Hello everyone.
I'm a newbie here, and I'm not sure if anyone will every reply to this thread, as the last post was posted 9.4.08, but I thought I'll give it a go and say hello to all you guys that post useful information here.
I am new to trading and only started about 5 months ago, so I'm still a premature baby in this field, I have made many mistakes and traded on emotion and desperation quite a few times and made some very stupid trades that has caused some major damages to my bleeding wallet.
I haven't given up, as I see this is the only way to could make huge sums of money and living a life of a dream..(and it may just be a eluded dream for the rest of my life but I'm chasing it)
I am trying to fly before I even know how to take off...so basically I'm jumping of a cliff..and hope for the best...but I have learned my lesson and have been studying materials that would assist me in my intra day trading.
I have been learning about Japanese candlesticks and reversal patterns and I am very pleased to have read a few threads that someone else is using this candlestick trading strategies to trade the ftse.
I was paper trading before I made actual trades and each time the reversal signal came up, I made the right decision as to buy or sell, however when I actually trade I am losing money...I don't think I have mentally overcome my losses in previous experience and that my current mentality is trading to lose money instead of making money.
The reason I say this is because every time I should have traded..and I predicted ( or read the charts in the right way) it moved in the direction I expected and could have gained easy points ranging from 5-20 points, but when I actually place real money trades..I always manage to find the losing trade and trading in the wrong direction.
Anyway..not sure why I'm telling you all about this, I guess I'm just frustrated and feel to need to spill my heart out to people that may have a better understanding of my situation...!!! my apologies for boring you all here.
So to the point...can anyone help? anyone using candlesticks as a trading platform help and tell me that these reversal patters are reliable or not, and what would you use along side these candlesticks to help you make the entry point decision? what kind of time frame do you use give the best results?
I have done a lot of reading from materials I can find on the web, its free, so I'm not sure how reliable they may be.
I am currently trading with IG index and I used their chats software to place my trades, I am using the 15minute time frame as a main guidance and flicking through the 10, 5 and 1 minute charts as a possible entry point.
I also use MA 3, 13, and 34, which I read from some article..saying always sell when market is below 34..and buy when market is above 34..!!!
I think this thread is long enough..so I shall stop here before I put you into full sleeping mode after readying this boring thread.
I hope someone could help, I'm not trying to gain 100 points a day, just anything from 10-20 points a day is all I am asking for.
Alan
I'm a newbie here, and I'm not sure if anyone will every reply to this thread, as the last post was posted 9.4.08, but I thought I'll give it a go and say hello to all you guys that post useful information here.
I am new to trading and only started about 5 months ago, so I'm still a premature baby in this field, I have made many mistakes and traded on emotion and desperation quite a few times and made some very stupid trades that has caused some major damages to my bleeding wallet.
I haven't given up, as I see this is the only way to could make huge sums of money and living a life of a dream..(and it may just be a eluded dream for the rest of my life but I'm chasing it)
I am trying to fly before I even know how to take off...so basically I'm jumping of a cliff..and hope for the best...but I have learned my lesson and have been studying materials that would assist me in my intra day trading.
I have been learning about Japanese candlesticks and reversal patterns and I am very pleased to have read a few threads that someone else is using this candlestick trading strategies to trade the ftse.
I was paper trading before I made actual trades and each time the reversal signal came up, I made the right decision as to buy or sell, however when I actually trade I am losing money...I don't think I have mentally overcome my losses in previous experience and that my current mentality is trading to lose money instead of making money.
The reason I say this is because every time I should have traded..and I predicted ( or read the charts in the right way) it moved in the direction I expected and could have gained easy points ranging from 5-20 points, but when I actually place real money trades..I always manage to find the losing trade and trading in the wrong direction.
Anyway..not sure why I'm telling you all about this, I guess I'm just frustrated and feel to need to spill my heart out to people that may have a better understanding of my situation...!!! my apologies for boring you all here.
So to the point...can anyone help? anyone using candlesticks as a trading platform help and tell me that these reversal patters are reliable or not, and what would you use along side these candlesticks to help you make the entry point decision? what kind of time frame do you use give the best results?
I have done a lot of reading from materials I can find on the web, its free, so I'm not sure how reliable they may be.
I am currently trading with IG index and I used their chats software to place my trades, I am using the 15minute time frame as a main guidance and flicking through the 10, 5 and 1 minute charts as a possible entry point.
I also use MA 3, 13, and 34, which I read from some article..saying always sell when market is below 34..and buy when market is above 34..!!!
I think this thread is long enough..so I shall stop here before I put you into full sleeping mode after readying this boring thread.
I hope someone could help, I'm not trying to gain 100 points a day, just anything from 10-20 points a day is all I am asking for.
Alan