Thanks

[Reggy]

Just wanted to thank to everyone for the support and advice given to me over the last couple of days...it is deeply appreciated!

This afternoon i got offered a reasonably good job (by my standards) as i have been on the look-out for the last month or so since my trading has rather uncharacteristically detoriated.
At first i felt over-joyed at the prospect off "steady money" but i have to say the feeling soon went!

I've only got into spread betting really over this last week...and ok...i had a rough day today but through all the turmoil i can see that light, i can NOT take a normal job while that "light" is there! I see it somewhat as a fork in the progression of your life, if i left the market now i may never return and that is not a nice thought, iti s in my blood forever now. I have decided to sell what shares i have...pool my money together...spend lots of time on studying TA and come out with a new angle on the market but not forgetting the lessons and experience i have had from day-trading succesfully till recently from the last almost 4 years now. You certainly never stop learning in this "game" and the market is one almighty Beast if you get the wrong side of it but hopefully im emerging from rubble.

I look at it like this....i would sooner give it one last go now and loose my remaining money than look back in years time...deeply unhappy in a job thinking what could of been. At least i will be able to say.."I GAVE IT MY BEST SHOT!"...and i will be content at that, although obviously wishing i had suceeded if things get no better.

To the people that are doing well ... i am in absolute awe of your abilities, it truly is a fantastic skill to have. And to the people that are not doing so well...i hope things get better.

Once again....thankyou...and.........

"Carpe Diem"

Reg

P.S. Apoligies in advance for spelling mistakes or bad grammer, in fact thinking about it.....Apoligies does'nt look right! lol!

 

[demufod]

Hi! let me put you off spreadbetting rightaway. Yes, I know that there's no tax and no fee BUT *nothing is for nothing* the spread is too great for you to win regularly. Better(!) to use a Direct Access service and pay the tax. Trust me on this, I'm a cynical psychologist and look here too: http://www.themasteryoftrading.com/Articles/ConProfs3.htm

 

[ChartMan]

Hi Reggy. I watched and listned to you today and sympathise. If you stick with it, stick with us and don't be afraid to ask anyone's advice. For example, ask if " is this a good move" and gauge reaction. If you say you need special help, I'm sure you will get it.Some will prefer not to commit, understandably, but we'll try. If youwant to join the US room, I'll be glad to help,as I much prefer DOW to anything else.Take the time to download the lecture charts and study them- they are full of tricks and tips. It won't make you an outright winner, but it'll sure help you not being a net loser, nad net loser = wipout. I wish you luck.
Martin

Here's the link to the charts...
http://www.trade2win.co.uk/boards/showthread.php?threadid=3772

 

[neil]

Don't spread bet

Reggie,
The poster above is correct about spread betting. Having said that, try spread betting for pennies because if you can turn a profit there then you can do better with Futures (dont panic) or general share trading.

Sort out your preferred time frame and go from there. Chartman and others here have a lot of knowledge and are happy to share same.

Good luck.

Toby

 

[Naz]

Reggie,

I agree with demufod.Using direct access is very important.T/a might be good at giving you an area to get in but being good at reading a level 2 screen that has direct access gives you one almighty edge.By printing off the chart and writing what was happening on the level 2 screen and how and with which orders you would take the trade can help you get better and bettter.With no money involved.(paper trading)

Imagine this you see support on your graph at $50.You then go to your Nasdaq level 2 screen and watch the action.You notice that that the support is for real and no fakes are being set up.You notice certain major players are keen to hold that level.So you place a couple of orders out on the bid and during the noise you get filled.Thats just saved you paying any spread.Then you look under the bid and see who you will hit and with what order if the bid crumbles.Remember you'll see it before anyone looking at a chart so you'll have advance warning.

Little by little it dawns on everyone that we're holding, and the bid builds up and up we go.Now at some stage there is a time to sell.You'll see it on the screen first.

Seeing the players in action means you can feel the momentum of the stock as it travels,so you can feel the pauses,strength and weakness.All the way up perhaps you see Goldman buying the pullbacks and behaving like a true ax (controlling market maker),this gives you confidence.Then you notice resistance bulding up on the offer at an important level.Go and hide half your order just underneath them,then as the market powers into the resistance you'll get filled on the offer and you've just saved the spread or alternatively if the offer crumbles as we appraoch cancel the order and let it run.

With the other half use it to shadow Goldman if he's still behaving like a true ax.At some stage out of the blue he might stop buying and be a seller.Is it real or a fake.You should be good enough to know.If its real,sell or double and reverse on the offer and the odds are Goldman has just given you the top and now you are short with him so you can ride the wave back down.

This is just a small example of how you could use t/a to find your trade,Nasdaq level 2 to see what is realy going on and direct access to save the spread both ends.Keeping a log will help build up confidence and knowledge without using any money.As the Nasdaq trades untill 9pm.It is easy to do a day job and practice in the evenings.

I know it might sound a little daunting at first and thats why many players criticise it without having any knowledge on how it realy works.But believe me you will see things so far in advance it truly will help.Spreads on the Nasdaq are very small any way but saving them when you can is a real bonus.(ie level 2 $50.12-$50.13----------spread bet $50.07--$50.18).

This is just a personal view that gives a balanced view.If you realy cant do it,walk away and dont look back.

 

[face]

Reggy,

One thing I have learnt since I took up trading seriously about 18 months ago is that you never stop learning.
I thought that I was a good trader last year but I know now that I wasnt and the knowledge I have gleaned in the interim has been invaluable.

So my advice to you and other novices is dont get too confident too soon - serve your apprenticeship and keep learning.

Keep your stakes small while you are learning as any failures will be damaging both to your bank balance and your confidence.

This is where spreadbetting has helped me. I am fully aware of its drawbacks as a trading medium, but it is excellent in allowing you to practise with small stakes and both learn and refine trading techniques and strategies.

The desire to get rich quick is strong but must be resisted at all costs. Only experience and a sound knowledge of technical analysis will make you a good trader and unfortunately this takes time.