Anyone need any help?

[Maarten]

Hi Guys, I am an amateur trader, new to the forum and was hoping to receive some advise. Since last year I got an amount of NASDAQ shares but ss you all know, the GBR/USD exchange rate is recovering from BREXIT and so I am getting a bit nervous if it will rise even more over 2018. Therefor I am considering to hedge the exchange rate with an ETF e.g. USGB. Among the more experienced traders on this forum, do you consider this as a wise move or are there other tricks that you would recommend. For info, I am trading on DeGIRO for now so product/index should be available on their platform.

For now, I will continue to go through the extensive introduction material. Many thanks!

 

[i8uguys]

Hi Everyone
Newbie here, I'm looking to start trading, but like everything else in life you need experience.
I have around 15k, just looking for a set up to start with to kick me off.
Ideally if I could follow a tried and proven system that would be ideal,any suggestions welcome, thanks.

 

[Lee Shepherd]

Hi Everyone
Newbie here, I'm looking to start trading, but like everything else in life you need experience.
I have around 15k, just looking for a set up to start with to kick me off.
Ideally if I could follow a tried and proven system that would be ideal,any suggestions welcome, thanks.

Hey Dave,

Thanks for posting on here. It really helps a lot of others and keeps transparency if we talk here rather than private message.

I’ll do my best to help but as stated, I’m not a mentor or teacher, I’m a trader. Therefore I don’t always know the best way to present things but one thing I do know is how to make money trading the financial markets.

What markets (if any) do you have experience in or what picks your fancy and why?

 

[i8uguys]

Hi Lee

I was trading forex on demo mainly usd/aud. I started off with 10k, now I'm at 17k, I must be doing something right but I know you will tell me demo is not real money which I understand as it's not the same as using your own money.

I bought a trading DVD from vince stanzione a while ago, as you know he is mainly a trend trader. I have watched it a few times but that's as far as I got.

But now I am better off financially I want to have a go at trading as I like a challenge.

 

[NVP]

Hi Lee

I was trading forex on demo mainly usd/aud. I started off with 10k, now I'm at 17k, I must be doing something right but I know you will tell me demo is not real money which I understand as it's not the same as using your own money.

I bought a trading DVD from vince stanzione a while ago, as you know he is mainly a trend trader. I have watched it a few times but that's as far as I got.

But now I am better off financially I want to have a go at trading as I like a challenge.

Hey there

No offence but following advice from vince is probably not going to get you very far......he is a master of publishing freely available advice and packaging it for sale

Again no offence meant to him or his company ...he actually published a half decent book on life coaching and self management that I still have somewhere...but again every chapter was nothing new ...just repackaged

Vince talks about ma crossovers correct ?

Again a vastly simple approach that many traders use but only as a guide

Also demo is easy ...you are correct .....it doesn’t punish like live accounts do......so great you are making money but don’t get to complacent ....but profit is good ......


My advice is do a lot of free research on the key price action fundamentals like trend trading and support and resistance ......I believe if you keep pushing and focussing on learning more you will find the right sites and mentors if necessary ....

But the early days are the worse ...we’ve all been there....

Just consider this though as a little positive....these days everything you can learn about trading is perhaps no more than 4 to 5 clicks away .....so the sooner you start the sooner you will get there

Back in the early 80’s when I went on a trading floor for,the first time we had nothing to teach us but other traders and a few books on the subject .....in fact I was part of a team that had to start working out how to record and account for trades in the accounts of our organisation ...and again nothing had been ever written on the subject regarding the revolutionary products that were being created to trade ...so we just did our best

No internet or anything else ......so don’t feel so bad if you are not sure where the road will lead ....you will get there :smart::smart:

Just don’t run out of money before you do .....:innocent:

N

 

[GM_Blindfire]

Just getting started with the whole trading thing. Questions keep popping up and I keep finding answers so that I can be well informed before I take even small risks. Anyway, Wash sales. I think I understand them and I have a basic system for tracking them, but I'm fuzzy on two things.

1.) So you buy a stock and it goes down, but you're relatively sure it'll rebound, so you buy more. This brings down the average cost for your position. If you sell between the prices for your two buys, but make an overall profit, will this generate a wash sale because you under sold your first purchase?

