Day Trading with Spread Betting

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Llewelyn James 0 Comments. Please download a free trading plan template that includes an example of a completed trading plan and white space for you to fill in your own trading plans. Having a trading plan is one of the easiest steps that you spread betting trading journal spreadsheet take to improve the profitability and consistency of your trading but yet there are numerous traders who have never spread betting trading journal spreadsheet the time to write one down.

If you take an afternoon away from the charts to write your trading plan you will find that your trading becomes less stressful, more enjoyable and ultimately more profitable. The biggest benefit that a trading plan will provide is that it removes the decision-making process during the heat of battle.

The first component of our trading plan will be to write out what we spread betting trading journal spreadsheet to achieve from our trading. Start with realistic expectations. For instance, a monthly goal might be to make 2. That may seem conservative but as I pointed out when writing about the realistic rate of return for a trading strategyif you can achieve that you are on your way to being a very successful and wealthy trader.

Alternatively your goal might be to not lose money for a Month. If you are already consistently profitable your goal might be to reduce your weekly monthly draw-down while keeping your returns the same. Without goals being specific, you will have a hard time evaluating whether you are achieving them. It is also worth giving yourself daily and weekly goals as well.

These should be unrelated to profitability but focused on the processes instead. For example, a daily goal might spread betting trading journal spreadsheet to read at least one chapter of a trading book.

A weekly goal might be to study your trading journal before next week and make notes for improvement. Once your trading plan has clearly defined goals you need to start considering how you are going to achieve them. There are some serious considerations required at this stage of the trading plan.

Think about what your strengths spread betting trading journal spreadsheet weaknesses are… Are you good at identifying Chart patterns or candlestick patterns such as the dragonfly and gravestone doji or inside and outside bar patterns?

Are you good at reading financial statements? Do you prefer getting in and out of positions quickly, or do you prefer having smaller positions with wider stop-losses? Think about the previous trades that you have made and try to remember what you found easy and what you have found hard. When writing out what type of trader you would like to be, make sure to give yourself an spread betting trading journal spreadsheet chance of replicating what you have previously found easy.

There are 4 main types of trader; Scalping, day-trading, Swing trading and position trading. Ask a close friend or family member to tell you what they think your strengths and weaknesses are. If they tell you that you are not good under pressure…. Spread betting trading journal spreadsheet they tell you that you are highly disciplined, good for you…you might want to plan on being a day-trader.

If you are analytical it might be worth planning on being a swing or position trader. The type of trader you plan on becoming will determine to some extent the markets that you are able to trade. A position trader will be able to look at a large number of markets whereas a scalper might only have the time to look at one. As you probably know, I trade mechanical trading strategies and this enables me to analyse a wide range of markets in a very short time.

If you are a discretionary trader you will obviously need to focus on a more refined number of markets. Think how accessible the markets you plan on trading are too. If you want to trade American Penny Stocks, will you be able to access charts for them? Are the spreads and commissions too large for your account? If you are spread-betting you might find that the spreads on certain futures markets are too large.

Think about what you would like to trade…but make sure it is practical. This is related to spread betting trading journal spreadsheet type of trader you have planned on becoming. If your trading plan is to become a day-trader then you should specify the charts you will look at. This could be a 4 hr Chart to gauge the medium term trend, a 1 hr chart to gauge the short-term trend and a 15 min chart for your entries and exits.

If your trading plan is spread betting trading journal spreadsheet become a Swing trader you might specify that you will look at weekly charts for the long-term trend and use daily charts for your entries and exits.

The main considerations that need to be made are firstly what the financial strength and ownership structure of the broker is. Brokerages do go spread betting trading journal spreadsheet If you can choose a broker that is listed on a public stock exchange you will spread betting trading journal spreadsheet improve the odds that you broker is financially sound.

If the broker you choose is based in the Cayman Islands and owned by one or two people…I advise you to steer clear of it, regardless of the perks that they offer. If you want to trade FTSE stocks…look for the brokers that offer the most competitive spreads.

If you want to trade futures it is probably best that you find a broker that offers Mini-contracts. If you have a small account and want to trade Forex, make sure that you find a broker that offers Mini or even Micro-lots. If your trading plan is to be spread betting trading journal spreadsheet swing trader that uses Moving Averages, make sure that they are provided with the charts.

If you intend on being a discretionary trader it might be worth looking for a broker that provides fundamental data on the markets that you plan to trade. The last consideration should be the perks offered by the broker. The most important things to consider are how much you are willing to risk on each trade, what your entry signal will be and spread betting trading journal spreadsheet your exit strategy will be. It is also worth thinking about whether you only want to trade the long side, the short side or both.

Further questions to ask yourself include…. Will you increase your position size if the account is up or will you decrease your position size if the account is down?

Test any strategy before taking it live. Your daily trading routine will be largely determined by your chosen trading style and time-frame. The shorter the time-frame you have decided to trade, the more planning and work is required. It felt as if I did enough day-trading to last a life-time at our old Prop-Firmso I am predominantly a long term-trader. Having said that, I know that many of you would like to be day-traders.

Most of the following points are for you. As I write this article Ben Bernanke is deciding whether to extend the Feds Bond Buying program…Trust me that professional day-traders plan on being mostly flat going into any Fed statements regarding Quantitative Easing. On days with important news releases make part of your trading plan to exit all trades 10 mins before the release and re-enter if your rules permit once the statement or figures have been released.

