Making Money Trading

This is a discussion on Making Money Trading within the First Steps forums, part of the Reception category; I want to show you how to make money trading the markets. Naturally, it is not the only way to ...

View Poll Results: Which market do you want to learn to trade?
Indices 43 42.57%
Foreign Exchange 38 37.62%
Bonds/Interest Rates 5 4.95%
Commodities 15 14.85%
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Old Oct 25, 2007, 11:52am   #1
 
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Making Money Trading

I want to show you how to make money trading the markets. Naturally, it is not the only way to make money it is merely one way of doing so.

If you follow what I will teach you, try the methodology out on demo first before committing real money in a live account, gain confidence and understanding in the setups and you are patient and disciplined, you will make good money with this method.

The method I am going to show you is based on price action. It uses the price, fibonacci levels, three moving averages, the concepts of support and resistance and trend lines. From time to time it uses an indicator. It is not complicated to follow but it will take you time and effort to learn how to trade it for consistent profit.

We will take things very slowly because I want to make sure that everyone fully understands the concepts as we go along. Having said that, I expect those reading this to have at least a basic knowledge of the elements I have listed above. If you do not, go away and read up on them. You will find a huge amount of free information on them.

The method I will show you is not a system with a rigid set of entry and exit rules. It is not going to tell you that when X happens, do Y. It is a method of trading based on high probability setups.

It can be applied on any timeframe but I use it to make money on the hourly and daily timeframe because this is what I am comfortable with. Therefore these are the only timeframes we will work with here.

I work full time but I have access to my broker at work so I can check the charts every hour for setups. If you are not in a position to do this, then you will need to concentrate on the daily timeframe. Both timeframes work very well.

I want to concentrate on one market. The methods work across every market but I think it will confuse people if many traders are asking questions of different setups in different markets. Also, many traders don't have access to some markets or the margin requirements to trade them are too high. As a result I am going to post a poll and over the process of a few weeks we will eliminate which market we are going to trade going forward.

While the market is being decided, are there any questions?
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Last edited by trader_dante; Oct 25, 2007 at 12:58pm.
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Old Oct 25, 2007, 12:08pm   #2
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Just select one yourself. I'm sure we'll all be interested even if it's not an instrument we personally trade.
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Old Oct 25, 2007, 12:18pm   #3
 
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Smile Re: Making Money Trading

trader_dante,

Thanks for starting this thread - it has the potential to be very useful for the less experienced. The trading philosophy (and methodology) appears very similar to the conclusion I am coming to for my own use - nice & simple but not doggedly rigid.

re the poll: why no shares eg FTSE350 or NAsdaq - or are they includede in "Indices"?

0007
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Old Oct 25, 2007, 12:51pm   #4
 
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How about the FTSE, as it's fairly ubiquitous?

Would be interested to hear your method, and learn a few things...
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Old Oct 25, 2007, 1:06pm   #5
 
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Quote:
Originally Posted by 0007 View Post
trader_dante,

Thanks for starting this thread - it has the potential to be very useful for the less experienced. The trading philosophy (and methodology) appears very similar to the conclusion I am coming to for my own use - nice & simple but not doggedly rigid.

re the poll: why no shares eg FTSE350 or NAsdaq - or are they includede in "Indices"?

0007
Hello 0007 - good question!

The reason I didn't choose shares is because of the size of the market. There is small cap, mid cap, large cap shares aswell as those traded on international exchanges. Although I will teach a methodology that will work on any market I also believe that part of being profitable is knowing your market well. With shares the market is simply too large to get to grips with. If a new trader is not aware of the difference in the way the price moves between a blue chip stock listed in the FTSE 100 and a penny share quoted on AIM they may be in for a nasty surprise.
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Old Oct 25, 2007, 1:17pm   #6
 
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Originally Posted by TheBramble View Post
Just select one yourself. I'm sure we'll all be interested even if it's not an instrument we personally trade.
My initial thought was to choose Crude Oil but looking at the poll so far I can see seven people have voted and no one has chosen commodities. I know that many of you will just be interested in the methodology and may then look to take it and apply it to the market you are comfortable trading. However, I think it would help if something was chosen that the majority of people were interested in.
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Old Oct 25, 2007, 1:21pm   #7
 
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trader_dante started this thread One more thing I would say is that I am not going to reveal some holy grail of trading that is going to blow everyone away. Most of the experienced traders here will probably see themselves reading about support and resistance levels etc and wonder: "is this it?". I will tell you now that there is not likely to be anything here that anyone trading over a year or two will not have heard of or even tried out before. However, the real skill is in how these are all put together. It will start simple and we will add to it as everyone is ready. But I promise you that if you trade in the way I will show you, you will make money consistently in the markets.
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