Sticky I'm New To TRADING - Where Do I Start?

[Brumby]

I'll give you this EW is static. Cycles are dynamic.

I have been using EW for 15 years and you will have to be much more substantial than an opinion on some cryptic "cycles".

I'd love to spend weeks on the subject and could. But even presenting a screen shot makes T2W assume I'm soliciting. So in truth there's no way for anyone to find help here, or give it. It's a far cry from being able to help but it's amateurs leading the ship and T2W is merely a marketing scheme.

So I've decided rather then share my knowledge with the marketing team at T2 W I'll keep it. It's truly not worth the childish accusations that get thrown around. So thank them friend. Trade Well.

I thought Timsk was being professional, respectful and balance when highlighting some rules on T2W. Motives are hard to judge on the surface and can only be resolved through passage of time and interaction. I am disappointed to note IMO an overaction on your part and maybe a less than professional reaction to some benign comments. In my worldview, a professional don't spit the dummy when questioned but will defend it vigorously with the right attitude. You may consider yourself a successful veteran of the markets coupled with a highly opionated personality but your attitude so far seems condescending rather than professional.

 

[NVendetti]

I have been using EW for 15 years and you will have to be much more substantial than an opinion on some cryptic "cycles".



I thought Timsk was being professional, respectful and balance when highlighting some rules on T2W. Motives are hard to judge on the surface and can only be resolved through passage of time and interaction. I am disappointed to note IMO an overaction on your part and maybe a less than professional reaction to some benign comments. In my worldview, a professional don't spit the dummy when questioned but will defend it vigorously with the right attitude. You may consider yourself a successful veteran of the markets coupled with a highly opionated personality but your attitude so far seems condescending rather than professional.

You're obviously a trader. You're visually oriented to learning. You cannot learn without visual cues to what I would present. Yet on my charts are copyrights and watermarks. I cannot spend the time playing editor to photos to present what I know. So rather than put hours into that, my time is much more efficiently consumed with other market related work. I do teach yes, But far from what a solicitation would be, I do it for free every day. So if I am giving away baskets of plumbs I'm going to be discretionary as to the grief I get from doing so.

 

[timsk]

Hi NVendetti,

. . . But even presenting a screen shot makes T2W assume I'm soliciting. So in truth there's no way for anyone to find help here, or give it. It's a far cry from being able to help but it's amateurs leading the ship and T2W is merely a marketing scheme.

I apologize if I've given you the impression that vendors are not welcome here. That is not the case. We embrace 'good' vendors with open arms and, indeed, I've defended a number of them over the years. Whether you're a 'good' vendor that benefits the site and its members or are a 'bad' vendor is down to you. Your posts and how you interact with our members will, ultimately, reveal which side of the divide you are on. Sadly, your responses to me are not encouraging. That said, my job demands that I keep an open mind and think the best of people until proven otherwise.

As for 'amateurs leading the ship' - that rather depends upon where the 'ship' is heading and how it gets there. T2W has been going for a long time and thousands of members have benefited from it - and continue to do so - in line with the objectives that I linked to in my last post. Perhaps I/we are amateurs, but many would say that no one does it better than us.

One last point: there's no issue with screen shots. Plenty of vendors post screen shots with watermarks without any problem at all. As I'm sure you realize, it's all about intent. Either you're here to help our members or you hope to profit from them. The former is great and the latter isn't. It's that simple.

So I've decided rather then share my knowledge with the marketing team at T2W I'll keep it. It's truly not worth the childish accusations that get thrown around. So thank them friend. Trade Well.

No one - least of all me - is making any childish accusations. I've done my best to welcome you, compliment you on your posts thus far and to provide you with a helpful 'heads up' about the way the forum works to ensure that you stay on the right side of our Mod' team. That you've taken umbrage at my sincere efforts says more about you and your motives for being here than it does about me. Either way, our members will draw their own conclusions which I suspect will reflect those already expressed by Brumby.

To end on a high note, your can easily demonstrate that you're a 'good' vendor by following the advice I've offered thus far. We are very experienced at dealing with vendors and the membership (not me) will quickly determine whether or not you are here to serve their best interests or your own. The choice is entirely down to you.
Tim.

 

[NVP]

Hey NVendetti

Welcome to trade2win.......I’ve been on this site for a few years now and have mentored and trained hundreds of traders over the years so am classified as a vendor by the trade2win gang

I have found the guys very fair and objective in dealing with me over the years ....they have to manage the situation of commercial traders here as they do have a duty to protect the community from vendors who are looking to make a quick buck promoting their products and services ....of which there have been many !

If you present genuinely good quality material and advice here over a long period of time you will be welcome and accepted into the community .....if not then I suggest you go elsewhere to the myriad of other forums catering for vendors ...

