Teenage Trader with slight experience

[adam.g]

Hello, I'm Adam a 15 year old student. I've been interest in trading since quite an early age. I recently started investing real money into 3 ISAs my dad ran for me. I've taken over them for about 6 months now and have made a steady profit but have also come accustomed to a minor losses now and then.

The problem I've encountered is a strategy that suits me. I would be very grateful for some tips on mathematical based strategies or similar as my Dad has a more personal less maths based method.

Also any other tips or advice would be taken on board as I'm all ears, maybe something on day trading; something I'm looking into trying during the holiday, incorporating it around revision.

Thanks

 

[adam.g]

I forgot to mention I'm trading on LSE and using Digital Look. If that helps!

 

[Sigma-D]

You can't be trading 3 ISAs (even via your Dad) without having a strategy. You must be doing something even if it's only tossing a coin. And what is it about the strategy that you're currently employing that you feel doesn't 'suit' you?

 

[adam.g]

You can't be trading 3 ISAs (even via your Dad) without having a strategy. You must be doing something even if it's only tossing a coin. And what is it about the strategy that you're currently employing that you feel doesn't 'suit' you?

He taught me to use Fibonacci Retracements and Bollinger Bands but that's about it. He still manages the accounts with me but I'm beginning to become more independent. All trades I make are long term. so for example I invested in Balfour Beatty which hasn't been my best move.

 

[Sigma-D]

So you're using technicals such as Fibs and Bollies (which are mathematical constructs) but you don't like using them and you'd prefer tips on mathematical based strats. What did you have in mind? I am having trouble envisaging a Dad, any Dad, letting his kid run any ISA account without having an idea of what he was doing or why.If you've been interested in trading since an early age you must have an inkling of what it is that interest you and how to express that interest.

 

[adam.g]

So you're using technicals such as Fibs and Bollies (which are mathematical constructs) but you don't like using them and you'd prefer tips on mathematical based strats. What did you have in mind? I am having trouble envisaging a Dad, any Dad, letting his kid run any ISA account without having an idea of what he was doing or why.If you've been interested in trading since an early age you must have an inkling of what it is that interest you and how to express that interest.

I think expressing the ideas is what is holding me back. I like to use those as I have nothing else in my inventory and they do work effectively. I think what I was trying to say was, do you have any strategies for day trading? I'm not going to do it yet but if I build a skillset in advance I'll have a better chance. Sorry for any confusion.

 

[drtro]

Trade small while you learn. I made the mistake by using 100% of my equity in every trade when I started at 19. Start with 5 or 10 shares. Every 2 weeks evaluate. Make goals. If you have 6/10 winning trading days or more and you're overall NET positive, then bump it up to 20, 40, 80, etc. I started trading maxed out and lost $60K in two days. Not a good feeling. I'd also suggest a consistent plan. You don't need to be 1:4 risk reward to be successful. I perform better trading small. I'd rather gain 20% return at 90% success scalping small profits here and there riding a trend than 66% trading 1:3 trying to speculate tops and bottoms. But to each their own. Find something you're comfortable with, not what other people tell you to do. They're in the same boat as you trying to make it.

 

[NVP]

hey dude ..........and welcome

CONGRATULATONS - you are starting young and your whole life ahead of you to get into the game and be successful as a trader

so don't waste any more REAL money on your initial Trading education - please

anything you want to try do it demo ...........you can apply successful strategies later on the Real money

Cheers
N

 

[adam.g]

Trade small while you learn. I made the mistake by using 100% of my equity in every trade when I started at 19. Start with 5 or 10 shares. Every 2 weeks evaluate. Make goals. If you have 6/10 winning trading days or more and you're overall NET positive, then bump it up to 20, 40, 80, etc. I started trading maxed out and lost $60K in two days. Not a good feeling. I'd also suggest a consistent plan. You don't need to be 1:4 risk reward to be successful. I perform better trading small. I'd rather gain 20% return at 90% success scalping small profits here and there riding a trend than 66% trading 1:3 trying to speculate tops and bottoms. But to each their own. Find something you're comfortable with, not what other people tell you to do. They're in the same boat as you trying to make it.

Thanks, I'll take it into account. Before I do anything else I'll create a plan, seems like the way to go.

 

[adam.g]

hey dude ..........and welcome

CONGRATULATONS - you are starting young and your whole life ahead of you to get into the game and be successful as a trader

so don't waste any more REAL money on your initial Trading education - please

anything you want to try do it demo ...........you can apply successful strategies later on the Real money

Cheers
N

Thanks. Ok I'll leave the real money out of the equation. I did spend a year on a demo but I'm sure there's still a lot to improve on!

 

[NVP]

Thanks. Ok I'll leave the real money out of the equation. I did spend a year on a demo but I'm sure there's still a lot to improve on!

never stop using demo.............its great for scenario management and improving on the systems you have .......safely

 

[unexposed]

Just to pick up on one point made earlier. If we are to take the cautious route and only buy a small number of shares whilst learning, surely with the fees attached this would not be profitable unless there was a large increase, For example if i bought 10 shares in company x and there was a flat fee of £10 for the trade, even if the shares increased by 10% it is highly unlikely this would be profitable due to the small volumes involved (especially assuming there is also a fee for selling).

I am using a demo account at the moment, but its just not quite as using real money. Its a dilemma that i am experiencing at the moment.

 

[adam.g]

never stop using demo.............its great for scenario management and improving on the systems you have .......safely

Thanks again. Yes I see what you mean. Always room for development.

 

[drtro]

Just to pick up on one point made earlier. If we are to take the cautious route and only buy a small number of shares whilst learning, surely with the fees attached this would not be profitable unless there was a large increase, For example if i bought 10 shares in company x and there was a flat fee of £10 for the trade, even if the shares increased by 10% it is highly unlikely this would be profitable due to the small volumes involved (especially assuming there is also a fee for selling).

I am using a demo account at the moment, but its just not quite as using real money. Its a dilemma that i am experiencing at the moment.

Use a better broker. Seriously every time I hear somebody complaining about fees, it's their own fault for not doing any due diligence and signing up to the first ___trade retail broker they see. If you are paying per trade and not per share, you are doing it wrong.