My Plan ~ Need some help

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Old Mar 11, 2007, 12:02am   #1
 
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Joined Feb 2007
My Plan ~ Need some help

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.
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Old Mar 11, 2007, 7:33am   #2
Joined Nov 2001
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.
Good way not to trade your own money is to try the T2W competition. There are 50 odd of us trading in this current one.
The problem trading like that, though, is that, as it is not your money and there is a prize at the end, one is inclined to take risks which one would not take in real life. There are still two weeks left, plenty of time to win. Have a try! It's under "Resources" at the top of the page. To get the prize, if you win, you have to have an account with Fins and it is a credit prize, i.e. you use it with them but it's, still, worth £500.

Split
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Old Mar 12, 2007, 9:34pm   #3
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Quote:
Originally Posted by garagemc
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.
Hi garagemc,
The problem you have is one that many - if not most - traders face. My (limited) experience of the T2W competition is that it's dominated by peeps taking massive risks on penny shares. If it pays off, they 'make' a fortune and if it doesn't, well hey, it ain't real money so it doesn't matter. With very few exceptions, the winners of the comp' will find in nigh on impossible to replicate their success in the real world with real shares and real money. As such, I would maintain that the comp' as it stands is rather artificial and of limited value. Not valueless, just limited. I take the view that, with 70,000+ members here on T2W, some of them must, surely, know what they're doing? I gave up going Google searches yonks ago (for trading), and just focus on what the cognoscente of T2W have to offer. My suggestion is to start with the K' Lab and filter out from there. But there probably isn't any need to stray far from T2W's shores, if at all. Good luck.
Tim.
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Old Mar 12, 2007, 10:45pm   #4
Joined Nov 2001
Quote:
Originally Posted by timsk
Hi garagemc,
The problem you have is one that many - if not most - traders face. My (limited) experience of the T2W competition is that it's dominated by peeps taking massive risks on penny shares. If it pays off, they 'make' a fortune and if it doesn't, well hey, it ain't real money so it doesn't matter. With very few exceptions, the winners of the comp' will find in nigh on impossible to replicate their success in the real world with real shares and real money. As such, I would maintain that the comp' as it stands is rather artificial and of limited value. Not valueless, just limited. I take the view that, with 70,000+ members here on T2W, some of them must, surely, know what they're doing? I gave up going Google searches yonks ago (for trading), and just focus on what the cognoscente of T2W have to offer. My suggestion is to start with the K' Lab and filter out from there. But there probably isn't any need to stray far from T2W's shores, if at all. Good luck.
Tim.
Hi Tim,

You didn't win! You must remember that it could mean 500 quid for someone who wants to try spreadbetting without spending money. Yes, I agree that you've got to pick penny shares to get the massive percentage needed. I think it's worth a try and is a bit of fun.

On a personal note, I sent a clipping over to you on the thread we were talking on yesterday. Hope you can read it ok.

regards Split
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Old Mar 12, 2007, 10:50pm   #5
Joined Nov 2001
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.
Try the spreadbetting board, there are some good forums there and you'll find the guys who spreadbet to talk to. Hungvirs Diary comes to mind.

Split
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Old Mar 12, 2007, 10:54pm   #6
Joined Jun 2005
ditch the spread betting plans and keep paper trading until you have enough money for a proper account.

the odds of success are much much lower spreadbetting despite what others (who spread bet and thus feel offended) may say.

if you do the math, its obvious.

keep at it. it will probably take a year or two unless you get some good training from a good firm/employer.
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Old Mar 13, 2007, 2:41am   #7
 
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Hi garagemc,

In addition to looking at this site, if you like reading books I would recommend the market wizards books and any book on chart analysis.

You should also backtest your trading plan across a small selection of markets to see if it worked, how it works, where it doesn't and how much you win and lose.

It is true that to win the T2W competition you often have to take outrageous risks (which don't always work, oops!). Another alternative may be to enter trading competitions where you can only buy up to say three times the normal market size of shares. This restriction means that the competition is much closer to real life trading.

If you want to spreadbet, be very careful with who you choose.

Good luck

Fib
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"The trend is your friend and divergences are your best friend until the bend at the end"

Party on like it's 1930, until Mr C (Wave) gatecrashes the party.

Last edited by fibonelli; Mar 13, 2007 at 2:52am.
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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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Joined Feb 2004
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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Audere est Facere

"The trend is your friend and divergences are your best friend until the bend at the end"

Party on like it's 1930, until Mr C (Wave) gatecrashes the party.
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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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Old Mar 17, 2007, 2:47pm   #15
Joined Mar 2007
wish i was getting knocked off one way or the other!!!
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