The Basics of Trading

This is a discussion on The Basics of Trading within the First Steps forums, part of the Reception category; and the second chart Bill...

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Old Feb 3, 2003, 9:08am   #43
 
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BAY

and the second chart
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Old Feb 3, 2003, 10:01am   #44
 
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Ftse, I agree about the line/candle, but I wanted to show the Divergence in Nov 99 and line charts give a cleaner look....
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Old Feb 3, 2003, 7:13pm   #45
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Hi FTSEB.
I cant thank you enough,I have understood you explanation,this is exactly what i need to get my head round. I will look at the BOCchart and come back to you.By the way,I thought the 130 level was resistance,you said it is support. Im not criticising you,just making sure I understand how you work.
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Old Feb 4, 2003, 7:45am   #46
 
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FTSE Beater started this thread DOH!!!!!

Yes I meant Resistance. If something is old support which gets taken out (as it has on the BAY chart), then it becomes resistance when tested.

I've edited the post now
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Old Feb 5, 2003, 1:43pm   #47
 
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Thumbs up Re: The Basics of Trading

Thanks to FB this is really good stuff.

I think one important lesson to come out off the last series of postings is the fact that not trading is sometimes hard to do.
I wonder how many people studied your chart and were desperate to find an excuse to trade it.
Beware of trading for trading's sake. I think the post by chartman highlights this, we all need to sit on our hands sometimes and wait and watch.

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Old Feb 5, 2003, 5:30pm   #48
 
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FB this is good stuff, thanks.

I think one good lesson that has come out of the last series of postings about BAY is not to over trade.
I wonder how many people looked at your chart and tried to make a trade for tradings sake. Sometimes we need to sit on our hands and just watch and wait for positive signals to trade and not make the chart fit our desire to trade.
Avoid overtrading.

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Old Feb 5, 2003, 8:08pm   #49
 
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FTSE Beater started this thread Hi Monarch

The overtrading aspect of risk and reward is something that I hadn't actually thought of.

Risk / Reward really shows when to get in and when to stay out. Most of the time as traders, your watching a stock to set-up and being patient enough to allow the trade to come to you is something that new traders struggle with

Thanks for pointing that out Not sure it was important enough to post twice though
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