Just starting out - HELP!

[Mr. Charts]

Learn to love your losses. Their very smallness means you have stopped yourself out like a disciplined trader should, accepting the occasional loss as part of the business of trading, before a small loss has become a big one.
Although I personally aim to learn anything that can be learned from every single trade, the fact is such an approach is not common and after many many trades there is not much more you do learn.
The normal pattern is for people to learn nothing from their wins, but they should certainly learn from any losers.
Conquer pain and ego and you're most of the way to success.

 

[oatman]

Put your stop in...the price approaches...you try to convince yourself of a reason to move it ....Don't do it....you must take your loss.
You can take small losses all day. They won't kill you.
To be honest I think we all agree. Remember we're trying to help beginners. These are the traps they fall into.

 

[Skimbleshanks]

If you can master the art of losing by learning to enter your trades based on risk, you're a born winner!

 

[norgib]

Cut your losses and run the winners....thats what its all about.A large part of winning (or being a winner in whatever business u r in) is being able to accept the losses ....ands theres no way round it...amen!Oh yes i find the IB trading platform easy to handle....and am delighted they have added stops.trailing stops etc to order executions.Still...full marks to the man who developed that simulation software(i'm sure novices need all the help they can get).Nothing like a bit of free spirited initiative!

cheers

norgib

 

[osho67]

Is there any way I can see this thread in compressed form so that it feels trhe screen and does not overflow on the right hand side. I have found so difficult to read this thread. Thanks for the help for making it more user friendly.

 

[eddyjo]

champion trader

Hello there, I have purchased CT vol1 andCTA, and I would like
anyone who is using these formulas to let me know how they
are doing with them. When I have been paper trading for a while
I will post updates. thanks, eddy.

 

[Skimbleshanks]

hi eddyjo

There have been a few threads about Champion Trader on these boards, and you might find the answer to your question there. There's a search facility at the top of the page to help you.

To get you started here's one of the Champion Trader threads:
http://www.trade2win.co.uk/boards/showthread.php?s=&threadid=4310

 

[eddyjo]

Champion Trader;

Skimbleshanks Thanks, Yes I have printed out the said thread.
I hope you don't mind but on checking your profile I see you
day trade e,mini futures and something called ES.? As it happens
Shiraz the author in his CTA vol2 recommends employing futures
to trade the Indices inc Emini,s. closing out at EOD. I have been
dithering over which Broker and Realtime/Data company to choose,could you possibly help? I propose to papertrade to see
if I am going to have any chance to make it, it wont be for the
want of trying and reading as much as I can,
Regards Eddy.

 

[Skimbleshanks]

Eddyjo - my honest opinion would be not to touch futures through an 'ordinary' broker. Yet. At $50 a point you will be hung, drawn and quartered by other traders before you know what's happened to you.

If you are new or new-ish to trading, I would seriously suggest that you open a spread betting account, perhaps Financial Spreads. I suggest Fins because you can trade 1p a point for the first eight weeks I believe, and after that it goes up to a minimum of 50p. I bet you think I'm mad suggesting you trade such a pittance - I'm not, I'm just saddened when I see and hear about people who think the market is just one big orchard with every tree dripping in money, and all you have to do is idle up to a tree and harvest as much as you can carry.

Even at 50p a point, I guarantee you will lose. So assume you will lose, and lose, and lose, and therefore make it as painless as it can be - bet small. Paper trading is OK, but when you have to physically press a button or two to enter a trade, fear and other emotions will get the better of you. But, if you persevere with whatever strategy you choose, and learn to recognise and conquer the fear you will exhibit, then you can go on to great things trading-wise.

So, bet small, and try out the system first. I don't know the Champion system, so therefore I cannot comment on it. All I do know is that whatever your system, you'll go on an emotional rollercoaster before you get the profits you dream of. This is a hard game, and you need to be able to come back to the market day after day, when each previous day you've been given a good hard slap by the market and had your ego torn to shreds.

No book, course, or bulletin board will prepare you for the emotional side of trading, so expect the best but be prepared for the worst.

If you use Fins or CMC (Deal4free) you have access to their intraday charts with realtime prices as part of the service. Once you can consistently make money (the emphasis is on the word consistently), then you may wish to consider using an 'ordinary' online brokerage. But I suggest that is at least a year down the road.

ES is the ticker code for the Emini S&P futures, incidentally.

And do let us all know how you get on!

Skim

 

[Uncle]

Well after the debate that has taken place on this thread, I would guess Roxanna - the originator - is more confused than ever.

Some of the posts have been excellent to a newcomer, and I trust the lady is able to "sort the wheat from the chaff" and can use the information to her advantage.

John

 

[eddyjo]

Skimbleshanks, Many thanks for your very concise and helpful

remarks, I would be a fool to press on regardless so I am going

to heed your advice. I already have a Fins account so its a penny

a point for the forseeble future. I will keep you updated on any

progress I make. Thanks again, Eddy.

 

[reddragon]

Hi all,
I bought the CT manual and - yes - it does give you a good grounding in the basics of trading, plus it puts you on the right road by using candlesticks. However, having read the book
"PROFITABLE CANDLESTICK TRADING" by Stephen W. Bigalow,
i purchased my copy from UK Amazon for £42.78p, i found this
an even better step forward. You can also check out the W/site
at www.candlestickforum.com

 

[rodben]

Hello everyone. I have just read and studied and reviewed and rereviewed Shiraz's cta champion trader and yesterday did my first trading (on my own scratch paper) and did very well. I signed up for etrade account - and am fumbling through how to use it - and would like to do some computer paper trading first before I hit the "real show". But I cannot find any free paper trading web sites. Would love some help on this. I am so excited about beginning my trading business - scared - but excited and would love any advice you may give to help me get started. I am comfortable with the cta formula - but trading on line and all that - is confusing to me.

Hi there My name is rodben and I need help to. Please email me as to how to paper trade or tell me someone who can. I have sent several emails to trade2win about getting on a chat line and had no replies. I will phone them of course, but any help from anyone is most welcome My email is [email protected]