I don't have correct calculation but if you are trading stocks, you won't be able to increase the position size without lots of money in your account.
I don't have correct calculation but if you are trading stocks, you won't be able to increase the position size without lots of money in your account.
It's a question of time to build up funds but, if you are going to make money you will make it with a small amount, as well as a large one. With large amounts you will be capable of having more trades open at the same time. There, the danger lies, as I see it.
Aag, I don't know how much money you have available but don't do it. You are not profitable, on your own admission. Wait until you are.
Splitlink, you are right. I have currently the minimum ($25k) required for the day trading and see how my strategy works. However, I know i have to give paramount importance to risk management and also find good trade and trade less. I am in for long haul and plan to quit my corporate job and trade full time in the future if trading can support my living.
If you don't mind how long did it take you to be successful and make living trading?
I don't consider myself to be a successful trader, in the sense that you mean. I have my ups and downs but manage to take money out, a couple of times a year. As such, I shall never make a lot of money at this. It is a pastime for my retirement, that I enjoy doing.
ive been meaning to tally up 2014 but havent got around to it yet.less procrastinating is one of my resolutions for this year.anyhoo todays topic NEWS SHEDULES.
the markets were calm and in a range of 5-10 points and i used to think it was safe to take a position and as soon as i entered,BANG! all of a sudden they would start jumping around 50-100 points and i used to think WTF is going on.This is when i realised that it was sheduled news announcements causing these big movements.so then i began checking my brokers economic diary(which was always there but as a newbie i had never bothered with it) and thought id stay out around news.Later down the road i was avoiding trading around news and thought it was all out of the way before entering.Then BANG! big movements again and i thought WTF! Then i realised my brokers economic diary was not as comprehensive as it should be.For instance how can they think PMI or central bank/FOMC meetings are not important to list!
so what im saying is use multiple sources.i now use 3 and never trust one B*****rd.
P.S. quite a comprehensive app i came across is WBP,free into the bargain.
the markets were calm and in a range of 5-10 points and i used to think it was safe to take a position and as soon as i entered,BANG! all of a sudden they would start jumping around 50-100 points and i used to think WTF is going on.This is when i realised that it was sheduled news announcements causing these big movements.so then i began checking my brokers economic diary(which was always there but as a newbie i had never bothered with it) and thought id stay out around news.Later down the road i was avoiding trading around news and thought it was all out of the way before entering.Then BANG! big movements again and i thought WTF! Then i realised my brokers economic diary was not as comprehensive as it should be.For instance how can they think PMI or central bank/FOMC meetings are not important to list!
so what im saying is use multiple sources.i now use 3 and never trust one B*****rd.
P.S. quite a comprehensive app i came across is WBP,free into the bargain.
Well if I'm not mistaken the same is applied to trading in Forex market. To increase lot position without ramping up risks you have to care about extra margin. However some brokerages get around this limitation offering bonus which works as leverage, but under certain condition. Here is an example https://www.********.com/en/deposit-withdraw/100-flexible-bonus.html (read part 2)Although I have discreet take on this offerings (considering all pitfalls possible), I would like to know how I can benefit from it don't exposing my money for additional risks. What's your view on that?
there will still be times when you go WTF! such as when world events occur or banks make unnannounced upgrades/downgrades(after positioning themselves to profit(the mofos)).
so now atleast do not be caught out by scheduled news.
tally 2014
trades points avg
win 1569 5256 3.34
draw 155
lose 509 -6514 -12.8
net -1258
actual net for year was -1338(accounting for rolls etc)
looking back i feel ive been swatting flies,with the number of trades and then cashing in small wins and not wanting to cut losers.
the market gives you exactly your expectations(or something along those lines,which i think is BS) but in this case it has given me exactly that.i started the year thinking i would halve my previous years losses and have done exactly that.the previous year i lost around -2700 and came up with a plan that if i lost 200 points in one month,i would paper trade the following month.needless to say i didnt stick with it.i have not been able to bring myself to paper trade.
