1 Hour Day Trading ??????????

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: 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%

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.