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7th December 2017

Todays discussion thread

Todays post here

Selling 7370 and if stopped again 7380s. Top of the trading range and no reason to break out

Sterling looks to be building a base around $1.337. More I think about it, the more I think there will be a deal. All parties want the same outcome in terms of no hard border. If there is a solution possible then it will come given what's at stake. Betting on Sterling going down is like betting on politicians not serving their own self interest.. (a bad idea)

Quote from Mcgcapital on 7th December 2017, 10:34 am

Selling 7370 and if stopped again 7380s. Top of the trading range and no reason to break out

Half off at 7350

Quote from Mcgcapital on 7th December 2017, 11:49 am
Quote from Mcgcapital on 7th December 2017, 10:34 am

Selling 7370 and if stopped again 7380s. Top of the trading range and no reason to break out

Half off at 7350

Good afternoon Mcg, ive nothing much to say but thought I'd say hello as it looks like it's just you posting at the moment..... It's just ranging 46 -72 at the moment...

Going to put the kettle on :0)

When will these shorts stop? Fed up with them. I like long set ups.

Quote from anstel on 7th December 2017, 1:39 pm
Quote from Mcgcapital on 7th December 2017, 11:49 am
Quote from Mcgcapital on 7th December 2017, 10:34 am

Selling 7370 and if stopped again 7380s. Top of the trading range and no reason to break out

Half off at 7350

Good afternoon Mcg, ive nothing much to say but thought I'd say hello as it looks like it's just you posting at the moment..... It's just ranging 46 -72 at the moment...

Looks like we're heading back down towards 7300 soon.. hope you banked at the resistance. There's enough points in both directions to keep everyone happy

Quote from Jack 2 on 7th December 2017, 1:57 pm

When will these shorts stop? Fed up with them. I like long set ups.

Probably not until late Jan/early Feb with a 10 day break for the santa rally. US markets look like they finally topped and it would be normal to see a 5% correction now, especially with the new year

Stopped out at 7338 which is where I put stop when ftse was 7365. Back in cash. Cant get a run in any direction.

I need just a little push to 13060 or something.

Gave up on longs today again. Don't want to lose, risked so much for nothing.

Fooling me around this price. FTSE looks as if it's going to dig the ground.

Don't understand what FTSE is trying to achieve? Dow is flying.

Wow, 94 Dow short. +10 finished.

Quote from Jack 2 on 7th December 2017, 3:58 pm

Don't understand what FTSE is trying to achieve? Dow is flying.

Wow, 94 Dow short. +10 finished.

Jack, do you have a set of trading rules you follow? I get the feeling that you're frustrated with it at the min. Some of the stuff you do breaks my trading rules (which aren't perfect, but there to keep the losses small and stay profitable)

Firstly, I'd say focus on one market and trade that.. it's too hard trying to do multiple markets at a time. Especially at the moment there's not that much correlation between them all on the shorter term charts given currency moves and country specific news (e.g. Tax reform). Keep it simple. So if you're doing Dax, don't worry so much when the FTSE is swinging around with Sterling or the Dow on tax reform. Personally think Dax is the hardest one to do, but still possible.

Secondly, that Dow trade.. did you go in looking for +10? If so that's crazy small. A general rule would be to look for a min of 1:1 risk reward ratio. So if you used 10 stop on that you're going to get cut to death as it's too tight. I use 8-15 on the FTSE, Dow is roughly 3x FTSE so would say 20-25 is the minimum stop to use on that. So that means min profit target is the same. That's not to say that if you take a trade and you no longer like it once in you wouldn't get out for +10.. just that on entry you should be looking for set ups that are bigger than that.

Thirdly, sometimes the market is in an ambiguous place (i.e. Mid range) and it's not so obvious whether it rises or falls. Other times it's at the range extremes. Always bet on these holding unless there's a specific reason why it wouldn't. I can guarantee you'll make more money cashing at key support and resistance levels than trying to hold through it even if sometimes it does break. Can always re-enter on breaks. Like FTSE yesterday at 7290.. have to take shorts off there and today at 7370 have to take longs off. Doing anything else has a negative expected value. Dax looks rangey between 12800-13100 and the same principle applies... look for shorts near the top and longs near the bottom.

