Wallstreet1928 Analysis & live calls on FTSE,DAX,S&P...aimed to help New traders

[Geofract]

Chris1976, you'd be better off spending your hard earned cash learning to trade with WS, or at least finding a strategy that makes sense to you, whilst demo trading, or trading for 10p per point.

I think most traders would stop if they lost 2/3rds of their account in a week, as it would be obvious something they're doing is wrong. What makes you think this shouldn't apply to you? Don't learn the hard way mate!

 

[SabreTT]

demo trading doesnt work, its delayed and other reasons it wont feel realistic but 10p works, a profit is a win even if its pocket money

finspreads, partygaming do 10p trades. selftrade I think even have a special offer on to help cover those loses and might also do 10p trades.

Mistake I made when starting was using ticks as a timescale and also use candlesticks not line

Use this website for a rough guide to resistance points, or at least to be aware what various traders look at

Pi Trading - Pivot Points

 

[Geofract]

Demo trading isn't necessarily delayed - Oanda's Game for example gives live prices. But yes, the pyschological pressures aren't there, unless of course you're very serious, and hate loosing regardless

 

[chris1976]

hi thanks for all the replies,i see the logic in demo accounts etc. but i'd rather just get stuck straight in i can afford and in truth expect to lose the money, ive been losing around 300 a day with one day 300 up this was by sitting at the pc totally focused trading in and out taking 40/50 at a time then buying back at a cheaper price etc.
the three days ive lost were monday when i was short bias,yesterday and today,yesterday i was actually painting when those pmi figures were announced and i didn't have a stop loss! ouch! lesson learnt.. i now have the economic calender bookmarked and will be checking it daily,lol.
Just need some graphs and signals to watch to give me an edge coz up to now i'm watching the sequence of figures go up and down and mentally working out where im going to jump in, feels like im on a ruddy fruit machine

 

[marketdynamics]

yeah probably,but do like to throw myself in the deep end
need to get myself set up properly and get some serious hours under my belt while im off work

There is saying about the markets:
stock market is where learners loose money to gain knowledge and professionals gain money by using that knowledge .

The loss is the fees taken by the market to teach you. Nothing comes for free.

So Chris1976, dont feel bad about it. We all began that way, at least I did.

Cheers

 

[chris1976]

There is saying about the markets:
stock market is where learners loose money to gain knowledge and professionals gain money by using that knowledge .

The loss is the fees taken by the market to teach you. Nothing comes for free.

So Chris1976, dont feel bad about it. We all began that way, at least I did.

Cheers

Thanks mate
dont feel bad about it though, if anything its made me more determined and reinforced the fact i want to do this.
i can see its a fine line between winning and losing. i can now see had i been more experianced and asstute, with major announcements like that i should have either pulled out of the trade or put in a gso.
never mind im sure i'll make it back and then no doubt lose it again:cheesy:

 

[marketdynamics]

hi thanks for all the replies,i see the logic in demo accounts etc. but i'd rather just get stuck straight in i can afford and in truth expect to lose the money, ive been losing around 300 a day with one day 300 up this was by sitting at the pc totally focused trading in and out taking 40/50 at a time then buying back at a cheaper price etc.
the three days ive lost were monday when i was short bias,yesterday and today,yesterday i was actually painting when those pmi figures were announced and i didn't have a stop loss! ouch! lesson learnt.. i now have the economic calender bookmarked and will be checking it daily,lol.
Just need some graphs and signals to watch to give me an edge coz up to now i'm watching the sequence of figures go up and down and mentally working out where im going to jump in, feels like im on a ruddy fruit machine

Sometimes sitting in front of the computer always watching the market works adversely because the erratic price movement can affect you psychologically. Learn to keep the bigger picture in mind and trade with the trend. I tried day trading and for this reason did not work very well with me. Holding overnight postions works better for me. So try different approach. Also instruments can make a difference. CFD vs warrants. indices vs currencies , FTSE vs SNP500 etc Every market I think have their own personality. I understand WS and many others are very good at day trading.

 

[lapalabra]

hi thanks for all the replies,i see the logic in demo accounts etc. but i'd rather just get stuck straight in i can afford and in truth expect to lose the money

I had the same attitude of 'being able to afford and expecting to lose' when I started trading, and as throwing myself in the deep end as you say had always worked before had no reason to believe this would be any different.

Whether you decide demo trading is for you (it wasn't for me) or whether you need something small at stake to focus your learning, however you go about it, just think about the logic of losing what you can 'afford' - in truth, if you are making this a long term commitment, then you have no idea what you can afford, because you have no idea when that point of being profitable will arrive. And just because you 'expect' to lose doesn't give you any expectation of how much you can lose in relation to what you will learn.

You can learn trading by paying as much as you like. Why pay more? Surely you wouldn't pay more than you had to for anything else in life, especially for something which you have no idea at what point it will start providing a return. For every 100£ loss, that could have been 10 separate lessons, 10 separate trades, or even 20, 30... You expect to lose, so lose small and learn lots. Unless its the thrill that gets you, in which case that's a whole different matter.

A friend of mine who is trading and used to sell exotic holidays put it this way: It is like offering someone a holiday where they could buy it for peanuts, but instead they choose to pay him handsomely for it because they can 'afford' to, and keep paying, but they have no idea when or if they will ever get the opportunity to pack their bags and enjoy it.

