Idiot's guide to trading

[chindl]

You've prob been there - Traderpedia and K Lab on here!
Also - http://www.trading-naked.com - you should find a lot on there for free

 

[rols]

Rols, a little over the top brutal IMHO. Not that I disagree with anything you say in your earlier post.
Dave

Yes. Intentionally so. Better this way then having the lions remove his innards when he enters the arena armed with a few moving averages in undecided timeframes.

can i ask what instruments you trade, in which timeframes and whether you feel the book would be beneficial for someone who trades UK stocks EOD?
I know the book is only a tenner but I'd rather not pay for more books if very little is going to be gleamed from it. For the record, I use solely TA in my trading decisions and have a reasonable knowledge of the different indicators around (having traded now for about 18mths) but I'm still struggling to know what indicators best go with each other and equally important in which timeframes they are best used!!
As a result, I seem to keep "swapping them around" which as you can imagine is no good for ones overall strategy. Ideally, I need a few which firstly compliment each other & secondly which work equally well in daily timeframes rather than just intraday.
Chorlton

I would suggest he pays his ten pounds and reads the e-book. Even if the book is rubbish something will be gained. While we continue to spoon feed the less experienced traders then they will never be able to stand on their own feet.
The market is not a nice place and nobody is going to hold your hand when your hard earned cash is hanging out there in cyberspace waiting to be gobbled up as a tasty snack.

 

[Chorlton]

Cheers Chindl,

Haven't visited "trading-naked" before so will take a look.

Until certain things are resolved, I'm just sitting on the sidelines with regard to trading but wanted to make best use of the time so decided to review my overall strategy. While doing this I have become aware that my choice of indicators may not be the most effective given the way that I trade, so hence my last post.

Hope things are ok with you and that you're getting plenty of time to trade ;-)

All the best,

Chorlton

 

[rols]

Rols,


Thanks for making me feel like the "guinea pig" with regard to your comments but to be fair you advice is spot-on!!!

My approach at the start was to read as many books, articles, forum threads, etc, etc as I could while at the same time SBetting small amounts so as to actually participate in trading.

The positive side to this was that as I learnt more, I could immediately apply it through SBetting. Paper trading has its place but IMO cannot be any alternative for the real thing. Paper Trading does not take into account the "hidden" sides of trading like, for instance, the emotional effect it has.

By trading for real however, I could appreciate this side as well while at the same time losing only small amounts of money - I chose Sbetting over conventional share trading as these companies offer introductory offers such as trading for 50p / point for example.

However, the downside to my approach was "information overload!!!" For every article I read, there would be another one contradicting what I had just learnt!!! In my 18mths of trading, I have gone from trying to find the ultimate indicator (which as we all know doesn't exist) to completely throwing away all indicators and trading price alone, only now to come back to investigating indicators once again.

Another point is that I have realised that the more I learn, the more I realise I don't know about this subject. But at the end of the day, I find the whole subject very enjoyable & fascinating so am happy to continue with this approach.

Regards,

Chorlton

Nothing personal was intended and I'm glad no offence was taken. We've all been there (to hell and back) I'm just trying to suggest ways you can save time and get to the destination quicker (this is not a short cut)

Information overload is good! Keep cramming it in. The more info that becomes internalised and subconscious the better. This is partly what intuition is.

Knowledge is power! Have you tried actually looking at the way you learn? I can now read a 300 page book in about an hour and a half and retain 75-80% of it through various learning techniques such as speed reading and photo reading. Try reading challenging books once in a while such as philosophy (Kant and Hegel) while listening to Bach fugues, or as I suggested in another thread try 3D chess. Anything to stimulate and challenge the brain. These all tune the mind. Work on yourself too! Try meditation, NLP, removing baggage from your life. All these things will bring increased success not only as a trader but as a person.

Remember the market is exactly how you choose to perceive it and the more educated, rounded and logical your perceptions are then the better your judgements will be. For example a trader who has fear in his mind will always cut his profits short because he will 'see' the indicators that reinforce his perception that the market is about to plummet and ignore the ones saying a strong uptrend is confirmed.

