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.

My 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
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.

My 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
 
Kaeso's Avatar
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
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search


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