Day trading Tips qnd guidance

[chizi]

Hi all,

I'm new to the whole idea of trading but been reading a few books and its really interesting.Been trading demo accounts but to no real avail.Was wondering whether anyone knows of any serious course or mentorship programme in the UK.There seems to be a few but they all tend to have reveiws that make me think twice.

Thanks,
Chizi

 

[shadowninja]

Should be able to get all you need on here or the web free of charge. If you really want to pay for it, I hear Alan Rich is very good.

 

[Lightning McQueen]

I hear Alan Rich is very good.

Not according to a recent review on the boards, sounded a bit iffy to me, I will find the post and link it here.

here it is
http://www.trade2win.com/boards/408484-post40.html

 

[trader_dante]

I think you should learn to position trade before you learn to day trade.

A good piece of advice here from Larry Williams' site (he is a famous stock and commodites trader who, among other excellent achievements, won the World Cup Championship of Futures Trading, turning $10,000 in real money to $1,147,000 in 12 months – a feat no one else has EVER come close to matching.)

1) Learn the basics of how to position trade, where you see a market that is ready for a big move so you take a position. No day trading here; you can have a job and still do this spending maybe 30 minutes a day. This is what most people should be doing. It is the easiest money.

2) Swing trade. No day trading yet. Look to get in and out of a trade in 3 to 5 days. But, I caution you, this is not where you begin. You need to know, and have traded, the basics first.

3) Short term trading. OK, you want to day trade? This is the final step --- but I will tell you it is the hardest, the most difficult, and the riskiest way to trade. It is the dream of so many, to day trade, but it is usually a nightmare. I don't think you are ready for day trading until you have been trading for at least a year

I believe, like Larry, that you can make more money, more easily by position trading than day trading.

You don't need to pay money for a course. Go to Google and search for the J16 thread. Read it and watch charts of markets alongside your reading. It will probably take you several months to go through all 600+ pages but you will save yourself years of anguish.

 

[shadowninja]

Not according to a recent review on the boards, sounded a bit iffy to me, I will find the post and link it here.

here it is
http://www.trade2win.com/boards/408484-post40.html

oh, ta!

 

[chizi]

Thanks for the advice, I had checked out Alan Rich but his website just seemed dodgy looking so I decided to keep away.I was hoping that is some sort of mentosrship programme around done by real people and not scam artists.

cheers

 

[timsk]

Not according to a recent review on the boards, sounded a bit iffy to me, I will find the post and link it here.

As Alan doesn't frequent the boards any more and isn't able to defend himself, for the record I'll say that I've had 1-2-1 coaching with him and, IMO, he's very good indeed. As far as the Via Trader debacle is concerned, it's my understanding that Alan himself was pood on from a great height and the downfall of the enterprise had little - if anything - to do with him. Without doubt, he's a very knowledgable and successful trader and, in my experience, an honest and decent bloke as well.
Tim.

 

[Lightning McQueen]

As Alan doesn't frequent the boards any more and isn't able to defend himself, for the record I'll say that I've had 1-2-1 coaching with him and, IMO, he's very good indeed. As far as the Via Trader debacle is concerned, it's my understanding that Alan himself was pood on from a great height and the downfall of the enterprise had little - if anything - to do with him. Without doubt, he's a very knowledgable and successful trader and, in my experience, an honest and decent bloke as well.
Tim.

Hi Tim, yes fair comment, and such is a problem with partnerships at times when one party does a runner leaving the other in the do-do.

My involvement with the link was to balance and keep current a very recent comment on mr Rich which didn't sound too favorable, that is all, I have no knowledge of how good he is as a coach, or any other trainers for that matter, as I would rather blunder along my own path.

Tim, can I ask out of interest at this point whether you feel that going to a coach has shortened your journey at all, and do you still use any of the tools or trading techniques that you were taught?

 

[montpro]

Hi everyone, I new here nd have been trading (very poorley) for a month. Mainly lost through bad day trading which I now know not to do. I have tried searching for the J16 thread but cant seem to find it. Lots of threads that mention it though.

Does anyone have a direct link to the one in question please?

many thanks

 

[shadowninja]

I think it's on the forexfactory.com site, correct me if I'm wrong (as I said to the guy I had accused of inventing Tippex).

 

[dbphoenix]

I realize that this is probably a silly question, but do any of those asking for "tips and guidance" have any sort of plan?

 

[wasp]

I realize that this is probably a silly question, but do any of those asking for "tips and guidance" have any sort of plan?

...and is it as cunning as a fox what used to be Professor of Cunning at Oxford University but has moved on and is now working for the U.N. at the High Commission of International Cunning Planning?

 

[timsk]

...and is it as cunning as a fox what used to be Professor of Cunning at Oxford University but has moved on and is now working for the U.N. at the High Commission of International Cunning Planning?

It's probable that subscribers to the thread who live beyond the shores of the U.K. and don't have a long standing love affair with classic British comedy won't understand a word of wasp's post. If this describes you, then your life will be enriched immeasurably by watching every episode ever recorded. British sitcom at its very, very best . . .
BBC - Blackadder - Quote Generator
Enjoy,
Tim.