2014 started and by march i was -1000.then i began to claw it back slow and painfully.i switched from 3min charts to 5 and 15.by september i was up by around 200 points and began to feel invincible and started getting adventurous playing dax/ftse/dow/euro/aussie aswell as some shares(massive spreads ) and even a gas trade i did not realising it was a 30 point spread(finally cutting at -39.wont be doing that again)
5 and 15 min charts were sort of working but were slow and i was only scalping a few points so i thought id move back to 3mins for more action.and it went horribly wrong again.i lost -1000 in a few days in october.massive blow! i dont blame the time frame,it was my own stupidity.i made that same old mistake,i would not cut a loser and then kept adding.
so its been a rollercoaster year but ive come out wiser and this year i think i should end up in the black by not making some of the silly mistakes i made last year-
1)no trading in bed
2)no trading on mobile
3)no trading on mobile while waiting for my pizza.thinking i'll make the market pay for my meal and ending up losing which would have paid for all those waiting or going on a journey and thinking i'll make the market pay only it ending up costing an amount that would have paid for a weekend away.
4)1 trade only at a time.bringing it home for a win or cutting it -10,-20 or even -30 but not holding it to -150+!
5)and not go about swatting flies.go for trades with a potential more points to be had.
i think that covers it for now.
trades points avg
win 1569 5256 3.34
draw 155
lose 509 -6514 -12.8
net -1258
actual net for year was -1338(accounting for rolls etc)
looking back i feel ive been swatting flies,with the number of trades and then cashing in small wins and not wanting to cut losers.
the market gives you exactly your expectations(or something along those lines,which i think is BS) but in this case it has given me exactly that.i started the year thinking i would halve my previous years losses and have done exactly that.the previous year i lost around -2700 and came up with a plan that if i lost 200 points in one month,i would paper trade the following month.needless to say i didnt stick with it.i have not been able to bring myself to paper trade.
2014 started and by march i was -1000.then i began to claw it back slow and painfully.i switched from 3min charts to 5 and 15.by september i was up by around 200 points and began to feel invincible and started getting adventurous playing dax/ftse/dow/euro/aussie aswell as some shares(massive spreads ) and even a gas trade i did not realising it was a 30 point spread(finally cutting at -39.wont be doing that again)
5 and 15 min charts were sort of working but were slow and i was only scalping a few points so i thought id move back to 3mins for more action.and it went horribly wrong again.i lost -1000 in a few days in october.massive blow! i dont blame the time frame,it was my own stupidity.i made that same old mistake,i would not cut a loser and then kept adding.
so its been a rollercoaster year but ive come out wiser and this year i think i should end up in the black by not making some of the silly mistakes i made last year-
1)no trading in bed
2)no trading on mobile
3)no trading on mobile while waiting for my pizza.thinking i'll make the market pay for my meal and ending up losing which would have paid for all those waiting or going on a journey and thinking i'll make the market pay only it ending up costing an amount that would have paid for a weekend away.
4)1 trade only at a time.bringing it home for a win or cutting it -10,-20 or even -30 but not holding it to -150+!
5)and not go about swatting flies.go for trades with a potential more points to be had.
i think that covers it for now.
I WONDER
whatever happens to those newbie traders who suck up to vendors
hi,ive just bought your book/seminar/webinar and have learned more than i have in the past 10 years.
or ive doubled my money after listening to you for 2 mins
or i didnt buy the basic 2k package i bought the life long 5k deluxe package
just to get a retweet or a fave or a like.
surely if theyve learned so much over such a short period of time then a few months down the line or a year or 2,they should be doing extremely well.or perhaps they are doing that well that they dont want anyone else knowing and so we never hear from them again
whatever happens to those newbie traders who suck up to vendors
hi,ive just bought your book/seminar/webinar and have learned more than i have in the past 10 years.
or ive doubled my money after listening to you for 2 mins
or i didnt buy the basic 2k package i bought the life long 5k deluxe package
just to get a retweet or a fave or a like.
surely if theyve learned so much over such a short period of time then a few months down the line or a year or 2,they should be doing extremely well.or perhaps they are doing that well that they dont want anyone else knowing and so we never hear from them again
STOP BEING A MONKEY
and paying 2k+ for seminars and webinars and training courses.that is what is funding the extravagant lifestyles of those selling you these dreams,not any trading.unless they can show actual trading accounts which most if not all will highly be unlikely to do as those actually making any money from trading will not be selling their methods.
