EPIC - Where do you find them PLEASE HELP ME

This is a discussion on EPIC - Where do you find them PLEASE HELP ME within the First Steps forums, part of the Reception category; Bodacious, I hope you have not taken offence at any of my remarks - what I am really hoping is ...

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Old Apr 3, 2003, 4:00pm   #29
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Bodacious, I hope you have not taken offence at any of my remarks - what I am really hoping is that you will keep in mind the old adage about fools rushing in where angels fear to tread. There is undoubtedly a decent living to be made at this - most people here are doing it, but it takes a lot of time, patience and losses to get a grip of it all. An evening spent reading through all the old threads on this site will probably give you more info than a week of reading books. Be very aware that there is no magical package that will tell you what and when to buy and sell. Some of them are a help, but with time your own knowledge will soon overtake them. They are simply analysis packages and as such can take no account of wars, US figures released after hours etc., all of which can create the complete opposite of the result you expect. Stick to major FTSE 100 stocks and take care - good luck !
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Old Apr 4, 2003, 9:38am   #30
 
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Bodacious started this thread HI Catsdad

I chat on another forum and we get a lot of people who do post to dileberatly wind people up so I know where you are coming form.

I have gotten the trading bug by playing the fantasy bug, I dont want to start invewsting for rel until I have a full understanding of what I am doing. At the moment you could say that I know absolutly nothing about watching the markets so it will be a while before I go for it for real.

BUT I really want to have a go and understand it. I am trying to get to grips withthe candle type graph at the monent, trying to understand that at the moment is frying my brain...

It is amazing to see hwo much you can make and lose in just one afternoon, I think you really need good nerves to take the plunge.

I am going to start by watching the Major FTSE as you ahve said and just see what happens to them and see how you are meant to anaylise things. At the moment I am not very good at the selling bit, ie when to do it.

Should you buy and sell in a day or simply keep your nerves and hold onto them for longer, so if that is a lame question but I think it counts towards the basic.

Thank you for your reply and I look forward to maybe picking your brains a bit in the future if that is ok?
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Old Apr 4, 2003, 4:33pm   #31
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Bodacious - I am perfectly happy for you to pick my brains (what there are of them). Most of us (myself included) learned from others and are happy to pass it on. This is one of the few businesses where you can tell people exactly what you do and it does not affect your own income. I tend to generally buy and sell (often several times) in the day. I do not like holding things overnight - often I miss out, but I can sleep well at night as I will not waken up to discover a huge loss ! There are times where I end up with a lot of work and huge no. of deals when one longer term deal would have provided the same result with less stress.
My father (who is retired and enjoys the technical challenge) only does RBS (Royal Bank of Scotland). His view is that 1400 or less is cheap, so he will take it (5 per point) and keep it until it is over 1500. It has always worked for him in the end, but he has no need to make a living from this. On Monday he bought RBS at 1391 and today it was sold at 1568. 177 points at 5 per point. Not bad for a retired Doctor in his spare time !! This type of trading would not suit me as I require a continual income, and it would also bore me, as I enjoy the action of Daytrading. It is simply a matter of finding out what suits your style and time commitments. He and I tend to only deal a couple of major FTSE 100 stocks and try to learn them inside out. We tend to select a solid company with reasonable volatility - eg RBS, not about to go bust, easy to trade and a movement of 30-40 points on most days. I know little about the general market and largely ignore news, comment etc. I am quite happy to try to help - you can email me with any questions and I will endeavour to help, but bear in mind that my method may not suit your style !
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Old Apr 4, 2003, 4:39pm   #32
 
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Bodacious started this thread For online trading how do you go about it, I noticed that egg offers share dealing. Could you recomened another company???

I take it I would then just open an account with them with some money and then trade with them every time I wish to buy or sell??
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Old Apr 4, 2003, 5:04pm   #33
 
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Hi Bodacious

I personnal would use a spreadbetting company. My personal choice for UK Stocks is www.deal4free.com. JUST MAKE SURE YOU START SMALL!!!!

I would agree with Catsdad on trading shares - indicies are tough.

If you can't watch the markets during the day, then you should be looking to hold for at least a week. This means holding overnight, so you will have to keep your bets small, otherwise you could lose everything in one morning.

HTH
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Old Apr 4, 2003, 5:06pm   #34
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Bodacious,

This really depends on what you want to trade. If you to want minimal costs and online execution you will find Interactive Brokers hard to beat. If you want to bet that a share or index will rise or fall and dont want to risk too much then, to start with, a spread betting company may be better as you can limit your risk to very low levels.

Do you have an idea of what you would like to achieve ? ie do this for a living or part time ?

Do you know how much money in total and per trade you are
prepared to risk ?

In answering this it will be easier to determine what type of account you will need.



Paul
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Old Apr 4, 2003, 6:47pm   #35
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Should you buy and sell in a day or simply keep your nerves and hold onto them for longer, so if that is a lame question but I think it counts towards the basic.

Depends whether you set yourself up as a day trader or a swing trader

May I suggest something like this:

http://www.trade2win.co.uk/events/event.php?id=105

Also - Epic Codes do vary in their full format, depending on what platform you are using.

EG

ARM is generally known by its epic of 'ARM' (funnily enough) although if you are using a reuters based program, then it is ARM.L - it is different again for Bloomberg etc.

The basic Epic (or ticker) remains the same, but some of the endings differ - another classic is BT

BT.L
BTA
BT.A

etc....
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