Newbie need help

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Melissa Finch

Junior member
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Hi everyone,

Same old questions i bet but cant seem to find what im after. have come from elite trader as not had much success trading so far. i was trading oil with a well known person it would seem that everyone hates. i wont mention any names, any way the experience was not a good one and lost money.

i am now interested in trading ftse 100 as feel its more for me and less volatile but need some help with range bound days

so heres the question
whats constitutes a range bound day and what seperates a trend, obviously a trend is one direction and a range is not but how many points, i ask so i can define some kind of stop and potential target for my future trades.

Meli
 
You don't need a big stop if you trade the extremes of the range. Same for when a candle hits a trendline.

Your the one spanish was trying to help out :). Do you plan on doing this FT or parttime, what hours.
 
hi phil,

thanks for replying so soon. and yes i was the one. not much success im afraid, i lost my rent money over xmas and had a **** time. have a bit of money but am looking to save more. i work part/full time at my current job, its a bit messy, some long days some short and some short weeks ect, my wages remain farely constant but my hours dont which leaves loads of time on certain days to trade.
 
Mornings look to Gap trade more or less, or just look at the previous day to see if it opens at support or resistance (Also look to see if its oversold or not). If your around a lot of the time 1m and 5m will be useful, very useful for small stops. Otherwise stick to 5m 1h.
 
Do yourself a massive favour and read up on as much trading technical basics, money management and trading psychology as you can before you even paper trade, let alone trade again with real money. There's loads on this site, and don't be tempted to chase your previous losses, the markets will always be here.

No offence meant by the following, but i knew you'd come to a bad end with your oil trading as it was a case of the blind leading the blind in a very volatile market where extreme discipline is a prerequisite. There's no shortcuts, and you owe it to yourself to at least give yourself half a chance of making any money by gaining a proper education. Hope your second time works out better.
 
oopss, just realised you cant swear here, just see my bad foul mouthed language bleeped out...sorry.

hi arabian, your on elite trader as well, didnt have much chance to talk to you before, was very stressed as was losing loads of money. im not losing any at the mo as im not trading, well for cash anyways, im paper trading until ive got a bit more saved up. what do you mean it depends, my problem so far has been trying to trade a range and being busted by it trending., as you've seen by the calls made. we spoke mostly on msn tho but still didnt do well
 
thanks jrp, i have many books on trading, about 8. some well known and talked about on here from what ive seen so far. my real experience is gonna come from actual trading obviously but will only paper trade, after all theres no harm in that, if i get bad habits, as long as i take money it should nt really matter what or how i do, just as long as i earn. i will only paper trade for now and keep results to look back on, probelms so far has been risk/reward, its been dire so need to sharpen up a bit
 
Trouble is, you wont know if its a range bound day till the end of it. Bollinger bands and some price reading skill can help, IF it iturns out to be a rangebound day......you know, there's no law says you cant look for longer term moves. Call me crazy, but longer term is less work, less effort, and often more money. JM2c.
 
most people only day trade or scalp, long term would be good and would give me more time to study the markets, say if the ftse was oversold but yet had more legs down to go i could get in and carry any potentiual loss until it came back, thats hoping of course that it does....do you do long term or know anyone that does on here that i could chat to
 
Melissa Finch said:
most people only day trade or scalp, long term would be good and would give me more time to study the markets, say if the ftse was oversold but yet had more legs down to go i could get in and carry any potentiual loss until it came back, thats hoping of course that it does....do you do long term or know anyone that does on here that i could chat to
Click to expand...


I'm just a market analyst with a decade+ or so of experience, and a massive run of great calls etc, trading is to damn stressfull quite frankly.
But you might be interested in my technical work, pm me if you like.

I'm not selling anything whatsoever by the way, and only offered because your profile looks hot.:D
 
havant got a web cam, did have but broke it launching it across the bedroom like some idiot that cant catch, if i'd have let it drop it wouldnt have broke but no, i had to try and catch it. and so it bounced off the wall and broke into many peices, glue will not help me here
 
Melissa if youre trading with your rent money i really wouldnt do anytrading until you save up some more. Undercapitalisation one of the most overlooked factors in trading failure. You could win 90% of your trades but if the other 10% is on an overleveraged account then its game over.
 
no, sorry if it came out wroung, its not my rent money im playing with, its my own money after rent. all bills ect are paid for pronto and my arrears from xmas rent have been cleared. i now save my money and not go out and spend as i used to. i have £400 at the mo and know its a pittance but will save the same next month so will have over £800, i hope then maybe to grow this to a grand within a month. not allot to ask for if i get it right i spose. very small stakes so losses will be low. my cut off will be £600 left then top up with the next months money to make it a grand then trade again looking for plus £200
 
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