I also noticed you mentioned withdrawing funds from a small account. That sounds like a lack of confidence in what you're doing (i.e. Scared of losing what you've made). I don't know what your situation is but if you can you need to aim to make consistent profits and marginally increase the leverage over time. You'll be surprised by how much you'll make if you manage to achieve that. If you stick with the same small leverage indefinitely you'll cut off the ability to progress and take advantage of the large profits that are available if done right. I'm not saying you should make a few winners then double up.. just something like increasing by 10% for every 100 points made will get you moving forward much quicker

Out of FTSE shorts at 7316.. done for today now

Or just trade one candle on a high time frame like 4 hour. All-in. Not worried about fundamentals. Just pick a hammer candle and put the stop underneath. No messing around. And if it runs in your favour you can scalp, run to resistance, or do what I do which is hopefully run the bugger up to resistance and then hope for a breakout. Breakouts are wonderful things.

Just ask allthe criminals holding bitcoin, although the term may cause a bit of confusion in the first instance.

Quote from Mcgcapital on 7th December 2017, 5:12 pm
Quote from Jack 2 on 7th December 2017, 3:58 pm

Don't understand what FTSE is trying to achieve? Dow is flying.

Wow, 94 Dow short. +10 finished.

Jack, do you have a set of trading rules you follow? I get the feeling that you're frustrated with it at the min. Some of the stuff you do breaks my trading rules (which aren't perfect, but there to keep the losses small and stay profitable)

Firstly, I'd say focus on one market and trade that.. it's too hard trying to do multiple markets at a time. Especially at the moment there's not that much correlation between them all on the shorter term charts given currency moves and country specific news (e.g. Tax reform). Keep it simple. So if you're doing Dax, don't worry so much when the FTSE is swinging around with Sterling or the Dow on tax reform. Personally think Dax is the hardest one to do, but still possible.

Secondly, that Dow trade.. did you go in looking for +10? If so that's crazy small. A general rule would be to look for a min of 1:1 risk reward ratio. So if you used 10 stop on that you're going to get cut to death as it's too tight. I use 8-15 on the FTSE, Dow is roughly 3x FTSE so would say 20-25 is the minimum stop to use on that. So that means min profit target is the same. That's not to say that if you take a trade and you no longer like it once in you wouldn't get out for +10.. just that on entry you should be looking for set ups that are bigger than that.

Thirdly, sometimes the market is in an ambiguous place (i.e. Mid range) and it's not so obvious whether it rises or falls. Other times it's at the range extremes. Always bet on these holding unless there's a specific reason why it wouldn't. I can guarantee you'll make more money cashing at key support and resistance levels than trying to hold through it even if sometimes it does break. Can always re-enter on breaks. Like FTSE yesterday at 7290.. have to take shorts off there and today at 7370 have to take longs off. Doing anything else has a negative expected value. Dax looks rangey between 12800-13100 and the same principle applies... look for shorts near the top and longs near the bottom.

I also noticed you mentioned withdrawing funds from a small account. That sounds like a lack of confidence in what you're doing (i.e. Scared of losing what you've made). I don't know what your situation is but if you can you need to aim to make consistent profits and marginally increase the leverage over time. You'll be surprised by how much you'll make if you manage to achieve that. If you stick with the same small leverage indefinitely you'll cut off the ability to progress and take advantage of the large profits that are available if done right. I'm not saying you should make a few winners then double up.. just something like increasing by 10% for every 100 points made will get you moving forward much quicker

You're a busy man.

Quote from Mcgcapital on 7th December 2017, 1:58 pm
Quote from anstel on 7th December 2017, 1:39 pm
Quote from Mcgcapital on 7th December 2017, 11:49 am
Quote from Mcgcapital on 7th December 2017, 10:34 am

Selling 7370 and if stopped again 7380s. Top of the trading range and no reason to break out

Half off at 7350

Good afternoon Mcg, ive nothing much to say but thought I'd say hello as it looks like it's just you posting at the moment..... It's just ranging 46 -72 at the moment...

