Salty Gibbon
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Go see a shrink
FetteredChinos
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the best way is to save up a reasonable amount.. say £2,000. then plonk it in a Spreadbet account and see how long you can make it last.
you will get 2,000 lessons on what not to do, be it trading with too much size, trading on hunches, trading after a boozy lunch etc.
then when you have learnt the basic mechanics of opening/closing positions and losing your shirt, you can then take some time out to refine and research your methods.
school of hard knockers
you will get 2,000 lessons on what not to do, be it trading with too much size, trading on hunches, trading after a boozy lunch etc.
then when you have learnt the basic mechanics of opening/closing positions and losing your shirt, you can then take some time out to refine and research your methods.
school of hard knockers
Salty Gibbon
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I wasn't joking.
If I could start again I would get my head right first and then my behaviour relative to the markets would be better.
A good system with lousy behaviour and discipline is useless.
But a mediocre system with great behaviour and discipline - yeah, you can get by with that.
So, yes - go see a shrink and get your head into the right gear.
FetteredChinos
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Salty Gibbon said:
i've warned you before about being serious..... :cheesy:
learner
Hi Sleezy, what kind of trader do you want to be ?
Do you want to work for a Company or be on your own ?
If you can get a job with a Company in the trading area ( any job ) and then show a real interest in the subject you may be able to get them to train you.
Have you read any books on this ?
Give us some more info about yourself and the traders on this site will try to help you
This is of course if you are for real, and not a failed trader who is now only a site time waster
Regards
sleezy said:
Hi Sleezy, what kind of trader do you want to be ?
Do you want to work for a Company or be on your own ?
If you can get a job with a Company in the trading area ( any job ) and then show a real interest in the subject you may be able to get them to train you.
Have you read any books on this ?
Give us some more info about yourself and the traders on this site will try to help you
This is of course if you are for real, and not a failed trader who is now only a site time waster
Regards
Having gone through a period of information overload in leaning about this business, may I suggest that you start with a firm foundation by understanding supply/demand, how this affects price, and how this is charted. Everything else comes back to this, and some (increasingly me also) believe that this is the only information you need to know. You can buy books and books telling you any number of price patterns and indicators to look for in order to make trading decisions, but why not just learn what these are all based on - price and movements of price?
It seems to me that you can make things as complicated as you want. Even as a novice, I feel confident in saying that you don't have to go down this path. The more experienced posters can shoot me down if they want!
Search for posts by dbphoenix (amongst others).
James
It seems to me that you can make things as complicated as you want. Even as a novice, I feel confident in saying that you don't have to go down this path. The more experienced posters can shoot me down if they want!
Search for posts by dbphoenix (amongst others).
James
timcannell
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james6848 said:
As a fellow novice I wholeheartedly agree. The only indicators I use are a 10 period ema of volume and an ADX/ DMIPlus and DMIMinus on a 25 min chart ( i trade a 5 min chart )- these just highlight conditions in the market and make them more visible - they dont give me signals...
seez
Realise very early on that one of the most important factors that will determine whether you make money or not over time will be your costs, just like any business in fact.
Look at how much it costs you on average to do a trade and then understand that all profitable trades will be net of this but the costs will be added to ALL losing trades.
Let's look at this some more using CFDs as an example.
A trader opens an account with £20k and wants to short term trade the market (trades lasting 1-3 days)
He uses 4-5 x leverage so average trading size is £90
Comms are 0.25% per trade but no stamp duty
This equates to £450 per trade or 2.25% of cash equity per trade!
If the trader trades on average once a week, total comm bill will be around £23k!
Therefore just to break even the trader has to make in excess of 100% a year, Yikes!
But cut the comms in half and do a trade every fortnight, still over 30% in costs a year.
Moral of the story, do a lot of research into costs because it will save you much headache in the future.
PS. Ok everyone, please attack me now for bringing this important topic to seezy's attention......
Realise very early on that one of the most important factors that will determine whether you make money or not over time will be your costs, just like any business in fact.
Look at how much it costs you on average to do a trade and then understand that all profitable trades will be net of this but the costs will be added to ALL losing trades.
Let's look at this some more using CFDs as an example.
A trader opens an account with £20k and wants to short term trade the market (trades lasting 1-3 days)
He uses 4-5 x leverage so average trading size is £90
Comms are 0.25% per trade but no stamp duty
This equates to £450 per trade or 2.25% of cash equity per trade!
If the trader trades on average once a week, total comm bill will be around £23k!
Therefore just to break even the trader has to make in excess of 100% a year, Yikes!
But cut the comms in half and do a trade every fortnight, still over 30% in costs a year.
