Ronnie

Targets are looking mighty close

As per Jackozy's post a few back - if you use the chart from the platform you will be trading on to draw the high/low lines after the hour yourself, then you should be fine, rather than using the levels kindly posted by Ronnie each day on here. That way your prices should be matched to the rules of the trade entries etc.

PS He was talking about the capital assigned to that particular strategy, not his entire wealth!

Sound advice as ever Remo.

I read once that some great trader (can't remember which one) said that he never increases his trade size until he's had something like a 500% increase in trading capital. Only then will he review the trades and then MAYBE double his normal position size.

Indices can move a lot, quickly, so a minimum size mini-index position can easily net > £100 per trade so not a bad idea to just keep trading the minimum mini position until it's proven itself enough to achieve that 500% capital increase. Like everything in trading, it's all about patience and not being greedy.

Portman wrote:
The problem is you will end up taking more risk to get that money back...Thats a big no no in trading.
Atleast with the 2% rule you will have to have 50 losing trades to get wiped out. with the 1 hour system you could easily have 5 losing trades which is not to bad but if you were to risk 10% a time then in five goes you will have lost 50% of your capital .Most people at this point will assume that the 1 hour system is crap and give up.
careful any way.
good luck

All sorts of things to consider re the price discrepancy:

IG is a futures market despite it being called "FTSE Cash" so their high could sometimes be out of hours;

Remo uses the first hour after open in the cash market;

Some charts use high/low (ask/bid), some use mid-price;

Sometimes charts contain errors but it's unlikely ofr an index chart IMHO.

If you're using 8am to 9am UK time then there should be little difference but as long as you stick to your own charts you should be OK.

Just my 2p.

Hi Remo

Will let you know how I get on from time to time, as for the 2% rule, given that I'am 95% down on my original pot, I'am afraid the 2% rule is temporarily up the swanny until I have made enough to get to the stage of only being allowed to lose 2%

hi portman
goodluck and it seems you have the right mindset.Think of this as a long term play and slowly increase your bet sizes and dont be too greedy. Ive seen many good traders fail and thats probably due to playing the dow without a system.
The 1 hour is such a simple system that actually works as long as you stick to it even through bad times. The way to succeed is to bet what you can afford to lose and bet the smallest amount and work your way up. Use the 2% rule....never lose more than 2% of your trading account.
good luck and please let us know how you do.

Hi Libero
Yes I can see the high of 6700 too although if you put your curser on yesterdays candle it says 6720.2 ? all very confusing!

Remo's high and lows are for just the first hour, so the 6700/6720 are not taken into account, still seems to be pretty big discrepancies even with IG's own data depending on where you look on a IG page though.

Remo, I had a look at your stats, hence why I'am trying the 1 hour trading out, must admit to loosing a fortune with IG spread betting over the last 3 year's as clearly I had no idea what I was doing, I like this TA stuff a lot and I'am now determined to learn it properly, gonna be a looooong road I reckon, but I have plenty of free time.

Hi portman
have a look through my 1 hour system stats that i have posted through the year. This will help people understand how well its done. I always post a monthly stat so people can see how it has been doing.
smiley faces means win
sad faces means losses
no emotion means evens

chartsview.co.uk/trading-strategies/235-1-hour-trading-system

Hey Portman,

Happy to hear from Remo and other day-traders on the numbers, but for now, having checked IG Markets this morning, the day's high I have is 6700.4.

Now, all things said, IG do in their capacity as book-makers and synthetic market-markers, can and do work with their own figures.

They, like other providers, do stipulate that they use underlying data, but they never state that is it 100%. Giving themselves this flexibility means that they can - allegedly - control a lot of trades, and scoop lots of stops (just a "follow-the-money theory).

Good luck!

Edit: Doh! Just noticed Remo has replied!

Edit two: Thomson Reuters Eikon shows 6,695.92. I'd take that over IG any time

Hi Portman
Spread betting firms have a habit of being slightly out compared to real time charts.
Saying that this mornings price on my chart does say 6695.92 and there is a very slight wick which makes me think that the high for the first hour is slightly suspect.It would have been nicer if the wick was longer so then you would have a definitive high. So for today id say IG are more likely to be correct than my chart only due to the very slight wick on mine. Even on my 1 minute chart there is a slight wick.
Im glad your liking the 1 hour trading. It does work but dont expect to get rich quickly on this as its a very slow burner. Ive been playing around with the system to try and see if i can make it better.Ive also noticed that most of the losses have been when going short so may need to factor in the bigger trend.If the trend is up may be only go long????some thing to consider.
This system has more wins than losses generally. ive had 9 months of wins and 3 months of losses in a year and last months was a losing month . Its still a great system but there is room for improvement.

Hi Remo or anybody really

I'am VERY new to this day trading, but have been trying this 1 hour day trading for a week or so using IG, and I love it, alway's thought I was a investor but starting to suspect I would be more suited to being a trader after 3 year's of "investing"

Anyway what I wanted to ask is about the high's and low's of the first hour, their not usually so far off between yourself and IG but this mornings high on IG is 6678 which is miles off your own of 6696, ADVFN's is 6695.92 so tallies with your's.

What I'am really asking is why IG are soooooo far off ???