Anyone need any help?

This is a discussion on Anyone need any help? within the General Trading Chat forums, part of the Reception category; Originally Posted by new_trader You know so much... Here is someone who explained in 2006, quite clearly, the fundamental conditions ...

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Old Jun 3, 2018, 4:50pm   #136
FXX
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Originally Posted by new_trader View Post
You know so much...

Here is someone who explained in 2006, quite clearly, the fundamental conditions that lead to the financial crisis of 2008...Yet large firms wasting money on real-time news feeds wouldn't have been able to predict this...right?

The big trade on wall street at the time was shorting sub-prime

...you know so much.

Since when is digging into the details of repackaged mortgages and subsequent analysis of debt holders ability to repay, classified as fundamental analysis. Oh wait, when it's new_trader that doesn't have an understanding of how fundamentals plays a role in day to day trading. You don't even understand the tools. You pull out Lee with nfp stating its a long read and question if he reads that before he places a trade. Well here is some enlightenment for you, we all know you desperately need it and to be honest, you don't even realise you are the laughing stock of the forum to anyone who understands this stuff.

Services like ransquawk have analysts and tools that compare the statement with the last and within moments post a report defining the changes in wording. All the trader has to do is read the previous statement or report prior to the release. You know what they say about assumption new_trader? Do you want me to repeat it here for you or can you work it out on your own.

Do you know what sentiment is? Probably not else we wouldn't be having this conversation. Go Google it since you seem to have taken the time to find a video stating exactly why the recession happened and that it had nothing to do with fundamental analys. Peter Schiff said it himself, he had to do the research into the securities themselves and the type of debt holder. Petty you are unable to even catch that in the video you posted as your evidence of it being fundamentally visible.

Do us all a favour and go play somewhere else as we really don't care for your inability to comprehend this stuff.

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Old Jun 3, 2018, 6:32pm   #137
 
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Originally Posted by FXX View Post
Since when is digging into the details of repackaged mortgages and subsequent analysis of debt holders ability to repay, classified as fundamental analysis. Oh wait, when it's new_trader that doesn't have an understanding of how fundamentals plays a role in day to day trading. You don't even understand the tools. You pull out Lee with nfp stating its a long read and question if he reads that before he places a trade. Well here is some enlightenment for you, we all know you desperately need it and to be honest, you don't even realise you are the laughing stock of the forum to anyone who understands this stuff.

Services like ransquawk have analysts and tools that compare the statement with the last and within moments post a report defining the changes in wording. All the trader has to do is read the previous statement or report prior to the release. You know what they say about assumption new_trader? Do you want me to repeat it here for you or can you work it out on your own.

Do you know what sentiment is? Probably not else we wouldn't be having this conversation. Go Google it since you seem to have taken the time to find a video stating exactly why the recession happened and that it had nothing to do with fundamental analys. Peter Schiff said it himself, he had to do the research into the securities themselves and the type of debt holder. Petty you are unable to even catch that in the video you posted as your evidence of it being fundamentally visible.

Do us all a favour and go play somewhere else as we really don't care for your inability to comprehend this stuff.

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At best I would say you are trading the markets short term reaction to the economic data, not what the data iteself is signalling. This is economic data that forms a piece of one part of the fundamentals of the economy. Which is what I said from the beginning, you aren't really trading fundamentals and you haven't conviced me otherwise.
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Old Jun 3, 2018, 6:55pm   #138
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Originally Posted by new_trader View Post
At best I would say you are trading the markets short term reaction to the economic data, not what the data iteself is signalling. This is economic data that forms a piece of one part of the fundamentals of the economy. Which is what I said from the beginning, you aren't really trading fundamentals and you haven't conviced me otherwise.
I am done debating this with you so let's call it a day.

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Old Jun 5, 2018, 2:56pm   #139
Joined May 2018
Hi Lee,

You say you commit do or die to a trading plan (target). I was wondering if you could bare light on to how you make your targets, I think being new this is one of the toughest things for me and I guess it is something that comes with experience, picking the right target price. Any advice for how to select targets?

Appreciate the consideration
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Old Jun 10, 2018, 11:00am   #140
 
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Originally Posted by gtopmafia View Post
Hi Lee,

You say you commit do or die to a trading plan (target). I was wondering if you could bare light on to how you make your targets, I think being new this is one of the toughest things for me and I guess it is something that comes with experience, picking the right target price. Any advice for how to select targets?

