Newbie & FTSE

CraigR6547

Newbie
2 0
Hello everyone,

My name is Craig. I first started looking into trading last October as it is something that i have always been interested in but never progressed with it.

I first looked into trading stocks which then diverted to trading forex. I bought a couple of courses which to be honest were a waste of money, everything i got from that i could find anywhere on the internet.

I have only really traded live from March this year and i reckon i have only given about £1000 as a contribution to the markets for this education. This is a mix between trading stocks, forex and Indices.

I have since started to lean towards trading the FTSE, or UK100 under my broker, i also look at the dax ( DE30 ) and SP500. Forex i seem to find a lot of market manipulation and i don't like the stop hunts, it seems a perfectly good trade can be ruined by this and then taken out only to see it go straight in the direction you anticipated.

Only downside i have right now is i don't want to trade a big account until i have a better understanding of how to trade and i dont want to trade a demo as i feel it doesn't give a true representation of what trading is really like.

At one point i only used stoch for entries basing the trade either overbought or oversold and getting involved only to see the market carry on instead of reversing. I now look at stoch in a completely different way in that only use it to HELP me decide whether this will carry on going or likely reverse. I do this with plotted support and resistance.

My style of trading has a lot to do with support and resistance, plotting these key areas onto my charts for weekly, daily and 4hr. From there i wait until price reaches these zones and using this along side Stochastic it gives me an indication if price will go through these zones or pivot off them. I have no idea if this correct but i am determined to make this work.

Before i tried to do this on the 5 and 15 min TF but this was killing me as i have a full time job so i am now going to have to work this on 4hr charts, maybe the 1hr.

I am not asking for anyone to give me a strategy but to simply let me know if what i am doing as described above is either stupid or if it ok and i just need to work on this style of trading.

Any help or criticism is appreciated.

Thanks
 
 
AdBlock Detected

We get it, advertisements are annoying!

But it's thanks to our sponsors that access to Trade2Win remains free for all. By viewing our ads you help us pay our bills, so please support the site and disable your AdBlocker.

I've Disabled AdBlock