Almost there.

This is a discussion on Almost there. within the First Steps forums, part of the Reception category; Hi all, I've been reading and studying all about trading, TA, psycology, risk and money managment, support and resistence and ...

Reply
 
LinkBack Thread Tools Search this Thread
Old Oct 7, 2017, 1:14pm   #1
Joined May 2017
Almost there.

Hi all,
I've been reading and studying all about trading, TA, psycology, risk and money managment, support and resistence and just about anything i can get my head around about trading in general.
I've even managed to open a trading account here in Australia to start paper trading. I even put together a trading plan that I based off the trading plan thread on the site here.
All I'm waiting on now is for my computer to arrive which wont be long, hopefully. All i can do now is keep educating myself as to the where when and why aspect of actual trading.
My plan is to trade cfd's on the ASX in simulation and hopefully try and grasp the concept of when to enter and when to exit. Setting stop loss and targets correctly. Cutting losing trades fast and finding the intestinal fortitude to let my winners run. Scaling in scaling out, or just plain sitting it out until all looks and feels good to jump in and have a crack.
Luckily for me i see that as the easy part.

I think the true test will be when I go live. When it hits home that this is all real and i will have a myriad of other things to concern me. Such as, is my timing going to be right, am i even trading in the right direction, will i get filled, will i still be able to see with the sweat running down my brow. Will my stomach ever stop turning. Have i set my stop in the right place. Am i being overly ambitious with my risk to reward target.
Hopefully I won't have any of that to worry about because I will be focusing on only the following.
Am I following my meticulously laid out plan that i have tested and found to be profitable.
Am I calm, relaxed and ready for action with total faith in said plan.
And last but most importantly, am I totally in control of and have faith in MYSELF.

Hopefully it will be enough to get me off to a good start.
Now if only that computer would turn up. I can't trade on this tablet.

Looking foward to all the great educational resources on this site. For those that post it I thank you. Also looking forward to getting to know fellow traders on here, new like myself and experienced alike. Just have to take the slow and cautious route to start with so I'm around long enough to do so.
Glad to be onboard and happy trading to you all.
Buzz.
Buzzard76 is offline   Reply With Quote
Old Oct 7, 2017, 5:28pm   #2
 
Quantt's Avatar
Joined Jul 2017
Quote:
Originally Posted by Buzzard76 View Post
Hi all,
I've been reading and studying all about trading, TA, psycology, risk and money managment, support and resistence and just about anything i can get my head around about trading in general.
I've even managed to open a trading account here in Australia to start paper trading. I even put together a trading plan that I based off the trading plan thread on the site here.
All I'm waiting on now is for my computer to arrive which wont be long, hopefully. All i can do now is keep educating myself as to the where when and why aspect of actual trading.
My plan is to trade cfd's on the ASX in simulation and hopefully try and grasp the concept of when to enter and when to exit. Setting stop loss and targets correctly. Cutting losing trades fast and finding the intestinal fortitude to let my winners run. Scaling in scaling out, or just plain sitting it out until all looks and feels good to jump in and have a crack.
Luckily for me i see that as the easy part.

I think the true test will be when I go live. When it hits home that this is all real and i will have a myriad of other things to concern me. Such as, is my timing going to be right, am i even trading in the right direction, will i get filled, will i still be able to see with the sweat running down my brow. Will my stomach ever stop turning. Have i set my stop in the right place. Am i being overly ambitious with my risk to reward target.
Hopefully I won't have any of that to worry about because I will be focusing on only the following.
Am I following my meticulously laid out plan that i have tested and found to be profitable.
Am I calm, relaxed and ready for action with total faith in said plan.
And last but most importantly, am I totally in control of and have faith in MYSELF.

Hopefully it will be enough to get me off to a good start.
Now if only that computer would turn up. I can't trade on this tablet.

Looking foward to all the great educational resources on this site. For those that post it I thank you. Also looking forward to getting to know fellow traders on here, new like myself and experienced alike. Just have to take the slow and cautious route to start with so I'm around long enough to do so.
Glad to be onboard and happy trading to you all.
Buzz.
Good luck Buzz, sounds great, if everything works as expected, the next step would be to automate your trading, this will take care of the psychological aspect and prevent stupid mistakes... Cheers!
__________________
"If you don't find a way to make money while you sleep, you will work until you die." Warren Buffett, CEO of Berkshire Hathaway.

Count de Money number 1 trading rule: EDUCATE YOURSELF!