Make sure that yesterdays trades are logged. If you have left any trades open over-night you need to check whether you need to update the stop-losses or profit targets. Your plan should also leave time before the market opens to plot yesterdays high, low, open and close. If your strategy is to day-trade small-cap stocks you should have a general idea of whether the broader market index is going up, down or sideways.

Staring at charts all day without a break is bad for your eyes. Put in a trailing stop-loss? Or do you plan on hedging your position with another market? The last part of the daily trading plan is to have your watch-list prepared before the market opens. Remember that a large part of why you are writing a trading plan is to keep disciplined and remain stress-free while the markets are open. Make sure that the assets you have short-listed as potential trades have all spread betting trading journal spreadsheet their key price levels updated and that the charts are easily accessible from your desktop.

I also think that a trader can benefit a lot from taking screenshots of the trades they placed. Snagit is a great tool for doing just that. When you record your closed trades remember to include the entry price and exit price as well as the initial stop-loss and target.

A simple spreadsheet in excel is sufficient for this part of your routine. Good habits are easier to maintain if the results are instantly tangible. Disclaimer - Forex, futures, stock, and options trading is not appropriate for everyone.

There is a substantial risk of loss associated with trading these markets. Losses can and will occur. No system or methodology has ever been developed that can guarantee profits or ensure freedom from losses. Nor will it likely ever be. No representation or implication is being made spread betting trading journal spreadsheet using the BacktestWizard methodology or system or the information contained within any BacktestWizard material will generate profits or ensure freedom from losses.

Create A Trading Plan Today! Trading Plan Template Please download a free trading plan template that includes an example of a completed trading plan and white space for you spread betting trading journal spreadsheet fill in your own trading plans. Leave A Response Cancel reply. Search For Financial Data.

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Click here if you accept the disclaimer below and wish to go to the Naked trader site. My name is Robbie Burns and I have been a successful trader for more than ten years. I've also written the book "The Naked Trader" which turned into a best seller. The first edition was published in , the second edition in late and the third edition in This website was created after I left my full-time job as a finance editor for BskyB to trade full-time.

I had been writing an diary page for its teletext service since and decided as I was leaving to transfer that to the internet. This page really is what you would call a "disclaimer" page and you should read it carefully before entering the site - by pressing the "I Accept" button.

The website is simply a "diary" of my life, or what you would now call a "blog". I detail what I've bought, sold or shorted and briefly why. I use various spreadbetting companies and stockbrokers to carry out the trades. I ignore commission but also dividends and I reckon the two balance each other up. So you should be aware this is not a "tipping" site and I do not consider myself, nor do I want to be, a "tipster".

In other words tipsters will urge you to "buy" something - and they generally are regulated to do so by the FSA. I simply state I have already bought or sold something personally. Because of that I am not "regulated" - so I am not an authorised "tipster". I am simply a trader who states his positions. That is quite a big difference.

I am not allowed to give what is called "Individual investment advice". What that also means is if you e-mail me and ask me anything along the lines of "Should I buy or sell this share? For website purposes my buys will often be to smaller stakes than in reality. So although my buys are real enough, as are the prices, I can and often do buy much bigger stakes in the shares.

My reasoning for this is I simply do not want to encourage people to blindly follow me into something when they do not understand the potential risk. It's ok for me because I can afford to lose money I put into the market.

It may not be the case for you. I am generally a medium term investor holding my shares usually between 1 week and on occasions up to 3 years. Average holding time is probably about 3 months.

Quite often, as I play momentum, a share I have bought may already be much higher than when I bought it, especially as I do not update every day. If you follow me blindly you may be buying at a much higher price and you may end up selling at a much lower one. If you follow me into something and lose money, you only have yourself to blame and not me. You should learn about markets and understand what you are doing before entering them. The most risky way of trading of all is spreadbetting, which I do quite a bit.

You should carefully read all the warnings that the spread betting firms issue together with all the warnings in my books. And never, ever, play with money you cannot afford to lose. The aim of this site is to entertain, and perhaps stimulate debate, and that is the condition of entry! I really hope you enjoy reading about my triumphs and mistakes, but please, just watch and enjoy my triumphs and learn from my mistakes. Consider this site as entertainment. If this is your first visit to the Nakedtrader website site, I thank you for visiting me, and hope you will find this site useful.

After reading and agreeing to the disclaimer, click the "I accept" button below. Please remember, I cannot give any specific advice, as to whether you should buy, hold or sell any individual share. Naked Trader information is given in general terms only and does not constitute personal advice to any individual. Investors are responsible for formulating and applying their own strategies based on their own personal circumstances. Naked Trader recommends that you obtain independent financial advice from an FSA-authorised intermediary before investing money.

Information given in previous editions of Naked Trader daily updates may become outdated and should not be relied upon unless confirmed by recent comment.

Naked Trader takes every care to ensure that the factual information on its website is accurate but cannot guarantee this. My email address is robbiethetrader aol. Click here if you accept this disclaimer and wish to proceed to the Naked trader site. Click here if you accept the disclaimer below and wish to go to the Naked trader site Hallo and welcome to the Naked Trader Website..

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