Hi I've been looking for sometime now for a profitable trading strategy.I have bought and looked at many systems tipping services and read lots of articles.I still haven't cracked it.Maybe I'm asking for too much .Does anyone have any thoughts or help?Basically I am looking for a reasonably low risk way to make between 1 and 3% profit each day tax free.I am happy to start very modestly and want to keep things simple and relatively stress free.If anyone thinks that I'm not asking the earth and can offer practical help I would be really appreciative of your feedback.Yours frustratingly .Member cb11981 aka Sarah.
cb11981 said:
If you haven't traded before and looking for a profitable trading strategy to implement (Plug & Play type) then I am afraid that would not work. In the begning you should only concentrate clamly on grasping the subjcet matter reading lots of good books (Technical Analysis for Dummies can be the best book for a start up trader) and getting hand on a good charting software package with indicators.
Once you learn about the technical analysis concepts, then you have apply those conepts first on the charting software and see how much you have learned in-terms of the possible entry exit strategy and steups etc. After that you have to learn to use the trading platform to execute simulated trading.
Dont forget to devlop yor owne trading plan before you even start to trade. Following these steps will give you a structured approach toward learning to trade and you will have better chances to succeed.
There is no such thing as a quick fix to learn to trade (and in anythig in life) it takes time and mental strength and structured approach to succeed in this field (as in any other field of work). If you decide trading as a career then trade to trade well, money will come automaically.
cb11981 said:
Sarah,
You can make 4 % per year in a bank with no risk, your chances of making 1% to 3% per day with low risk, stress free and tax free as a new trader are about 4% maybe less. If you made 0.4% every trading day you could double your money in a year, that might be a more achievable target.
Breadman
Hoggums
Senior member
- Messages
- 2,176
- Likes
- 878
cb11981 said:
Sarah you're dreaming. So with compounding you want to make up to 16% per week - make 2100x your starting capital in a year? And low risk/stress free!
You should start by aiming at 1-3% per month - which is still pretty agressive. This is a far more realistic target.
Hi Sarah, you are missing the point. There is no system to make you these amounts. Traders here have found their own methods to make money. There is no shortcut. You must start at the beginning and build your kniowledge of how markets work. The answers are all here on T2W.
newtrader22
Member
- Messages
- 55
- Likes
- 3
hi,
I have a basic question on indicators. I want to know how many indicators should
one use ? I am using only 2 and at the most 3 (macd, rsi or slow stochastic)
Regards,
vinay
I have a basic question on indicators. I want to know how many indicators should
one use ? I am using only 2 and at the most 3 (macd, rsi or slow stochastic)
Regards,
vinay
FXSCALPER2
Established member
- Messages
- 964
- Likes
- 281
cb11981 said:
Sarah, you have to be very careful what you believe. What you believe is what will decide the extent of your success. For example, you should not believe aiming for 1-3% per month is agressive. If you have £10k, that says aiming for £100/month is aggresive! Thnik about it. You can put your money in a savings accounts and flip burgers and make 15 times that a month. One reason why people fail at trading is because of this kind of small thinking. Trading is a lucrative business but people expect to make less money than a bus driver at it. They then wonder why they fail.
I can't say I have the time to mentor you, because I am busy with my trading. But, if you PM me, I will certainly help you when I can. Don't beieve people who tell you what CAN'T be done. You gain nothing by knowing what you can't do. There is only one thing you shouldn't do in trading and we will discuss that. all the best.
trendie
Legendary member
- Messages
- 6,875
- Likes
- 1,433
sarah,
the amount of money you make is always going to be a function of how much you are willing to risk.
( you could flip a coin. if you want to make 3% flipping coins, you must logically be prepared to lose 3% of your capital when you lose. )
you could be offered a perfectly workable and profitable system that wins 35% of the time, but you may psychologically not be prepared to take the several consecutive losses while the big wins arrive.
if you cant take long strings of losses, you may be better served with a system that has a better win/loss ratio, but fewer pips per win.
first decide what kind of trader you are, and find a strategy that is in harmony with your psychology.
( do you want to nibble at the market, taking a few pips per day, as per Big Pippins thread on the EURUSD ? Do you want to take large chunks out of the market over several days, but also get gut-wrenching churn as the market reverses and gives back several tens of pips ? )
Do you prefer totally mechanical systems, as per hans123 over on strategybuilder, or are you confident enough to make discretionary trades ?