Appreciate the consideration
Hi gtopmafia,

Ok, I'll give you a very broad example, although not necessarily used but will give you some insight on how to base your targets, entries and exits.

Now, the difficult part here is to help without giving too much that can sway you from being you. That's the important bit. You are unique and have to find your own way and to which, most do. Therefor please accept that my following example is for educational purposes only and not a trading rule. There are also many other alternatives.

Example:
So a trader is looking for the following as set by their strategy (simplified):
A one to two risk reward ratio (RR1:2)

So they look at a chart (simplified - no time frame mentioned) and look for an entry, they will also be looking for the exit (before they click and submit). They won't base it simply as many (failed traders) do by saying 'I can see this is a good long, I'm in, now I'll set my stop 10pts below'. Thats just b0llox trading. Its all b0llox Spencer.

The trader will set their stop according to what they see and what is there, not what they want to see is there. So, the trader will use support/resistance areas, Technical only (TA), to see where the market has gone and where it could go. There are also many different variations of MA, more variations that a country of traders could possibly even study. This excludes any and all of the other TA tools that can be used and in the many thousand different forms they take. There are literally an indefinite amount of signals and variations.

The trader will also use moving averages (MA) to help determine the amount of move possible - example, the MA on the chosen market (minute/daily/weekly) is at or near it's top, there isn't necessarily much room for it to continue before being classed as over bought - technically speaking.


Lee
End of message.

Sorry mate, I'm bored now and my fingers are hurting. This is a very complex talk and not something I can even break down to something simple in a short post. If we ever meet out, I may discuss further but this is definitely a lengthy discussion, not a set in stone example set in a post kind of thing.
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Old Jun 10, 2018, 11:49am   #141
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Originally Posted by gtopmafia View Post
Hi Lee,

You say you commit do or die to a trading plan (target). I was wondering if you could bare light on to how you make your targets, I think being new this is one of the toughest things for me and I guess it is something that comes with experience, picking the right target price. Any advice for how to select targets?

Appreciate the consideration
hey GT

Lee is trying to show you what experienced traders are looking for when they evaluate a possible trading opportunity

most beginners and intermediates are looking at all the wrong things ......thats why they fail so much

personally for me all i am worried about is how much i could lose in a trade and where i need to be entering and setting stops to minimise that situation

im not that fussed about targets ....how the hell do i know if i get a 2:1 or a 5:1 on a trade ? .......my exit stategy is geared to optimise my returns if the trade starts running .....its not worth worrying about

just worry about minimising losses on losing trades ......

N
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Old Jun 15, 2018, 9:25am   #142
 
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You think it has something to do with central banks this week? That sort of swing would make some people green in the face.

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Hi FXX,

Good question and I have of course been following (banks and your thread), but in my case and in these particular circumstances, it has very little to do with the banks this week. At my current levels a (monetary) swing of this magnitude is not uncommon. Obviously the more on the line, the bigger the move. Using and paying attention to the daily Moving Average (MA), I wouldn't detect anything out of the ordinary. As usual though, there are many tag lines I could pin to it after the event but that's of no use to me. Hows things your end?
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Old Jun 15, 2018, 10:02am   #143
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Joined Oct 2017
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Originally Posted by Lee Shepherd View Post
Hi FXX,

Good question and I have of course been following (banks and your thread), but in my case and in these particular circumstances, it has very little to do with the banks this week. At my current levels a (monetary) swing of this magnitude is not uncommon. Obviously the more on the line, the bigger the move. Using and paying attention to the daily Moving Average (MA), I wouldn't detect anything out of the ordinary. As usual though, there are many tag lines I could pin to it after the event but that's of no use to me. Hows things your end?
Yeah okay my end thanks. I discovered a gem of a lesson this week in my trading which I feel would have improved my profit. I didn't include the reaction to the fed, usa retail sales and although I did account for USA inflation, I failed to see its importance on setting up a massive trade that happen after the ECB disappointment, which I expected. Thinking about it now, it is clear this would have a huge reaction. It's difficult keeping on top of all this while working a day job so I am not hugely concerned. I am seriously thinking about putting my professional skills to work and automate some of my decision making process.

Other than this I am doing well. Account is growing but I am a long way off making the type of gains that could supliment my salary and take over. Going to continue without stressing out about that for the next 6 months. I want to ensure this isn't just a temporary string of success and rather an indication of a working trading system. Adding money stress to the formula will only distract me from refining my process. I think if I make it to that point I will start ramping up account size and trading size. My first goal is to pay the difference between a standard train ticket and first class for my daily commute. Hopefully in 10 years I can give up work for good.



