thanks for the advice I wish i came here before I blew my capital.
I have been looking at FSTE 100 as it was going up, and US Light Crude Oil.
What kind of instruments do you recommend for a beginner? And what is a good strategy?
I must say it is a good buzz but nearly a heart attack when I lose money.
I have been looking at FSTE 100 as it was going up, and US Light Crude Oil.
What kind of instruments do you recommend for a beginner? And what is a good strategy?
I must say it is a good buzz but nearly a heart attack when I lose money.
You are certainly right about slowing the game down, £10 a point made some good money, then lost more.
would you recommend keeping trade open over a number of days?
and 50p per point? or lower?
I have applied for a demo account at Capital Spreads. but I think it might be better to use a real account, what do you think?
would you recommend keeping trade open over a number of days?
and 50p per point? or lower?
I have applied for a demo account at Capital Spreads. but I think it might be better to use a real account, what do you think?
I totally agree, I can safely say I am that idiot...
I am going to start a clean slate in January. Do you recommend keeping trades open for a number of days? What kind of instruments do you recommend? Currencies seem too volatile.
Currently, I have a position open on BP Plc (JUN-11). opening position was 473.6, currently 475.01
P/L: +£7.05
I think this will go up by June to the levels before the big oil leak.
I have tried currencies (EUR/USD), Crude oil, FTSE 100. I have made a fatal mistake of £5/£10 per point, although it worked for me on some trades but I think that may have been pure luck.
I don't know anything about that book,but if you're talking about indicators,oscillators etc then I'd say do yourself a favour forget about them and keep your charts as clean as possible.
try having a look at these threads:
http://www.forexfactory.com/showthread.php?t=2331&highlight=brainer
http://www.forexfactory.com/showthread.php?t=208630&highlight=pyramiding
http://forums.babypips.com/newbie-island/36439-i-have-3-months-all-day-everyday-help-2.html
hi oil tanker, im not winding you up.
I made a mistake, a big mistake and learnt the hardway not to gamble. Now I want to start properly.
Thanks for the links donovan5, but without indicators on charts. how do you decide on what point to enter or exit a trade?
I made a mistake, a big mistake and learnt the hardway not to gamble. Now I want to start properly.
Thanks for the links donovan5, but without indicators on charts. how do you decide on what point to enter or exit a trade?
fmahmood
Didn't mean to be rude but you've made a mistake and have admitted to it and that's great because we all make them and learning from them is the way forward etc.
I would recommend you the bigger markets you already understand which probably means stocks. FX is not that volatile if you trade small, very volatile for your account if you trade large.
Also, take note of what others have said on this thread, ie don't trade lower than a 1 hour chart and also realise you don't have to trade very day, sometimes by watching a market for days on end it starts to make sense.
Hope this helps.
Didn't mean to be rude but you've made a mistake and have admitted to it and that's great because we all make them and learning from them is the way forward etc.
I would recommend you the bigger markets you already understand which probably means stocks. FX is not that volatile if you trade small, very volatile for your account if you trade large.
Also, take note of what others have said on this thread, ie don't trade lower than a 1 hour chart and also realise you don't have to trade very day, sometimes by watching a market for days on end it starts to make sense.
Hope this helps.
Thanks for the advice,
With 1hour charts would you open and close the trade on the same day or go for a longer contract period?
And what if one has a strategy? It is not gambling anymore?
I have this wonderful strategy for roulette, double bet after every loss. Does it make me an investor (or trader) or am I still gambler?
Double betting after every loss is not a strategy, its money management. The equivalent in trading is how much to risk on one trade.
You need to get three things right to succeed in the markets:
1. Trading system/strategy/method
2. Money Management
3. Psychology
But yes you're right, roulette will always be considered gambling even if someone has a winning strategy and makes money from it, and trading the markets may or may not be considered gambling (depends on who you talk to).
You need to get three things right to succeed in the markets:
1. Trading system/strategy/method
2. Money Management
3. Psychology
But yes you're right, roulette will always be considered gambling even if someone has a winning strategy and makes money from it, and trading the markets may or may not be considered gambling (depends on who you talk to).
There is no right answer, and what you'll find with trading is there's never a right answer. As others have indicated what's right for me would be wrong for somebody else but both of our methods can work.
Having said that, an important question to answer is what's your personality? Are you always on the go, can't sit still etc or are you more laid back and chilled, perhaps a thinker?
Answer that and we'll try to help.
oiltanker
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a speculator is someone who buys something to sell to someone who is dumber than they are. an investor is someone who looks for an adequate return from use of risk free capital. so we are are all speculators.
someone who opens a shop is a speculator. they are gambling they will sell something. but there is a difference between opening a shop knowing what to sell and to whom and opening a shop and then trying to figure out what to sell and to whom?
if you have an order for a playstation and they have already paid then its not a gamble to get your return. so a shopkeeper may be both a gambler [buying goods hoping to sell] and an investor [buying from an order for a known profit].
does anyone enter the market just because they 'feel' good'? or as the famous story goes the tits on page 3 hang to the left and the exit is when you come back from the pub after lunchtime?
one might, after a few years of money management, end up with such strats but its not where i would advise anyone to start
others might take a different view.Thanks for the reply. I would say I am more laid back and chilled. However, when I splashed out on IG Index account, I completely changed and the adrenaline kicked in, ended up losing it.
So I need to have a good strategy second time.
if you're a chilled sort of fella then position trading is for you, ie go long today and hold the trade (assuming it goes in your direction) for anywhere from 1-10+ days. Bring up a daily chart of anything and look at those big moves, those are the ones you want to be after (or 50%+ of them).
Be patient, follow a few different markets and watch and wait, like a deer stalker in Scotland. Often they go out and come back without firing a shot because things didn't set up perfectly. But they know it's just a matter of time......
Be patient, follow a few different markets and watch and wait, like a deer stalker in Scotland. Often they go out and come back without firing a shot because things didn't set up perfectly. But they know it's just a matter of time......