I find trade2win a much more friendly environment for vendor/traders than other forums .....and so do many of the traders I have worked with .....

Anyway welcome again
Neil

 

[robsito]

thank you very much for the advices !!

 

[Ezra_C]

Hi everyone!

I'm new to trading so I would really appreciate if you could give me some advise! I have a busy life with a 9 to 5 job but I'd like to learn how to trade. Is it possible to make profits without trading every day? What if I can only trade on the weekends?

 

[FXX]

Hi everyone!

I'm new to trading so I would really appreciate if you could give me some advise! I have a busy life with a 9 to 5 job but I'd like to learn how to trade. Is it possible to make profits without trading every day? What if I can only trade on the weekends?

I trade around a job every day without much problem. I do all my trading on my mobile with some news feeds running in a browser on my work pc. It can be done

Sent from my SM-G950F using Tapatalk

 

[Ezra_C]

I trade around a job every day without much problem. I do all my trading on my mobile with some news feeds running in a browser on my work pc. It can be done

Sent from my SM-G950F using Tapatalk

How much time do you spend with trading on a day?

 

[divyanshisharma]

If you can trade 1-2 times in your workplace, then its better to do. But if you are more focused n your trading then be a full time trader. Better For You!

 

[FXX]

How much time do you spend with trading on a day?

A lot of research outside of work but very little at work as I trade off the economic calendar as my schedule. So if there are opportunities I alert myself 5 mins before to catch up on sentiment and then if the data offers a trade I am in else I just carry on working. You can only do this trading fundamentals. If you traded using only technicals then your only options are automation or sitting in front of charts all day.

 

[new_trader]

technical Analysis

Hi everyone!

I'm new to trading so I would really appreciate if you could give me some advise! I have a busy life with a 9 to 5 job but I'd like to learn how to trade. Is it possible to make profits without trading every day? What if I can only trade on the weekends?

Most major market are closed on the weekend. Yes, it is possible to make profits without trading every day. Despite what some inexperienced newbie says, you don't need to sit in front of your computer all day to trade technicals. You can study and trade technicals successfully on a higher timeframe, like daily and weekly.

 

[FXX]

Most major market are closed on the weekend. Yes, it is possible to make profits without trading every day. Despite what some inexperienced newbie says, you don't need to sit in front of your computer all day to trade technicals. You can study and trade technicals successfully on a higher timeframe, like daily and weekly.

Sure you can do that but how many trades are you able to take in any given month. If someone is trying to learn trading they aren't going to find much success and lose patience if they only placing a couple of trades a month. Be realistic here, sure you could do this if you know what you are doing but would you honestly spend years learning to trade like this?



Sent from my SM-G950F using Tapatalk

 

[NVP]

as fxx says it’s all about volume of trades .......both from proof of concept in your system and profitability

the more trades you make the more you can prove your systems ...and if profitable the more you trade the more money you make ....and the more you trade the more sample size allows your profits to be guaranteed

a casino with a 3% edge cannot guarantee profits to its owners unless it is hitting certain levels of volume per annum.....similarly a trader with a good system cannot guarantee annual profits unless they make a minimum number of trades ...assuming all are taken following the system of course

low sample size means skewed results .....you need large sample sizes to get to expected result

n

 

[dbphoenix]

Hi everyone!

I'm new to trading so I would really appreciate if you could give me some advise! I have a busy life with a 9 to 5 job but I'd like to learn how to trade. Is it possible to make profits without trading every day? What if I can only trade on the weekends?

The advice you're getting isn't entirely accurate. It isn't the quantity of your trades that will make you money but the quality of those trades. To begin with, the ordinary retail trader wasn't in a position to trade intraday until about twenty years ago, so the proposition that one must sit in front of one's computer all day staring at charts in order to make money is an opinion, not a fact. Traders focused on daily and weekly charts were making money -- if they were competent -- long before 1997. As for number of trades, there are, of course, 500 stocks in the S&P500 and over 3000 on the Nasdaq. There are several ways to develop a universe of stocks and criteria to employ to narrow that universe down to a reasonable number of trading opportunities which occur frequently enough to not only develop a sound trading plan but to employ it profitably.

Trade what you know. If you know currencies, crypto or otherwise, trade them. If you don't, look elsewhere. Same goes for options or commodities or indices or ETFs. Just trading a lot isn't going to get you very far. If it did, the success rate would be far higher than it is. And has been. Learn how to put together a robust trading plan. Otherwise you're wasting your time and your money.

 

[Sussex]

Hi everyone I've been reading and watching for a while. I want to take some positive steps now to find out whether trading is right for me. I've been offered some free training (which seems to be good quality) on condition that I use City Index as my broker. But I've seen conflicting reviews of them - some indicating that money was withheld https://uk.trustpilot.com/review/www.cityindex.co.uk. Has anyone used them CityIndex at all please?

