Do I go for it ?

midge25

Junior member
34 0
thanks hopefull

i am just looking to trade the us in the evening at the moment

i tend to use support and resistance and volume and that is all really, maybe some moving averages for trend
 

philhackett

Active member
113 10
Hopefully this helps.
When you trade, regardless of the pot that is available to you, it is important that you use the best available broker and best indicators. I use www.gftforex.com and my superb supportive manger is Wes Newman.

Dealbook/GFT provides everything you need to trade FREE! Superb charts, indicators and a data feed.

My set up uses three screens linked through a Parhelia Matrox Card. Right Hand screen has two charts on the screen; a one hour candle and Kagi. The centre screen has candles with Bollinger and Double Exponential Moving Average (DEMA) on the chart and Schaff below.

Left hand screen has the chart dragged out of the way to show J.Welles Wilders Directional Movement Index (DMI), Directional Movement (ADX) and sometimes the Commodity Channel Index (CCI) on the full screen.

Do not enter a trade until the market is trending. To establish this use the ADX. When the market is between 26 and 40 it is in a trending market. Above 40 it is in a strongly trending market.

The Dema will give a strong indication of a market move when it moves to an angle of 80 degrees from the horizontal. ALWAYS PLACE YOUR FIRST STOP WHEN YOU PL:ACE A TRADE IN CASE THE MARKET MAKERS MANIPULATE THE MARKET AGAINST YOU.

At the start of the day look at the immediate history. Is it an up or down day? Where are the highest highs and the lowest lows? What did the last three candles do? Use P&F to find double tops and bottoms. Be aware of oil price fluctuations because the Yen is always affected and becomes tradeble when Oil is volatile. The Yen strengthens in March as Japanese Companies square the books and sell T Bonds to do it.

Remember 3pm is Options expiry time and 4pm on Friday is when Hedge Funds automatic trades kick
in. An aggresive move at 3pm will usually continue. Watch for trend line breaks. A gap will always fill.

Remember that you do not have to trade every day. If there is not a trade do not try to make one.

I hope tht this helps.

Phil
 

Copernicus

Newbie
1 0
Really sound advice trendsignalUK.

Keep in mind the need to generate a regular cashflow to pay the increased mortgage. The variability of cashflow through dedicated day trading is variable.

Agreement with the wife is imperative. The risk is borne by all dependants in the family.

I agree with the statement 'scared money never wins'. The risks of a poor trading decision through failing to apply a disciplined trading srategy is inevitably increased when you have so much to lose.

Try to reduce your risk exposure through acquiring a low risk but reliable cash flow stream while at the same time continuing to part time trade where you can hone your skills :))
 
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hopefull

Member
57 0
philhackett said:
Hopefully this helps.
When you trade, regardless of the pot that is available to you, it is important that you use the best available broker and best indicators. I use www.gftforex.com and my superb supportive manger is Wes Newman.

Dealbook/GFT provides everything you need to trade FREE! Superb charts, indicators and a data feed.

I hope tht this helps.

Phil


Phil, hi

...and thank your for sharing these thoughts.

Ironically I have been considering making a move over to GFT recently.I am suprised that FXCM have not lowered their spread on GBP yet and 5 pips is a bit on the 'toppy' side nowadays in comparison with the other retail spot brokers.

Your strat. looks very interesting and I trust it is serving you well - but having experimented endlessly with various MA's (EMA and WMA) and more indicators than I wish to remember I am at home with my simple price chart nowadays ! (but then I never was the sharpest tool in the shed) !

All the best
H
 

Dave1971

Active member
135 0
Hopefull

It's been 6 months since your opening post on this very interesting thread, I would much appreciate a general update on your progress, and feel sure I am not alone in this.

Look forward to hearing from you


Dave
 

The Priest

Newbie
2 0
Very interesting thread - well done H for bringing it up.

One of the things that hasn't really been touched on is the isolation factor - we spend a long time waiting for something to happen before we enter our positions and some days we may not trade at all. You need to concentrate and that can get tiring psychologically.

The thing is about trading, not many people understand what it involves so it's difficult to discuss in the pub when you want to wind down as nobody knows what you're talking about...

About 18 months ago I set up a self-help group called the Yorkshire Traders Group and there are several of us who are full-time traders who have made the leap from 'real jobs' - I'm an ex-IT salesman myself and I don't really miss it!

If anybody is interested, we meet once a month in Leeds - next meeting is this Thursday (4th November). If you're are interested, drop me a line [email protected]

Regards,

The Priest
 

hopefull

Member
57 0
Copernicus said:
Really sound advice trendsignalUK.

Keep in mind the need to generate a regular cashflow to pay the increased mortgage. The variability of cashflow through dedicated day trading is variable.

Agreement with the wife is imperative. The risk is borne by all dependants in the family.

I agree with the statement 'scared money never wins'. The risks of a poor trading decision through failing to apply a disciplined trading srategy is inevitably increased when you have so much to lose.

Try to reduce your risk exposure through acquiring a low risk but reliable cash flow stream while at the same time continuing to part time trade where you can hone your skills :))



Copernicus

Yes -sound advice, thank you.

H
 

hopefull

Member
57 0
Dave - No probs - What specifically would you like to know ?

The Priest - Yeah true about the isolation factor.Fortunately I had been working from home for sometime before I started this new venture so was prepared - and spot on about the Pub thing - every time I go in now I get a chorus of Buy,Buy,Buy,Buy ...no Sell,Sell, Sell......

H
 

Dave1971

Active member
135 0
hopefull said:
Dave - No probs - What specifically would you like to know ?

