Feeling defeated before even starting!

Tonto62

Newbie
3 0
Hi Cornish pasty. Looks like things are becoming clearer for you. I use city index as a broker and spread bet on FTSE 100 indice and swing trade on FTSE 100 equities. Personally I would stay away from AIM if looking to do short term trading. In all your planning etc I would strongly urge you to begin with small stakes. I had a plan to start trading at £1 a per point until I had made x amount of points and then too slowly increase. You will know if your £per point is too high is when you go to bed at night with open positions and you cannot get to sleep in case the stop loss is triggered and you lose x amount of pounds. Trading is a marathon and not a 100 metre sprint. Many who thought it was a 100 metre sprint are out of the game having lost their capital due to too large a stake size. hope that helps.

We are all learning and seeking to improve

Agree with tomorton. Keep it simple and you will be surprised at what can be achieved over time
 

neil

Legendary member
5,167 748
Not sure whether this will help you Cornish Pasty (am married to a Mousehole girl so only will understand the pasty joke)- but swing trading needs capital if you are to do this profitably and earn a good living.
Start with day trading to build up your capital before swing trading.
TEAMTRADER
(retired trader)

Mousehole -know it well. Visit there at Christmas to see the lights:)
 

TEAMTRADER

Member
77 2
As luck would have it dinner is a Cornish Pasty this evening!
Trading charts successfully and using templates is in the eye of the trader. The best advice I can give anyone is to get one that is simple (to them) and do not change it dramatically. Only then will trading be regularly successful. Careful, good and patient traders do not have weekly losses. I audited the figures of a good friend and he was one of those!! I was looking at his figures this morning and his worst week was 1.19%.
I find colour co-ordinates are best for my eye - if CornishPatriot wants to PM me to share the template it is an MT4 template. Illustration attached.
TEAMTRADER
 

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timsk

Legendary member
7,558 2,337
. . . if CornishPatriot wants to PM me to share the template it is an MT4 template. Illustration attached.
TEAMTRADER
Hi TEAMTRADER,
If by the term 'template' you're referring to the specific settings of the indicators used - then in itself this will be of little use - or no use at all - to Cornishpatriot (or anyone else for that matter). It's just another chart. It's how you trade it that matters. So, rather than inviting members to contact you via PM - which looks very dodgy and is not encouraged here at T2W - why not explain what the indicators are and how you use them? That would be an interesting and useful contribution. Otherwise, members could be forgiven for thinking you're a vendor trying to sneak in through the back door.
;)
Tim.
 

TEAMTRADER

Member
77 2
Hi TEAMTRADER,
If by the term 'template' you're referring to the specific settings of the indicators used - then in itself this will be of little use - or no use at all - to Cornishpatriot (or anyone else for that matter). It's just another chart. It's how you trade it that matters. So, rather than inviting members to contact you via PM - which looks very dodgy and is not encouraged here at T2W - why not explain what the indicators are and how you use them? That would be an interesting and useful contribution. Otherwise, members could be forgiven for thinking you're a vendor trying to sneak in through the back door.
;)
Tim.
Not my intention Tim - I am a very experienced chartist and my only concern was for someone who has the intention of trading live to be aware that swing trading is a hit and miss starting point. Definitely not a vendor!
Templates are good only if you, the trader, can understand the indicators and generally the fewer the better.
Yes, it is how you trade, but there needs to be understanding of what you are seeing as well as a specific method - I was always a scalper in the direction of the trend.
My eyes will differ from your eyes when it comes to a template - but I can post my chart indicators if there is any interest.
TEAMTRADER
 

counter_violent

Legendary member
11,194 2,982
Not my intention Tim - I am a very experienced chartist and my only concern was for someone who has the intention of trading live to be aware that swing trading is a hit and miss starting point. Definitely not a vendor!
Templates are good only if you, the trader, can understand the indicators and generally the fewer the better.
Yes, it is how you trade, but there needs to be understanding of what you are seeing as well as a specific method - I was always a scalper in the direction of the trend.
My eyes will differ from your eyes when it comes to a template - but I can post my chart indicators if there is any interest.
TEAMTRADER

Have you ever had an involvement with Richard Branson?
 
