Spreadbetting FX using TA

SH-101 said:
Hi,

This thread is my response to a number of posts I've seen here lately as a long-time reader claiming that it's not possible to make any money from spreadbetting on the FX markets, nor is it possible to be consistently profitable using technical analysis alone.

I "trade" or rather, bet, on the FX markets for a living, using pure technical analysis, and this is my record of trades to show that it can be done.

In this thread I will not reveal any of my methods, but suffice to say the reason I perhaps enjoy more success spreadbetting than some is because of my style of trading. I guess you could call me a swing/position trader depending on your definition. I trade mainly off 1-hour charts but also look at 4-hour, daily and weekly charts. I enter and exit all trades with stop/limit orders; I never use market orders.

I tend to trade anywhere from 0-3 times per week depending on signals and I hold trades anywhere from a few hours to a few days, so don't expect this journal to be updated on a daily basis.

To be totally up-front and honest I have added a vendor tag because I do sell a commercial training course (not related to spreadbetting). However please note that I will not post any links to that here nor will I answer PM's regarding it - I'm not touting for business here, I am simply attempting to show some of the doubters that success can be achieved using technical analysis and spreadbetting. If the mods are not happy with this then please close the thread and accept my apologies.

I won't reveal my methods or position sizes here but suffice to say I risk 4% of my account on each trade, and adjust position size depending on stop size to ensure that the risk is the same on all trades. The ability to adjust position size in single-penny increments is one of the reasons I prefer to spreadbet rather than go DMA.

As I begin this journal I am currently on a healthy winning streak, so I have no doubt that things will be evened up with the odd losing trade early on! :) If I do find that running this journal on a public forum has any negative effect on my trading performance I may close it down.

For what it's worth I have one current open position, which is short EURJPY from 123.98 bid. Stop is at break-even and target is 121.30 offered.

At the moment I see no other obvious trades on the horizon, but as always I will patiently await the next opportunity.
Click to expand...

Just subscribing.
 
order placed to buy at 3335 with stop 10 and target 77

1.5% risk again...
 
Still in - order place to double the position to 3% risk on a return to the 3335 level if seen.
 
Stop to break-even. Lucky lucky boy today, as I'll explain later this trade's been somewhat of a f**k-up so I'm thankful that making nothing is now the worst-case scenario.
 
Stopped at break-even, utterly furious with myself for having broken one of my golden rules not once but twice this week and finding myself running at a loss when I should be comfortably in profit - explanations to follow but I think a break from the charts is required at the present moment :sick:
 
SH-101 said:
Stopped at break-even, utterly furious with myself for having broken one of my golden rules not once but twice this week and finding myself running at a loss when I should be comfortably in profit - explanations to follow but I think a break from the charts is required at the present moment :sick:
Click to expand...

Who you spread bet with.?
 
I prefer to react to what my charts are telling me rather than trying to predict what will happen based on some sort of "reading" or "intuition" - and that's the mistake I've made twice this week: predicting that something will happen despite the fact that my charts were advising me otherwise!

It's been a long time since I've day-traded regularly some I'm still ironing out some of the creases in how I go about things - hopefully some lessons have now been imprinted.

Now although although I don't deal in predictions, looking at EUR/USD this morning I'd like to see is a rally above 3233 that then stays below 3245 -there may be a good short opportunity if it stalls in that zone - but I'll be making sure that regardless, I'll react to what my charts are telling me today (y)
 
It's funny - been reviewing that last trade and once again it was a mistake. However in this case the mistake was accidental - a mis-reading of the charts on my part - whereas my previous two "mistakes" this week have been knowingly breaking my own rules because I thought I was cleverer than I am. I'm therefore redefining the former as "failures" rather than mistakes.

Today's mistake is no problem - everybody's human after all and mistakes happen - so on to the next trade...
 
Should this trade continue to proceed in the right direction I'll assess conditions above 1.3240 for a potential early exit, but that's a long way off yet.
 
SH-101 said:
Should this trade continue to proceed in the right direction I'll assess conditions above 1.3240 for a potential early exit, but that's a long way off yet.
Click to expand...

Stop to break-even at least.
 
Holding the trade for now - may live to regret but that's the way it goes sometimes. If I were not in a position already I wouldn't be looking to get short here (despite some good tech conditions) so I will hold the long.
 
SH-101 said:
Holding the trade for now - may live to regret but that's the way it goes sometimes.
Click to expand...

... and out at break-even. 5 pips off target yesterday and 7 today, but no bemoaning bad luck - failures and mistakes still the problem this week. Although the last trade didn't work out at least I did everything right from my point of view :sleep:
 
Rather substantial hangover today: the perils of life on a tropical island :LOL:

Might have a glance at the European morning, probably more likely to trade the afternoon if at all today!
 
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