shadowninja
Legendary member
- Messages
- 5,524
- Likes
- 644
Choose Carter Ruck...less 'celeb' than Schillings, but still loads of bite left in the old dog...
I'll send him your regards.
Choose Carter Ruck...less 'celeb' than Schillings, but still loads of bite left in the old dog...
Hi
Been trading for a while (few months) primarily with IG index.
Read various good books such as @Come into my Trading Room@ Dr Elder, Toni Turners Day trading books, know a little about charting, MACD MAs, Stochastics but am still generally losing - not as badly as when I started but barely breaking even.
My latest strategy (after having a mixed return from trading stocks (FTSE & DOW)
is trading FX - basically use the following technique:
Look for MA 22/11 crossovers on a 30 minute chart (IG advanced charting allows notifications of these) check the crossing point out... if MACD looks good (+2 for buys -2 for sells), Stochastics look ok (high for buys, low for sells) and Dr Elder's Elder Ray has appropriate sell or buy values I may trade. I wait and watch ... but still inevitably lose!
I feel I am @nearly there@ but am clearly missing something.
With the stocks I was making a list of target stocks, identify if the trends from a Weekly/Daily/Hourly perspective and buy or sell in the opposite direction of the major daily/hourly trend. Had some luck with this @system@ but the losses although smaller in numvber than the wins, are inevitably wiping out the winning profits.
Funds and pride running low now so any advice pls ?
Hopfully other newbies may appreciate this as I am sure I am not the only one on this lonely road !
Cheers
P
'Nearly there'
ROFL!
The reason your failing is because your an absolute rookie, an absolute noob and you shouldn't expect otherwise... Trading is a Zero-sum game (Most of the time) and so ofcourse rookies lose money... If you were making money, it wouldn't say much for the very proffesionals and traders who have spent 16+ hours per day becomming good at this...
You have a long, long, long way to go and lots to learn; Your concepts of the market are very 'noobie' - The market doesn't care if you look at stochastics, just understand that ultimately it doesn't tell you anything about what price will do; however it can be used as part of a mechnical system (maybe) but otherwise it gives no indication, also i will tell you that such aspects are largely unimportant to most traders; Just reflect on that. Also understand that Elder WRITES BOOKS AND DOES SEMINARS; Not trading...
'Barely breaking even'
Why would you expect to make money, given how little you know?
Sorry, i never understand such logic.
Assume that you know nothing yet... Your unlikely to become profitable until you understand everything and right now; You've got a lot of understanding to do! If your up to it then face the very difficult challenge...
Don't fool yourself that this is easy, its not...
When you start to learn to trade, seems simple and easy, only because you have no clue - As in; Ignorance is bliss If you really are serious about trading then lower your expectations and read more appropriate books than that Elder prick...
To start you off if you would like?
Read New market wizards; That'll give you a grip of how difficult it may be and you can decide if your up to it.
Consider what i'm saying as fact; Don't think you know better; It will definately lead to tears of disappointment... I hear you considered quiting your full-time job recently?
Christ. I'm very serious, you should right now accept and be fully aware that you know absolute nothing about the markets, i mean seriously... You are a prime example of the type of person i would absolutely love to trade against - And don't take this as an insult; if you keep your current frame of mind, the market will continually insult you to breaking point and realization of your lack of skill until you finally do accept it!
Don't trade until you know the number of limit orders on a price level of the E-mini S&P500 June 2010 contract for both the bid and ask.
lol