an hours flight experience wont make you a fighter pilot!
was going to go on a long rant but think i'll go to the gym instead.
just want to say that anything being sold by these gurus for thousands of pounds is freely found on the net.
my trading is improving.lost 300 points in january.won it back in feb,well almost,currently -40.im confident i can get that back tomorrow if i just remember to cut early if ive gone wrong.
i need to focus and meditate on this point.play it over and over in my mind.see it going wrong and cut it -5,-10,-15,-20,-25,-30 usually i will have sat through about 3 cycles/patterns over an hour or 2 so should be looking to get out rather than holding for 8 odd hours over numerous cycles.
thats what ill be focusing on as im merrily merrily rowing
and paying 2k+ for seminars and webinars and training courses.that is what is funding the extravagant lifestyles of those selling you these dreams,not any trading.unless they can show actual trading accounts which most if not all will highly be unlikely to do as those actually making any money from trading will not be selling their methods.
an hours flight experience wont make you a fighter pilot!
was going to go on a long rant but think i'll go to the gym instead.
just want to say that anything being sold by these gurus for thousands of pounds is freely found on the net.
my trading is improving.lost 300 points in january.won it back in feb,well almost,currently -40.im confident i can get that back tomorrow if i just remember to cut early if ive gone wrong.
i need to focus and meditate on this point.play it over and over in my mind.see it going wrong and cut it -5,-10,-15,-20,-25,-30 usually i will have sat through about 3 cycles/patterns over an hour or 2 so should be looking to get out rather than holding for 8 odd hours over numerous cycles.
thats what ill be focusing on as im merrily merrily rowing
holy cow.
i thought paying 2k for trading courses was bad enough yet theres some charging 15k!
really people if you want to throw money away,go ahead.
for the ones that dont,take your time and learn the game for free.its all available on the net.they are just marketing companies who package up the content and sell it with slick snake oil.
give yourself a year or two and demo trade and then risk a little capital you could afford to lose.
but if your after a quick killing then be warned,you are the quick kill of these marketing companies.
i thought paying 2k for trading courses was bad enough yet theres some charging 15k!
really people if you want to throw money away,go ahead.
for the ones that dont,take your time and learn the game for free.its all available on the net.they are just marketing companies who package up the content and sell it with slick snake oil.
give yourself a year or two and demo trade and then risk a little capital you could afford to lose.
but if your after a quick killing then be warned,you are the quick kill of these marketing companies.
fletcherdavis
Newbie
- Messages
- 2
- Likes
- 0
Novice Traders
Sometimes you need to buy and sell but not necessarily in that order to make money? Thoughts
Sometimes you need to buy and sell but not necessarily in that order to make money? Thoughts
another eureka moment.
ive identified lets say about six trade set ups.
theres short or long in a range,in a breakout,then a fade.some are easier to spot than others.my favourites are shorts in a range or to fade.i know the short side is sort of looked down upon but what the hell,you have got to be opportunistic.
and then the other thing is you cant go chasing every set up or you will run your ass ragged.choose one or two set ups and then have the patience to wait for them to form and if you find yourself making impatient entries(through boredom,the need to have to be doing something which i still suffer from and i know newbies will too) then drop down a time frame or two so there are more possible trades.And if it still goes tits up then do get out!
ive identified lets say about six trade set ups.
theres short or long in a range,in a breakout,then a fade.some are easier to spot than others.my favourites are shorts in a range or to fade.i know the short side is sort of looked down upon but what the hell,you have got to be opportunistic.
and then the other thing is you cant go chasing every set up or you will run your ass ragged.choose one or two set ups and then have the patience to wait for them to form and if you find yourself making impatient entries(through boredom,the need to have to be doing something which i still suffer from and i know newbies will too) then drop down a time frame or two so there are more possible trades.And if it still goes tits up then do get out!
after i decide to post some sage advice,i only go and **** it up by ignoring my own advice.
perhaps i should start selling some trading course too!
after days of numerous small wins giving you the feeling of invincibility and thinking i can trade myself out of a bad situation i go and give it all back and then some.
but im beginning to take these knocks better and i'll get it all back.
i need to work on the pshycological aspect a bit more of seeing a trade going wrong in my mind and then closing out and walking away,accepting the loss sooner rather later and knowing a smaller loss is easier to win back.
