Help please!!

New to trading and apolgies for asking what is prob 'the same old question'!

Using Tradefair and happy enough trading intuitively BUT now want to move on to looking at support/resistance etc. I believe something called L2 can give me this. Anyone got recommendations for best L2 platforms? And charting platforms I guess.

Thanks guys.

Mr Bridger said:

New to trading and apolgies for asking what is prob 'the same old question'!

Using Tradefair and happy enough trading intuitively BUT now want to move on to looking at support/resistance etc. I believe something called L2 can give me this. Anyone got recommendations for best L2 platforms? And charting platforms I guess.

Thanks guys.

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Level 2 you mean? All you need for support and resistance is a chart and some horizontal lines. You work it out for yourself or you can use free resources like pivot points as support and resistance. Do not pay anyone to provide you with support and resistance levels.

ps if you didnt know what L2 was I seriously doubt it would be of any use to you.

pboyles said:

Level 2 you mean? All you need for support and resistance is a chart and some horizontal lines. You work it out for yourself or you can use free resources like pivot points as support and resistance. Do not pay anyone to provide you with support and resistance levels.

ps if you didnt know what L2 was I seriously doubt it would be of any use to you.

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Thanks. I've looked at L2 (Barx) and what (I think) I'm talking about is the platform which gives you live info on buys and sells waiting - from which you can see/work out where the real support/resistance levels may be. As stated I'm new to this but so was everyone once. It may be most of a L2 platform may not mean anything to me on day one - but I'm sure I'd learn! I was really after peoples thoughts on what are good L2 and charting platforms.

Mr Bridger said:

Thanks. I've looked at L2 (Barx) and what (I think) I'm talking about is the platform which gives you live info on buys and sells waiting - from which you can see/work out where the real support/resistance levels may be. As stated I'm new to this but so was everyone once. It may be most of a L2 platform may not mean anything to me on day one - but I'm sure I'd learn! I was really after peoples thoughts on what are good L2 and charting platforms.

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In theory that may be true, in practice its not. Read up about support and resistance and get yourself a free demo account with charts from someone like FXPro.

pboyles said:

In theory that may be true, in practice its not. Read up about support and resistance and get yourself a free demo account with charts from someone like FXPro.

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Thanks. I'll have a squint at FXPro.

....and don't even think about using real money until you're sure you know what you're doing.

pboyles said:

....and don't even think about using real money until you're sure you know what you're doing.

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Prob good advice but too late lol! Been trading for about six months but, as I say, just 'intuitive' stuff like the blindingly obvious - eg shorting BP recently, going long pre results again on a few obvious ones, playing the swings on a few of shares I've got to know (Rio, Xta, Barcs etc) and generally following trends. Opened account with £5k - it's been worth £15k, £1k (!) and everything in between. Currently at £14k and making fewer mistakes but feel need to stop playing go to next stage. Hence the question.

Use real money but small amounts. Demo trading is useless despite the fact that so many suggest it. Demo trading can in some cases set you up for a bigger fall as you develop misplaced confidence when trading paper money. Trading real money will tell you a lot more about yourself. Look on any losses as training fees. I cannot stress how important it is that you feel the psychological implications of trading REAL money. Learning to master the two strongest emotions namely greed and fear can only be learnt from the school of hardknocks. Use small amounts that way when and I do mean when you wipe your account out you can come back each time with a little more experience.

Good luck with your journey you'll have days of pure joy and days of self loathing but if you refuse to give up and keep your losses small there is a chance for you my friend.