H

Thanks hopefull,

basic stuff really, i.e How you are coping with the pressure of providing for your domestic needs from your trading, does it affect it, positively or negatively?

Also is the freedom of working for oneself worth the extra stress of having to be self sufficient.

Have you settled into a strat that you feel can give you sufficient consistency to give up any thought of returning to the day job?

hope this is not too personal, if so apologies, feel free to ignore it.

Cheers

Dave
 

hopefull

Member
57 0
Dave1971 said:
Thanks hopefull,

basic stuff really, i.e How you are coping with the pressure of providing for your domestic needs from your trading, does it affect it, positively or negatively?

Also is the freedom of working for oneself worth the extra stress of having to be self sufficient.

Have you settled into a strat that you feel can give you sufficient consistency to give up any thought of returning to the day job?

hope this is not too personal, if so apologies, feel free to ignore it.

Cheers

Dave


Hi Dave

When I launched myself 'full time' into this business I funded the operation with the proceeds of a re-mortgage which I used part for trading capital and part for living expenses for my first 12 months...so I have never really felt any pressure of providing for domestic needs, yet.

Maybe I am odd but I do not feel any stress (yet) but then the reason for this is probably in the explanation above....

Yes, I believe I have settled into a strat. that has/and continues to provide a consistent level of profit....it took time and a lot of commitment to find it.

As I have become more comfortable and confident in both the strat. and my ability to execute it mechanically and with no emotion my equity cure is going in the right direction and should it continue I will be in a position of clearing most if not all of the additional borrowing along with providing a pot of capital that I will use as salary for the remainder of next year. (May 05 - Dec 05).Right now I am not using any of this money as my first priority is to reduce/clear the debt incurred in launching the business.

Many people (quite rightly) say that scared money never wins..but many businesses start-up with some form of borrowing and thats the way I looked at it early this year...and refused to let it 'drag me down'

...I enjoy both the freedom and the financial rewards that trading is now presenting and if good fortune is on my side I have no intention whatsoever of returning to the 'rat race'.

Best Regards
H
 

loukas

Newbie
8 0
I've just gone through this thread as well..

Kudos to you for pulling it off, Hopeful! Not as small feat... ;)

Hope your trading is going well and your plans are becoming reality on your way to financial freedom! :cheesy:

Best regards,

Loukas
 

hopefull

Member
57 0
loukas said:
I've just gone through this thread as well..

Kudos to you for pulling it off, Hopeful! Not as small feat... ;)

Hope your trading is going well and your plans are becoming reality on your way to financial freedom! :cheesy:

Best regards,

Loukas


Hi Loukas :LOL:

Well, you know exactly how it is going my friend, You have seen plenty of my trades and charts....I am 'Bonza' (I dropped 'hope' back in July of '04' - that emotion got left at the door).

Nowadays I just trade it as I see it ! 123 -4,5 ....Same thing day after day - mechanical execution of the same set-up..Boring but profitable ;)

Yes, it has been an incredible journey..no doubt about it.Baring my soul on these boards back in April of last year was one of the best things I ever did.I received some sound advice,took it all in..and made the commitment.

Many thanks to you all once again for contributing.
 

loukas

Newbie
8 0
hopefull said:
Hi Loukas :LOL:

Nowadays I just trade it as I see it ! 123 -4,5 ....Same thing day after day - mechanical execution of the same set-up..Boring but profitable ;)

Hey Bonza!

Good stuff!! :cheesy:

It's interesting to discover the story behind every person you chat up on these boards... Each of our individual stories is highly different, but also very fascinating!!

As I said, I'm glad you're on your way to financial freedom!! ;)

By the way, did you ever have to sell the house? A lot of people seemed it was the crucial step to take at that specific moment in time, a yr ago!

Cheers,

Loukas
 

s-a

Active member
111 0
Hi Hopeful,

I just stumbled upon your thread so I'm going to reply to your very first post. Every thing I comment on is based on my very personal and very real recent experience - of course everyones situation and tolerances are different but here is my story and my advice.

Back in Oct 2004 I had enough of being a computer programmer and quit to trade full-time. I had been trading equity options for about 2 years and had been trading FOREX for the past year. My interest in FX and trading made my regular day job feel mundane and tedious. I was not a happy camper. All my spare time was spent bettering my trading, but I couldn't progress at the pace that I wanted to. Working another job and starting my trading business on the side wasn't cutting it. I needed to completely commit myself to the trading business if I was going to get anywhere here. I did something similar to what Bramble originally posted. I re-financed my home loan and captalized myself. Now perhaps I am just justifying my actions here but to me this seems no different then starting up any other business - take a loan to get plant and equipment to start the business.

All the things I need to work on psychological and my committment to trading was the first huge step I had to take. I wish you all the best in your journey, whatever you decide.

Take care.

Hopefully yours,
HG
 
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hopefull

Member
57 0
No worries HG

Yes I totally agree with you - Launching into trading for a living is just like launching any other business in that it needs researched first ,then it is down to the individual to asses his or her ability to to make a go of it.

I needed to borrow money to launch the business - just as you and I expect many others have had to as well.I was comfortable with my degree of borrowing and in many ways it made me even more determined to 'get things right'..

Funnily enough though for me it has all been an anti -climax...I enjoy the benefits of trading for a living both financially and in the freedom it offers - but trading in itself is actually quite boring to me now.


Speaking from my own experience I believe the best way forward is to trade no more than 1-2 methods/set-ups only (take ownership of them..know them inside out ) and treat everything else as market noise which is to be avoided.

That way trading does become mechanical - I am no more than a monkey clicking a mouse or hitting some keys - thats it

I wish you every success in your business venture.



PS. Loukas - No, I have not had to sell my house
 
 
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