Message For Ftse Traders......

[Chelski]

FTSE Cash Daily is starting to narrow into a triangle.

 

[mmis4167]

cingrats wallstreet1928... well done with trades... and thanks for yor time and help here...

 

[wallstreet1928]

On the contrary - it's great to hear about people making money! It gives us £1 stop loss tadpoles initally hope and then something to aspire to. If you fellows can make consistant money then trading isn't a lottery it's a craft and with effort and hard work maybe we can be successful too.

No it certainly is not a lottery my friend other wise i would not be doing this as gambling is not allowed in Islam my friend........

This is an art/skill that one must learn and acquire through trading with actual money as the two emotions of greed/fear have to be tamed and controlled, something which you can never do with paper trading.

I am a Sufi muslim, which means I attempt to follow the path of Dervishes(or monks)which requires one to control ones ego and lower self and denounce the world. I must admit i fail miserably every time but it helps in my trading.....haha!!

Sorry to digress off the topic, back to trading people.......technical analysis cap back on!!

 

[wallstreet1928]

interesting market right back up again........

now thats too volatile even for my liking, it messes up all your analysis.......

All i can say people is to materialise your profits and take them quickly because this market is crazy.....

 

[fast trader7]

what happened? Market has taken drugs? 100 points up in 30 minutes

Too scared to get in

 

[tennisball]

Hi Bertie let me start by saying that I'm very new to all of this but the turning point for me was finding a system that worked for me, fine-tuning it, backtesting, paper-trading and then (as soon as possible) trading it. It doesn't matter whether its for 10p or £10 a point, the more you trade live (IMO) the more you can learn to deal with the psychological side - this is the bit that did, and still does, mess me up from time to time. If you're looking for reading material try "Sir William's" new book. PM me if you are interested as I have reviewed it (from a newbie's perspective) elsewhere - I'll send you the review.
Cheers
KJ

This Sir William fellow has a book? A talented and mysterious man indeed. Can someone let me know the title so I can take a look?

 

[tennisball]

The ftse is heading for the R1 point again - looks tempting, but this is quite a primitave analysis

 

[wallstreet1928]

email him and he will send you it , tell him you have been speaking to the crazy man .......Aadil!!

[email protected]



Trading For Wealth

A truly comprehensive textbook for beginners or existing traders wishing to learn how to apply systematic trading techniques in the financial markets, and become consistently profitable. The book covers in great detail the structure of the markets, the interpretation of price chart patterns, money management and risk management and, most importantly, the psychology of trading, which is where most traders come adrift. The last section specifically covers binary trading and contains many more useful diagrams and charts explaining the pricing and behavioural characteristics of binary bets. Also included is a full 43-page glossary of financial terms.


The book encompasses the following:

• The elements of the trading structure – market knowledge, price patterns, how to read them and how to take advantage of them, individual and market psychology, money management and risk management, the need for a systematic trading method

• The markets explained – their purpose, their structure and how they operate

• Individual and market psychology – how to read what the market is telling us and how to understand why we may not naturally be about to put on the right trade

• Extremes, trends, ranges, reversals, how to use Market Profile for consistent profits

• Money management and risk management – the placement and management of stops, how to protect your trading capital

• Trading – introducing spread trading, market choice, a walk-through of a real trading day including stop placement for managing risk and locking in profits, and the list of Golden Rules: an essential list OF rules we must obey and things we should avoid at all costs

• Binary trading – a complete section on the workings of all types of binary bets, including many charts and diagrams explaining the pricing and behavioural characteristics of binary bets

• A 43-page glossary of financial and technical market terms


The book has been carefully designed and will suit two categories of traders:

➢ chiefly, but by no means exclusively, those who know little or nothing about the markets and who want to learn how to tackle them with confidence and achieve consistent profits, and also

➢ those who wish to improve their trading results through learning and applying a systematic method of trading


◊ ◊ ◊


Food for thought: if trading were easy, everyone would be a winner, but for every winner there is also a loser on the other side of the trade: it doesn’t add up!
Take the first steps towards becoming a successful trader. Invest in yourself. Send me an email first if you wish. I have been there myself.


◊ ◊ ◊



I, the author, have been involved in one way or another with the financial markets since 1985, and I am one of the few traders who achieve consistently profitable results, and I have done so even during the exceptionally high volatility of recent times (2008).

My intention is to help people achieve this same result, for I know that it is extremely difficult to achieve, that the markets can lead us all too easily into the wrong trades with unfailing regularity. The money is there to be made, but the fact is that very few people manage to do so. This is for many reasons, not least because trading looks deceptively easy, and people often launch themselves into it with little or no preparation, and no training. Consequently, they end up losing.

If you recognise the ring of truth in these lines, then this book is for you. Order it from me now, read it, follow its guidance, and even feel free to contact me about further consultation or if you wish to attend any of my courses (in which case you get the book for free).
I sincerely hope that not only do you enjoy the book but that you also derive great value from it.

