Ray's amnesty page

[wiseambitions]

comments on chart

[wiseambitions]

12 pips before breakfast

3.9pc return on capital.


Nice way to start the week, seeing as it's Monday and a miserable Monday - raining cats and dogs

Good luck guys

[wiseambitions]

My second trade this morning was a bit scary. I would have got stopped out if I followed the rules, having entered on a m5 aims box breakout and seen some retracement before going to glory. I widened the stop (cardinal sin - but that's how I stayed in, believing it was a blip).

Up 5.7pc today, will stop today before I give it all back!

[wiseambitions]

Last week's news, I know, but I find it scary that the so called top traders at the big banks can be so bad at business (worse than some of us amateurs). And some of us amateurs would probably get better results than them in their own professional work. The following is extracted from the Guardian website.

The City trader accused of fraudulently gambling away £1.4bn of his bank's money had lost £123,000 of his own cash through a spread betting account, a court heard.

Kweku Adoboli, who is standing trial accused of bringing Swiss bank UBS to the brink of collapse, lost so much of his own money spread betting he had turned to Wonga.com and a string of other payday lenders, the jury was told.

Southwark crown court heard that Adoboli, 32, opened an account at IG Index, a spread betting firm that allows customers to make bets on financial instruments in March 2010. In the year running up to his arrest last September he lost £123,000 and was issued with two warnings by his bosses for failing to declare the account, which breached the banks rules. He had also opened a second spread betting account at City Index.

Adoboli's personal bank accounts were mostly overdrawn despite his £360,000 annual salary.

The account showed a string of payments to Wonga.com, Moneybox.com, Wageday Advance, Payday UK, Pounds to Pocket and three other payday lenders.

His bank account also shows his monthly salary payments increased from £2,886.66 in October 2008 to £6,176.69 in October 2010

[immy]

Last week's news, I know, but I find it scary that the so called top traders at the big banks can be so bad at business (worse than some of us amateurs). And some of us amateurs would probably get better results than them in their own professional work. The following is extracted from the Guardian website.

The City trader accused of fraudulently gambling away £1.4bn of his bank's money had lost £123,000 of his own cash through a spread betting account, a court heard.

Kweku Adoboli, who is standing trial accused of bringing Swiss bank UBS to the brink of collapse, lost so much of his own money spread betting he had turned to Wonga.com and a string of other payday lenders, the jury was told.

Southwark crown court heard that Adoboli, 32, opened an account at IG Index, a spread betting firm that allows customers to make bets on financial instruments in March 2010. In the year running up to his arrest last September he lost £123,000 and was issued with two warnings by his bosses for failing to declare the account, which breached the banks rules. He had also opened a second spread betting account at City Index.

Adoboli's personal bank accounts were mostly overdrawn despite his £360,000 annual salary.

The account showed a string of payments to Wonga.com, Moneybox.com, Wageday Advance, Payday UK, Pounds to Pocket and three other payday lenders.

His bank account also shows his monthly salary payments increased from £2,886.66 in October 2008 to £6,176.69 in October 2010

One Word "WOW".

[wiseambitions]

I've been a bit busy on other stuff the last 2 or 3 days so have hardly partaken

Today would have been up and down etc, particularly jittery I would say.

Nevertheless the market makes some interesting patterns

[wiseambitions]

I haven't enjoyed the week as much as some, and only traded 2 days.

Reflecting on my methods I have to admit I made one silly big mistake, causing me to pay too much for some euros, and then getting too greedy and not taking enough profit off the table when a lot more pips could have been had. This meant trading was far from stress free for me. Must stick to my own rules and not act on impulse!

Nevertheless still up by more than 7.5 per cent, and that helped me sleep well Friday night after the markets were closed, knowing I had got out well before it dropped 15 under the 1.3000 mark. In spite of this week, the entire month of November has been phenomenal. And I still have many lessons to learn. For example I am wondering whether I should reduce my lot size, eg halve them, in case I can get better entry prices in the same set-up.

Opinions are diverse as to where the market goes next. Hopefully following the system will keep us the right side of developments.

[immy]

Ray:
My two cents worth

Stop trying hard.
Keep Trading exactly the same fashion that helped you Quadruple your account
If it ain't broke don't fix it
Keep it Simple.
If its Not Stress Free its ok as long as the Stress Level is NOT affecting your performance. If you trade completely stress free chances are you may fall asleep. So a HEALTHY amount of STRESS if very good for trading.

We must know US as a Unique Person. We must know how to handle ourselves. There are so many simple aspects that we can work with and make our lives more beautiful and very interesting. We MUST continue to be our own best SUBJECT of Curiosity! .

E.g. I never rest my back on the chair and keep my body upright "consciously" taking my back in and pushing my chest out and tilting my head forward just a tiny bit. This posture, gives message to my brain to remain active. If I lean back on the chair, the brain starts to relax my muscles and my focus goes down and eventually I start yawning and fall asleep.

[wiseambitions]

Thanks Immy

November was fantastic on the whole, and reminded me of an old friend from Australia who owned a piece of land and a gold mine. He would visit England when he found a nice nugget. And of course he needed to get around so he'd buy a small car. He considered Porsches were small cars !

I found gold in November in looking for suitable setups on about 75% of available days, and am back on a roll, like I was 2 or 3 years ago when I could trade without distractions.

And this morning, a surprise really to find the euro had jumped 50 pips since Friday night, I took a trade which was prompted by m5 chart, and after reflecting that a bit of a retracement was probably temporary I took 3.4%, it took 1 and a half hours coming. Nice way to start the week.

Good luck guys

[wiseambitions]

Tuesday. When, as now, the currency is going to new heights not visited for several weeks, it makes one dubious about trading.

Nevertheless, 2 trades this morning, giving me 2.3% ROI

The least convincing of them was as per the chart, an add on, (by which I mean a new fractal/Aims box breakout without the alligator having been chewing and sleeping), which mid-trade went very wrong, but I stayed in due to the momentum, and by all accounts I got out within the thinnest of safety margins on a spike before it went down again.

I have also got a new strategy to try and reduce stress, which is to imagine my pounds are bananas and not really hard-earned currency after all. So I am about 7 per cent up in banana stocks since Friday night. Actually, now I think of it in terms of real money again I feel quite good.

No more for me today, I've achieved my daily target

Good luck guys


PS. The red zig zag line on my chart is an indicator called StepMA which gives me added confidence I'm on the right side of the trend.
The thick yellow line is 63EMA (not displaced) and that is an old trusted favourite which does that for me too. But I haven't abandoned the purple line. The yellow line obviously moves a little slower.
The separate indicator at the bottom of the window is called QQE, and is supposed to combine RSI with the sense as to whether the price is improving or deteriorating.
All of those indicators can be found for free on the www, but if Aims is the system, I'm not advocating makikng the charts or setups any more complicated; it works beautifully as it is.