Wallstreet1928 Analysis & live calls on FTSE,DAX,S&P...aimed to help New traders

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quiet on here this morning! is everyone stunned into silence by the FTSEs meteoric rise? :)
 
I've been trading £2 a point today with IG, made £60.. all counts. Will trade larger size once I am more confident, and have more of an understanding of fibs, resistance,support etc. I am trading purely on gut instinct right now.. I looked at the FTSE this morning, and its been up every day this week. I just had a feeling it would breach the 4500 level, and it did. Anyone have any thoughts on Wall Street cash on IG for this afternoon? Stress tests are due out after mkt close I think..Thinking of going long, at £3 a point.
 
newward said:
I've been trading £2 a point today with IG, made £60.. all counts. Will trade larger size once I am more confident, and have more of an understanding of fibs, resistance,support etc. I am trading purely on gut instinct right now.. I looked at the FTSE this morning, and its been up every day this week. I just had a feeling it would breach the 4500 level, and it did. Anyone have any thoughts on Wall Street cash on IG for this afternoon? Stress tests are due out after mkt close I think..Thinking of going long, at £3 a point.
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sell the highs buy the lows....

however to sell anything in this will have got you killed apart from a couple of occasions!!
 
sounds like you had a good morning newward, don't give it all back though!

what's your daily financial/points target?
 
good morning. ftse +111 dax +82 rare to see FTSE outperforming dax
 
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This is the first week I have traded every day. I know its a bit laughable, but I am trying to make £25 a day.. I am up to £150 in my account from a start of £50 at the beginning of the week. My next aim is to get to £500. Once I reach that target, I am confident that I would have picked up some "good habits", and that my analysis is working, and once I do hit that target I am going to transfer another £500 into my account, and start trading more seriously. I am currently reading the Trading Athlete - as recommended by many on this forum, and I am trying to create my trading plan. I feel more benefit creating this as I am going along. I have the book to read, which is great in terms of psychology, which I guess is 2/3rds of what trading is all about. I am trying at the moment to understand what I need to be learning, in terms of moving averages, resistance, support, fibonacci, breakouts etc.
 
Does someone have the exact time of press conference about the stress test result? And the Interest rate of UK and EU?
More generally what would be the best media to get a daily sum-up of important economic event?
Thank you.
 
francisfinley said:
sell the highs buy the lows....

however to sell anything in this will have got you killed apart from a couple of occasions!!
Click to expand...

How true, trying to sell in the last couple of days has left me bruised.... Best to use the lows as entries, the highs as exits, and leave shorts aside until there is evidence of a reversal on higher TFs.

Spent last two days trying to short at highs, just too stressful and dangerous in such a strong trend- managed to make up the losses and more today from simply buying on pullbacks and going with the trend.

Your weekend analysis on the blog played out like a charm there Francis - its huffing and puffing for the 4520 now.
 
tedon said:
Does someone have the exact time of press conference about the stress test result? And the Interest rate of UK and EU?
More generally what would be the best media to get a daily sum-up of important economic event?
Thank you.
Click to expand...

Economic calendar | financial calendar | Forex economic calendar

Someone posted this once and its the one I use - others may offer better ones, but I like the way you can expand each item and it explains the significance, calculations, frequency etc. Primarily Forex focussed, but doesn't really matter- updated with all key announcements regardless.

Just adjust the GMT time settings so you get the times right!!! I didn't and got hit by a spike on a key announcement that took out my stop - had I known I would have widened my stop on what was, at that time, a profitable trade.
 
Hi Guys what the general view here 4500 was my target for a pull back but i jumped in a bit early at 4431 on the ftse - whats the general view here are most people short on the other forum loads are short which is a concern but i wonder if it is isolated or a few are stuck in short positions. I do feel that some long stops could get hit if we can get under 4444 but it seems a long way off at the moment!
 