IMO being mediocre is easy - and over rated.

 

[Euro_d]

Yes. Intentionally so. Better this way then having the lions remove his innards when he enters the arena armed with a few moving averages in undecided timeframes.



I would suggest he pays his ten pounds and reads the e-book. Even if the book is rubbish something will be gained. While we continue to spoon feed the less experienced traders then they will never be able to stand on their own feet.
The market is not a nice place and nobody is going to hold your hand when your hard earned cash is hanging out there in cyberspace waiting to be gobbled up as a tasty snack.

Totally agree Sir,
I am sure there are very few successful traders here and elsewhere who have not bitten their fingernails to the core when every trade ends up stopped or worse chasing losses! Hence my comments on money management!

Chorlton, NEVER EVER chase a trade that goes to your stop. Kill it dead and live to fight again!

Dave

PS lovely trade this AM on GBPUSD, did anyone else get in short around 0915 Euro time? Ahh the power of basic TA.

 

[chindl]

Following on from previous on Naked Trader - Spy Trader also has stacks of free information on charting and TA, with some nice e-books included as well, try here and look under the charts section:

http://www.spytrdr.com/

 

[chindl]

Final say on this, Mike Diplock's site has presentations on how to set up your trading as a business, that's what it is, not a hobby, not something to do when you have a bit of spare time, it's a business and we must treat it as such by being prepared, having back up plans for systems and protecting ones capital so as to live another day. If you're still even in two to three years you will have done well, but consider even to be even vs all the purchases you have had to make in that time in order to trade and educate yourself, not just the capital that you have risked on trades.
Welcome to the jungle, keep the weapon close by to avoid the predators.
Chris
http://www.adiplock.freeserve.co.uk/index.htm

 

[TheBramble]

It has come to my attention that a certain senior member has been attempting to prevent newbies from following the time-honoured tradition and well-trodden course in learning to trade - by losing all their money doing all the wrong things. Or the right things at the wrong time.

While his motives may be positive, he deprives and denies the newbie the experiences of outright stupidity, losing, pain, fear, anger and just possibly - absolutely necessary for all we know - experiential learnings.

Most importantly - he potentially deprives me of income. Shame on you Sir! I have a barrow-load of fool-proof systems for fools and a sack-load of mixed indicators with mixed indications of success to hawk.

Let them that will do so; and those that will wait, a while longer.

 

[rols]

It has come to my attention that a certain senior member has been attempting to prevent newbies from following the time-honoured tradition and well-trodden course in learning to trade - by losing all their money doing all the wrong things. Or the right things at the wrong time.

While his motives may be positive, he deprives and denies the newbie the experiences of outright stupidity, losing, pain, fear, anger and just possibly - absolutely necessary for all we know - experiential learnings.

Most importantly - he potentially deprives me of income. Shame on you Sir! I have a barrow-load of fool-proof systems for fools and a sack-load of mixed indicators with mixed indications of success to hawk.

Let them that will do so; and those that will wait, a while longer.

Whoever this member is, they must be stopped, and stopped now. Where else would one find a good slaughter without the requisite lammy lambkins?

I just found this in my in-box. I've felt bad sometimes but never considered going to these lengths. :cheesy:

Have confidence that if you have done a little thing well, you can do a bigger thing well too.

Featured Article

High Morale

Dick tells his trading coach, "I just want to give up. My friend John takes out $2,000 a week as a trader, and I can barely break even. I'm a failure and I can't take it anymore." Ever feel like Dick?

 

[TheBramble]

" Ever feel like Dick?

You a cowboy?

 

[frugi]

I've felt bad sometimes but never considered going to these lengths.

Excellent word play Finbarr, worth every molecule of Machu Pichu mugaccino that coated my keyboard as a result.

Though you've been tempted to buy that trading c ock from the T2W store haven't you?