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.

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

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

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

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.

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

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....