Thanks, a quite complete calendar!
Being in buenos Aires I get quite used now to play with my 4 clocks setups! At first I get hit by the close of the English market 1 hour before I thought... that must be the way to learn, mistakes by mistakes ;)
 
dunx7777 said:
Hi Guys what the general view here 4500 was my target for a pull back but i jumped in a bit early at 4431 on the ftse - whats the general view here are most people short on the other forum loads are short which is a concern but i wonder if it is isolated or a few are stuck in short positions. I do feel that some long stops could get hit if we can get under 4444 but it seems a long way off at the moment!
Click to expand...


How fickle the stock markets are!
 
newward said:
This is the first week I have traded every day. I know its a bit laughable, but I am trying to make £25 a day.. I am up to £150 in my account from a start of £50 at the beginning of the week. My next aim is to get to £500. Once I reach that target, I am confident that I would have picked up some "good habits", and that my analysis is working, and once I do hit that target I am going to transfer another £500 into my account, and start trading more seriously. I am currently reading the Trading Athlete - as recommended by many on this forum, and I am trying to create my trading plan. I feel more benefit creating this as I am going along. I have the book to read, which is great in terms of psychology, which I guess is 2/3rds of what trading is all about. I am trying at the moment to understand what I need to be learning, in terms of moving averages, resistance, support, fibonacci, breakouts etc.
Click to expand...

good work. keep your head down. stay focused and ignore any hype.

be a machine - relentless.
 
newward said:
This is the first week I have traded every day. I know its a bit laughable, but I am trying to make £25 a day.. I am up to £150 in my account from a start of £50 at the beginning of the week. My next aim is to get to £500. Once I reach that target, I am confident that I would have picked up some "good habits", and that my analysis is working, and once I do hit that target I am going to transfer another £500 into my account, and start trading more seriously. I am currently reading the Trading Athlete - as recommended by many on this forum, and I am trying to create my trading plan. I feel more benefit creating this as I am going along. I have the book to read, which is great in terms of psychology, which I guess is 2/3rds of what trading is all about. I am trying at the moment to understand what I need to be learning, in terms of moving averages, resistance, support, fibonacci, breakouts etc.
Click to expand...

sounds like you've got a good idea of what's what there newward, maybe ignore your 'target', as it seems more of a goal (i think there is a subtle difference), and suggest you have a more reserved target of say 10 points a day, with as few trades as possible? just so your probability of not blowing your account with overly enthusiastic goals is lessened.

i made the mistake of having very high targets when i was trading equities end of last year, all well and good when things are going ok, nightmare waiting to happen though when you've not been around long enough to see different market conditions.

setting a daily target of 50% of your initial account seems a bit high to me, bloody great if you can keep it up though! :D

best of luck mate.
 
good advice, without getting to flowery, its all about a voyage of self discovery. I should be happy with my profits today, but I feel a compulsion to get back in and take some more profits. Thats the first thing I'll need to manage, knowing when to hold and bask in the glory ;-)
 
newward said:
good advice, without getting to flowery, its all about a voyage of self discovery. I should be happy with my profits today, but I feel a compulsion to get back in and take some more profits. Thats the first thing I'll need to manage, knowing when to hold and bask in the glory ;-)
Click to expand...

you've hit it on the head there newward, natural human tendencies to take risks when probability says maybe you shouldn't is a hard thing to deal with i've found.

setting purely financial goals is hazardous at the start, it takes the focus off what's important, which is trying to make good decisions with relative consistency. the financial reward aspect then naturally follows this.

if you have a sensible daily profit target, mebs another way of not giving it all back is by setting a strike rule.

i.e. 2 bad calls in succession takes you out of the days trading. this stops you chasing losses and ending up in a large hole. it also gives you time to look at your trading diary and assess your ****-up. given that you've calculated your stops in relation to your account size and volatility of the instrument, it could maybe help keep your losses to a minimum.

sorry if i'm stating the obvious here! i'm still at the bottom of my learning curve.
 
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