Starting small CFD account

[Triple B]

Just so we all know what the 9 tests are .
as a note the ST does not have to hit the support made at the base of the SCLX. The ST that does not hit the SCLX low then forms a new support. this will happen often when the bottom of the sclx is low vol ;therefore supply is flushed out and no need to test that low . see 1hour chart (thanks for the suggestion Peter)

 

[Triple B]

Bit of a recovery after last weeks mess.
account now at $783 inc open positions
SAR has gone well bounce off daily 200ma then last weeks panic helped the gold price. certainly worth considering keeping a well performing gold miner as a form of hedge.
in at 2.10 now around 2.40 placed sell order at 2.50 for =+$300 expecting a bounce off round no and then consolidation , unless gold takes off again before target hit.

BPT Short at 1.84 stop now at BE target is 1.64 right on the 200ma in a longer term uptrend.
Has been strong support around that price before.

OMH is looking ok although vol has dropped off. expecting a slow grind to $2.00 target
bought at $1.60 stop at $1.55 currently $38 in profit.

Bought KGN after support was tested under trading range,longer term up trend.
intend to scale into this if it starts to work out . currently only 50 at 5.315 and now showing -$18
stop ptetty tight at 4.55 .

Lastly NXT bought 100 at 6.12 (against good advice ,sorry Peter2) showing $24 profit
had been holding and gaining ground in the weak market last week.looks like second test of support on daily chart was good. looking for a jump over 200ma and $6.50. if this happens then stop to BE
and another 1/3 scaled in



Managed to keep my itchy fingers off the buttons all week after the 2 buy orders on monday (NXT KGN) focusing on minimising the heat which with all stops hit tomorrow would be $110.
If my 3 TP targets are hit this week I will be in profit overall.

 

[barney]

Only just read this thread …. Well done @Triple B for your obvious attention to detail thus far

 

[Triple B]

Only just read this thread …. Well done @Triple B for your obvious attention to detail thus far

wait till you see my spreadsheet!

 

[barney]

wait till you see my spreadsheet!

 

[Triple B]

Ok folks .
Made a bit of a recovery last week.
Acc back to $855 with 2 trades open at a loss of $23
Closed OMH -$22.50
Closed KGN - ..............hangon , Ive got a fandangled spreadsheet to show ya...
I have been thinking about how Im using the CFD acc.
After trading FX and using my potential edge over and over again every night , I started to think about how long 100 trades would take on the CFD account. about a year at around 2 per week.
Prior paper trading I made 100 trades in 6 months roughly.
Non leveraged the first time in the sideways market of mid last year was about 8% over 3 months.
2nd time in the ASX game was 11% over around the same period.
So why am I not trading the same way now?
Win % was 49% the first time and 70% second go!
So I am going to give this account a workout .
Reducing R to 5% aiming for 50% win and a pay off Ratio of 2.5.
Trying to take 5+ positions a week. holding for around a week or more for the good performers.
Watching the guys here(traders) that have shown to be profitable, they dont sit around for weeks waiting for the thing to move while invested.They watch , wait for the move , then jump in , Thats what Ive been doing ,waiting , hoping .
Anyway here is the spread sheet . The first line(B4TJS) is all the trades i took before I got the spreadsheet.
just counting that as one big loss. Will skew the Nos a bit but should not make a big difference after 100 trades.
went a bit crazy with BHP short position , will halve that with an order shortly.
long on RRL (Gold miner) might keep that as I believe gold is ready to pop this week another $10 or so into $1240s. Would be nice as BE hedge for longs .

 

[peter2]

Much better, I can see that your trading mindset is slowly evolving to the correct outlook. The fancy spreadsheet has you thinking about the averages rather than individual results. Each trade now is only another in a batch of trades. It's easier to cut the losers and let the winners run when you're thinking of the end result (overall profitability).

 

[Triple B]

Yes , playing with the expectancy tool (100trades) also got me thinking.
had around a 2.75:1 pL ratio with 49% win rate on paper. Most of those winning trades were over a week or 2.
why not exploit that over 100 trades in say 20 weeks rather than 50!
Take the meat out of the moves and get out.over and over..........

 

[Triple B]

Just put some orders in
BHP buy back 35 above 31.05 to reduce R to $55
Short BLD 125 @ $5.80 Limit
Short PNI 150 @ $5.50 Limit
Both look weak as... with plenty of room to next support.
Not expecting the market to recover this week. will re assess tomorrow and look at a couple longs if there is a solid bounce.
Also checked ex div dates . Dont want to pay Divs!

 

[Triple B]

Have not been Trading this account for a while . No time while I focus on FX/ Gold intra day. Was down to $600. Now using the funds to trade Gold. Might be a good while before i concentrate on ASX. Plenty of Forward testing to do on FX and only so many hours in a day.
So for now this thread is dead