Another couple of straightfoward trades this morning. There was one more that very nearly qualified around 10.20, in fact technically it did qualify, but it happened about 2 seconds before the end of the qualifying period and only by half a pip. I missed it and I don’t think anyone would have got it. Good job too because it was a loser.
It’s been another good week for Earlybird with nearly 80% strike rate as promised and a nice profit of £1485.
I have noticed that the trades do go close to the stop fairly often and this could mean that results for different users could differ. There are two ways of entering a trade. On IG Index you can open a Deal Ticket, or place an Order to open. With the Deal ticket you enter your stake, stop loss, and limit and click buy or sell. When you hit the button it processes the order and this can take from a few seconds to up to a minute to go through, I suppose depending on the servers, internet connection, amount of orders happening at that moment etc. If the market is moving quickly then you could be a few pips out either way depending on just when you hit the button. And this is where a bit of luck comes into it because if the trade reverses, it could hit the stop or not depending on exactly when you got in. Quite a few times I’ve seen the trade go within a pip of my stop, or indeed hit the stop and then go back again, so those few pips of uncertainty when placing your trade do seem to affect the outcome. Still, as long as it evens itself out over time I suppose it wouldn’t make any difference.
The other way to open a trade is to place an order to open. This is where you actually enter the level at wish you want to enter the trade… for example Buy at 5941.0. It is possible to do this with the Earlybird, so when the signal shows itself, you just place your order to open at one pip above/below the signal and if it doesn’t get fulfilled within the time frame specified then you cancel it. This way you are sure to enter at exactly the right point… as long as you have time to place this order. The problem here being, it takes a few seconds to enter the information and submit the order, and if the market has already moved beyond that point, the order doesn’t get fulfilled. Also, cancelling the order at the right time period could be tricky too.
I suppose experimenting with both options is the way to go. One advantage of using the deal ticket is that often the market reverses in those few seconds it takes you to enter it and so you enter a few pips less than where you were supposed to, meaning you make your profit target a few pips sooner and your stop is a few pips farther away and this can make all the difference.
Buy (£39) +£390
Sell (£45) +£450
Days Profit: £840
Total Profit: £1485