Help me plz

[Bourneidentity]

Hi everyone! I am pretty new to trading and I am trying to wrap my head around everything. Are there any good websites/blogs that people know of that have help from experienced traders out there? Appreciate any help I can get at this point.

 

[timsk]

Are there any good websites/blogs that people know of that have help from experienced traders out there? Appreciate any help I can get at this point.

Hi Jason,
What a very odd question! It's akin to strolling into the Dorchester in London or Gidleigh Park in Devon and enquiring if there are any decent restaurants in the area!


Take a gander at the first two links in my signature and then post any subsequent questions you may have.
Tim.

 

[Bourneidentity]

Hi timsk, thanks so much for all your help. I actually feel like I am starting to understand things a lot more. J I have stumbled upon something called toptradr through their blog on tumblr. Does anyone know anything about them? Are they worth looking at? I have heard that a lot of social trading apps are just things that make the real traders lives easier. Is this true? So far I have found their “follow” tab to be really helpful. It lets me see what all my favourite traders on the app are doing in real time but I have to make the trade myself rather than just copying it which has also helped me gain a bit more understanding. Their blog on Tumblr was REALLY helpful too. All their past contest winners have done interviews with them and its really interesting to see what they have to say. Would you mind checking them out and see if I am just being sucked in or if they are the real deal? Thanks again for all your help!

 

[Giovan]

Hi timsk, thanks so much for all your help. I actually feel like I am starting to understand things a lot more. J I have stumbled upon something called toptradr through their blog on tumblr. Does anyone know anything about them? Are they worth looking at? I have heard that a lot of social trading apps are just things that make the real traders lives easier. Is this true? So far I have found their “follow” tab to be really helpful. It lets me see what all my favourite traders on the app are doing in real time but I have to make the trade myself rather than just copying it which has also helped me gain a bit more understanding. Their blog on Tumblr was REALLY helpful too. All their past contest winners have done interviews with them and its really interesting to see what they have to say. Would you mind checking them out and see if I am just being sucked in or if they are the real deal? Thanks again for all your help!

Bourne you wanna live to trade another day? I suggest you focus your energy on learning the market as its timsk's links indicate. There are not two ways on getting it right, start studying and you will soon realize that good traders have really nothing to brag about..........
Get it?

 

[timsk]

I have stumbled upon something called toptradr through their blog on tumblr. Does anyone know anything about them? Are they worth looking at? . . . Would you mind checking them out and see if I am just being sucked in or if they are the real deal?

Hi Jason,
I may have the wrong firm, but I suspect you're referring to Topstep Trader run by Michael Patak? If so, check out the link for more about them. Generally, there are some favourable comments, although I know little about them beyond my dealings with Mr. Patak who submitted this article to us a while back: Five Characteristics of a Successful Trader
Tim.

 

[Bourneidentity]

Bourne you wanna live to trade another day? I suggest you focus your energy on learning the market as its timsk's links indicate. There are not two ways on getting it right, start studying and you will soon realize that good traders have really nothing to brag about..........
Get it?

I understand that traders that found the secret to the market might not want to share it. However I do not see how them disclosing their trades would be harmful to them. It seems to me that Soros was doing the same when he attacked the Bank of England. He took a massive short Gbp and advertised everywhere why he did it. People followed him and Gbp finally Collapsed. Traders that are famous might then want to trade and get the market to support their positions no? Am I making sense here?




My approach is purely educational. I simply think it makes sense to check what successful traders are doing. Toptradr seems to be backing the winners with their own cash so they are probably trying to find decent traders.




In any case I hear what you say and I am sure that it is unlikely to find Soros in a retail trading contest. However the question is what are my alternatives? Crossing fingers to get in touch with the secret trader or trying to find online sources? I am sure there are tons of scams out there with bad trade signals and useless trading courses. However I do not see any harm in talking to other traders that have some success especially if it is for free!

 

[Bourneidentity]

Hi Jason,
I may have the wrong firm, but I suspect you're referring to Topstep Trader run by Michael Patak? If so, check out the link for more about them. Generally, there are some favourable comments, although I know little about them beyond my dealings with Mr. Patak who submitted this article to us a while back: Five Characteristics of a Successful Trader
Tim.

Hi Tim,

Thanks again for your continued help. The app I am talking about is TopTradr. Here is their link http://toptradr.com.

-Jason

 

[pboyles]

Hi Tim,

Thanks again for your continued help. The app I am talking about is TopTradr. Here is their link http://toptradr.com.

-Jason

There is a connection between that website and FXCM, a forex broker.