Anyways, just my tuppence...

 

[chris1976]

yeah no what you mean,gets the old hart beating watching those £10 notes go up and down with every point movement.if id just stuck to guns and left my first trade on 5 p/p dow short on id have been over a grand up now, suppose its all ifs and buts in this game though eh?
i opened my first overnight position last night, ftse/dec @ £1p/p so im well down on that also.

 

[ian23]

trade cheaper markets

yeah no what you mean,gets the old hart beating watching those £10 notes go up and down with every point movement.if id just stuck to guns and left my first trade on 5 p/p dow short on id have been over a grand up now, suppose its all ifs and buts in this game though eh?
i opened my first overnight position last night, ftse/dec @ £1p/p so im well down on that also.

When i experiment with new trading programs i always try them out on cheaper future markets like the swedish or norwegen markets and later convert them too others. I think you may benifit from trying your hand at these first because your money will last much longer and so you will learn much more by trail and error.

 

[chris1976]

I had the same attitude of 'being able to afford and expecting to lose' when I started trading, and as throwing myself in the deep end as you say had always worked before had no reason to believe this would be any different.

Whether you decide demo trading is for you (it wasn't for me) or whether you need something small at stake to focus your learning, however you go about it, just think about the logic of losing what you can 'afford' - in truth, if you are making this a long term commitment, then you have no idea what you can afford, because you have no idea when that point of being profitable will arrive. And just because you 'expect' to lose doesn't give you any expectation of how much you can lose in relation to what you will learn.

You can learn trading by paying as much as you like. Why pay more? Surely you wouldn't pay more than you had to for anything else in life, especially for something which you have no idea at what point it will start providing a return. For every 100£ loss, that could have been 10 separate lessons, 10 separate trades, or even 20, 30... You expect to lose, so lose small and learn lots. Unless its the thrill that gets you, in which case that's a whole different matter.

A friend of mine who is trading and used to sell exotic holidays put it this way: It is like offering someone a holiday where they could buy it for peanuts, but instead they choose to pay him handsomely for it because they can 'afford' to, and keep paying, but they have no idea when or if they will ever get the opportunity to pack their bags and enjoy it.

Anyways, just my tuppence...

yeah i know your right mate,suppose if im honest with myself im trying to chase my loses and get my account back to even then i'll trade small amounts to gain experience.i can see how quickly and easy it is to get wiped out
I need to find which directon the tide is going then stick with it
mon i was short,tues seemed to be in a range so i made a profit then yesterday and today i was in and out and well in profit almost to the point where i had made my money for the days than those announcements were made and down she went

 

[chris1976]

When i experiment with new trading programs i always try them out on cheaper future markets like the swedish or norwegen markets and later convert them too others. I think you may benifit from trying your hand at these first because your money will last much longer and so you will learn much more by trail and error.

Hi mate,what do you mean by cheaper? and do you mean the main indicies?

 

[ian23]

Yes the main indicies, the currencies are cheap so you can work out a proper strategy for instance 1 mini contract for the swedish index is only 20 sk = 1. somthing pound per point so you can now afford too work out a proper strategy which involve scalling out without loosing to much. Buy 3 contracts sell 1 at target 1 next one at target 2 and let the last one exit on trailing stop or something like this. The index daily range is not as great as the ftse and dow so it moves a lot slower, the norwegean is cheaper stil with a dayly range of only =-6 pips so you won't loose too much money but you will learn how to work your strategy and how too control youself to stick to you money management.

 

[wallstreet1928]

WOW, we have exceeded 300, 000 hits on this blog

A round of applause and congratulations to everyone

especially to Dentist, Dr Blix, Geofract, Lapalabar, ITMS, and others (sorry if I haven't mentioned you) who keep this thread alive and informative for new traders to learn from

Thank you to all the others that have contributed

 

[chris1976]

hi WS thanks for the pm,couldn't see how to reply to it or my mouse wont activate the link,anyway, yep i'll be taking you up on the lessons mate,how do you go about it?

 

[chris1976]

:cheesy:Grrr, now i see it click on your name,stupid

 

[chris1976]

BTW what bias do you see tom,i have my free £2p/p on the ftse with mf global?more down or a rebound? will be back on tomorow to call them at 8am.
GN

 

[wallstreet1928]

hi WS thanks for the pm,couldn't see how to reply to it or my mouse wont activate the link,anyway, yep i'll be taking you up on the lessons mate,how do you go about it?

email me my friend

[email protected]

 

[Chelski]

Which way for cable?
61% is holding, just! (4h) If we hold on the close, break up looks possible, there is resistance on the 1M to take out first.

 

[marketdynamics]

Hi everyone
I've been quitely watching the market unfold and nothing surprising so far. Now that the correction has begun here is my chart on FTSE. It shows multiple channels whose intersection give a time and price for reversal. Of course no guarantees. Next reversal is at 4750 on 27/11. the time projection is more reliable than price. If the size of recently wave completed= size of prior wave then The projected time for next correction=time taken for previous correction. Just High school geometry

There could be short rallies in between. These should be sold.

I've put a Dow jone Cycles Chart on my blog with respect to this correction for anyone interested
Secrets of stock market reversals
Cheers