Trading Wall Street on open today (sell/down)

[Dannyshah]

firstly hello traders,

this is my first post, just sign up a few days ago. i wanted to ask if its worth putting a trade to sell wall street soon as it opens at 2:00pm GMT.

reason: last couple of days when the FTSE has open dramtically low beacuse of wall street closing low the night before and the trend of the maket are on a down wards spiral,(looking at the charts too) is it worth putting on a quick trade. i use IG index to spread bet.

 

[normbeef]

NO NO NO NO... unless you trading strategy is to bet the open everyday ??? which I am guessing its not by your post.. you are gambling

 

[Dannyshah]

thanks Normbeef, i think i am gambling, think ill read more post on here on how to trade.

just to pick your head, any good books to read you recommend? i was also reading a post where a guy paid £2000 pounds for a training course, are these for any good or just bogus? i am always wary of programmes like that, if your so good at trading why teach other for money/fee? (not unless your hoping for them to loose and you take there profits on the markets or turn them into gamblers like me.

 

[tomorton]

Hi Dannyshah - Don't pay for training, the knowledge is free, its experience you need primarily and that's the only thing worth paying for - the problem is to get the experience without getting wiped out in the attempt.

If you have, say, £2,000, find a strategy that others are using, that broadly meets your budget, time availability, risk comfort levels, and that actually works - you will need to tweak it a bit by paper trading before you start trading for real. Spend as much as the first £100 on some good books, lots of guidance on this site on the choices. Start trading small at first, refining your strategy (because the game changes when you put real money in) but even if you risk losing as much as 5% on each trade (I think that's too much actually), you would need two dozen consecutive losers before you got down to £500, which might be seen as a limit of viability for trading. But if you are getting consecutive losers, you must change the strategy way before you get ther two dozen in a row. The key is to lose small only, don't worry about winning big.

 

[normbeef]

thanks Normbeef, i think i am gambling, think ill read more post on here on how to trade.

just to pick your head, any good books to read you recommend? i was also reading a post where a guy paid £2000 pounds for a training course, are these for any good or just bogus? i am always wary of programmes like that, if your so good at trading why teach other for money/fee? (not unless your hoping for them to loose and you take there profits on the markets or turn them into gamblers like me.

Without wanting to Dodge the question too much, before recommending anything I would think about what type of things you want to trade i.e. forex / equites , long time frames / short time frames... I apologise if I offend but you sound like you are Green as Grass, I would recommend at least a year on a simulator trying out differnt stuff to see how you fit into this mad world before risking real money.

And as for why teach trading, it does not carry any risk, it also pays VERY well.. youd be suprised what you can earn.

do the Maths... say you have £2000 per pupil say you get 10 pupils per week .... not a bad return for very little overhead

good luck...

 

[Dannyshah]

thanks guys, norm you have a good point, two hours a week for 10 weeks and they still trade, can actually use that £2000 to cover part of there loses if any. oi norm i did put open a trade, to go down at (821)£1 point just to see, it went through my stop loss at 35 points and now its floating at 8155. thats my drink money gone for tonight hahaha


tomorton: i think i am going to do some reading before i start properly and some research. when i start my demo account ill post it up see what you guys think.

 

[trader_dante]

If you had sold Wall Street at the open you would be a happy man right about now. (Presuming you had taken profits when it collapsed)

Lesson to be learnt from this? Don't ask others for advice.

 

[normbeef]

If you had sold Wall Street at the open you would be a happy man right about now. (Presuming you had taken profits when it collapsed)

Lesson to be learnt from this? Don't ask others for advice.

Totally right... I wouldnt take my advice either... but who is to presume he would have taken the profit ??? it was a daft idea no matter how you look at it... loss / win do you think this would have been a good start to a profitable trading career ??? or a false dawn...

NB ... I assume as well as a random entry strategy there would have been a nail biting exit strategy to go with it...

 

[Dannyshah]

advice is just advice.... and if some one offers it, great.but at the end if the person wants to act on it or not, its up to them. i i partly acted on by not putting a large sim of money on it, and i lost £36 cause of a non-calculated stop loss i put on.

 

[Dannyshah]

hey have any of your heard of Trader Training Course from Global Trading Community, Trading Internships, Trainee Traders,, just spoke to someone there and they requested my CV and for me to come into the office for a chat

 

[Igat]

The advice was probably still sound anyway. Making a killer trade on a gamble would probably be a bad start. It would teach bad habits and prepare you for a blow out. I did something similar when I first started although I didn't blow my account (not yet anyway)and the profits were soon eaten up and a little extra to. I am now into my second day of excellent profits and third day of profit now and I put it all down to a system I have basically put together combining the knowledge I have picked up here.