Sticky Introduce Yourself

hi all,
well a new beginning. I'm a little tired of taking other peoples advice (so called professional FA or analysts) on where to put my hard earned dosh.........and then watch my investment deteriate over the long or short term, so hopefully you good people can help along the way to me educating myself as I look to trade myself, and then only have myself to blame if I make the wrong decision. I've been trading mainly ETF, shorts and longs, not very successfully and buying shares. I've lost enough to be honest so time to take charge. First question....... a good starter book to learn from bottom up. Any suggestions or is there a top 10 ranking?
cheers.
 
Hi

I have just given CFDs a go - twice. £5000 each in two accounts - in less than 3 months the first account had dwindled to £2000, and, later, in less than a month, the second account was down to £2000 - wanted to pull the plug but was persuaded otherwise, now that account is worth £143. With the first broker, all but one of my tradees were advsied - I was unlucky in that after I put a long on Rio Tinto, one of their guys got arrested and the stock stopped out.

My time would have even been shorter lived had I not intervened to move stops.

Thing is, professional advice stinks. Apart from one independent financial adviser.

Will tell more about where I am overall if you replay to this. Here is my diatribe written a few weeks ago:

A few weeks ago I had a position on BAT, which looked viable that morning. I had moved the stops back up to cover my costs. While I was out, or neglected to keep an eye on things, it plummeted beyond the stop, so all I lost was the commission. I would have lost a lot more.

In an ideal world I would have taken profits at 11 a.m. (you couldn't expect to predict the peak at 11:40).

This inability to monitor the account, or have it monitored for the client (FSA regs etc) has cost me with both Accendo and Galvan. Added to which this is, of necessity, a very intrusive form of trading. Whoever I am with, the swings that occurred with BAT were too fast for a trader to get around every customer. And, naturally, they will have a priority list based, again logically, on how much the client would lose. It is only to be expected that someone who will lose £100,000 will get a call before someone who will lose £300.

Again and again, a recommendation normally is 'for the day' - events move too quickly for a position to be predicted to rise and rise, or fall and fall, over a period of days.

I have had to work hard to minimise my losses. It is due to my intervention that the recent losses have, until BAT, been minimal. But I don't want to have to work that hard, and devote too much of my day, for this.

I do not believe you can guarantee, as near as possible, that the situation of taking at a peak or not, then the price sliding down can be avoided by ANY CFD trader.

When you set the fact that I put 2 lots of £5K, got refunded 2K 6 weeks later and am worth £450 now on the second investment of 5K, had, of necessity, received many phone calls, made many phone calls, monitored (for not enough time) the market, been advised to hang on only for the process to drop/rise, I am not inclined to trade CFDs. The necessity of being on hand by the computer makes for a 'sad' existence.

Whether I had put 5K or 10K probably wouldn't have made any difference, the positions would have been twice as large.

Yes, I am feeling sore. But I also apply a logic to this. The prospect of making large profits are limited - what stock rises more than 5% a day?, and, of course, that depends (for each client) what time they 'get in'. By 8:30 the share may have risen 2%, leaving a 3% rise. On 10 times leverage each 1% yields £100, so it has to rise 1% before the client makes a profit. As I said, most shares don't get as far as 5%.

I want, as far as CFDs are concerned, a situation that is impossible. A low 'intrusion' and a self-monitoring set-up - both of which do not apply to CFD setups.

A normal share situation means you can, although missing opportunities provided by peaks, wear the losses as the shares will go up again.

My worst, apart from the suspended shares I have now, is Northern Petroleum, bought at £1, down to 30p a week later, sold for £1.20 ('peaked later at £1.40 in that cycle) 6 months later. All I paid was £30 commission and stamp duty.

CFDs won't let you do that.

• Shares rarely move more than 2% on the day, unless it is down
• 1% about covers commission costs and interest, so the stock has to rise by 1% before your costs are covered. The stop can be moved but often the fluidity of the stock will mean that the position is stopped out prematurely. However, hanging on can mean that the stock can fall
• If your advisor thinks that a share looks promising, by the time he gets to talking with you, after other customers, the share has already moved, perhaps 3% or 4% and probability dictates any further rise will be limited or go negative.
• A share is ‘in fashion’ only for the day, it is near impossible to predict what it will do the next day, or over a longer period
• Movements downward can be much faster and of a higher movement than movements upward
• Movements downward may be replaced by a fast movement upwards but by then it is too late – you are stopped out
• Many ‘stopped out’ instances could have been avoided if someone had monitored the stock and moved the stops, especially with sharp movements. The trader might call you to move the stops; that happened only once when they needed moving down. It is more up to the informed client to monitor and take action, the problem being that either you are glued to a monitor for 8.5 hours a day or the position is stopped out while you are away.
• On the other hand, ringing your trader can be problematic as he is always on the phone to someone else – by the time he gets back to you, either your profit has slumped or you are stopped out
• Traders have a set of favourite shares they peddle. Sometimes they are already high when advised to go long.
• It is not always possible to check a chart when recommendations are made, so the client often agrees with a recommendation. It is hard to say if the trader is thinking of themselves or the client.
• Often traders cite miners and banks as stocks to avoid. This is hard to follow as other shares can be as volatile.
• I have read that if a stock falls below a stop (non-guaranteed stops are less expensive) some market lenders will close all positions to get the margin back to within bounds.


John
 
Hello forum,

I'm a independent trader USA based. I'll post more after a few days

of getting around the place.

g-20
 
It's stnkey

That's what happens if you let it be sticky too long. I'm interested in TA for medium duration trades.

This is a new sticky thread in the Members, Meetups & Socials forum which provides everyone an opportunity both old members and new an opportunity to introduce themselves to the community.