2.) If a stock seems to not be working out, but you manage to sell just barely above your purchase price, then commission costs/fees give you a overall net loss, will this generate a wash sale despite you selling at a higher price?

My guess would be that neither of these scenarios would generate a wash sale because I have a net gain before commissions/fees.

My understanding is that I can't buy a stock back for 30 days if I sell at a loss or I can't claim it as a loss, but rather the total price of my trade would increase. If it seems I'm not understanding something here, please enlighten me.

 

[Lee Shepherd]

Just getting started with the whole trading thing. Questions keep popping up and I keep finding answers so that I can be well informed before I take even small risks. Anyway, Wash sales. I think I understand them and I have a basic system for tracking them, but I'm fuzzy on two things.

1.) So you buy a stock and it goes down, but you're relatively sure it'll rebound, so you buy more. This brings down the average cost for your position. If you sell between the prices for your two buys, but make an overall profit, will this generate a wash sale because you under sold your first purchase?

2.) If a stock seems to not be working out, but you manage to sell just barely above your purchase price, then commission costs/fees give you a overall net loss, will this generate a wash sale despite you selling at a higher price?

My guess would be that neither of these scenarios would generate a wash sale because I have a net gain before commissions/fees.

My understanding is that I can't buy a stock back for 30 days if I sell at a loss or I can't claim it as a loss, but rather the total price of my trade would increase. If it seems I'm not understanding something here, please enlighten me.

Hey mate,

A very complicated first post. I’ll see if I can grasp what you’re talking about but if I get it wrong, please do say.

Firstly I haven’t heard this term for a very long while. From my understanding wash sales in the US is non existent. You can of course buy and sell stock at any time the exchange is open. There’s no rules against that. However, I do believe that you can’t force a loss to offset against taxes and again from my understanding is that it has been outlawed to prevent such tax dodge (tax loss offset). I know in the UK they closed this loop hole ages ago, although we called it bed and breakfast (a term now lost to history). The loop hole in the UK was introduced from my memory, very early days when I just started and left my parent account behind, so around 1999 or there abouts.

If you’re just starting out, I’m a bit perplexed as to why you investigate off setting taxes to create a loss on money you haven’t earned yet. But, your question would be best met by a qualified tax advisor. This is because you would need to discuss your own private financial affairs and obviously this isn’t something you would do on line for security purposes. Hope that helps, a little at least.

Lee

 

[progix]

Hi Lee

I was trading forex on demo mainly usd/aud. I started off with 10k, now I'm at 17k, I must be doing something right but I know you will tell me demo is not real money which I understand as it's not the same as using your own money.

I bought a trading DVD from vince stanzione a while ago, as you know he is mainly a trend trader. I have watched it a few times but that's as far as I got.

But now I am better off financially I want to have a go at trading as I like a challenge.

Better to stick with demo for some more time and it will help you learn more. Good LUck

 

[NVP]

Just getting started with the whole trading thing. Questions keep popping up and I keep finding answers so that I can be well informed before I take even small risks. Anyway, Wash sales. I think I understand them and I have a basic system for tracking them, but I'm fuzzy on two things.

1.) So you buy a stock and it goes down, but you're relatively sure it'll rebound, so you buy more. This brings down the average cost for your position. If you sell between the prices for your two buys, but make an overall profit, will this generate a wash sale because you under sold your first purchase?

2.) If a stock seems to not be working out, but you manage to sell just barely above your purchase price, then commission costs/fees give you a overall net loss, will this generate a wash sale despite you selling at a higher price?

My guess would be that neither of these scenarios would generate a wash sale because I have a net gain before commissions/fees.

My understanding is that I can't buy a stock back for 30 days if I sell at a loss or I can't claim it as a loss, but rather the total price of my trade would increase. If it seems I'm not understanding something here, please enlighten me.

my suggestion is to find a better system that doesnt put you into losing positions

N

 

[GM_Blindfire]

Hey Lee.

No real gains, but I've been using ToS paper money as if it is my own money at risk in an attempt to learn. So, I'm attempting to keep track of the fake wash sales, so if the issue comes up later down the road, I'll have an understanding be able to deal with them properly.

I'm not trying to cheat a system that was designed to disallow cheating the larger system, I'm just concerned tracking them properly, because I've heard they can be a nightmare at tax time.