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Old Jun 15, 2018, 10:09am   #144
Joined May 2018
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Originally Posted by Lee Shepherd View Post
Hi gtopmafia,

Ok, I'll give you a very broad example, although not necessarily used but will give you some insight on how to base your targets, entries and exits.

Now, the difficult part here is to help without giving too much that can sway you from being you. That's the important bit. You are unique and have to find your own way and to which, most do. Therefor please accept that my following example is for educational purposes only and not a trading rule. There are also many other alternatives.

Example:
So a trader is looking for the following as set by their strategy (simplified):
A one to two risk reward ratio (RR1:2)

So they look at a chart (simplified - no time frame mentioned) and look for an entry, they will also be looking for the exit (before they click and submit). They won't base it simply as many (failed traders) do by saying 'I can see this is a good long, I'm in, now I'll set my stop 10pts below'. Thats just b0llox trading. Its all b0llox Spencer.

The trader will set their stop according to what they see and what is there, not what they want to see is there. So, the trader will use support/resistance areas, Technical only (TA), to see where the market has gone and where it could go. There are also many different variations of MA, more variations that a country of traders could possibly even study. This excludes any and all of the other TA tools that can be used and in the many thousand different forms they take. There are literally an indefinite amount of signals and variations.

The trader will also use moving averages (MA) to help determine the amount of move possible - example, the MA on the chosen market (minute/daily/weekly) is at or near it's top, there isn't necessarily much room for it to continue before being classed as over bought - technically speaking.


Lee
End of message.

Sorry mate, I'm bored now and my fingers are hurting. This is a very complex talk and not something I can even break down to something simple in a short post. If we ever meet out, I may discuss further but this is definitely a lengthy discussion, not a set in stone example set in a post kind of thing.

Thanks Lee, Any good books you can recommend?
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Old Jun 15, 2018, 10:10am   #145
Joined May 2018
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Originally Posted by NVP View Post
hey GT

Lee is trying to show you what experienced traders are looking for when they evaluate a possible trading opportunity

most beginners and intermediates are looking at all the wrong things ......thats why they fail so much

personally for me all i am worried about is how much i could lose in a trade and where i need to be entering and setting stops to minimise that situation

im not that fussed about targets ....how the hell do i know if i get a 2:1 or a 5:1 on a trade ? .......my exit stategy is geared to optimise my returns if the trade starts running .....its not worth worrying about

just worry about minimising losses on losing trades ......

N
Hi NVP,

How do you go about minimizing the losses any good books / sources of information to explore this further than you can suggest?
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Old Jun 15, 2018, 10:54am   #146
 
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Originally Posted by gtopmafia View Post
Thanks Lee, Any good books you can recommend?
All of them, literally, all of them. Keep buying and keep reading. If there is just one line or little nugget of info or stimulus that helps you, it can only be a good read. if you've read similar books or wording then see it as a refresher course.

Your question is pertinent to so many and I hear this question a lot. My pub response is more in line with responses such as, 'how many books have you read in the last year'? Probably not that many if you're asking this particular question for this subject. Then think about how many books (putting aside other things for study) that you could read in a period of time. Think about the sacrifices you could make in not reading pointless messages and replying (phone,email etc), TV shows you could sacrifice in watching, pointless chat etc, you get my point. One could easily make the time to read a book a week - I say make as we all have 24 hours in each day, its what we do with the time we have that counts.

Then think about that for a moment, in 1 year from now, you would have digested 52 books.

Surround yourself in this industry, love it, care for it, nurture it, and yourself. I think I'm trying to say eat, breath and sh1t this industry and everything that goes with it. Every day is a learning day (unless it's Friday night then it's just a p1ssup).

Keep us updated with your research and education. You can find second hand books online for several pounds.
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Old Jun 15, 2018, 11:20am   #147
 
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Originally Posted by FXX View Post
Yeah okay my end thanks. I discovered a gem of a lesson this week in my trading which I feel would have improved my profit. I didn't include the reaction to the fed, usa retail sales and although I did account for USA inflation, I failed to see its importance on setting up a massive trade that happen after the ECB disappointment, which I expected. Thinking about it now, it is clear this would have a huge reaction. It's difficult keeping on top of all this while working a day job so I am not hugely concerned. I am seriously thinking about putting my professional skills to work and automate some of my decision making process.