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timsk

Legendary member
7,558 2,337
Hi TEAMTRADER,
Not my intention Tim - I am a very experienced chartist and my only concern was for someone who has the intention of trading live to be aware that swing trading is a hit and miss starting point. Definitely not a vendor!.
Fair enough. That said, with the experience and knowledge that you claim to have - combined with an offer to provide a novice with info' privately via PM - you'll understand why some subscribers to the thread may have a raised eyebrow (or two).

Templates are good only if you, the trader, can understand the indicators and generally the fewer the better..
My point exactly. So I hope you'll be explaining what you use and why!

Yes, it is how you trade, but there needs to be understanding of what you are seeing as well as a specific method - I was always a scalper in the direction of the trend.
Agreed - and I'm sure an outline of your approach - given your experience and implied success - would be of interest to everyone.

My eyes will differ from your eyes when it comes to a template - but I can post my chart indicators if there is any interest.
There's interest - that's what T2W is for - go for it!
Tim.
 
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Cornishpatriot

Newbie
6 0
I'm ok for now teamtrader but thanks for the help. (Don't want to drown myself before I can swim.) Enjoy that PASTY! oggy oggy oggy.


I am in the midst of creating a business plan and have learned a tremendous amount today alone. It's starting to become an addiction though as I am starting to dream about the stock market in my sleep! :)
 

counter_violent

Legendary member
11,194 2,982
Strange question - not me but one of my colleagues did many years ago.
TEAMTRADER

Blimy, what are the odds of that?

I'm with Tim on this. Your template and trading methodology might be a good topic for a dedicated thread.
 

Fugazsy

Veteren member
3,661 677
Patterns repeats all the time, and the trader needs to learn how to create an edge based on those constant repetitions.

In Forex I would not suggest trading a TF less than 30-60m.

Try to specialize in all market conditions: trend, range and trend reversals.
 

TEAMTRADER

Member
77 2
Blimy, what are the odds of that?

I'm with Tim on this. Your template and trading methodology might be a good topic for a dedicated thread.
Tried and failed to get a new thread going - over 90 minutes of wasted time. Perhaps it has a time guard on the typing and downloading?
It refers me to administrator all the time.
Your submission could not be processed because a security token was invalid.

If this occurred unexpectedly, please inform the administrator and describe the action you performed before you received this error.



TEAMTRADER
 
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Trader333

Moderator
8,641 969
Are you with TallTalk as they are preventing all sorts of web activities since their customers are being constantly attacked by scammers ? They will block any site where security certificates are not up to date and this can affect something like starting a new thread here. You could try (as a test) using a different browser and just set up the thread title and if that works then add content later. That way you wont waste your time as that should only take minutes.
 

TEAMTRADER

Member
77 2
Are you with TallTalk as they are preventing all sorts of web activities since their customers are being constantly attacked by scammers ? They will block any site where security certificates are not up to date and this can affect something like starting a new thread here. You could try (as a test) using a different browser and just set up the thread title and if that works then add content later. That way you wont waste your time as that should only take minutes.

Yes, I will try again but it takes me a long time to download etc arthritis is kicking in! Got lucky as I had saved the text so just needed to download - hopefully will be successful in 2 minutes as a new thread.
Is that Paul (333)?
TEAMTRADER
 
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Cornishpatriot

Newbie
6 0
thanks for all the help so far guys.

I now have a new question.

What is a typical trading day like?

This is what I am trying to do:

1) Wake up watch the latest news, see what events happened over night.
2) Check how the Asian markets fared in the current day before looking at how the DOW/S&P fared.
3) Look at the sectors to see which is performing the best over the current week/month
4) Analysis the FTSE sector I plan to look for the stocks, e.g FTSE350/AIM
5) Focus on the stocks in those sectors looking for technical signals, MACD, RSI, etc.

Any other things that I should be doing to become a great trader?
 
 
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