Actually trading...

I am just starting out in live trading and begun trading a live account, did ok, but realised i was trading like a monkey pressing buttons...

I can look back on a chart and see all the set ups but i find it much harder to actually do it at the time so i am back trading a demo account...i know this all sounds painfully obvious and quite tedious. I have found i have reached the stage where i can read the chart but cant work off it...

I think price action and shorter TFs suit my personality better and have been looking at 1-2-3s, SbR and trendlines...but i've found waiting for the right setup can be hard...i move too soon, too late or not at all...lol.

Yeah so i know it isn't even clear what i am asking but basically i have found i have reached a plateau, and am finding progress from this point hard, i will carry on regardless tho but would appriecate any advice.

cheers

Start a journal, review your posts at the end of each week.

Open an account that allows you to trade for the smallest amount per pip. Then makes lots of trades based on your set ups, review them, learn the lessons, and repeat. There is no short cut to gaining experience, you just have to jump in and get your feet wet.

IGIndex, iii.com and Finspreads all have beginner accounts that allow you 10p per point spreadbets for a limited period of time. Take advantage of them.

cheers phil, is it obvious i spend time reading ur journal? lol. i'm having trouble picking the right entry on 123s, do u put an entry at the bottom of the candle or try and pick the top?

yeah have dun the igindex, still have a small account there and am with oanda. I find it easier to concentrate with real money but i think demo is the way to go at this point. I totally agree bout no short cut to experience, i think recording my trades is the most obvious way to proceed.

i think my other question would be...how to be selective with price action set ups?

cr6196 said:

cheers phil, is it obvious i spend time reading ur journal? lol. i'm having trouble picking the right entry on 123s, do u put an entry at the bottom of the candle or try and pick the top?

yeah have dun the igindex, still have a small account there and am with oanda. I find it easier to concentrate with real money but i think demo is the way to go at this point. I totally agree bout no short cut to experience, i think recording my trades is the most obvious way to proceed.

Click to expand...

Selective setups, look for levels in which the big players are watching. 1h charts then 5minute charts. Look for major trendlines then 50% fibs .

First you need to watch the charts for a lot of the day - but you also need to find a market which suits your personality, working hours and type (scalping swinging etc).

I try to retrace tops or reverse them, 123's you just looks out for break outs of previous highs. If you "know" its going to reach just stick a smaller stake until it gets there. Lot's of people stick stops above previous highs so if they're breached I think it causes a snowball.