Hey, what do you think of my plan?

[Tayler Hughes]

Hey,

I'm just starting out in trading. I have done a little in the past just to get the feel of it but I am going to go for it 100% now. Well, I say 100% but I'm not about to quit my job and put my life savings on the table, I will be taking it slow to start with!

The plan is to put £2500 on stocks using SpreadCo. Subscribe to Trading Apples to get some training in.

What do we think? Any advice?

Tayler Hughes

 

[shadowninja]

So you've demo traded and have developed a method that seems to be profitable? Then try risking small amounts and get used to the feeling of winning and losing money. Sign up to IG Index or some other spreadbetter and you'll only have to risk £1 per point or so.

 

[pmccandless]

PM sent

 

[Mornington Crescent]

I suspect they will see you coming

gl

 

[convertyourbond]

Hey,

I'm just starting out in trading. I have done a little in the past just to get the feel of it but I am going to go for it 100% now. Well, I say 100% but I'm not about to quit my job and put my life savings on the table, I will be taking it slow to start with!

The plan is to put £2500 on stocks using SpreadCo. Subscribe to Trading Apples to get some training in.

What do we think? Any advice?

Tayler Hughes

Just putting money in isnt a plan. A plan is composed of:
1) money management rules (max drawdown per trade, position sizing etc)
2) general strategy of what you are looking for, be it technical indicators, volume movements etc

 

[fayalac]

In my opinion is a little bit more complex but is ok, basically it works the way you said i would just add,

1) what is your entering criteria?, and when and how will you decide to leave a winning position?

Just putting money in isnt a plan. A plan is composed of:
1) money management rules (max drawdown per trade, position sizing etc)
2) general strategy of what you are looking for, be it technical indicators, volume movements etc

 

[AlexisD]

read "A short course in technical trading" from PJ Kaufman. that's your next step towards a plan

 

[meanreversion]

Read "Trade your way to Financial Freedom" by Van Tharp, it's a must read. I don't trade stocks myself, but from observation it seems those that do get very excited about buying a particular stock, but once in the trade have no idea when to exit. In the Tharp book, you'll see that exits are in fact more important than entries. You need to have a plan for how to get out, whether it's a stop loss or a take profit.

 

[Lord Flasheart]

welcome to the site.
WARNING be aware that there are many on this site who will try nad exploit you.They will send you links to their sites,pm,false accounts,past performance results,etc,etc. Ask them to prove they can trade,give you some live calls etc
Everything you need is on this site,read and learn

 

[meanreversion]

It's usually pretty easy to spot the scam artists.

Spend £100 on books, take a couple of months to read and possibly re-read, demo trade and then start to form your own plan.

 

[TaylerHughes]

So. 5 years on. 2nd T2W account (couldn't remember my login for the old one).

I've cleaned out 6ish (I can't really remember) small accounts, learning a huge amount each time. Now I'm confidently (and profitably) paper trading a discretionary system which I'll take live in a couple more weeks.

I never did do the training course. I naively jumped in head first and made a lot of mistakes which forced me to learn. It was unintentional at the time but if I could do it over again I would probably do the same thing.

I thought it would be fun to update this thread...

 

[jamesuk]

"I never did do the training course. I naively jumped in head first and made a lot of mistakes which forced me to learn. It was unintentional at the time but if I could do it over again I would probably do the same thing." that is ok if you have money to waste on the other hand if you managed through this technique to become profitable what is your strategy?

 

[TaylerHughes]

"I never did do the training course. I naively jumped in head first and made a lot of mistakes which forced me to learn. It was unintentional at the time but if I could do it over again I would probably do the same thing." that is ok if you have money to waste on the other hand if you managed through this technique to become profitable what is your strategy?

I swing trade off the 1H. Use 10BB, 20BB, 50MA, 200MA and RSI. Wait for confluence to form at S/R and always trade with the market direction identified on the 1D chart.

It's simple but it's working.

I'm only profitable paper trading this system. I haven't traded a live account since being profitable. I'm fully aware my mind is most probably going to cause issues when going live.

 

[jamesuk]

Nice hopefully you will keep us posted for the results once you go live!