Do you feel comfortable trying to pick reversals, as per Joe Ross, or does jumping on momentum / trend moves "feel" better for you ?
Read as much as possible, and focus what feels comfortable. If you dont feel comfortable with your preferred strategy, you will fail to take the next signal after the inevitable 5 consecutive losses, and that will be the one that makes back your losses.
decide who you are. find a method chimes with you psychologically.
you will more likely stick with it through the tough patches.
then search for strategies that meet your requirements.
then start focussing on those posters / threads that seem to be best at them, and seek out their advice.
then learn about money management.
hope this helps.
happy Easter. ( waiting for the US to open for business before hitting the cable )
the amount of money you make is always going to be a function of how much you are willing to risk.
( you could flip a coin. if you want to make 3% flipping coins, you must logically be prepared to lose 3% of your capital when you lose. )
you could be offered a perfectly workable and profitable system that wins 35% of the time, but you may psychologically not be prepared to take the several consecutive losses while the big wins arrive.
if you cant take long strings of losses, you may be better served with a system that has a better win/loss ratio, but fewer pips per win.
first decide what kind of trader you are, and find a strategy that is in harmony with your psychology.
( do you want to nibble at the market, taking a few pips per day, as per Big Pippins thread on the EURUSD ? Do you want to take large chunks out of the market over several days, but also get gut-wrenching churn as the market reverses and gives back several tens of pips ? )
Do you prefer totally mechanical systems, as per hans123 over on strategybuilder, or are you confident enough to make discretionary trades ?
Do you feel comfortable trying to pick reversals, as per Joe Ross, or does jumping on momentum / trend moves "feel" better for you ?
Read as much as possible, and focus what feels comfortable. If you dont feel comfortable with your preferred strategy, you will fail to take the next signal after the inevitable 5 consecutive losses, and that will be the one that makes back your losses.
decide who you are. find a method chimes with you psychologically.
you will more likely stick with it through the tough patches.
then search for strategies that meet your requirements.
then start focussing on those posters / threads that seem to be best at them, and seek out their advice.
then learn about money management.
hope this helps.
happy Easter. ( waiting for the US to open for business before hitting the cable )
thanks
I really want to say thanks for people that have left feedback.I have some ideas of what sort of trading I think would suit me.I am more keen on looking at the systematic .It's finding it that I'm having difficulty with. I am far enough down the road to know that certain trades are going to lose and that money management and psychology are essentials to have in ones armoury.I put the post out also as a way of trying to guage what a lot of peoples (who use this site)realities and expectations are.I needed to try to work out if my expectations are ok.With absolute respect to everybody who are members of this site some or all might make millions every year some or all might be making huge losses some might achieve 1% some might average say 300%.I was looking in general for some feedback and support to satisfy myself that it is possible to make good regular profits sitting at home in front of your pc.You see I just don't know anyone doing it and can only take what I hear from members at face value.That is not to imply that I think the T2W community are generally a load of rogues.It's that I am cynical at this moment as I have invested a lot of time effort and money and still haven't been able to make it work for me yet.I feel that there is a method or system out there for me which is simple to execute shows a decent return (after all thats the bottom line profit)and dosen't make me want to give birth to a litter of kittens everyday.Sarah.
I really want to say thanks for people that have left feedback.I have some ideas of what sort of trading I think would suit me.I am more keen on looking at the systematic .It's finding it that I'm having difficulty with. I am far enough down the road to know that certain trades are going to lose and that money management and psychology are essentials to have in ones armoury.I put the post out also as a way of trying to guage what a lot of peoples (who use this site)realities and expectations are.I needed to try to work out if my expectations are ok.With absolute respect to everybody who are members of this site some or all might make millions every year some or all might be making huge losses some might achieve 1% some might average say 300%.I was looking in general for some feedback and support to satisfy myself that it is possible to make good regular profits sitting at home in front of your pc.You see I just don't know anyone doing it and can only take what I hear from members at face value.That is not to imply that I think the T2W community are generally a load of rogues.It's that I am cynical at this moment as I have invested a lot of time effort and money and still haven't been able to make it work for me yet.I feel that there is a method or system out there for me which is simple to execute shows a decent return (after all thats the bottom line profit)and dosen't make me want to give birth to a litter of kittens everyday.Sarah.
