Let's hear from the small guy

[Finlayson]

p.s the reason I didn't change platform ??...... I really don't know, I guess subconsciously because I had learnt on that one I didn't want to let go & try some other.

I just became focused on developing the knowledge so regardless of the platform ' I knew I could succeed'


Kilnside.......c previous post for reply i u haven't already

Jay

 

[Kilnside]

Jay

Got it. Thanks for the quick reply.

Roy

Ps Sorry didn't see your follow up. Glad you're making progress without new spanners in your wheel. Good luck.

 

[Lambchops]

Finlayson - Can you enlighten us on the system that you used?

 

[grubs50]

I think a newbie is better off swing trading for starters instead of day trading............that is the quickest way to grow your capital in my opinion............and u must treat your trading as a business in order to control potential recklessless.

 

[Finlayson]

Kilnside........think I sort of agree with u on how u view your accounts & money , if I understand u correct.

Lambchops.........Blimey charlie...that is the bombshell of all questions & I admire u for your directness & gumption

tough one to answer exactly as that was a while ago & I have spent some time refining my strategy to what I believe cannot be affected by the platform, but back then I was just reading tick charts,Tick volume & bit of common for an entry( Guessing ) & then making sure my losses were small & I had a definite exit, regardless of what I thought the market could do. also, I always had an 'initial' Risk:Reward of 3:1.

I also locked in profit as the market approached my exit.......still do!

Jay

 

[Lambchops]

Finlayson - Can you enlighten us on the strategy you use now?

 

[dwaddell]

As an ex-newbie, would you like to pass on some of those simple rules to us newbies

 

[Finlayson]

lambchops..u certainly dont skirt around the issue with your questions do u

dwaddell & Lamb...I do not mind helping anyone, But as u can imagine having Given up £1000's & spent sleepless night's figuring, at times wondering if I could make it & whether I am insane for trying........all things that many have gone through I imagine.

I am of course going to limit what I will share on these boards, as u have to value your own effort.

if there is anything specific, without spilling my entire work manual onto this thread, I will try to help, anything I dont consider personal I will share......I still consider myself a relative newbie by the way.

U can always PM me

Jay

 

[mma]

* I always had an 'initial' Risk:Reward of 3:1. *

you mean Reward : Risk of 3:1. , don't you ?

 

[Finlayson]

Ah yes MMA!

Thanks for pointing that out, yes reward : riskof 3:1

Cheers

Jay

 

[cloudbase]

Well what an interesting thread. Thought long and hard whether to post on here, but here goes.
" Is it posible to make a success from a small beginning"
It all depends on the individual.
You must be prepaired to give 101% dedication to learning the
game, that dosn't mean it can't be done on a part time basis while
holding down full time job,it can, i've done it.
If your loocking for a get rich quick scheme, forget it, it'll take as long as it takes, there is no time scale, no two people will ever trade in exactly the same way, nor view the same opertunities presented to them by the markets.
The bigest single issue in learning is getting to grips with the physcology involved,its a zero sum game where the aim of the market is to take the maximum amount of money from the maximum amount of people.
How do you define successful..........I started S/betting 20mnths
ago with £1500 trading the Dow and FTSE, as has already being said on here compounding is the only way with a small pot,so have not drawn out anything. The pot stand at present at £18k
but i still don't class myself as successful.
Have recently moved to trading fulltime and looking to move up to direct access trading in the near future.
How have i done this................will have to come back with that when i've a bit more time, but basicly
DEDICATION , SELF BELIEF, DETERMINATION TO SUCCEED

rgds steve

 

[mma]

Yes , but even harder without compounding and with tight risk control

 

[jsd]

i think you need to think in terms of points per trade as opposed to dollar/pounds per trade made, and work out a cash flow forecast based on your recent consitent (6-12 month) trading results, i also think that you would just KNOW that if you traded bigger then you could take care of the bills and then some, wait until you KNOW that is what you HAVE TO DO. cash in savings, remortgage, whatever..... you have to get to a point were you can TRUST IN YOURSELF, to act in your best own interest, i think some people feel they know they have to give it full concentration because they KNOW it will be more rewarding for ALL concerned, the TRADER, the FAMILY.. if you are in 2 minds, then WAIT.. wait untli you know that trading is better at what you are doing.

