Best Thread Quick reference for real trading profit. Tips that work

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TWOHATS

Junior member
40 3
I've been dabbling with "trading" for several years, couldn't get it to work, always losing small amounts, with some wins here and there.

Lately I've been trying to see where I've been going wrong. This week I had a couple of truly bad days, lost about 25% of my pot. but on Wednesday I had a Eureka moment. On Thursday, I was away again and right back into my bad habits and wrong headed ways. Realising I was going wrong, I refocused and by Friday I'd got back almost all of my previous losses.

When I say that I lost 25% of my pot, the pot is made up of roughly 50% starting stake that I opened the account with and the rest is winnings I've accumulated over the last 4 years. But as I say I've been stumbling in the dark, until now. I feel I am now ready to launch out a bit deeper, and test the waters. Any tips would be more than welcome.

On Friday I was up over £100 on the DOW, NO STOP LOSS..!!, went for a walk, basking in my new profit....came home, £100, had disappeared down to £2. Help..!! I looked at the charts hung on for grim death and made a profit of £104. Never again will I not set a stop loss.

What you could start doing is once up £100 like you were close out 50% of your position and bank 50quid then either move your stop to break even for a free trade then you cant lose or move ya stop to your entry then if you get stopped out at least you dont lose the full 100 cos youve locked in 50quid.
I know if it carries on in your direction you only have half your stake running and not your full stake but i've lost count the amount of times in the past(like probably everyone on here) when a winner has turned into a loser and i havent locked in profit.
Hope this is of some help.
Andy
 

Technically Fundamental

Senior member
2,810 178
What you could start doing is once up £100 like you were close out 50% of your position and bank 50quid then either move your stop to break even for a free trade then you cant lose or move ya stop to your entry then if you get stopped out at least you dont lose the full 100 cos youve locked in 50quid.
I know if it carries on in your direction you only have half your stake running and not your full stake but i've lost count the amount of times in the past(like probably everyone on here) when a winner has turned into a loser and i havent locked in profit.
Hope this is of some help.
Andy

or set a realistic target instead and think about how the price might act at levels between your entry and target based on previous price actiona and support/resistance levels
 

Dinos

Veteren member
4,112 714
I've been dabbling with "trading" for several years, couldn't get it to work, always losing small amounts, with some wins here and there.

Lately I've been trying to see where I've been going wrong. This week I had a couple of truly bad days, lost about 25% of my pot. but on Wednesday I had a Eureka moment. On Thursday, I was away again and right back into my bad habits and wrong headed ways. Realising I was going wrong, I refocused and by Friday I'd got back almost all of my previous losses.

When I say that I lost 25% of my pot, the pot is made up of roughly 50% starting stake that I opened the account with and the rest is winnings I've accumulated over the last 4 years. But as I say I've been stumbling in the dark, until now. I feel I am now ready to launch out a bit deeper, and test the waters. Any tips would be more than welcome.

On Friday I was up over £100 on the DOW, NO STOP LOSS..!!, went for a walk, basking in my new profit....came home, £100, had disappeared down to £2. Help..!! I looked at the charts hung on for grim death and made a profit of £104. Never again will I not set a stop loss.

Hmmmm, don't want to preach, but sounds like you don't have a trading plan, I have a trading plan, every trade is thought out before I place the trade, I know exactly what my profit will be and what my loss will be if it a bum trade, I do that for every trade I take, gives me consistancy and enables me to have a relaxed persona, after placing the place, then I can go out and let it do what it will, only 2 outcomes, win or lose, but within my trading plan are my stats of every trade so I know what the % win/loss ratio is and am happy to take both winners and except losers as the % are in my favour, just a thought.
 

Chartergas

Junior member
15 0
not sure if this has been previously put up but::

Are you playing to win or playing not to loose???
 

fayalac

Established member
560 16
Well, i dont consider to be anyone to tell you what to do, but i guess you still have a lot to learn.
Chartergas just made you a question, a wise one, most of the people try just not to loose and with that in mind the best way to invest is simply withdrawing your funds and find a job for yourself.
Markets are made to win, anyone can have a bad day but if today you loose what you made yesterday, and tomorrow you will recover back just to loose again the day after tomorrow, then, as Dinos told you, you dont have a trading plan.
To have a trading plan can be as hard or as easy as you want if you know what you are doing.
My advice is simple:
- Use STOP LOSS and LIMIT if you are not attending your positions
- Make your plan, always have a plan to trade
- If you loose today analize what happened, you did something wrong, or maybe you simply took the best of the worst, but anyway your loss came from somewhere, analyze and learn, understand why you learn or loose
- Consider your investment a bussines, not a bet, you are not playing, you win or loose real money!.
 
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Chartergas

Junior member
15 0
- If you loose today analyze what happened, you did something wrong, or maybe you simply took the best of the worst, but anyway your loss came from somewhere, analyze and learn, understand why you learn or loose

but do it the next day when you are in a better frame of mind. IE sleep on on it then review it
 

mrsoul

Well-known member
323 36
I have found this to be the key to successful trading:

In at the right time; out at the right time; out most of the time.

That is what trading should feel like.
 

Chartergas

Junior member
15 0
Make excuses or make money,
You can't do both !
 

The Baptist

Established member
715 45
I am verging on a number of what I believe High Probability Trades:

Long GBPUSD on a Break Out over next few days - current 1.6459 (likely to be off Monday/Tuesday before BO?) see chart of expected price action

Short S&P500 on a stop entry 899 - current - 920.9 (time for this to fill still)

Short SoyBean Meal July - Have been short for awhile but believe early gains are small percentage of fall due.

My view is that a large relief rally is tiring and both Commodities and Shares will tank.

I am also short QMN9 - NYMEX miNY Light Sweet Crude Oil, Jul 2009 from 71.90

On the commodities & S&P side this is a counter trend trade, I rarely do these, but the speed of relief rally is likely to deliver a substantial and fast move south as fear reasserts..

Which will set up the biggest of the uplegs (2nd upleg is always better).

Just put up the GBP chart up as it is the most immediate


In my view the GBP has not yet broken out. however it is a highly advanced pattern.

I had a long GBPUSD, but as I still expect a retracement, I closed this and pegged a buy stop point below current action to get a better fill.

The risk is that I miss the BO. Previously I have always biased to be in and ruined Risk reward ratio on drawdown.

I have decided where market action has not completed I will rather miss a few BO trades and rather nail the ones that behave as expected.


I have also placed Short stop entry orders on the S&P as detailed above below 899.9
 

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elsmurfo

Junior member
10 0
Seems I have a way but it's off the cuff of the norm? I read news letter alerts that get sent out all over the net. I research when those quote "Alerts" started, and the ones that are new (depending on the potential of the company) I will get into.

Reason is in my experience is that you make money when you follow the money. It has not failed me yet though I have had some bad buys but I have had some good ones too. I play pennies that way. I play the big boards different but it all buckles down to Due Diligence and it begins with the management team! Hope this helps.
 
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