is marketed explicitly as a set and forget system.
If it were sold as a " set at 6.30 and then watch the screen for 2 hours", it wouldn't have it's appeal.
Because its profitable on average, and the odd days losses are an inecitable part of trading, it works OK as is.
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peterf1966
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Agree, I only did this once when the profit was over 40 pips, generally I just do it by the book.
mark120169
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You don't need access to a PC @ 8.30 but you do sometimes need access to the internet for about 30-60 seconds which can be via a smartphone, quasi smart phone or mobile phone. So you need to be able to get and internet signal and be a"allowed" to use your phone at exactly 8.30 for about 1 min or less.
Preferably you need mobile internet better that MMS internet , at least 2G GPRS and preferably 3G or 3G+ (HPDSA), or even WIFI (if work will allow you to connect to work wifi privately?)
Your mobile also needs to be sophisticated enough to have a reasonable sized screen about 1.5" and run mobile JAVA.
If you can meet all these then you can "close" at 8.30 manually if needed by getting a IG Index account and using their mobile apps, they have a JAVA one for mobiles & quasi smart phones, a smartphone internet run one and a specific Iphone app.
This then allows you to do various basic things and most crucially you can easily "close" open positions either buy or sell, which is what you need it for if they have not closed automatically. Otherwise you could always end up hitting the stop loss regualrly leaving it running all day until you get home and probably would not get into profit each month.
I did a lot of research and went for this Samsung Genio Slide below, which is £125 on Tesco PAYG contract, but it is availalbe Contract /PAYG on Vodafone and other networks. Also plenty of these as unwanted upgrades on Ebay. This is what I call a Quasi Smartphone, fully 3G+ & wifi internet capable, 2.8" touchscreen and slide out keyboard too and has quite a good mobile processor in it and runs mobile JAVA perfectly. IG Index mobile is a doddle on it. But do your own research too as their are maybe cheaper alternatives with 3G only.
http://direct.tesco.com/q/R.207-8691.aspx
review here :
http://www.techradar.com/reviews/phones/mobile-phones/samsung-genio-slide-677771/review?artc_pg=1
Hope this helps :smart:
M
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Hi
Don't worry about this. I am on the road at that time. I pick up the phone and call IG who close or cancel the ticket for me if required,
Cheers
Colin
