The plan is to use the DAX (germany 30) to bet on as both the spread and margin are only one - with an ADR of 1745 (30) there is plenty of movement to find my four same colour Renko bricks going in the same direction. I only need twenty pips a day if I compound my bets
My biggest worry is GREED and finding something else to do instead - good job the weather has improved .
The DAX index (Deutsche Aktien IndeX), commonly referred to as the Germany 30 by spread betting providers is the benchmark market index for Germany. The DAX 30 also happens to be one of the most overlooked indices by traders. The big markets such as the DOW, S&P and FTSE are well known and spread traded, but the DAX 30 usually finishes up as an also-ran. This is a pity, as if you take time to know the way the DAX 30 moves, you will see that the index is very volatile (more so than the FTSE 100 or the S&P 500) and although not for the faint hearted, it can be quite good fun when you’re ahead! MORE . . .
Day # 1 105.0 = Today's Range . . . 174.9 = 30 Day Range . . . 5.0 = Renko Brick Size Not a very good start with me being too eager to place my first trade of the challenge
If only I had waited till 11.00 I could have reached my daily target (20) with just the one trade
It was once suggested to me that I would be better having a long weekend and taking Monday's off . . . Whilst the markets sort themselves out after the weekend . . . If today is anything to go by I should have.
Decided not to use the maximum available bet size after my first trade mistake - Better safe than sorry
Still 17% for a couple of hours is not to be sniffed at with only £0.10 bets ! Lesson learned: Don't be in such a rush to place the first trade of the day .
Day # 2 210.0 = Today's Range . . . 173.9 = 30 Day Range . . . 5.0 = Renko Brick Size Would you believe it . . . yesterdays lesson came back and bit me. I decided to do something else whilst I waited for the market to settle and look what I missed Then to cap it all it spent the rest of the day in a squeeze and I was lucky to get my 22 pips.
Have now more or less decided to only go SHORT for the foreseeable future.
Even if I had been with my charts at 09.00 I am not sure which of the pull backs would have finished my day - maybe around 60 .
This is exactly why I need an "Armageddon EA" so I couldn't lose more than my original stake. Yes I would still have been sick at having a "Margin Call" BUT at least I could have kept going with my initial deposit
Tried to add the £11.03 to my account to take me back to £20.00 BUT my broker won't allow less than £20.00 deposit