My, €4.1k to €227k in 2 years, journal.

[R.Charnock]

Benj, could you please apply your guruism to r-e's post above. We deperately need guidance from a true master of the markets.

 

[Benj1981]

Thats cool if you want. Understanding position size, margin, leverage etc. is most beneficial in not blowing your account.
A lot of the spread betting providers give a rather vague explanation of margin. Playing with the £10000 demo account doesn't explain it either.
The best explanation I've seen was on the Paddy Power Trader website but sadly they no longer offer Financial Spread Betting.

Yes, completely agree with this HairyMoose. Betting too much will always end up with the same result, ie no money left in your account. I keep reading and reading this everywhere, but seems like people still bet too much! Do they live in a cave or something before taking up spreadbetting/trading - how can they not realise betting too much is disaster waiting to happen!? Oh, with you there too! Virtual demo account is a pile of cr@p! if youre going to trade - small / tiny stakes. I reckon that must teach u much more. But saying that, i reckon this backtesting thing's a good idea, as i chatted more to my contact who sent the "backtest" result to me (i attached it, remember?) and he made a lot of sense.

GTTY.

 

[Benj1981]

Benj,
you've been reading and studying for 3 or 4 days solid now, so please use your experience to critique my action plan for the Euro.

As I see it, price is in no-man's land at present,
but I'd be happy to Short it if it rises to a certain level (yellow line)
or equally to go with a Short BreakDown if price plummets (trigger, second yellow line)
Target for both potential shorts is marked with X

Conversely, if price continues to rise and breaks out of a channel, I'd be tempted to go Long on a tight leash.

I can't really see the Long happening and am biased towards the Downside, but I've been known to be wrong before .......

Please let me have your thoughts and advice ?
cheers

Thanks for the chart Rathcoole, youve marked out some interesting "support" and "resistance". RIght firstly, and this is from the trend following stuff i was reading the other day, id say to you; anything can happen! So when you say youre biased, i think thats something you should maybe sort out. The only time id be biased is if a really big trader told me he was selling, then id be a seller too. To me this chart looks 50/50 - could go either way. Recently it's been going down, but before it went up a lot, but the way id bet on this is if it went above your top yellow line - buy, and bellow bottom yellow line - sell. Keep it simples. Your target looks good, but if its profitable, why get out so early?? Obvs, this isnt trade advice so im not liable for any losses that are a result of my analysis. Cheers.

GTTY.

 

[advfntrader]

nice to see a new trader all eager to get going with big dreams...I'll give you my opinion...WALK AWAY. don't let this dream ruin you life, you will lose you 5k and MORE, much much more.

you are not going to be a millionaire from trading. FACT.

its a dream and its no different to poker players in the casino thinking they will hit it big the next time round.

 

[R.Charnock]

thanks for the chart rathcoole, youve marked out some interesting "support" and "resistance". Right firstly, and this is from the trend following stuff i was reading the other day, id say to you; anything can happen! So when you say youre biased, i think thats something you should maybe sort out. The only time id be biased is if a really big trader told me he was selling, then id be a seller too. To me this chart looks 50/50 - could go either way. Recently it's been going down, but before it went up a lot, but the way id bet on this is if it went above your top yellow line - buy, and bellow bottom yellow line - sell. Keep it simples. Your target looks good, but if its profitable, why get out so early?? Obvs, this isnt trade advice so im not liable for any losses that are a result of my analysis. Cheers.

Gtty.

omg

 

[rathcoole_exile]

So when you say youre biased, i think thats something you should maybe sort out.

Don't need to sort anything out, am happy to take my trades as & when they trigger.

But logically speaking, the expectation would be for a downwards move - on the Daily there is a huge amount of Resistance overhead

Same on the 1H, combined with the fact that price failed to break north of the resistance cloud last time it was in it.

all suggest more downwards pressure.

but like I said, I'd take a small pozzie Long with tight controls if it occurs

 

[Benj1981]

Don't need to sort anything out, am happy to take my trades as & when they trigger.

But logically speaking, the expectation would be for a downwards move - on the Daily there is a huge amount of Resistance overhead

Same on the 1H, combined with the fact that price failed to break north of the resistance cloud last time it was in it.

all suggest more downwards pressure.

but like I said, I'd take a small pozzie Long with tight controls if it occurs

Ok well sounds like you got a plan. May the force (downward force) be with you . Im going to study your charts more, see if i can make head or tail of what you mean. Cheers.

GTTY.

 

[Benj1981]

nice to see a new trader all eager to get going with big dreams...I'll give you my opinion...WALK AWAY. don't let this dream ruin you life, you will lose you 5k and MORE, much much more.

you are not going to be a millionaire from trading. FACT.

its a dream and its no different to poker players in the casino thinking they will hit it big the next time round.

Way too much negativity buddy! What's been your experience with trading anyway? Not worked out or something (sounds like it from your post - no offence)? If you want, i can send you some good PMA link, might help you...

Good trading to you.