If you're a new member, or maybe just a lurker who hasn't yet taken the plunge, then this is as good a place as any to start. Tell us a bit about yourself, perhaps your trading history and interests, and what you hope to gain from the site.

:!: If you have any simple questions related to trading, then please refrain from asking them in this thread and instead use the First Steps forum, which is targeted specifically to newbies taking their first steps:
http://www.trade2win.com/boards/first-steps/
 
Hi All,

Name is Robin and I live in the Netherlands. Traded stock options and futures in the old days (1994 to 2000) and learned the hard way so to speak. Used Metastock back then to gain back what I lost listening to brokers and advisors :confused:

Got back in the markets trading ES mini futures in 2005 using Trade station. Had reasonable succes but trading full auto was still error prone and I had to let that go because of my normal job taking me out of the coutry lenghts at a time.

Those days are now over and I am planning to day trade the emini agian. Looking at Ninja trader as a platform since the 'trading of the chart technology' is realy something that fits me. Been trading in sim mode for a while and after a rocky start things are starting to look good now :cool:

Will post some more questions on the board about the Ninja Platform when I am a bit further down the line.

Happy trading ,
Robin
 
Hi Everybody

Nice2meet you all I am new to technical analysis and this board It's very interesting and i am hooked to it since my chance discovery on google
Thanks every one helping each other
 
Hello everyone!

I am a recent graduate student and I'm intending to learn as much as I can about trading. I practically fell here and taking a small look it seems to be a nice place, with nice people. Be nice with me (?).

Thanks for the space and greetings from Colombia.
 
Introduction

Hi There

I have been trading for several years without much success. After reading a couple of discipline books I know why I'm so bad and so after a long break I'm ready to face the challenge.
Scraped some cash together working on a nice simple system so now I'm about to work on money management and discipline ( the hardest nut to crack)

One thing i have found out is Paper trading is great to find out if a system works but pretty useless when it comes to putting your money on the table.

I used to laugh when people said trading was 10% system and 90% disapline. How right they were at great cost to my bank balance.

Anyway I'm not going to bitch and if it goes wrong again i will only blame myself and not the market as that would be stupid.

Thanks for listening.

Ps.. if anyone knows a good system better than the 3 duck system let me know. Dont want complicated as I wish to be short term swing trader anything upto to 5 days hold
 
Hey guys!

I'm new to this forum, but I wish I had found it sooner!! I have been trading several fx demo accounts for about six months with moderate success. I hope to open a live account by the end of the year. The information I have found here has really helped me. Thanks a lot guys!

FxBeast
 
Newbie

Hi guys,

It's great to be here among like-minded folks. My primary interest is spread betting the FOREX, I'm still a novice, but aim to do it full-time in future as my sole source of income. I use esignal as my software and have attended Greg secker's Trader University.

I would welcome and appreciate any input to make me a better trader. Cheers.

bashida
 
Howdy

Hi fellow comrades,

Based in Melbourne Australia. Been trading all sort of futures for the past 5+ years. Have had my decent share of ups and downs. Still striving for consistency, rather than erratic month on month black and red swings. I know of ppl who makes very decent $$$ almost every month, and they have a good life, free from office politics, and rush hour jam, going off for vacation whenever they want, no sucking up to some weird bosses. So there is hope, even though it may just be 5%.

Looking forward to the shared experiences from everyone. Good luck, guys and gals.(y)(y)(y)
 
Intro

Hi,
I am Wadhwa - a retd AF Offr now trying my hand at day trading.
So far failed miserable. Genuine help from any one is welcome but no leg pulling please !.
PS: My e mail id is [email protected]
 
Last edited:
Hello There . Just found this Board . Was looking at a Rumpled fellow with his own trading methed there for a while and I ended up joining . I am trading a little bit . Never heard of this META trader before . Looks interesting . Where is this forum based . It looks like the US !
 
Method?

Hi,
I am Wadhwa - a retd AF Offr now trying my hand at day trading.
So far failed miserable. Genuine help from any one is welcome but no leg pulling please !.
PS: My e mail id is [email protected]
I have been trading options and futures for many years with some success- it is my living.
Feel free to message me and tell me where you think you are going wrong, what method,and what instruments you are trading.
I also look at forex and binary bets.
nothing is so complicated that a banker can't do it!
 
Hi everyone, am new here and found the site very interesting. I have been trading very lightly over the years in shares and options and hope to gain more knowledge so to take a more pro-active approach to trading the financial markets. The web site is very good with loads of information and hope to make some contribution in the near future.
Triggerfish.
 
traders uni

Hi guys,

It's great to be here among like-minded folks. My primary interest is spread betting the FOREX, I'm still a novice, but aim to do it full-time in future as my sole source of income. I use esignal as my software and have attended Greg secker's Trader University.

I would welcome and appreciate any input to make me a better trader. Cheers.

bashida

hi bashida, how did you find the course, did ytou think it was usefull, did you go to the 2 day instruction anf follow through with the support. I went to the "sales" presentation and found it to be a taster for what could be achieved, but it was just a typical sales pitch.
 
Just a quick hello to introduce myself. Am only paper trading at the moment ,Hope to learn from you all and hopefully put something in to discussion when more proficient.thanks
 
new to t2w

hi im new to spread betting i am a fulltime personal trainer.i am alitle lost ive only done demos any help on what to do next i want to start for real but having problems picking between esiginal metastock and sharescope. I see that esiginal has this get advance package does it help?

Any feedback will be great thanks :)
 
i originally signed up to this course but backed out just before it started. How is it going have u made much money with their powerplays?
I decided to back out because i didnt think it was worth £2000 but so wanted to get started. Woud u reccomend it?
esiginal are offering a similer course with their get advance eddition i might go for that
 
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