 

[Liquid validity]

In any case I hear what you say and I am sure that it is unlikely to find Soros in a retail trading contest. However the question is what are my alternatives? Crossing fingers to get in touch with the secret trader or trying to find online sources? I am sure there are tons of scams out there with bad trade signals and useless trading courses. However I do not see any harm in talking to other traders that have some success especially if it is for free!

Its a game.
It requires hard work and research.
There is no market secret, secret trader or shortcut.
Any money you make comes from someone else losing.
Most people lose.
No one is going to put free easy money in your pocket.
There is a long queue quite willing to take your money though,
in losses, training fees, systems, alerts, and tipsheets.

The most anyone can do is point you in the right direction,
and tell you how to at least not lose all your money in 1 week.
The rest of it is down to you and hard work.
Even after all that hard work, you may well get nowhere.

If this seems reasonable and realistic to you then carry on.
If what I've just said isn't what you want to hear, then stop now.

 

[Jason Rogers]

Hi Tim,

Thanks again for your continued help. The app I am talking about is TopTradr. Here is their link http://toptradr.com.

-Jason

Hi Jason (great name, btw )

TopTradr is a company that runs a proprietary trading desk. That means they hire professionals to trade their money for them and split the profits. As you mentioned, their smartphone app lets you follow the trades of anyone participating in the TopTradr contest, which is co-hosted by FXCM.

From past experience, we've learned that the flaw with most trading contests is that they put too much emphasis on returns without taking into account whether such performance is sustainable. That's why you might see contest winners who make over 1000% in a single month only to lose it in the future. They were taking huge risks to get the highest returns during the contest period, instead of applying sound trading principles that would have served them better over the long run.

The TopTradr contest is different, because instead of overall returns, emphasis is placed on risk/reward and consistency with the goal of trying to identify traders capable of long term success. There's a reason for this, because in addition to the cash prizes awarded each week, the first place winners also get the opportunity to trade TopTradr's money in a proprietary trading account and split any potential profits with them.

Jason

 

[Eurex]

Hi everyone! I am pretty new to trading and I am trying to wrap my head around everything. Are there any good websites/blogs that people know of that have help from experienced traders out there? Appreciate any help I can get at this point.

This will be a starting point lots of good things compiled in one place - http://www.attitudetrader.com/p/knowledgebase.html

 

[gigiones]

Hi everyone! I am pretty new to trading and I am trying to wrap my head around everything. Are there any good websites/blogs that people know of that have help from experienced traders out there? Appreciate any help I can get at this point.

I think you can take help from Forex website babypips.com. It is a teacher of newbies and you can get guidness from there.

 

[pboyles]

Hi Jason (great name, btw )

TopTradr is a company that runs a proprietary trading desk. That means they hire professionals to trade their money for them and split the profits. As you mentioned, their smartphone app lets you follow the trades of anyone participating in the TopTradr contest, which is co-hosted by FXCM.

From past experience, we've learned that the flaw with most trading contests is that they put too much emphasis on returns without taking into account whether such performance is sustainable. That's why you might see contest winners who make over 1000% in a single month only to lose it in the future. They were taking huge risks to get the highest returns during the contest period, instead of applying sound trading principles that would have served them better over the long run.

The TopTradr contest is different, because instead of overall returns, emphasis is placed on risk/reward and consistency with the goal of trying to identify traders capable of long term success. There's a reason for this, because in addition to the cash prizes awarded each week, the first place winners also get the opportunity to trade TopTradr's money in a proprietary trading account and split any potential profits with them.

Jason

What is FXCMs connection to toptradr?

 

[Jason Rogers]

What is FXCMs connection to toptradr?

TopTradr is an introducing broker for FXCM. In order to seek out new trading talent, they approached us with the concept for a trading contest designed to find people with the characteristics they seek in prop traders, namely sound risk management and consistent equity growth. To accomplish this, TopTradr devised a formula to calculate TT scores and a smartphone app, so traders can track their progress on the contest leaderboard.

We liked TopTradr's idea, because our clients have asked us about offering a new trading contest, since the old King of the Micro contest ended. Also, the design of the TopTradr contest rewards good trading practices, which we hope will encourage other traders.

Each week cash prizes are awarded to ten FXCM clients at the top of the contest leaderboard. In addition, the weekly first prize winners also get the opportunity to trade TopTradr's money in prop trading accounts and split any potential profits. We also interview the contest winners, so others can learn from them.

 

[pboyles]

TopTradr is an introducing broker for FXCM. In order to seek out new trading talent, they approached us with the concept for a trading contest designed to find people with the characteristics they seek in prop traders, namely sound risk management and consistent equity growth. To accomplish this, TopTradr devised a formula to calculate TT scores and a smartphone app, so traders can track their progress on the contest leaderboard.