Looks like we're heading back down towards 7300 soon.. hope you banked at the resistance. There's enough points in both directions to keep everyone happy

Evening Mcg well more chance of falling pregnant than Ftse hitting even 400 at this rate....... got a new plan  :0) I will just short it !!!!! Anywhere lol ..... And go for a walk ....well it would have worked pretty well up to now........

Quote from Mcgcapital on 7th December 2017, 5:12 pm
Quote from Jack 2 on 7th December 2017, 3:58 pm

Don't understand what FTSE is trying to achieve? Dow is flying.

Wow, 94 Dow short. +10 finished.

Jack, do you have a set of trading rules you follow? I get the feeling that you're frustrated with it at the min. Some of the stuff you do breaks my trading rules (which aren't perfect, but there to keep the losses small and stay profitable)

Firstly, I'd say focus on one market and trade that.. it's too hard trying to do multiple markets at a time. Especially at the moment there's not that much correlation between them all on the shorter term charts given currency moves and country specific news (e.g. Tax reform). Keep it simple. So if you're doing Dax, don't worry so much when the FTSE is swinging around with Sterling or the Dow on tax reform. Personally think Dax is the hardest one to do, but still possible.

Secondly, that Dow trade.. did you go in looking for +10? If so that's crazy small. A general rule would be to look for a min of 1:1 risk reward ratio. So if you used 10 stop on that you're going to get cut to death as it's too tight. I use 8-15 on the FTSE, Dow is roughly 3x FTSE so would say 20-25 is the minimum stop to use on that. So that means min profit target is the same. That's not to say that if you take a trade and you no longer like it once in you wouldn't get out for +10.. just that on entry you should be looking for set ups that are bigger than that.

Thirdly, sometimes the market is in an ambiguous place (i.e. Mid range) and it's not so obvious whether it rises or falls. Other times it's at the range extremes. Always bet on these holding unless there's a specific reason why it wouldn't. I can guarantee you'll make more money cashing at key support and resistance levels than trying to hold through it even if sometimes it does break. Can always re-enter on breaks. Like FTSE yesterday at 7290.. have to take shorts off there and today at 7370 have to take longs off. Doing anything else has a negative expected value. Dax looks rangey between 12800-13100 and the same principle applies... look for shorts near the top and longs near the bottom.

I also noticed you mentioned withdrawing funds from a small account. That sounds like a lack of confidence in what you're doing (i.e. Scared of losing what you've made). I don't know what your situation is but if you can you need to aim to make consistent profits and marginally increase the leverage over time. You'll be surprised by how much you'll make if you manage to achieve that. If you stick with the same small leverage indefinitely you'll cut off the ability to progress and take advantage of the large profits that are available if done right. I'm not saying you should make a few winners then double up.. just something like increasing by 10% for every 100 points made will get you moving forward much quicker

Sorry, Mcg, just read your post: I have stopped trading for the evening because it was doing my heading. You are absolutely right. I am not in a safe place at the moment. I got to my lowest confidence levels, loads of fear and very low stakes, cannot hold trades again, scared of every twitch. It was because of the recent loss of 260 which I completely recovered. But it doesn’t help to get me back on track. It seems the price is playing against me all the time. It all repeats: when I come out it goes, then I take a revenge trades to catch a few points with no target or stop. It is frustrating sitting all day and only have a few points raised. Then I act spontaneously at minor Supports/Resistances to catch a few points and generally I do manage.  I just don’t want to get myself into trouble.

When I get more scared I withdraw a bit. This is my coping mechanism. It’s when you suffer all day and get 20-30 points you are not happy with the way you traded you say youself: these aren't profits, they need to leave account otherwise they will take it tomorrow in the trade. And so I did over and over. I withdrew 120% of account since July but for all the wrong reasons. I know I need gradually to increase the stake like I used to try to do but afraid I may lose the account.

I will get there it is just there is a lot of pressure here at the moment and I got an important event coming. I plan to re-evaluate my confidence levels next week and to trade more relaxed and get back to holding positions longer.