 

[timsk]

Tim, can I ask out of interest at this point whether you feel that going to a coach has shortened your journey at all, and do you still use any of the tools or trading techniques that you were taught?

Hi Don,
I could write at great length on the subject of coaches - indeed I have over the years here on T2W. However, on this occasion, I'll spare you the details! In answer to your questions though: yes and yes! I should point out perhaps that my trading journey has a VERY long way to go. I'm still sim' trading trying to get consistent. Having written the Trading Plan Template, I confess that I struggle to keep to my own plan and abide by my own simple rules. When I do it right, it seems effortless - dare I say easy even. Then the market punishes my arrogance and impetuousness and, after a large slice of humble pie, I start to do it right again. This is the pattern I'm trying to break. The coaching that I've had from Alan - and Richard especially - doesn't address these particular issues: I have to sort this one out for myself. That said, I'm in regular contact with Richard and he often makes suggestions that I wouldn't have thought of myself. Suffice to say, I'm in no doubt whatsoever that I wouldn't even be attempting to pursue this crazy dream of being a full time trader had I not discovered T2W and, having done so, hooked up with Richard.
Tim.
(Richard is Richard Joyson, aka 'Mr Charts'. Alan is Alan Rich, aka 'Naz'. Both traders used to be regular contributors here on T2W.)

 

[Lightning McQueen]

Thanks Tim, I have often looked back on my journey so far and thought if I could have speeded it up a little, by way of a visit to a trainer/coach, not sure it would do me any good now though, set in my bad ways :cheesy:

Yes I do remember Nas and mr charts, although they were most active before my time here, I have read their posts, also have read others views on them and agree they seem highly regarded by most comments on t2w, that recent comment that I highlighted was a surprise for me and out of the ordinary, maybe thats why I linked it over.

Anyway glad to hear the journey's going great for you, keep that up :clap:

 

[Pele1970]

trader_dante,

YOU are the truth. I can tell form experience..that position trading is much easier than any others. I swing/daytrade...just look for pts then out and wait for the reverse.

daytrading is a big money making racket...money making racquet where most if not all the guys selling your their wares/courses/systems etc probably don't trade. Daytrading is not freedom and most if not all people lose....if you combine swing with daytrading..or just start with position..you are better off. The big boys trading everday...can average up and down with lots of contracts...they can back themselves..with margin and more lots and stay in the game I get stopped out when I was daytrading.

If I have $250,000 to trade ES, YM and ER...I will never lose..because after 3 years and failing 2.5 years....I saw enuf of a chart and searching and learning to realize that its all about waves and swings. Most people have little captial and put stops...this is useless...if you swing you have a catastrophic stop..but you maybe down $500-1000 happens rarely to me..but my upside on ES is $1,500-3,000 per lot..that is 30-60pts...I am happy with that 30 pts..do this for YM at 200-300 pts every 5-6 days...and what more do you want.

If you decide to daytrade..like I did for 2.5 of my 3 years trading you will lose big for the first 2 years..cuz all the paltalk,hotcomm rooms, courses etc are useless...even the callers are not good. You are learning and losing and will keep losing as you look at new courses and gurus. Courses are all the same and indicators are lagging and do not work..all those ma's look great after the fact. MACD is also questionable for daytrading...indicators probably help for position....don't know..I don't use them.

You will find some great callers..far and few between...I came across one in 2006...TraderGod..he was amazing...1 or 2 trades a day..and you got great pts..he knew entry and direction...yes somedays..you got a few or it broke even..but 2 breakeven vs 2 ...20 pt days. He then when on to trade for his own fund...million dollar+ entry...he was honest...we say his track record everyday..posted his points, wins losses.....which was a 2.5 pt stop. He wast the best of the lot...still looking for a caller who gives 1-2 trades like him...then I will only daytrade. This tells me the trader knows direction with great confidence. Yes..sideways days..will happen and break even or maybe stop out...but those 20 pt days will take care of that.

Moral...don't pay for any courses....fibs..50% rule is the best..safest...for targets especially if you swing and position trade.

Trader_dane is absolutely correct. And yes..the great mulitmillionaire traders did not daytrade...tells you something.

Also..all you need is a weekly and monthly chart and look for 1-2-3 tops and bottoms...in all markets...financials, commodities, softs, metals, etc. You will uncover so much more and say..I wish there were 200 of these markets.

I plan to spend more time and money on commodity options and emini options...make my money work for me..as opposed to me working for my money. I will still swing...trade for points and may consider daytrading if I find a caller similar to Tradergod. Probably is out there...just not looked enuf..I guess.

Listen all you newbies...Trader_dante is right. If I did as he is saying I would not have lost 2.5 years of my life losing, believing in fools gold, arguing with my wife. Position or swing..stay away from daytrading and look at options.

All the best.

ps: my first post and I found words of wisdom from Trader_dante. Uncanny.