Thanks mate , and it's good to see another person from Ireland ! Though I'm in the grey skies of Ulster and not the sunny south haha
swing trading every market but stocks (pics of account and live calls )
Thanks mate , and it's good to see another person from Ireland ! Though I'm in the grey skies of Ulster and not the sunny south haha
Nowler
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What percentage of your capital will be risked on this trade mate?
I only like to talk in terms of percentages.
If the percentages are looked after correctly, then the value of the money will take care of itself.
Don't get me wrong , percentages are the best way to keep a track of your performance . You can easily see your performance in terms of R, maximum peak to trough drawdown etc .
But when you eventually go live I think percentages are more meaningful on a larger account . Sure making 30% per year with 0.5% risk is great, but not worth your time on a £1000 account unless you're forwarding your results to a prop firm or something .
I'm sure many will disagree but I think when using small accounts it's best to focus on a rough risk per trade in money terms (say £50 when starting ).
On one hand people might freak out if that's 10% risk. At the end of the day though , it's still only £50.
In other words i will begin using £1 a point and after building the account up then slowly revert to focusing on a fixed %.
Nowler
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Perhaps I am misunderstanding but how many charts do you need instantly?
I can put 4 charts on my screen at one time and it's just a basic windows 8 laptop.
I have attached photos 1,2 and 4 charts on my screen and this is just on 1 screen.
I could easily just connect an external monitor and put 4 charts on one screen and my hub on the other. Or connect 2 external monitors and have 4 charts on each screen and then the hub on another.
I doubt my basic laptop could keep up with with the latter but this is easily addressed by getting a higher powered computer
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Nowler
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You know your strategy best my friend, so I will not try to convince you otherwise. I am however here if there is anything I can help with. I only picked up trading 5 months ago though, so you probably know more than I do.
Do you have weekly/monthly targets?
If so, care to share?
No probs mate. No monthly targets , just to keep executing the same setup until I either hit a max drawdown or profit lol.
Edit: i should probably be honest though in saying my goal is to reach £1k per month profit by the end of my accounting training contract (3.5yrs). An extra £10k a year cash covers rent and cigarettes and a car for a year lol. I'm used to working 80 hour weeks minimum wage to earn £1500 a month , so honestly my monetary goals aren't that high (fortunately ?)
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Nowler
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Haha that was my last job I had for years. Currently enjoying a cushy accounting gig with a nice big firm lol
Nowler
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Ahh...much better
Nobody could keep that sort of thing up for too long and still remain "intact".
I personally would like to be a bit busier.
Long-term unemployment sucks the life out of a person.
Hopefully I can learn a thing or two from this journal
Hopefully speed up my training period :smart:
Ahh...much better
Nobody could keep that sort of thing up for too long and still remain "intact".
I personally would like to be a bit busier.
Long-term unemployment sucks the life out of a person.
Hopefully I can learn a thing or two from this journal
Hopefully speed up my training period :smart:
Yeh that's pretty much it. At one point I was so determined to save cash and open my own franchise but I realised I actually just liked ticking and tying the financial side of it more than the running around endlessly lol.
Yeh no promises lol. This is just an honest attempt at a side hustle
Nowler
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Yeh no promises lol. This is just an honest attempt at a side hustle
Inspiration can come from anywhere :cheesy:
:cheesy:
Ok here is one thing I'd like to discuss about flags /compressions and price and breakouts .
I much prefer to see a downward coiling of price and a mild pop, rather than a horizontal compression and pop. The latter can still do alright if the breakout bar is mild but often the breakout is too big and it's too late to jump in when the confirmation arrives .
that said , either way , a nice flat base can be as favourable as a downward compression.
See pic attached , just drew this on my phone . 1 is the best scenario , 2 can still be decent but depends a lot on the breakout bar
I'm sure many technical traders will disagree , but these are my findings and what I'll be using in this thread
I much prefer to see a downward coiling of price and a mild pop, rather than a horizontal compression and pop. The latter can still do alright if the breakout bar is mild but often the breakout is too big and it's too late to jump in when the confirmation arrives .
that said , either way , a nice flat base can be as favourable as a downward compression.
See pic attached , just drew this on my phone . 1 is the best scenario , 2 can still be decent but depends a lot on the breakout bar
I'm sure many technical traders will disagree , but these are my findings and what I'll be using in this thread
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Compare that to this very flat base which had a huge pop- too late to buy into imo
In other words I look for a balance between decent confirmation on the one hand as well as ensuring price isn't exhausted
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Take the dax today for instance , nice coiling which is slightly downward; nice pop , perhaps I would have preferred a slightly smaller breakout bar but imo the breakout bar is indicative of future momentum more than exhaustion . If my pay comes in at 12 tonight I will be buying this