Before you trade even single penny on the stock market, please spend the time and educate yourself by back testing different trading strategies and ideas - go to eBay and search for "historical stock market data", you can buy 20 years of data for less than $100 - that's all you need to start.
Quantt is offline   Reply With Quote
Old Oct 7, 2017, 5:45pm   #3
Joined Feb 2002
Practice, practice, practice.
tomorton is offline   Reply With Quote
Old Oct 7, 2017, 6:37pm   #4
 
dbphoenix's Avatar
Joined Aug 2003
Quote:
Originally Posted by Quantt View Post
Good luck Buzz, sounds great, if everything works as expected, the next step would be to automate your trading
Might be. Not everyone is into automation.
__________________
Trading Price
The Wyckoff Method
dbphoenix is offline Training literature vendor (e.g courses / spreadbetting guides / eBooks)   Reply With Quote
Old Oct 7, 2017, 8:33pm   #5
 
Quantt's Avatar
Joined Jul 2017
Quote:
Originally Posted by dbphoenix View Post
Might be. Not everyone is into automation.
Yep, just an idea for easier life...
__________________
"If you don't find a way to make money while you sleep, you will work until you die." Warren Buffett, CEO of Berkshire Hathaway.

Count de Money number 1 trading rule: EDUCATE YOURSELF!

Before you trade even single penny on the stock market, please spend the time and educate yourself by back testing different trading strategies and ideas - go to eBay and search for "historical stock market data", you can buy 20 years of data for less than $100 - that's all you need to start.
Quantt is offline   Reply With Quote
Old Oct 7, 2017, 9:32pm   #6
Joined May 2017
Buzzard76 started this thread Thank you for the replies.
After looking over the site a bit more and finding the essential stickies, it looks like I have found a mountain of reading material that I won't have to scour the internet for. My goal is to paper trade for at least six months and make sure I have found a strategy with a positive expectancy before I hit the live account. Haven't really looked into automated trading as yet. So much to learn, but I'll keep plugging away at it and yes, pratice practice practice.
Until then it will be read read read. Sort the wheat from the chaff and try to remember it all.
Hope to see you on the hard right edge one day.
Buzz.
Buzzard76 is offline   Reply With Quote
Old Oct 7, 2017, 10:49pm   #7
Joined Oct 2015
Quote:
Originally Posted by Buzzard76 View Post
Thank you for the replies.
After looking over the site a bit more and finding the essential stickies, it looks like I have found a mountain of reading material that I won't have to scour the internet for. My goal is to paper trade for at least six months and make sure I have found a strategy with a positive expectancy before I hit the live account. Haven't really looked into automated trading as yet. So much to learn, but I'll keep plugging away at it and yes, pratice practice practice.
Until then it will be read read read. Sort the wheat from the chaff and try to remember it all.
Hope to see you on the hard right edge one day.
Buzz.
hi buzz, sounds like you are doing your research and learning the principles which is a good sign. You didnt mention the sort of timeframe you expect to be trading ?
Kaeso is offline   Reply With Quote
Old Oct 8, 2017, 2:48am   #8
Joined May 2017
Buzzard76 started this thread I will be looking to trade the Australian market 10am open till noon to start with and maybe in the future look at trading the US market open which is around 11:30pm local time which is a much better time frame for me as I operate better of a night than I do of a day. Don't know why but I've always been a bit nocturnal. I'm leaning towards learning cfd trading on stocks as that has been my main focus up till now, and later on learn about options and the futures market which to be honest at this stage I know absolutely nothing about. Forex might be in my future but it hasn't sort of jumped out at me so to speak. So yeah, I will start on the stocks and hopefully go well, and then look at something else. I think I am better off trading one particular market with one strategy that can show a positive expectancy instead of bouncing all over the place. Being so green and having such a steep learning curve in front of me it seems to me to be the right action. Other wise i think it would be to much to learn all at once and do my head in.
Buzz.
Buzzard76 is offline   Reply With Quote
Old Oct 8, 2017, 3:30am   #9
Joined May 2017
Buzzard76 started this thread Sorry Kaeso, I didnt exactly give you a time frame. I intend to trade intraday. Probably the first two or three hours of the open. Like I said being so green and having so much to learn I just feel that intraday trading with no open positions at the end of the day will be a good start. Then if I want to look at swing trading I'll devote most of my study towards that time frame. To me it's a little overwhelming at the moment as to the choice of so many different instuments and time frames. My number one priority will be capital preservation to start with and i think intraday with good risk and money management will be the way for me to start. I intend to paper trade for as long as it takes to get proficient with the platform i will be using, order types entries, exits, stops and targets etc. And developing a strategy that works. It seems like such a huge climb at the moment but i just have to kick off one foot at a time.
Buzz.
Buzzard76 is offline   Reply With Quote
Old Oct 8, 2017, 8:29am   #10
Joined Oct 2015
I edited this post because we posted at about the same time and you already answered the question i posted ^^^

Ok.. so you get the whole timeframe thing as well, you really have done your homework! good for you.