Other than this I am doing well. Account is growing but I am a long way off making the type of gains that could supliment my salary and take over. Going to continue without stressing out about that for the next 6 months. I want to ensure this isn't just a temporary string of success and rather an indication of a working trading system. Adding money stress to the formula will only distract me from refining my process. I think if I make it to that point I will start ramping up account size and trading size. My first goal is to pay the difference between a standard train ticket and first class for my daily commute. Hopefully in 10 years I can give up work for good.



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10 years is too long mate. Find a quicker route by hook or by crook.

On a side note to working full time, getting ready for work, commuting, lunch breaks, winding down ect, think about how much time you spend on your full time work, not just the 8 hours of it each day but everything that surrounds it. Even talking about it to your friends/loved ones is a distraction to your trading career. Then of course you come home, have to keep the place tidy, wash clothes maybe? talk with friends, go out for food and drink, Maybe a little personal downtime, sleep etc. Its hard work holding down a full time job, working at life itself and attempting to trade part time. You will quickly notice that you miss so much opportunity and to which is detriment to your future trades. You will also be distracted and unbeknownst to you, mentally or/and physically tired which will also have a detrimental affect to your research and judgement. We make poor decisions when tired and distracted. A big jump and a huge leap of faith often is required to succeed. Think of it like opening up your own business. The odds are hugely stacked against you by working a full time job elsewhere.

NOTE: There's a million caveats to the above situation and many examples contrary to what I've wrote, but it has to be said, if someone wants to achieve something, they have a far greater chance of success by giving it their everything.

PS: I'm not condoning quitting your job today, I'm merely giving food for thought that if you are to achieve something, it has to be put in motion immediately. I can't tell you how to handle your own life but I can give many insights in to my early years. For example, sleeping on my brothers couch for months to save money (think of how much I saved in rent), eating only basic food, not going out with friends to pubs, clubs etc. I sacrificed quite a bit when I was young, probably hence why I'm so energetic now. However, sacrifices have to be met somewhere. Give and take. If someone wants more, they have to give more.

We all want to be millionaires and have that comfortable no money worry care free lifestyle but very few are prepared to do what it takes to get there. Put the wheels in motion today - start making plans today for a better tomorrow.
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Old Jun 15, 2018, 11:31am   #148
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It's a difficult situation. I am the sole earner with a wife, 6 year old daughter, and a mortgage. The only way I think I could bring that forward is by trading for a firm for a few years. I believe I need a 200k account to do this full time especially with the leverage changes.

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Old Jun 15, 2018, 11:41am   #149
Joined May 2018
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Originally Posted by Lee Shepherd View Post
All of them, literally, all of them. Keep buying and keep reading. If there is just one line or little nugget of info or stimulus that helps you, it can only be a good read. if you've read similar books or wording then see it as a refresher course.

Your question is pertinent to so many and I hear this question a lot. My pub response is more in line with responses such as, 'how many books have you read in the last year'? Probably not that many if you're asking this particular question for this subject. Then think about how many books (putting aside other things for study) that you could read in a period of time. Think about the sacrifices you could make in not reading pointless messages and replying (phone,email etc), TV shows you could sacrifice in watching, pointless chat etc, you get my point. One could easily make the time to read a book a week - I say make as we all have 24 hours in each day, its what we do with the time we have that counts.

Then think about that for a moment, in 1 year from now, you would have digested 52 books.

Surround yourself in this industry, love it, care for it, nurture it, and yourself. I think I'm trying to say eat, breath and sh1t this industry and everything that goes with it. Every day is a learning day (unless it's Friday night then it's just a p1ssup).

Keep us updated with your research and education. You can find second hand books online for several pounds.
I work in private equity so a lot of what I read is related to that, I do have several books i'm currently looking at including Risk Arb, Option trading, trading volatility as well as coding in python and vba. I think I need to get a good book on technical analysis maybe to further develop that side of my skill set.
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Old Jun 15, 2018, 11:46am   #150
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Originally Posted by FXX View Post
It's a difficult situation. I am the sole earner with a wife, 6 year old daughter, and a mortgage. The only way I think I could bring that forward is by trading for a firm for a few years. I believe I need a 200k account to do this full time especially with the leverage changes.

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The dream of first class, are you on the south western line? I currently commute on that and the stupidity of how busy it is infuriates me. I luckily live near one of the stations before people have to stand to London... Luckily I just bought a flat in SE1 so my commute will be no more when i move!
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