Oohh wow what a f%^&**^ frustrating morning....I had the breakout set for 16874 and pushed the button to enter but IG refused to fill the price. I missed a good 30 pips and possibly more, have a look at the charts and you will be able to see my frustration.
I'm not sure what caused the vicious drop this morning but it was a major one! Brown announced a spending cut and the market could have reacted to that. Candles work in a 3, 5 , 8 , 13 combination on a trend.
Today it went short for 8 straight candles which tells me something spooked the market.
I did finally enter the trade when it broke a later pivot and manged to also scalp some additional points to make a total of 33 pips on the day so not too bad.
The pivot strategy which I didn't play yielded 70 pips this morning. The skype chat group was very buoyant with many people taking the most amount of pips they have ever taken in one trade. In 45 minutes cable dropped 130 points and I only took 33!I will say it again bloody IG
I was involved in the webinar yesterday for the traders that are on skype. After this finished I discussed with Marcus De Maria what people expected from the webinars. They occur monthly but I'm not sure the traders are taking full advantage of it.
The group support that we give is amazing for any novice trader. But we don't believe people come with enough questions to help them improve.
A couple of points that I would like to make for anyone trading and loosing. It is a time thing purely and simply. You will become a good trader if you stick at it and most important Master your PSYCHOLOGY. Trading with fear is the number 1 reason people are not successful in trading in my opinion.
The point I made earlier about the candle formation is a great example. I had been trading for 6 months and was getting extremely frustrated about my losses. I then went on a webinar and was given that info.
I couldn't believe that I had never noticed this before. As soon as the webinar was finished I opened up the charts and you know the saying "I was blind but now I see"
All this time I had not noticed this point and it is now an integral part of my trading. You will continue to pick up small nuggets that will refine your trading and add to your strategy and then it will take off.
To Your Trading Success!
Click here for a free stock market DVD
That's more than bad luck with IG, in my opinion and many others I know, they're crooks. Why don't you open with FXCM, I don't think they're massively better but the big thing in their favour is that they're not IG! Cheers, Tim http://www.eminifuturesblog.com
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