Its important to be clear about timeframe because it will be a recurring source of confusion/errors if you are not clear and confident about what TF you are operating in.
I currently only do swing trading cos ive got a full time job and up to now have done better with fewer trades and looking at higher timeframes. My trades last anywhere between a couple of hours and several days.. depending how long it takes to get to target/stop

Last edited by Kaeso; Oct 8, 2017 at 8:55am.
Kaeso is offline   Reply With Quote
Old Oct 8, 2017, 9:23am   #11
Joined May 2012
Quote:
Originally Posted by Kaeso View Post
Ok.. so you get the whole timeframe thing as well, you really have done your homework!
Actually no. Buzz said so himself. He has scoped out tactically he will only engage the market intra day with no open positions by end of the session. He did not mentioned what time frame he will use to make trade selection and trade decisions.
Brumby is offline   Reply With Quote
Old Oct 8, 2017, 9:35am   #12
Joined Oct 2015
Quote:
Originally Posted by Brumby View Post
Actually no. Buzz said so himself. He has scoped out tactically he will only engage the market intra day with no open positions by end of the session. He did not mentioned what time frame he will use to make trade selection and trade decisions.
oh yes i agree i was using confusing terminology! i meant the basic tactic (keeping it simple) but of course the more detailed specific timeframe is also important.

he "gets it" but is in early stages of "figuring it all out" in terms of his own trading

Last edited by Kaeso; Oct 8, 2017 at 10:21am.
Kaeso is offline   Reply With Quote
Old Oct 8, 2017, 9:59am   #13
Joined May 2017
Buzzard76 started this thread I have read some articles on swing trading including one strategy where a trailing stop was used. The trailing stop was based on 3% of average true range I believe, instead of a set amount of cents $. From what I gathered it looked to work quite well so its something I will look at if I do end up swing trading. Will give it a run in the simulator and see how it goes. But like I mentioned previously I will definitely be staying intraday to start. I dont think I should leave a position open overnight to start off. Just part of the risk aversion in my plan as it sits at the moment. No doubt I will have to tweak things as i go in the simulator. I'm a bit lacking in my entry rules and triggers for my plan as you would imagine as i haven't traded yet. Time in the simulator will iron this out. I'm quite happy to paper trade for as long as it takes to find all these things out and define my edge.
I've been reading/studying nearly every night for about 12 months and feel like i have only scratched the surface. Looking foward to getting my trading room finished. It is a spare bedroom that i have nearly finished painting at this stage. Im currently waiting on a computer that I am having built. It is going to be used as my trading station and double up to do a fair amount of 4k video rendering so its a bit of a unit. I have twin Uninterruptible power supplies and my internet connection also has a battery back up. Its been a long process but one that I'm hoping will cover as many bases as possible. The computer build actually starts tommorrow after months of waiting on two specific graphics cards that i want in the build. Damn bitcoin miners have created a world wide shortage, go figure, should of bought some nividia stock twelve or so months ago. But hind site is always 20/20. Anyway all that aside it has given me a great deal of time to at least get a grasp on the study side of things. I am really looking forward to start paper trading and plan on continuing to read as much as I can as I go as I believe that you can never stop learning. There will no doubt always be something that crops up that I will never have encounted before so I will just keep educating myself. Just trying to give myself the best chance I can i suppose.
Buzz.
Buzzard76 is offline   Reply With Quote
Old Oct 8, 2017, 10:11am   #14
Joined May 2017
Buzzard76 started this thread I think you are asking about my actual trading time frame (sorry I'm as green as grass). I basically will be following the daily, 5 minute and 1 minute charts. Entering on the 1 minute chart with confirmation off the 5 min chart. May also put up a weekly as well. I will be running two 43 inch 4k monitors and onlt trading a maximum of three stocks at any one time. Probably 2 stocks to start out. Basically screen real-estate wont be a problem and was a big factor in the build. Hopefully this clears it up and I haven't missed the point completely.
Damn, so much to learn.
Buzzard76 is offline   Reply With Quote
Old Oct 8, 2017, 10:46am   #15
Joined May 2012
Quote:
Originally Posted by Buzzard76 View Post
I think you are asking about my actual trading time frame (sorry I'm as green as grass). I basically will be following the daily, 5 minute and 1 minute charts. Entering on the 1 minute chart with confirmation off the 5 min chart. May also put up a weekly as well. I will be running two 43 inch 4k monitors and onlt trading a maximum of three stocks at any one time. Probably 2 stocks to start out. Basically screen real-estate wont be a problem and was a big factor in the build. Hopefully this clears it up and I haven't missed the point completely.
Damn, so much to learn.
You have done some leg work regarding your infrastructure requirements and redundancies. What is your backup plan for your internet connection should your main provider goes down? Do you have a backup for your trading station should your main goes off line? What is your planned pre market daily stock screening process? Have you bedded down your screening software and filtering criteria? Do you have a universe of stocks that you intend to trade from e.g. top 100 or anything that moves on that day? Do you intend to exclude stocks that are also listed off shore e.g. BHP in London where you are subject to trading movements overnight and potentially gap plays that are somewhat artificial? Do you intend to monitor correlated activities like base metal or oil prices during the day which might impact your intended stock? Do you intend to have real time news source or squawk audio providing you with real time information on news that might move the market during your intra day session?
Brumby is offline   Reply With Quote
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)