Complete Newbie - what are the best possible starting foundations?

This is a discussion on Complete Newbie - what are the best possible starting foundations? within the First Steps forums, part of the Reception category; Bullzak, All the posts so far give excellent advice re trading but I think you'll agree, it isn't something that ...

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Old Apr 27, 2008, 12:14am   #15
Joined Jun 2006
Bullzak,

All the posts so far give excellent advice re trading but I think you'll agree, it isn't something that be can done between lectures. I would forget about it (but I don't think you will).

Grant.
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Old Apr 27, 2008, 11:25am   #16
 
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Originally Posted by black bear View Post
patterns are an illusion TD, they play out, they do not play out.

You have to no they mean nothing at all and newbies don"t so ..............No imho
Oh no, bear, we're going to have to have an argument now!!! lol

When I say "patterns" I mean study the price to look for things that happen time and time again that you can perhaps take advantage of.

In my early days I made a lot of money by studying the price of particular markets. When I moved over to another SpreadBet firm I then watched the same price and realised that it was moving with a far greater degree of volatility than it ever had before.

By studying this momentary volatility (price spike) and then immediate reversion to the norm I discovered that the price was an error and proceeded to take the SB firms for a huge deal of money.

This is what I mean by an exploitable pattern.

This was FREE MONEY. It was not proper trading but it was discovered by watching the price and this money I made paid my large tuition fees to get through the university of trading.

I believe "patterns" are visible if you look long and hard enough. I've started scalping the FTSE at work just by watching the ladder only.

After a while you get to see the "invisible" support and resistance levels.
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Old Apr 27, 2008, 4:17pm   #17
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Smile Snakes and Ladders

"Oh no, bear, we're going to have to have an argument now!!! lol"

No we are not td

"imho its an illusion" :-)



Have a good week and watch out for them snakes td, that ladder is one big illusion imho to :-)

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Old Apr 28, 2008, 6:25am   #18
 
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Originally Posted by grantx View Post
Bullzak,

All the posts so far give excellent advice re trading but I think you'll agree, it isn't something that be can done between lectures. I would forget about it (but I don't think you will).

Grant.
Haha, no i take all the advice given here as a gold.

I understand, tradign is a serious time consuming thing, and i will learn and educate myself about it, study patterns of one particular currency etc in my spare time. I'll try and get these books too.

Cheers guys
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Old Apr 28, 2008, 10:26am   #19
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Bullzak, Peter Lynch the legendary US investor said that you shouldn't buy any stocks unless you can sit down and explain to someone for 2 minutes why you should buy that stock at that time. I would say that the advice also applies in trading. Once you have developed a strategy that means you can explain to someone for 2 minutes why you should enter a particular trade (and also exit one) at that particular time then you may be on to something. "Because I think it will go up" does not count!
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Old Apr 28, 2008, 11:43am   #20
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Shanghai,

The guy interviewing may be pretty talkative; 5 mins may be better/safer.

Grant.
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Old Apr 28, 2008, 12:29pm   #21
 
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Originally Posted by Bullzak View Post
Haha, no i take all the advice given here as a gold.

I understand, tradign is a serious time consuming thing, and i will learn and educate myself about it, study patterns of one particular currency etc in my spare time. I'll try and get these books too.

Cheers guys
Pay attention to detail in everything that you do. Discipline is one of the most important components of success. Don't allow yourself to be sloppy or careless. You could start by spell checking your posts, for example.

A recent post by trader_dante spoke about the dark underbelly of trading. Ask yourself whether or whether not you are prepared to suffer this level of discomfort.

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Originally Posted by trader_dante View Post
[B]
Prepare yourself for what you are about to do: I promise you that before you can make money consistently you will experience disappointment, disillusion, disgust, upset, confusion, anger and fear day in and day out whilst at the same time losing money.
As for books. Nobody learns to swim by reading a book. Become self reliant, trust your own instincts and opinions. Why use other people's?

All the successful traders I know develop a 'feel' for the market. The more squiggly lines on your chart, the less of a feel you will have.

Oh yes and one more thing.

No man ever steps in the same river twice, for it's not the same river and he's not the same man.

Understand this and IMO you will understand the essence of trading.

Last edited by rols; Apr 28, 2008 at 12:47pm. Reason: Added dante's quote
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