Sorry just re read the question you are getting at what sort of trading and why I might be thinking along those lines.Please clarify.By the way just while I'm here can anyone tell me why have I got five gold stars by my name .If you asked anyone who knows me they certainly would not say that I'm a good girl and I don't work at macdonalds??????Sarah.
Sara
What is your back round,
do you work full time or part time?
how long have you studied the market?
how much money you are willing to risk?
are you planning to spreadbet or use Direct access broker?
I would tell you this though, try burning a few 50 pound notes and see how you feel
This will give you a feeling what it is like to lose real money in the market. If you can
handle this you be OK.
Good luck
What is your back round,
do you work full time or part time?
how long have you studied the market?
how much money you are willing to risk?
are you planning to spreadbet or use Direct access broker?
I would tell you this though, try burning a few 50 pound notes and see how you feel
This will give you a feeling what it is like to lose real money in the market. If you can
handle this you be OK.
Good luck
the blades
Experienced member
- Messages
- 1,336
- Likes
- 275
cb11981 said:
that's the first bit done - ie place your ad for a mentor
UTB
cb11981 said:
Sarah, those who make big money by trading are unlikely to broadcast their successes unless they want to satisfy their egos. Their family and friends will know that they are successful and that is all they need. So you should be suspicious of boasters who proclaim their successes on the internet. That is not to say that there are no good people on here who ask and give information. You will be able to tell who they are with time.
To answer your question- how many indicators- I use none, except an average to give me an idea of the trend that I should be in. I use patterns because they seem to repeat themselves and are more identifiable. Not triangles, though. I can't tell whether they are going to break up or down. I continually tinker with volume, but don't get much information out of it although lots do say that the study is beneficial.
I am 44% up on the year, but consider that I am fortunate and always walking on eggs. I'm hoping to end the year higher but may well end up with a loss..
Take care, Split
Last edited:
fxmarkets
Established member
- Messages
- 834
- Likes
- 50
cb11981 said:
Yes . more detail is needed so that others can see what and how you/ we are perceiving as to whats going on, from these observations then we can plan how to best position ourselves in the/ a market from the technical method/risk point of view or trading idea , then work on how we should ideally conduct/managed ourselves in order to function correctly in order to, as the saying goes, "work the plan"
others may be able to assist further,(as to where or what perhaps needs to be researched etc) to a point, if you supplied more details from yourself.
Fx.
Lots of systems at collective2
There's loads of systems at
http://www.collective2.com/
but how to start small and still make a steady return like you're thinking about is pretty darn difficult.
Part of the problem with a small account is you have to be right more of the time, because the trading charges (commission) are proportionately higher on smaller trades. So your shares have to move further just for you to break even.
I guess the standard advice with a small account (or perhaps a small amount to be invested regularly) is to use some kind of pooling fund, like a unit trust, that will give you access to stock market moves (both positive and negative!) that would be difficult to duplicate in your own account.
If you buy online you can often get a great deal from one of the money supermarkets, as they cut the charges dramatically.
However, as to the best one you should go for, I have no idea.
Sorry to be so pessimistic.
However, if you want to trade with pretend money, there are many virtual stock market games that use real stock market prices - a good place to practice.
www.bullbearings.com is a good place to start.
Here is the URL for a search at Alexa:
http://www.alexa.com/search?q=fantasy share trading "stock market"
Kind regards,
ukoptions
There's loads of systems at
http://www.collective2.com/
but how to start small and still make a steady return like you're thinking about is pretty darn difficult.
Part of the problem with a small account is you have to be right more of the time, because the trading charges (commission) are proportionately higher on smaller trades. So your shares have to move further just for you to break even.
I guess the standard advice with a small account (or perhaps a small amount to be invested regularly) is to use some kind of pooling fund, like a unit trust, that will give you access to stock market moves (both positive and negative!) that would be difficult to duplicate in your own account.
If you buy online you can often get a great deal from one of the money supermarkets, as they cut the charges dramatically.
However, as to the best one you should go for, I have no idea.
Sorry to be so pessimistic.
However, if you want to trade with pretend money, there are many virtual stock market games that use real stock market prices - a good place to practice.
www.bullbearings.com is a good place to start.
Here is the URL for a search at Alexa:
http://www.alexa.com/search?q=fantasy share trading "stock market"
Kind regards,
ukoptions
