Newbie & FTSE


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.