 

[the hare]

I've come too far with my trading to even entertain the idea that a coin toss can substitute intelligent analysis. That is the domain of the newbie or someone who has never figured out wot is wot or even bothered to try.

I simply couldn't disagree more.

I'm not arguing about the effectiveness of a coin toss for entry or exit v "analysis", I'm talking about the application of random entries and exits in the process of developing an edge.

I'm wasting my time even discussing this stuff here at the zoo..so I wont

 

[jungerns]

Some unexpected posts within this thread with reference to analysis of charts and entry and exit points and some claiming coin tossing may play a part.......

I have my own views on charts channels fibonacci elliot waves et al and to a certain extent some posters views mirror mine....

I rely on live news feed information from 4 sources and my own experience of whats going on in the economic markets on a day to day basis, and whats coming up re news releases and there timings.

Only time I take any anaylsis from charts is noting highs and lows and other than that totally ignore them. Remember I'm trading Indices rather than forex but as no doubt someone will say it makes no difference.

 

[Benj1981]

Advtrader, you especially need to watch this, but i recommend to all (only 1min 24secs). Phil Taylor has a PMA you need to aspire to, incredible human being :

Phil Taylor 9 dart finish Aberdeen February 2012 - YouTube

 

[advfntrader]

Ben, whats my experience....trading has ruined my life. I came to it like you full of hopes and dreams. I traded small, I demoed, I trader big, I demoed some more. I traded Forex, commodities, stocks, ETFs everything. I lost. I picked myslef up 10,000 hours they say....I got a bit better....then I lost again. they cycle repeated time and time again. system after system

for over SIX YEARS now I have given this my all and I failed.

Now maybe you will do better and be on the cover of Forbes magazine in a few years......I doubt it though

it drains you. it strains your relationships, your bank balance, your health.

 

[advfntrader]

the difference with Phil talyor is he CAN get better at throwing darts. he knows his enemy...the dartboard in front of him.

with trading you don't know who is your enemy. Look at how banks have maniuplated the markets, this goes on ALL THE TIME out there. you are swimming against the tide and simply by having a PMA ain't going to cut it mate

 

[advfntrader]

BTW replace "trading" above with "gambling". If you want to be a trader then you want to be a professional gambler. as long as your are clear about this in your mind from the start.

you could come into trading not thinking this but you are kidding yourself with charts and systems. its no different to trying to make a living with a horse racing system

 

[the hare]

BTW replace "trading" above with "gambling". If you want to be a trader then you want to be a professional gambler. as long as your are clear about this in your mind from the start.

very sound advice

 

[rathcoole_exile]

or equally to go with a Short BreakDown if price plummets (trigger, second yellow line)
Target for both potential shorts is marked with X

short triggered.

thanks to you Benj for a few extra quid - if I hadn't been looking for an example for you, I would probably have been out running and missed this set up

 

[advfntrader]

yes it can. I had never gambled on anything else in my life until I stumbled into trading. now I have a full blown gambling addiction and nearly lost my wife, family and house over it. I wouldn't wish it on my worst enemy.

so by all means be eager and have a go...but please please don't listen to these people that tell you "get back on the horse" "you need 10,000 hours" "you're nearly there, all that effort would be wasted".....

just some works of advice from someone who was once so young and eager....

gambler on cover of Forbes? but very true trading is simply gambling - specially short term / leveraged trading. It can turn a completely disciplined and innocent man in to full time gambling addict in no time. So as they say only time to stop is before you start.

 

[The Leopard]

yes it can. I had never gambled on anything else in my life until I stumbled into trading. now I have a full blown gambling addiction and nearly lost my wife, family and house over it. I wouldn't wish it on my worst enemy.

so by all means be eager and have a go...but please please don't listen to these people that tell you "get back on the horse" "you need 10,000 hours" "you're nearly there, all that effort would be wasted".....

just some works of advice from someone who was once so young and eager....

A brave and good series of posts advfn. You should be commended for your honesty and sense.

Sadly, I think they will be wasted in this thread, which is clearly a trolling exercise. The OP is not sincere.

 

[The Leopard]

No of course I don't want details of your bank accounts. I just want you to confirm that these are the results that we are talking about:

JTrading Past Performance

I wonder why, with results like that, jtrading are selling signals. Why would they not just trade them and keep all that lovely liquidity for themselves? Or why, if they must sell signals, do they sell them to chumps for £25 per month rather than to Goldman Sachs for $25 million a year?

There is so much liquidity in the major forex pairs they would surely be able to sell such results for an astronomical price, and it would be well worth it to the financial institution that bought them.

Come, Chumperns - are the results really as good as you claim? Or have you been stretching the truth a little?

Come along Chumperns - just tell us if this is the jtrading signal service you use (I assume it is because it is connected with Madison Cole). If not, please post a link. I am sure we would all like the opportunity to make such wonderful returns.

 

[jungerns]

Had a good chuckle guys......Thanks

You work out the sources yourself. You both have too much time on you're hands clearly....

Now I'm off to pack Gentleman-hope the Uk weather picks up for ye.....