This looks like a sound approach to me.Seems to me that the next phases are
1) Build a strategy (which requires a lot of research I imagine);
2) Learn how (not the when, just the how) to actually enter and exit trades, place the stop-losses etc,
3.5) Revise, if necessary
4) Paper trade.
5) If successful at this point, go live incrementally
It's next to impossible to provide a 'one size fits all' answer to this as there are just too many variables involved. From your earlier post, I'll assume you want to trade equity indices intra day. I'll also assume that when you refer to 'spreadtrading' (quoted above) that you actually mean spread betting? They are two completely different things - not to be muddled up. You can learn about each of them in these two articles:Questions:
1) Building a strategy, any good, meaty articles (or preferably Youtube vids) I can watch that guide through the process? Preferably via spreadtrading? I know there's a PDF on here but that talks mostly about the money management side and like I said I want to go for a test drive!! Also, how long does building a strategy typically take for an experienced guy?
I've no idea I'm afraid. As you'll appreciate, I can't advise you to break the law, so you'll have to take advice from the spread betting companies themselves and/or the U.S. tax authorities to see if there's a way around this. If you can't open a U.K. based spread betting account, then the nearest alternative would be to trade CFDs - which you can do from just about anywhere in the world. If you want to know how spread betting and CFDs compare, check out this FAQ: What are the Pros and Cons of Spread Betting Vs CFDs?2)I know Americans aren't allowed to spread trade, BUT I will be over there this summer, if log in from there will I be allowed to trade, or do the UK brokerages firewall off any traffic from US IP's even though I'll be a legit client?
A training stop is loss sets the stop at a fixed amount below the market price with an attached trailing amount. As the market price rises, the stop rises by the trail amount but if the stock price falls the stop loss price doesn't change. You can place the stop at the point of the trade or at any point after.What is trailing stop? How to place it? can any body describe in full?
Hi jsung8070,Excellent post. One of the best Ive seen on any forum about any topic!
One big issue though, as a virgin trader (actually virtually uninitiated to the commerce world), I have/had no idea what spread betting is, what options contracts are, etc. and there wasn't any link that was very obviously displayed for me that described and explained what these were. Particularly the options and spread betting forum, which already assumed I knew what options contracts were, how to trade them and what spread betting is. It took a considerable amount of extra research simply to understand a quarter of what was being said on those forums.
Perhaps it was already discussed in this thread, however if it is added to the original post, I think it would make this guide many times better.
Otherwise, thanks so much for the help.
Hi railrunner,Has anyone else come across the problem of having the knowledge how to trade, but just don't quit have the confidence to do so.that's a problem I am faced with at this point in my journey to this world of trading, Hell I even seem to hesitate on my paper trading I guess to coin the words of Nike I just have to learn to" just go for it".Wil this feeling stay with me or will it fade with time
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