Newbies Trading Strategy - Possible??

This is a discussion on Newbies Trading Strategy - Possible?? within the First Steps forums, part of the Reception category; madasafish Could you elaborate in what areas do you consider Marcel Link's book is better than that of ELder. I ...

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Old Dec 23, 2003, 3:30pm   #11
Joined Feb 2003
madasafish

Could you elaborate in what areas do you consider Marcel Link's book is better than that of ELder. I am referring to his 'Come into my trading room' which I found really good. If as you say Link's is better I would be very interested.
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Old Dec 23, 2003, 6:40pm   #12
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NOT INTRADAY TRADING STRATEGIES

To FTSE Beater,
Read your posts in reply to Nephin's initial query. Helpful for me too, thanks.

You mention a strategy of swing trading FTSE 100 stocks as being possible for somebody who is unable to watch the 'live' screens throughout the day. I have a non trading job and do not have access to market data throughout the day. I am very interested in finding out more information about appropriate trading strategies and am wondering if you know where I could read further about this approach / style of trading.

In advance, I am very grateful for your help and any information ?

G:-)
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Old Dec 23, 2003, 8:33pm   #13
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Mada,

saw the title to Link's book- is it indicator based/pattern based or ??


cheers
Al
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Old Dec 23, 2003, 8:45pm   #14
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Nephin- like the others say, study different mkts, methods etc......... U will have a trading personality that u are not aware of, what u need to do is to find what methods/mkts within trading suit u............

e.g. some traders work off indicators, whereas others work from price patterns- yet at the end of the day, both could be making money ! there is no right or wrong answer............

Also, when people start to criticise certain methods, they are saying that because it does not work for them, but someone else could be successful from the same method ( hope this makes sense0-

Anyway, good luck............ just do not rush it !!


Al
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Old Dec 24, 2003, 12:41am   #15
 
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Re: NOT INTRADAY TRADING STRATEGIES

Quote:
Originally posted by Gwenallt
To FTSE Beater,
You mention a strategy of swing trading FTSE 100 stocks as being possible for somebody who is unable to watch the 'live' screens throughout the day. I have a non trading job and do not have access to market data throughout the day. I am very interested in finding out more information about appropriate trading strategies and am wondering if you know where I could read further about this approach / style of trading.
Hi Gwenallt

Apart from looking around T2W, I don't know of any books or websites that would cover this
If you don't have access to the internet during work time, then I feel you have 1 of 4 options:
  • Trade the US markets in the evening. If you have a look over Chartman's Dow posts, you will see that there is usually a good move between 7-9pm
  • Look into spreads trading. This is what I'm doing at the moment. (The basic information on it is Here)
  • Trade off a weekly chart. This will show the longer-term movements of a stock, which means you don't have to worry during the day of the price movement because your holding for a long period of time
  • Automate a swing trade. With a spreadbetting company (I think Deal4free will let you do this) place various orders into the market. Place a limit order to get you in and a price your happy to pay, set a stop-loss to get you out if things go wrong and a target to get any profits that come your way
My favourite way for trading UK stocks End of Day would be the last option, and use the Basic Strategy to pick the trades to do
If you want me to explain it further, then let me know and I'll start a new thread for it - before I hijack Nephin's thread

Hope this helps
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Old Dec 24, 2003, 10:06am   #16
 
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Nephin started this thread Al-Motor:

I like your sentiments "u have a trading personality that u are not aware of"......... something I've never encountered anywhere during my research - very interesting and thought provoking

FTSEB: please feel free to "hijack" the thread: the input you are providing is very enlightening.

Cheers

N

Last edited by Nephin; Dec 24, 2003 at 10:32am.
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Old Dec 24, 2003, 1:49pm   #17
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Re: NOT INTRADAY TRADING STRATEGIES

FTSE,
Thank you for your informative reply.
Re alternative #3, ie, 'trade off a weekly chart' , I am struggling to identify a strategy which tests successfully. Wondering if you had any ideas about the most appropriate type of strategy, For example, if I traded the FTSE100 via CFD or SB, is there a strategy you know about (or discussed on T2W) which I could start to read about. Most of my thoughts re trading strategy currently involve using supp/resistance with a few moving ave and momentum indicators.

Very grateful for any thoughts.
Thank you, have a good Xmas.
G:-)
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Old Jan 2, 2004, 9:38pm   #18
 
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Hi Gwenallt

I'm sorry I haven't replied yet. Christmas and New year got in the way
(Actually, it's taken me this long to come up with a usable strategy )

Quote:
Most of my thoughts re trading strategy currently involve using supp/resistance with a few moving ave and momentum indicators.
I'm not one for indicators, but I can see how a moving average could help you to find good directional trending stocks.

I think you need to look for stocks that are trending on a weekly chart. This will give you the direction, and you can then look on a daily chart to find set-ups eg. Charting patterns.
The tricky bit is finding stocks on a weekly chart that are trending

Just had a quick look and it seems my old favourite AVZ has been trending well.

I hope this explains it a bit better. If not then please let me know.
I haven't traded like this, but there is no reason why it wouldn't work well
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