My Plan ~ Need some help

This is a discussion on My Plan ~ Need some help within the General Trading Chat forums, part of the Reception category; Originally Posted by garagemc Hey guys, Having read some bits of this forum, I have decided to make a trading ...

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Old Mar 13, 2007, 3:05am   #8
 
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Joined Nov 2004
Quote:
Originally Posted by garagemc
Hey guys,

Having read some bits of this forum, I have decided to make a trading plan.

I have decided that I wil not trade any of my own money, until I know how to do it properly and responsibly. Therefore, I am trading virtually at the moment.

My main method of trading will be through spread betting as I can't afford the share dealing costs.

My start up capital will be 1 ~ 1.5K (depending on how well I save over the course of next few months).

However, the problem I have is, where to learn from. There are literally, hundreds of books on amazon, millions of guides on googles, and new ones are released every couple of days which make it even tougher. Also I wouldn't be able to tell the difference between a rubbish and a great book.

I am also not exactly sure what I need to learn in order to become proficient at spread betting, i.e. chart analysis etc.

So if you could assist, I would be greatful.

Looking forward to hearing from you guys.

By the way I am a UK trader.
Send me a Pm with you email and I will send you my number I will give you all the information you need for free....

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Old Mar 13, 2007, 8:55am   #9
 
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u ve to start from somewhere. starting from mov. averages is the best u can do.

.
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Old Mar 13, 2007, 8:59am   #10
 
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what is the coin of the members of a forum worth ?

is their coin better than your moving average ?
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Old Mar 13, 2007, 10:13am   #11
 
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Quote:
Originally Posted by fibonelli
It is true that to win the T2W competition you often have to take outrageous risks (which don't always work, oops!)

Fib
Hey Fib, what do you mean "oops!" I should say so at over 42k down

Mind you I cant talk, im in the bottom 5 wiv ya

Oh what a joy to be on the wrong side of those penny shares, having said that Bloggsy went from last to 1st in almost one jump at one point.

Come on garagemc you gotta be able to do better than us, get on over to the comp.

cheers

don
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Old Mar 13, 2007, 4:21pm   #12
 
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Hi Don,

I know exactly what I've done wrong - short and caught out .
I've kept a screenprint of the demo account blow up for my trading plan as an appendix to remind me what not to do.

Fib
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Old Mar 13, 2007, 6:58pm   #13
Joined Nov 2000
keep it simple

Garagemc

Hope the following will be useful info. Keep it simple thats the first bit of advice.
I have written this in a very basic way so if its to simple sorry, equally if you get stuck or want more advice then e mail me here. You will find people won't give advice, it's not that they don't want to but they do not wanna see folks follow it and loose their shirt. So go steady. If it was easy we would all be millionaires.

There is no easy money to be made. You can with lots of patience and careful sifting choose reasonable stocks which if your lucky will make you money. But never risk to much to start with.
It gets better with practise, but even the big boys can get wiped out in an instant if they aint careful.

These are my personal tips for a simple strategy that will not involve a great deal of learning. It is based on you trading stocks in the FTSE 100. The simple trading tools can be learnt from the many sites on the web for free. Use it by all means as a start but at your own peril.

Preparation phase
1 Use a top down approach
Start off by looking at the FTSE 100 using a daily chart. loads of free places do this. Look
at the trend is it up - down using a simple bit of charting draw where you think the support
and resistence lines are ( these can of course be sloped up or down) this gives you an idea
of the trading range. IE the place you should buy into the market and the place to sell. Where
the line touches at the bottom is support for the market where it touches at the top is
resistence. Look up support and resistence basic charting
Ok so we do we do this. Imagine the ftse100 index was sea. If it goes up then the boats
( stocks in it ) tend to rise. Do not bet against the trend. as they say "Let the trend be your
freind"

2 Hopefull the market is rising and you find the ftse is at the bottom part of the trend lines ( ie
close to or just above the support line) Next part of your preparation is to pick some stocks.
I would go through all 100 using
http://www.advfn.com/cmn/tl/grid.php...X&grid=ftse100
People will laugh here but its free and very simple to use. You need to look for stocks that
are rising and look for those with a clear support and ideally clear resistence line.
For example at the moment Lomin LMI has a steady and easy to see support line and
resitence line whilst is slowly trading between the two. Look for such stocks. You know
doubt find several
Look at the best buy points and sell points ( Support and resistence )














1 Always use the trend as your freind
Use a top down approach
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Old Mar 13, 2007, 7:05pm   #14
Joined Nov 2000
keeps knocking me off

Garagemc

the site keeps logging me off so i have sent you a private message if you wanna chat its there

Sefty
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