i know im probably sounding like a boken record but its a tune that has to be played until it is subconciously learned and accepted.
perhaps i should start selling some trading course too!
after days of numerous small wins giving you the feeling of invincibility and thinking i can trade myself out of a bad situation i go and give it all back and then some.
but im beginning to take these knocks better and i'll get it all back.
i need to work on the pshycological aspect a bit more of seeing a trade going wrong in my mind and then closing out and walking away,accepting the loss sooner rather later and knowing a smaller loss is easier to win back.
i know im probably sounding like a boken record but its a tune that has to be played until it is subconciously learned and accepted.
a thought,only a thought
if you are patient then maybe bigger time frames would suit you-bigger rewards and risk,fewer trades
if your disciplined then smaller time frames maybe your choice-smaller risk/reward,more trades
if you can be both then you can cash in on any time frame.
if you are patient then maybe bigger time frames would suit you-bigger rewards and risk,fewer trades
if your disciplined then smaller time frames maybe your choice-smaller risk/reward,more trades
if you can be both then you can cash in on any time frame.
how much better would fundamental 'trader' education vendors be if they didnt totally dismiss technicals.
oh it takes opposing views to make a market theyll chime then dismiss technicals altogether and say their fundamental view is the correct one and is all that matters.
if this is the case and they are always right,then why bother teaching and all the ball ache it entails.
im drawn to only one conclusion,these fkers are no traders at all.
imho.
rant over.
oh it takes opposing views to make a market theyll chime then dismiss technicals altogether and say their fundamental view is the correct one and is all that matters.
if this is the case and they are always right,then why bother teaching and all the ball ache it entails.
im drawn to only one conclusion,these fkers are no traders at all.
imho.
rant over.
flabbergasted
at people selling trading courses with supposed credentials of having worked at sachs/jp et al.
espousing you should trade like buffet/soros.if you want to trade like them then you should also have pockets as deep as them.
from what ive heard them say,all i can say these people dont know sh1t about trading and if they were the cream at these investment banks,then they are pretty sh1t too.
i hope people losing money to these snake oil salesman are getting fewer as they are increasing their postings of their extravagant lifestyles to lure more people.
or maybe im getting ahead of myself after a couple of weeks of beating the markets with just a basic laptop with one screen(apparently thats all that soros needs)
anyway buyer be aware.its your money.if your handing over money(in some instances multiple thousands) thinking theyll make you a better trader then be prepared to be seriously disapointed.this isnt something you can learn over a telephone/webinar.good luck to you.
to the rest take your time and give it a few years and only then will you be beginning to make a scratch on the surface
at people selling trading courses with supposed credentials of having worked at sachs/jp et al.
espousing you should trade like buffet/soros.if you want to trade like them then you should also have pockets as deep as them.
from what ive heard them say,all i can say these people dont know sh1t about trading and if they were the cream at these investment banks,then they are pretty sh1t too.
i hope people losing money to these snake oil salesman are getting fewer as they are increasing their postings of their extravagant lifestyles to lure more people.
or maybe im getting ahead of myself after a couple of weeks of beating the markets with just a basic laptop with one screen(apparently thats all that soros needs)
anyway buyer be aware.its your money.if your handing over money(in some instances multiple thousands) thinking theyll make you a better trader then be prepared to be seriously disapointed.this isnt something you can learn over a telephone/webinar.good luck to you.
to the rest take your time and give it a few years and only then will you be beginning to make a scratch on the surface
not had endless mentions by any subscription services of a big winning trade 100 point plus lately.sometimes you get the odd one every few months of how they analysed and planned and prepared and executed it.if they were that good,theres 100s of points to be had daily.
anyway......anyone know how many points so called professionals are looking to make a day.i know some clever cOnt will say its all down to how much you are risking.so lets say they are the dogs ******** and play the max,100k a point? 1million a point?
ive heard 3 to 6 points mentioned.surely not.
anyway......anyone know how many points so called professionals are looking to make a day.i know some clever cOnt will say its all down to how much you are risking.so lets say they are the dogs ******** and play the max,100k a point? 1million a point?
ive heard 3 to 6 points mentioned.surely not.