 

[Donwealt]

Hi. I'm Donwealt. I have been practicing for months. Just went live as a daytrader. But I found out that I loose concentration a lot making me to miss a lot of trades and with that comes trying to play catchup and entering late with its inevitable losses.
Another related problem is what i call the fear/greed cycle. Being afraid to enter a trade fearing that it won't work. Then when it zooms off, I feel bad and try to enter at any slightest pullback only to get stopped out. (Fearing to enter at the beginning and being greedy to enter at the end.
I'm hoping someone will guide me out of this and that I will also get an alerting system to my setup. Thanks great people.

 

[timsk]

Hi. I'm Donwealt. I have been practicing for months. Just went live as a daytrader. But I found out that I loose concentration a lot making me to miss a lot of trades and with that comes trying to play catchup and entering late with its inevitable losses.
Another related problem is what i call the fear/greed cycle. Being afraid to enter a trade fearing that it won't work. Then when it zooms off, I feel bad and try to enter at any slightest pullback only to get stopped out. (Fearing to enter at the beginning and being greedy to enter at the end.
I'm hoping someone will guide me out of this and that I will also get an alerting system to my setup. Thanks great people.

Hi Donwealt,
Welcome to T2W.

You have two clear issues that you need to address and I recommend that you stop trading until they're sorted. If you carry on without addressing them - the situation will only get worse and you'll continue to lose money.

First, you need a clearly defined trading plan. One that's properly back tested and then forward tested on a demo account. If - and only if - this is working and making consistent profits should you then go live and trade using real money. And, even then, only use the smallest amounts your broker permits. Once you have a real plan in place, there'll be no chasing trades and entering/exiting them based on fear and greed, as your plan will stipulate exactly - and I mean precisely - when and where to open and close them.

Second, if you've done all of the above and are failing to stick to your plan - you've gotta ask why? Why deviate from a plan that you know is profitable - only to take unplanned trades that lose you money? Why do that, indeed, why would anyone do that?! My guess is that even though you might think you have a plan, you've not arrived at it in the way I've outlined above and it's nowhere near robust enough. Consequently, you don't have total faith in it and your ego thinks it knows better and gives you carte-blanche to deviate from it. If your plan really is properly watertight and you just can't stick to it, then you're not cut out to be a day trader. In which case, your choice is to pan out to become a swing or position trading or, if you absolutely insist on day trading, get yourself professional help from someone who specializes in trader psychology.
Tim.

 

[Donwealt]

Hi Donwealt,
Welcome to T2W.

You have two clear issues that you need to address and I recommend that you stop trading until they're sorted. If you carry on without addressing them - the situation will only get worse and you'll continue to lose money.

First, you need a clearly defined trading plan. One that's properly back tested and then forward tested on a demo account. If - and only if - this is working and making consistent profits should you then go live and trade using real money. And, even then, only use the smallest amounts your broker permits. Once you have a real plan in place, there'll be no chasing trades and entering/exiting them based on fear and greed, as your plan will stipulate exactly - and I mean precisely - when and where to open and close them.

Second, if you've done all of the above and are failing to stick to your plan - you've gotta ask why? Why deviate from a plan that you know is profitable - only to take unplanned trades that lose you money? Why do that, indeed, why would anyone do that?! My guess is that even though you might think you have a plan, you've not arrived at it in the way I've outlined above and it's nowhere near robust enough. Consequently, you don't have total faith in it and your ego thinks it knows better and gives you carte-blanche to deviate from it. If your plan really is properly watertight and you just can't stick to it, then you're not cut out to be a day trader. In which case, your choice is to pan out to become a swing or position trading or, if you absolutely insist on day trading, get yourself professional help from someone who specializes in trader psychology.
Tim.

Thanks Tim. I already got a plan but I miss a lot of my trades out of lack of concentration or fear. Then seeing it 5 to 10 mins later vehemently moving as expected, I try to do catch up which means I don't enter at the precise entry point though the setup is still valid. This messes up my SL position(as I used fixed amount of pips) and break even point. Thus I get frequently spiked out. I think I need a sort of alert system to get me alerted once my setup occurs to ensure early entry. I will sort out the fear issue.
Thanks once again.

 

[NVP]

hey D

you have to be confident in your system ....and trade it with 100% dedication

if not change the system until you can be confident in it

N

 

[Donwealt]

Happy new week guys.
Please what's the best way to trail a trade strategy on 5mins TF that has 10pips SL and 20pips TP.
Secondly at what point is should be breakeven.
It's has been frustrating so far getting stopped out and watching trade move as anticipated and on the other hand, getting over 12 pips and only getting 1 pip out of it. Please help a newbie.
Thanks and happy trading.