I will talk to my tax adviser on how it works or if my specific concerns even exist in the US.. Thank you for the advice.

 

[GM_Blindfire]

my suggestion is to find a better system that doesnt put you into losing positions

N

By system, do you mean how I go about finding opportunities for trading? If so, I agree 100%, my system is very basic but I'm not trading with real money. That's not an excuse, I'm just aware that my system isn't up to par and may never be. Any suggestions on formulating a better system or learning a better established system would be incredibly helpful.

 

[Lee Shepherd]

Hey Lee.

No real gains, but I've been using ToS paper money as if it is my own money at risk in an attempt to learn. So, I'm attempting to keep track of the fake wash sales, so if the issue comes up later down the road, I'll have an understanding be able to deal with them properly.

I'm not trying to cheat a system that was designed to disallow cheating the larger system, I'm just concerned tracking them properly, because I've heard they can be a nightmare at tax time.

I will talk to my tax adviser on how it works or if my specific concerns even exist in the US.. Thank you for the advice.

Hey bud,

Firstly, forget about what NVP has stated as he has clearly misunderstood your question. To be honest and as he is a vendor @NVP - you should know this - wash sale or bed and breakfast is a great way to off set taxes and maximise on earnings/profits. Although is non existent in most of the western world as I know it as the loopholes have been closed. Certainly in the USA and UK. With respect to NVP (unless you wish to discuss further).

@gm - as it’s a non recognised practice or more to the point, not recognised as a tax evasion/saving, then there is no need to monitor this kind of action. It’s far from out dated.

Enjoy your weekend. I have some losses to make up. Dam casino done me again. ��

 

[GM_Blindfire]

Hey bud,

Firstly, forget about what NVP has stated as he has clearly misunderstood your question. To be honest and as he is a vendor @NVP - you should know this - wash sale or bed and breakfast is a great way to off set taxes and maximise on earnings/profits. Although is non existent in most of the western world as I know it as the loopholes have been closed. Certainly in the USA and UK. With respect to NVP (unless you wish to discuss further).

@gm - as it’s a non recognised practice or more to the point, not recognised as a tax evasion/saving, then there is no need to monitor this kind of action. It’s far from out dated.

Enjoy your weekend. I have some losses to make up. Dam casino done me again. ��

Ah, I see. That's a huge relief because I've been wasting a lot of time trying to understand it. I appreciate the clarity.

You enjoy your weekend as well.

 

[mpups]

1.) So you buy a stock and it goes down, but you're relatively sure it'll rebound, so you buy more. This brings down the average cost for your position. If you sell between the prices for your two buys, but make an overall profit, will this generate a wash sale because you under sold your first purchase?

You have averaged down, reduced your cost basis, and when you sold you realized a profit so the wash sale rule is irrelevant here. its the sale which realizes a profit or loss.

2.) If a stock seems to not be working out, but you manage to sell just barely above your purchase price, then commission costs/fees give you a overall net loss, will this generate a wash sale despite you selling at a higher price?

Commission is included in the cost basis. You have realized a small loss so the wash sale rule would apply

 

[trendie]

Hi Lee
Looks like you have found your groove.
Your other thread is quite inspirational.

Is there any value in showing points rather than pounds made?
I am trying to get a handle on your methodology!
I think you go for 600 or 900 points.

I like your view of fundamentals first, then technical.

You also refer to "We" and "us.
Are you trading as part of a group?

Have a great weekend and continued good success.

 

[Lee Shepherd]

Hi Lee
Looks like you have found your groove.
Your other thread is quite inspirational.

Is there any value in showing points rather than pounds made?
I am trying to get a handle on your methodology!
I think you go for 600 or 900 points.

I like your view of fundamentals first, then technical.

You also refer to "We" and "us.
Are you trading as part of a group?

Have a great weekend and continued good success.

Hey mate,

Hope all is going well and thanks for the compliment. I am truly lucky to be where I am and I appreciate it every day.

I refer to us and we more as a habit but yes, you are right, there are more eyes and ears than just mine.

I try not to disclose my trading methodology as it wouldn’t be fair on me and others and it also wouldn’t help the person viewing the post. In fact it may even hinder them or confuse.

Fundamentals first then technicals, that’s the rule.