Moral of the story, do a lot of research into costs because it will save you much headache in the future.
PS. Ok everyone, please attack me now for bringing this important topic to seezy's attention......
Salty Gibbon
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I do apologise most sincerely FC.
I guess I am lucky not to receive a reprimand from the politburo, sorry moderators, for being overly serious.
I promise never to exhibit signs of seriousness ever again.
Simon Gordon
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Go into, one on one, therapy for a year or two, then into group therapy for a year or two.
Total investment - 4K to 10k.
This should build a solid base for Emotional Intelligence.
Whilst doing this read all the books you can - buy from Marketplace at Amazon.
Total investment - 1K
Subscribe to the Investors Chronicle and the FT.
Total investment - 0.2K per anum.
Start meditation classes - preferably Zen.
Take up a Martial Art - Karate/Tai Chi/Kung Fu.
Total investment - 4K to 10k.
This should build a solid base for Emotional Intelligence.
Whilst doing this read all the books you can - buy from Marketplace at Amazon.
Total investment - 1K
Subscribe to the Investors Chronicle and the FT.
Total investment - 0.2K per anum.
Start meditation classes - preferably Zen.
Take up a Martial Art - Karate/Tai Chi/Kung Fu.
FetteredChinos
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thats more like it, soldier.
watch out for that Barjon chap. i think the power has gone to his head...
watch out for that Barjon chap. i think the power has gone to his head...
Salty Gibbon
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And then, if you crack up under the strain of trading, go see a shrink.
Ha ha ha ha ha he he he he he ho ho ho ho ho urghhhhhhhhhhhh guzzap ping...
Simon Gordon
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This link lists books on investing.
http://books.global-investor.com/pa...s&identifier=d7f7202b192e8d837bfd8082d8ff59c9
At Amazon Marketplace you will buy them much, much cheaper!
http://books.global-investor.com/pa...s&identifier=d7f7202b192e8d837bfd8082d8ff59c9
At Amazon Marketplace you will buy them much, much cheaper!
FXTrend240
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I wish when i started that i didn't absorb everything i saw on forums...most of it i had to unlearn...
I haven't traded a single dime yet, and i'm still learning, but honestly and truthfully when i started to realise a good method was when i ignored the forums and flicked up charts and from then on it's developed. feck i've got so much more to learn it ain't funny, so im not going to look down on you.
Basically;go yourself, get some charting, decide which timeframe is best for you, learn FACTS about indicators and not METHODS,as in 'moving averages are the average closing price of X periods' and not' fast ma cross over slow ma=buy', and watch, and learn...
I haven't traded a single dime yet, and i'm still learning, but honestly and truthfully when i started to realise a good method was when i ignored the forums and flicked up charts and from then on it's developed. feck i've got so much more to learn it ain't funny, so im not going to look down on you.
Basically;go yourself, get some charting, decide which timeframe is best for you, learn FACTS about indicators and not METHODS,as in 'moving averages are the average closing price of X periods' and not' fast ma cross over slow ma=buy', and watch, and learn...
timsk
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FXTrend240,
Oh how I love a bit of necro' posting at the end of a long day - let's blow off a few cobwebs eh!
Errrm, without wishing to sound in any dismissive FXT, if you've never traded a dime, how can you be so sure? For my money, most of the rubbish on here (and, I grant you, there is a lot) is pretty clearly labelled as such once you know your way around a bit. Of the content that remains, it may be rubbish or it may be pearls of wisdom - and quite possibly both. One (wo)man's meat is another (wo)man's poison etc.
Tim.
FXTrend240
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FXTrend240,
Oh how I love a bit of necro' posting at the end of a long day - let's blow off a few cobwebs eh!
Errrm, without wishing to sound in any dismissive FXT, if you've never traded a dime, how can you be so sure? For my money, most of the rubbish on here (and, I grant you, there is a lot) is pretty clearly labelled as such once you know your way around a bit. Of the content that remains, it may be rubbish or it may be pearls of wisdom - and quite possibly both. One (wo)man's meat is another (wo)man's poison etc.
Tim.
My point is to not marry anything you hear on forums, and to not get excited over something on a forum :cheesy:
LoveToTrade
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I think it was pretty good advice too FxTrend - You made good points. Too many people are looking for a "system" - GET over it, there isn´t one. There is however a way to consistently trade profitably, and that comes with a lot of screen time, more reading and a long learning curve. PA all the way, not some indicator which pulls the trigger for you... yawwwwwn.
This said, there are good resources out there and although this Forum does indeed contain junk info and fire-eating negative cretins, there are also positive people to listen to if you search around.
