May I introduce myself.........

This is a discussion on May I introduce myself......... within the Home Trader forums, part of the Trading Career category; Please don't groan but I'm a novice! I'm attracted to this board by the friendly nature of the posting - ...

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Old Jan 21, 2001, 8:42pm   #1
 
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Joined Jan 2001
Please don't groan but I'm a novice!

I'm attracted to this board by the friendly nature of the posting - the info about the chat room is a good example. No bitching; no insults; no puerility;no ramping. I think you probably know the boards I'm referring to where these practices are all too prevalent.

I have a fund of about 10K cash. I'm not greedy (why not I hear someone say!) but I would like to make around £80-£100 a day after costs. How realistic is this in the present market. I'm not afraid of hard work and have been researching on a daily basis for a couple of months before taking the plunge. If I can make my targets all well and good. If I lose my pot too bad - I'll just top myself (just kidding!)

Any encouragement or advice would be gratefully received.

Best wishes

felixakulw

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Old Jan 21, 2001, 8:55pm   #2
Joined Nov 2000
Hi felix, may I be the first to welcome you to our community here at Trade2win! I too was a novice when I came here (and still am!) but everyone here has been very helpful with any problems I have had or anything that needed clarifying. This has given me the confidence to start posting as regularly as possible as no-one will look down on you if you make a mistake or are unsure of anything. So make yourself at home and happy learning!

Marty
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Old Jan 21, 2001, 9:34pm   #3
Joined Nov 2000
Welcome to the "club" Felix. If you have 10K the first thing you need learn is "Money Management", i.e. minimising your losses. You can do this by applying strict Stop Losses to your trades. Paper trade at first till you get the feel of things, then go for it.

If you are considering Day Trading use the Chat Room where you will see what others are up to and will find helpful people there too.

Good luck to you

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Old Jan 21, 2001, 10:10pm   #4
Riz
Joined Nov 2000
Welcome..

A warm welcome to our new member Felix... what Uncle said is the basic..the rest we'll learn together..express your position, ideas, intentions etc. and I am sure all members will do their best to help out..just feel you're with friends and safe here..

good luck

rizgar
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Old Jan 21, 2001, 10:20pm   #5
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Hiya felix,

A very warm welcome to our BB. You sound like you're in a similar position to me. I also have about that figure to play with, and would very much like that sort of return on my investement.

Are you wishing to trade full time, or are you like me and hold down a full time job as well?

I think when you first begin, its more important to protect your capital. Uncle is right about money management. I'll post a new thread tomorrow about the 10 biggest mistakes you can make as a new trader. That should help you a bit.

Pigsy.
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Old Jan 21, 2001, 10:53pm   #6
 
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Welcome felix! (hope you don't mind me abbreviating your name)

I hope your stay on these BBs and chat rooms will be long and prosperous.

Skim
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Old Jan 22, 2001, 7:34pm   #7
Joined Nov 2000
Welcome

Hi Felix,

Any help you need, don't be afraid to ask, you will always get an honest answer and informed opinions to any questions but remember - the decision to invest must be yours.

This is a risky business and the many stories I have heard of heavy losses from last year are frightening.

Take 'Uncles' advice, I HAVE but only after a very expensive lesson and I started with 10 times more than you.

A ludicrous decision when I had in real terms only just enrolled in the 'trading university' having paper traded for six months.

£10,000 is a nice figure but guard it as though it is a million and you will learn fast.


Good Luck




Cookie

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Old Jan 22, 2001, 8:07pm   #8
Joe
Joined Nov 2000
Welcome,

It's a bit like learning to drive, the first thing you need to know about is how to brake!!!!!!

Good Luck
Joe
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Old Jan 22, 2001, 8:11pm   #9
Joined Nov 2000
howdy

Welcome to the board.
I ain't trading much at the mo so if your in the chat room and want to gosip maybe swap trading ideas please feel free to call on me.
The only thing that i have learnt during my trading so far is learn from your mistakes and ask ask ask ask.
The folks here are only to keen to help cos they were there to.
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Old Jan 22, 2001, 9:24pm   #10
 
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Joined Jan 2001
See! I told you.....

felixakulw started this thread what a nice bunch you are on this board. Thanks for all the advice and encouragement. I think I've got the hang of a stop loss now i.e quit while you're still not dead!

Seriously though I have a huge amount to learn and I'm not risking any real wonga just yet! This morning's paper punt on Whatman and Avon Rubber (don't ask why) left me down 1.5%

Ah well! Back to the bulletin board! Talking of which there are some posters on other boards (I'm too polite to be more specific) that I'd happily put a bulletin (just joking! honest)

Thanks again for all the help
best regards, felix
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Old Jan 22, 2001, 9:51pm   #11
 
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Lesson No 2.
Don't take any notice of the newspaper picks.You're likely to lose your shirt- especially short term. Sure, there will be one or two lucky gold strikes, but they won't be the ones you put your money on.
Stick in here kid and learn the real Biz.
Welcome to the BB!

Martin
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Old Jan 22, 2001, 9:52pm   #12
 
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Are you position trading Avon Rubber and Whatman, or day trading them? They both look OK from a position trading point of view - you're probably down because of the spreads and the intraday volatility. Just watch them for a few days and see how they go.

I'd put a stop-loss (end-of-day close) at 272p for Whatman and 187p for Avon Rubber - but your style of trading is probably completely different to mine.

Happy trading!
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Old Jan 22, 2001, 10:56pm   #13
MX
Joined Nov 2000
Welcome aboard felix my tip would be keep your trading size small and definatly open a CFD account perhaps with CMC you can trade a £100 a time there if you wish so you get lots of experience trading and do not lose much. but mainly you do not pay commission and stamp the biggest draw on your money with smaller trades.
Also you can place stops as you place your trade this takes the emotion out of the trade......as long as you dont move them down.

good luck


MX

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Old Jan 22, 2001, 11:06pm   #14
 
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Joined Jan 2001
thanx mx....

felixakulw started this thread ...i'm going to look into that first thing am.

p.s. good chat room too!

best regards
felix
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Old Jan 22, 2001, 11:43pm   #15
 
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If you consider CMC, ask for info about filling out the forms- you only get one chance and you need guidance.....

Main requirement is 6 months active trading, with proof, and 25K net asset worth.

Martin
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