JD

 

[jsd]

finlayson question relating to SB firm messing you around.

was that telephone dealing or internet?

dont they cover positions with mirrored trades in the underlying ? so they always love you to win ?

what did they tell you if you challenged them ?

i think the papers would love to rip into unfair firms if you had proof.

jd

 

[Finlayson]

Hi Jd

was that telephone dealing or Internet?

It was Internet dealing

dont they cover positions with mirrored trades in the underlying ? so they always love you to win ?

yes, so they say

what did they tell you if you challenged them ?

not a lot really. cant really answer as to why I had the problems I did. I did kick up a bit of a fuss which in hindsight probably didn't help as it got their back up a little. I still use the same firm & things seem ok.

At that time I was reliant on getting certain orders with my platform, so at least the problem did make me learn my way around it....... it did me that favour in the long run.

dont want to put anyone off SB's as they r a great asset, & with a bit more competition coming in, it can only get better.

JD , if there was anything more specific u r welcome to send a PM

Jay

 

[CityTrader]

The SB firm were canceling orders on me, turning down stop orders......canceling already actioned trades .......I had some colleagues doing the exact same thing as me also with much larger stakes.

I'm sorry? The SB betting firms were cancelling trades? I haven't read through the rest of the threads on here, but I've been spread betting off & on for last 18 years ( yes 18 years- started trading Gold back in 1980's with IG and Ladbrokes Index) and I have never heard of this. Why on earth would they? Surely after first "canceled trade" you should have realised it was time to move on? there's a lot of SB firms out there ( personally I only use 3 of them) but they are all SFA regfistered- all record conversations - why have you not writtent o them demanding a transcript of those comversations? Sprry if this already been answered, but 5 pages of this thread, and my eyes are glazing over!

The only internet SB I use is futures and currencies through IG and I would guess that as often as a trade has been rejected, another one comes back at an improved price. - As much as I'd like to try and blame their system, it seems very fair to me..

 

[Finlayson]

That's OK CTrader..........as I said I have nothing to hide

these particular trades were sorted out over the Phone, basically the ones I recall were cancelled on the basis that the SB Firm claimed their system had generated incorrect figures.......a few phone calls & arguments later with the head dealer, after I had convinced him the market had traded there...........they gave me them back.

I probably should have taken it further, but that is just me.

whether people choose to believe this or not is up to them. I must have posted this for a reason...& this was for the benefit of those.

Jay

 

[CityTrader]

Finlayson,

Didn't say I didn't believe you, but more to the point was why you didn't move on straight away. Sorry if my post was a little incredulous, but it was intended to be constructive..

 

[Finlayson]

no worries CT

I did at the Time but found the others to Lack what the current platform gave me( excluding the problems!).

probably partly me being 'stuck' on that platform as it is what I learnt on, but also they do have a major benefit over other SB'S which just keeps me there...think the problem was created not just by me but others as well.

I do keep my eye on others now as competition gets better & now with more experience under my belt would find switching, if needs be , easier

Jay

 

[techst]

Has anyone considered trading on margin? Using your 2000 start-up and obtaining a margin account and having 20k to play with instead. It would mean looking into a sound stoploss strategy, but well worth using some leverage (as in other peoples money) to help you break the chains of the rat race. As for a re-mortgage, I would consider doing a little research into your area and determine if your area can a least sustain it's value over the next few years. House prices do double on average of 8-9 years on the south and a bit longer in the north. So a re-mortgage really could unlock some useful capital.
It may be out of most peoples comfort zones to take this approach, But breaking these comfort zones now will only help to get you nearer to you goal. It is a risk taking approach, but this risk can be controlled by constant education and a well designed plan. As RichDad says - The only thing risky about investment is the investor himself. An education will minimise the risk no matter how big it may seem at first.