Availability: In stock now

 

[bertie123]

interesting market right back up again........

now thats too volatile even for my liking, it messes up all your analysis.......

All i can say people is to materialise your profits and take them quickly because this market is crazy.....

Wall steeet

Thanks for helping us newbies! You are so right about trading with real money, even if it is only 20p per pip. I have wasted a long time papertrading and got absolutely nowhere with it..............you don't care whether you lose or not. Since starting with real money (min stakes)my discipline has improved 100%, biggest problem is I am coming out of almost every single trade too early for fear of giving back profits. Any advice on how to overcome this?

 

[Chelski]

interesting market right back up again........

now thats too volatile even for my liking, it messes up all your analysis.......

All i can say people is to materialise your profits and take them quickly because this market is crazy.....

Wallstreet,

You are bang on the money, i could not find an entry to meet my rules, and like a smoother market.
You do get tempted but that's half the challenge.
Loss of opportunity is better than loss of capital!!

 

[fast trader7]

wallstreet,
You are doing a good job mate, keep posting the live trades

Happy trading

 

[uksnowman]

I know it's not the place to discuss S&P but there is a definite cup and handle pattern forming at the moment. However, it only shows on a short term chart i.e. 1 or 2 mins. Is this too short a span to draw conclusions typical to that of a cup and handle pattern, where a large breakout can often occur after the pattern?

I found the description below useful. Analyzing Chart Patterns: Cup And Handle

 

[tennisball]

email him and he will send you it , tell him you have been speaking to the crazy man .......Aadil!!

[email protected]

Thanks WS - I've fired off an email. Just missed a nice short on the ftse - it just touched R1 then came tumbling back. These are my first glimpses of market predicatability.

 

[tennisball]

I know it's not the place to discuss S&P but there is a definite cup and handle pattern forming at the moment. However, it only shows on a short term chart i.e. 1 or 2 mins. Is this too short a span to draw conclusions typical to that of a cup and handle pattern, where a large breakout can often occur after the pattern?

I found the description below useful. Analyzing Chart Patterns: Cup And Handle

Thats cool - just looked up a term I'd never heard of and the s&p duely starts ticking up as described!

 

[Bloodhound]

Thanks WS - I've fired off an email. Just missed a nice short on the ftse - it just touched R1 then came tumbling back. These are my first glimpses of market predicatability.

Feel free to PM me if you'd like me to send you the review I wrote of the book. Am not trading this afternoon as I am learning one of the principles he describes....
KJ

 

[wallstreet1928]

how many times must we knock on the door before they finally open it

FTSE 4240
DAX 4500
DOW 8000

and it finally opens............

 

[tennisball]

how many times must we knock on the door before they finally open it

FTSE 4240
DAX 4500
DOW 8000

and it finally opens............

I was looking at these charts thinking why have the ftse and dax gone through their R1, then I look at the dow and see that the ftse and dax have just followed its lead as it charged and bounced off its R1. Thats what I think happened any way.

 

[uksnowman]

I was looking at these charts thinking why have the ftse and dax gone through their R1, then I look at the dow and see that the ftse and dax have just followed its lead as it charged and bounced off its R1. Thats what I think happened any way.

I was thinking this earlier on today. If the FTSE follows the US indices in the afternoon normally, I suppose we have to be very careful when following pivot points? I was wondering if any of you guys as a rule check which is the leading index (i.e. S&P today pm) and keep a close eye on the pivot points on those charts as well as the FTSE?

 

[wallstreet1928]

Wall steeet

Thanks for helping us newbies! You are so right about trading with real money, even if it is only 20p per pip. I have wasted a long time papertrading and got absolutely nowhere with it..............you don't care whether you lose or not. Since starting with real money (min stakes)my discipline has improved 100%, biggest problem is I am coming out of almost every single trade too early for fear of giving back profits. Any advice on how to overcome this?

yes very easy solution my friend.......

amend your stop loss to break even as soon as you reach 10 points profit on your trade (indices or shares same method) .......then have a trailing stop loss every 10 points on indices thereby guaranteeing you have made a profit

market price 4200
you go long 4200, stop loss 4180

market price 4210
you amend stop loss 4200 - break even worst case scenario

market price 4220
amend trailing stop loss to 4210 - worst case scenario you make 10 points with potential for even more

market 4230
amend trailing stop loss 4220 - worst case scenario you make 20 points with potential to make more

and vice versa on short positions

hope that clarifies it all ......let me know if it doesn't

I haven't traded the afternoon at all, not after yesterday events............

made my profit fo rthe day and i happy and contempt with little........greed, greed, greed will kill you!!

 

[dilesh23]

yep and sometimes trade the ftse of the snp or dow chart... with no ftse chart in sight ... just for a bit of extra excitment and fun ... i thought everyone did this dax in the morning snp in the afternoon no point keeping your eye on the follower when you can see the leader