Points or pounds, it matters little. If it’s pounds then people can see the value of how much I make on a daily/weekly or monthly basis. If it’s points then others are free to add any pounds per points they see fit. This will differ from micro accounts to those with ‘a few more bucks to spare’.

Where in the UK do you reside, we’ve both been on here long enough so should be mandatory that we meet up. Regardless though, get down the pub with some of us at the next London traders meet-up, about 50+ of us there. @sharkey will be coming out as well. 😁

 

[trendie]

That's why I thought points made more sense, as people can impose their sense of monies.

Appreciate you don't want to disclose methods and I wouldn't expect any reveals. Just curious about risk / reward etc.

I found my trading improved when I zoomed out to 3 to 5 day trends and intra traded from that.
Been part timing alongside contracting.
Back to full time trading till a new project drops for me.

Am in Shropshire. Cosford air show next week.
Will drop you a line when I pop down to London.

 

[Lee Shepherd]

That's why I thought points made more sense, as people can impose their sense of monies.

Appreciate you don't want to disclose methods and I wouldn't expect any reveals. Just curious about risk / reward etc.

I found my trading improved when I zoomed out to 3 to 5 day trends and intra traded from that.
Been part timing alongside contracting.
Back to full time trading till a new project drops for me.

Am in Shropshire. Cosford air show next week.
Will drop you a line when I pop down to London.

I reside between Portsmouth and Waterlooville. City life for the madness then Waterlooville (Denmead to be precise) for the quietness. About 20-30 minute drive out the city. I get to London about once a month and usually stay overnight to hit up the nightlife and meet up with others. Let me know if you can make the next meetup. By my judgement of your posts, you seem a decent guy. Shame there aren’t more like you around these parts.

Lee

 

[FXX]

Hi Lee

OK where do I begin to tap into your knowledge. Rest assured I am not interested in taking any proprietary information pertaining to your strategies. I know I am onto a good thing because the results are showing its working. Where I need some guidance, I think, is making steps towards full time without blowing up from trying too hard or making stupid mistakes.

I am conscious of difficulty increasing as the money value increases. To be fair I am not focused on the money but rather the process and the enjoyment of being right. I know down the road the money element will likely add a new dynamic to things and potentially throw me off.

My plan is simple, start small and focus on the process that delivers success and slowly build size from there. I am prepared for this to take the next 10 to 15 years before I can even think of going full-time so not to concerned about rushing things. I would rather do it right than rush into it and end up blowing up at the wrong time in life.

So what I would like to probe you with is information to align my expectations and aid me in working towards full time trading. Happy to disclose any aspect of my trading to you. I know most here won't care for it because it isn't a red light green light system. There is nothing magical about how I trade. I look to get into what I see as the market pricing in information that is fresh. So most of my trading is around news and the prices includes inter-market analysis, political and geopolitical, seasonal and month end flows, large options expiry, sentiment, central bank policy and member speaches, economic data.

I am currently trading micro lots to give you an idea and did this to remove stress while placing all focus on the process. I am doing well but think I should keep at it like this for another 6 months at least before starting to focus on the money element. Not sure if this is right but decided it felt appropriate. I should point out I am trading 10/1 leverage.

My plan is increasing my size but how much is still a topic of debate. I know the general advice is risk 2 percent per trade but the general advice is also use technicals first so I take it all with a pinch of salt. I mentioned I am prepared to take time to get this right but would relish a strategy that could bring that timeline forward. I was thinking of having 2 accounts with one account being the slow growing and the other higher risk account. The high risk account I was thinking to risk 20 percent per trade and when it makes 100 percent I withdraw the profit and transfer into the other account and rinse n repeat . This account would have something like a couple of grand in it as the seed value. Its sort of like an aggressive topup account where I can afford a blowup. Not sure just getting my current thoughts about it out there.

Anyway, this is where I need advice but obviously happy to discuss any area of my trading. I am serious about this business both on a personal enjoyment level but also for the freedom of not working for someone else. Looking forward to the beating I am about to receive.


Brad




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[new_trader]

I like your view of fundamentals first, then technical.

I'm probably replying out of context, but anyone who uses 'fundamentals' for a trade they intend to hold for less than 12 months is seriously kidding themselves. I'd even go so far as saying less than 5 years...You don't understand economic cycles if you think fundamentals can help you with short term trading.