Bored, suffering with a bit of fomo

[andyintenerife2020]

I was an investor and now I've retired I've started to trade a little, I scalp but also position trade a little (maybe upto a month)
So I put 5k into a new trading account mid August.
I'm currently on cfd account 88% win £620 profit and spread bet account 100% £220 profit (opened 1st September)
"Can't get my head round 72% of traders lose money"

The losing trades I actually chose to close because I wanted the cashflow for other positions.
The spread bet account I transferred £250 in from the cfd account so my wins are from 36p to £7
I have around 10 positions open, it's boring
What can I do?

 

[timsk]

Hi Andy in Tenerife.
Firstly, lucky you - it's chucking it down here in blighty!

I may be wrong, but one reason why you've not had a reply (until now) - is that it's not obvious what the problem is - especially as you appear to be doing well? As for trading being boring - I would say that's how it's supposed to be - that's one indication that you're doing it right. If you want excitement, up your size x10 - but be prepared to join the "72% of traders lose money" group!

 

[counter_violent]

I was an investor and now I've retired I've started to trade a little, I scalp but also position trade a little (maybe upto a month)
So I put 5k into a new trading account mid August.
I'm currently on cfd account 88% win £620 profit and spread bet account 100% £220 profit (opened 1st September)
"Can't get my head round 72% of traders lose money"

The losing trades I actually chose to close because I wanted the cashflow for other positions.
The spread bet account I transferred £250 in from the cfd account so my wins are from 36p to £7
I have around 10 positions open, it's boring
What can I do?

Take up 4player chess. That's never boring.

Play Chess Variants Online

Play Chess Variants on Chess.com! Mix things up and apply your skills in exciting new ways with these different types of chess games.

www.chess.com

 

[andyintenerife2020]

Hi Andy in Tenerife.
Firstly, lucky you - it's chucking it down here in blighty!

I may be wrong, but one reason why you've not had a reply (until now) - is that it's not obvious what the problem is - especially as you appear to be doing well? As for trading being boring - I would say that's how it's supposed to be - that's one indication that you're doing it right. If you want excitement, up your size x10 - but be prepared to join the "72% of traders lose money" group!

Thanks, I've actually realised why in the past I couldn't make trading work "because I was trying to make too much" it dawned on me yesterday, making 1% on a trade is quite easy (margin cost is £50, make 50p) those 1% are huge at the end of the month. Yesterday I started to look at my trades differently. I wasn't too bothered about receiving replies, I was bored and wanted to express myself, I am enjoying reading other people's posts, I haven't been in a forum before.
I'm not technology astute, can't use trading view, don't understand charts, actually couldn't even get my WiFi working yesterday so missed the opening.
😂😂

 

[timsk]

Thanks, I've actually realised why in the past I couldn't make trading work "because I was trying to make too much" it dawned on me yesterday, making 1% on a trade is quite easy (margin cost is £50, make 50p) those 1% are huge at the end of the month.

Don't get complacent. Every time I've ever had the thought that trading is 'easy' - I've got my derriere kicked - big time!

Yesterday I started to look at my trades differently. I wasn't too bothered about receiving replies, I was bored and wanted to express myself, I am enjoying reading other people's posts, I haven't been in a forum before.

I'll wager that pretty much everything that's ever been said by retail traders about trading can be found somewhere on this forum. There are plenty of pearls in the haystack - but it's a mighty big haystack.

I'm not technology astute, can't use trading view, don't understand charts, actually couldn't even get my WiFi working yesterday so missed the opening.
😂😂

Man after my own heart - we have much in common!
As a matter of interest, if you're not using charts, what are you using for your short term 'scalp' trades? (I'm also assuming you're not using a Depth of Market [DoM] ladder either?)
Tim.

 

[andyintenerife2020]

Don't get complacent. Every time I've ever had the thought that trading is 'easy' - I've got my derriere kicked - big time!

I'll wager that pretty much everything that's ever been said by retail traders about trading can be found somewhere on this forum. There are plenty of pearls in the haystack - but it's a mighty big haystack.

Man after my own heart - we have much in common!
As a matter of interest, if you're not using charts, what are you using for your short term 'scalp' trades? (I'm also assuming you're not using a Depth of Market [DoM] ladder either?)
Tim.

Ive never heard of Dom
Scalping, I didn't even know this term before a month ago
Example, gold moves around all day at 1920-1935, nothing much happening
I'll buy a trade on at 1920 with a hedge "sell" order set at 1914, just in case it goes against me, the worst I'm out is 6 points then I wait if the 1920 goes up, I'll take at 1931 so as not to be greedy, if it goes down then my hedge protects the negative of the 1920, then I look at it again and decide if to take a profit on the hedge and wait for the return to the buy position or just hold the hedge until break even and sit it out, sometimes I have to reinstate the hedge

 

[cara1]

If frustration is better than boredom, then try Day Trading.
Try watching Day Trade The World Live on youtube (starting at about 1 hour before NY exchanges open.)
You can win or lose a lot more than 1% a day.
They almost entiirely use the Support and Resistance Levels on the chart, and one or two moving averages, but that's all.
Those Levels you're probably aware of, theyre not hard and worth checking up on if you aren't .
The traders on the program speak Canadian English, so really you need some form of AI between what they say and what you hear to do the translation, but one way or another I'm learning to glean what they're on about!
The point really though, is that before start of day they say where they're putting their long or short orders, on perhaps half a dozen stocks.. Usually near those Levels..
If you do what I find difficult, which is open a position exctly where they say and just let it run, you will usually win on about 2/3rd of the stocks they tell you about. They usually get out of a couple which are losing, and they can be a bit less noisy about those so pay attention.

I usually don't have their confidence so bottle out - and end up not doing well.

YOu'll need to set "Stop losses" - sometimes the trailing ones, and I would say Take Profit stops too, which your platform should have, but some don't.

 

[andyintenerife2020]

Can you attach a link to this YouTube channel as I can't seem to find the correct one

 

[Rufus_Leakey]

Can you attach a link to this YouTube channel as I can't seem to find the correct one

https://www.youtube.com/@TraderTVLive/streams