We liked TopTradr's idea, because our clients have asked us about offering a new trading contest, since the old King of the Micro contest ended. Also, the design of the TopTradr contest rewards good trading practices, which we hope will encourage other traders.

Each week cash prizes are awarded to ten FXCM clients at the top of the contest leaderboard. In addition, the weekly first prize winners also get the opportunity to trade TopTradr's money in prop trading accounts and split any potential profits. We also interview the contest winners, so others can learn from them.

Isn't there a more direct connection than that? Is this outfit just a front for FXCM? Obviously with your history of defrauding clients it's much better to recruit new 'talent' under a different name.

By the way is there any progress on refunding the non US clients that lost money?

 

[cointoss]

Its a game.
..
..
Any money you make comes from someone else losing.
Most people lose.

i dont think this is true.. werent some ppl comment in my previous 'holy-grail' forum mentioned that, there are no more loser vs minority winner? market always have same amount of buyer and seller in equilibrium

 

[neil]

i dont think this is true.. werent some ppl comment in my previous 'holy-grail' forum mentioned that, there are no more loser vs minority winner? market always have same amount of buyer and seller in equilibrium

Equilibrium = Balance = no movement. Therefore, your comment is incorrect.
I was going to write "Bollox" as a reply but that would be rude

 

[timsk]

i dont think this is true.. werent some ppl comment in my previous 'holy-grail' forum mentioned that, there are no more loser vs minority winner? market always have same amount of buyer and seller in equilibrium

Hi cointoss,
I may have misunderstood your point (apologies in advance if this is the case), but I suspect you're confusing two similar sounding issues . . .

1. For every buyer there is a seller and vice versa
This is true of all markets, but it does not mean that buyers and sellers win or lose in equal amounts. If you buy a stock and it rises and you then sell the stock for a profit, it doesn't follow necessarily that the person who buys it from you makes a loss. They may make a loss if the stock reverses down but, equally, its price could continue to rise and then your buyer - like you - can sell it to someone else for a profit.

2. Your profit is someone else's loss
Ultimately this is also true, in that the profit a trader makes doesn't come out of thin air, it comes from the pockets of other traders, investors and speculators. But, as noted in point one above, it doesn't have to be from the pocket of the person on the other side of your trade. (It's a little different when trading futures, but I won't muddy the waters with that now!) Think of the market as one great big pot of money and, for you to get your hands on some of it, you have to add money of your own to the pot. You then use your skill and judgment to trade with the expectation that you will withdraw more money than you put in.

Liquid validity's point is that most traders fail to achieve this goal, i.e. they end up putting in more money than they take out. And he's right. But this is what attracts people to trading, because the pot is large and if those in the minority are able to trade better than the majority of traders making a loss - even if they're only very slightly better - then they stand to do very well. Very well indeed.

I hope that helps to make things clearer!
Tim.

 

[rsh01]

Hi cointoss,
I may have misunderstood your point (apologies in advance if this is the case), but I suspect you're confusing two similar sounding issues . . .

1. For every buyer there is a seller and vice versa
This is true of all markets, but it does not mean that buyers and sellers win or lose in equal amounts. If you buy a stock and it rises and you then sell the stock for a profit, it doesn't follow necessarily that the person who buys it from you makes a loss. They may make a loss if the stock reverses down but, equally, its price could continue to rise and then your buyer - like you - can sell it to someone else for a profit.

2. Your profit is someone else's loss
Ultimately this is also true, in that the profit a trader makes doesn't come out of thin air, it comes from the pockets of other traders, investors and speculators. But, as noted in point one above, it doesn't have to be from the pocket of the person on the other side of your trade. (It's a little different when trading futures, but I won't muddy the waters with that now!) Think of the market as one great big pot of money and, for you to get your hands on some of it, you have to add money of your own to the pot. You then use your skill and judgment to trade with the expectation that you will withdraw more money than you put in.

Liquid validity's point is that most traders fail to achieve this goal, i.e. they end up putting in more money than they take out. And he's right. But this is what attracts people to trading, because the pot is large and if those in the minority are able to trade better than the majority of traders making a loss - even if they're only very slightly better - then they stand to do very well. Very well indeed.

I hope that helps to make things clearer!
Tim.

anyone read yest evening standard? not gonna link cos its just one big ad for IG & getting ppl into gambling.....its shocking that it can get that much press....david jones at the forefront.....all a joke.

'the' high street is already filled with charity shops, pound/discount shops, bookmakers, pawn shops & now the press are filled with the same. the internet too.

anyone (UK based) watched (mainly cable tv)/listened (radio) to sport event on tv recently? constant betting ads.....relentless.

we have global Central Banks gambling with our lives daily, so i guess a small punt of your rent money aint gonna do much harm.

happy days.

 

[CityMasterTrader]

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