How can I Help?

[£80]

I have been trading for many years which started in 2006. In 2009 I started a thread on t2w and that is when I had my first profitable month. Click on my stats and you can read all about my mistakes as trader and a bit of how I started.

I am still trading the only difference from then and now is that I am a profitable trader. I will be the first to say that I am not a great trader, there are traders a lot better than me.

I am starting this thread because someone told me that they just paid £3000 to go on a trading course. I personally do not think that anyone should pay money to learn how to trade. My opinion comes from the way I learnt to trade.

With close to 10 years of experience there must be some help I can give. Just don't give your money to someone to teach you especially if they don't or can't show you that they are profitable . As a matter of fact the most important thing about trading is keeping your money.

So, How Can I Help?

 

[Cowlinn]

Oh wow, Oh boy. Is this my gift from god?

As per this thread I am just getting into trading http://www.trade2win.com/boards/hom...look-back-question-embarrassment-im-sure.html

Any help would be fantastic, where do I start?

 

[ffsear]

First step.

Learn about support and resistance. Learn how to plot these areas on a chart. Don't do any actual trading. Just observe what happens when prices hit these levels that you have plotted, and have a think about how you could make a decision at these levels. Will price bounce? Will it break through? Will it do nothing? How can i get involved?

1 step at a time!

 

[£80]

First step.

Learn about support and resistance. Learn how to plot these areas on a chart. Don't do any actual trading. Just observe what happens when prices hit these levels that you have plotted, and have a think about how you could make a decision at these levels. Will price bounce? Will it break through? Will it do nothing? How can i get involved?

1 step at a time!

I do agree but personally I think everyone should understand money management first.

 

[Revorocks]

What has been the biggest thing that made you turn profitable (excluding having a good strategy and having good money management)?

I started trading 1 year ago and am still struggling to turn profitable, I am technically in profit, but not by a substantial amount and its kind of been that way for a while now, break even all the time...
Any tips?

Thanks

 

[ffsear]

What has been the biggest thing that made you turn profitable (excluding having a good strategy and having good money management)?

I started trading 1 year ago and am still struggling to turn profitable, I am technically in profit, but not by a substantial amount and its kind of been that way for a while now, break even all the time...
Any tips?

Thanks

For me, it been taking small profits, and taking them often. Not waiting for that 50/100 point winner. To may times i watched positions turn around on me. Better of taking 7-10 point a few times a day. Build up slowley and don't be greedy.

 

[Revorocks]

For me, it been taking small profits, and taking them often. Not waiting for that 50/100 point winner. To may times i watched positions turn around on me. Better of taking 7-10 point a few times a day. Build up slowley and don't be greedy.

I would think that really depends on your style of trading though?
Maybe for day trades, most of my trades are 1-5 days long, some weeks long.
Stop loss is usually 10-30 pips if possible and I will aim for a R:R of 1:3 at least.

 

[tomorton]

What has been the biggest thing that made you turn profitable (excluding having a good strategy and having good money management)?

Its not so much about where you get in - when prices are going up, be long, when prices are going down, be short.

 

[Fugazsy]

I have been trading for many years which started in 2006. In 2009 I started a thread on t2w and that is when I had my first profitable month. Click on my stats and you can read all about my mistakes as trader and a bit of how I started.

I am still trading the only difference from then and now is that I am a profitable trader. I will be the first to say that I am not a great trader, there are traders a lot better than me.

I am starting this thread because someone told me that they just paid £3000 to go on a trading course. I personally do not think that anyone should pay money to learn how to trade. My opinion comes from the way I learnt to trade.

With close to 10 years of experience there must be some help I can give. Just don't give your money to someone to teach you especially if they don't or can't show you that they are profitable . As a matter of fact the most important thing about trading is keeping your money.

So, How Can I Help?

You already did, thank you.

 

[£80]

Hi Revorocks

It is exactly that good strategy and money management that helped me become profitable but not why I became profitable.

Some time ago I placed one trade that I consider to be the best trade I ever placed. I had everything under control in terms of emotions and trade management. I knew exactly where I was going to get out and to this day I place that trade over and over again. So what I am trying to say is that I am a one trick pony.

ffsear is right about taking small profits and you are right about it depending on trading style but what I think 1:3 R:R depends on market conditions.

For me the biggest thing is to have the discipline not enter into any trade but to enter the one that has proved itself over time.

I hope that Helps

 

[dbphoenix]

Oh wow, Oh boy. Is this my gift from god?

As per this thread I am just getting into trading http://www.trade2win.com/boards/hom...look-back-question-embarrassment-im-sure.html

Any help would be fantastic, where do I start?

Start here.

Without a thoroughly-tested and consistently-profitable trading plan, you are virtually guaranteed to fail.

 

[Cowlinn]

Ho do you decide when to enter a trade? What signs do you look for?

 

[MajorMagnuM]

this depends on what strategy you follow. that pdf should clear up alot of your initial questions

 

[darktone]

Cowlinn
Unless you want to take the loooooooooooooooooooooooooooooooooooooooooog road like I did, id suggest you attend to yourself / mind first.

Wot he said ▼

Otherwise youll most likely end up trading like they all do. You dont want that!

 

[£80]

Ho do you decide when to enter a trade? What signs do you look for?

I am assuming you are a technical trader if not ignore everything I say.

Every one is different. People look for different reasons but what is constant among traders whether they be profitable or not is the trend. The other constant is support and resistance. This comes in various forms eg: moving averages, horizontal lines, round numbers, trend lines etc.

By looking at the market you already form an idea of what you want to do. Now what is that idea based on?

When was looking at different forms of support and resistance I noticed price go through it and on a different occasion price stopped and turned. I formed an idea that the trend has something to do with it. My idea is, the stronger the trend the weaker the support/resistance.

This is the signs I look for but my decision to enter is based on my rules you have to come up with your own

 

[dbphoenix]

I am assuming you are a technical trader if not ignore everything I say.

Every one is different. People look for different reasons but what is constant among traders whether they be profitable or not is the trend. The other constant is support and resistance. This comes in various forms eg: moving averages, horizontal lines, round numbers, trend lines etc.

By looking at the market you already form an idea of what you want to do. Now what is that idea based on?

When was looking at different forms of support and resistance I noticed price go through it and on a different occasion price stopped and turned. I formed an idea that the trend has something to do with it. My idea is, the stronger the trend the weaker the support/resistance.

This is the signs I look for but my decision to enter is based on my rules you have to come up with your own

While I mean no disrespect, and while I want to avoid hijacking your thread (I've been the victim of that more than once), "support" and "resistance" have no demonstrable connection to whatever any given trader might draw on his charts.

At its simplest, support is an area where buying pressure overwhelms selling pressure. More specifically, support is the zone or level at which those who have enough money to make a difference are willing to show their support by retarding, halting, and reversing the decline by buying. The opposite is true for resistance. We're seeing this play out in real time in world markets. One can draw -- or let software draw -- all sorts of lines, but to the trader the most important question he can ask is where buyers are declining to pay the ask and where sellers are declining to lower it. This applies to everything from a T&S display to a weekly chart (or further). Granted traders have become so dependent on patterns and indicators over the past twenty years that most of them can't imagine doing it any other way. But "new" isn't necessarily better.

Sorry for the interruption. We return you now to your regularly-scheduled program.

Db

 

[£80]

I have a lot of respect for you guys.

Reading through the forum looking at how I can help traders but its quite difficult. I find that some one else might not understand something the way I do. All you guys that have been on here for the longest time guiding the newbies, you guys are doing a great jobs because it is hard or for me it is hard.