Starting again again!

Black Swan said:
I quite like this analogy...be as funny as fook watching anglers display the lack of patience/control some traders display...kicking over bait, breaking rods, swearing at the (lack of) fish, blaming the currents/phase of moon/life in general being against them...:D

Agree with your jogging/running reference, I only took up running 4 years back, never a x-country runner at school and had been a gym rat for decades. First few months at running had to take a break 15 mins out then run the 15 mins back. V. restless mind whilst running too... Felt like an age before I could 'join up' the two 15 min segments, all seemed so daunting, then it just clicks...:)
Click to expand...

Glad to see someone agrees.
I got a lot of help from Bertie. If I don't give him 3 walks a day he gets very stroppy and will probably demonstrate his fury by depositing you-know-what overnight.
Pic enclosed of Bertie
 
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andys0506 said:
Yes perhaps you're right. My goal is to risk 5% per trade which I know is still high. But I wanted to try and by a little riskier to begin with to boost my account quicker. My thinking being that the larger my account gets the smaller I make each trade risk (in %age terms). Bad thinking I guess as I just have more chance of wiping out.
I woke up this morning to find that the ascending triangle had broken upwards sharply and price has consolidated above 1150 (50% fib level)
Opened a position around 8am this morning: Long @ 1153.9 SL 1149.9
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Stopped out at breakeven. Looking to long again at 1150 if price action confirms support here...
 
Bertie
 

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andys0506 said:
He's cute, what is he?
We're looking to get a dog this year but can't decide on the 'brand' :)
Both my partner and I have had them in the past but we can't agree on what to get at the moment lol
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I call him a sprinter

He's half a terrier and half a springer and has the best characteristics of both fortunately
 
Ambrose Ackroyd said:
Why don't you open an account with ETX Capital ?

They credit your account with £ 100 to start off.

Minimum bet on gold is 10p increasing in 10p multiples.

You don't even need to use your own money and for you with a small account and small bet size, this should be ideal.

http://www.trade2win.com/boards/general-trading-chat/71866-heads-up-etx-100-quid.html
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Thanks, I've never heard of ETX however I am using PartyMarkets at the moment rather than IG as they allow me to trade from 10p and allow stops to be placed much closer than IG does.
 
I have always found stops a problem.
The mms seem to know where they will be to take out one's bet.
Now that I have got some confidence going ( with regard to past results ) I use a timeframe method and no stops. This means checking regularly. One has to have a plan tho and stick to it ruthlessly. Not let the position drift if it is going downhill. Not for beginners probably.
 
Pat494 said:
I have always found stops a problem.
The mms seem to know where they will be to take out one's bet.
Now that I have got some confidence going ( with regard to past results ) I use a timeframe method and no stops. This means checking regularly. One has to have a plan tho and stick to it ruthlessly. Not let the position drift if it is going downhill. Not for beginners probably.
Click to expand...

I haven't got a firm strategy when it comes to stops but I tend to move them to breakeven once I see the market move as I anticipate, and has moved enough beyond my entry so as not to get stopped out again with normal retracement. Its hard, its obviously very descretionary.
Example, I might enter a gold short at say 1150, stop at 1155. Price moves sharply to 1145, I will then move stop to BE and then as price moves lower and consolidates, I will move stop to just beyond area of consolidation, and so an as price continues down until I get stopped out on a reversal.

I still have countless trades where I get stopped out only to find that price soon reverses - dealing with that and beating the market is very tricky to say the least!
 
My short at 1151 seems to be llooking ok at present. Bring up an hourly chart and you will see 1149 support line is now being tested as resistance. My SL has been moved to 1149 locking in 20 pts. Well re-evaluate when this hourly candle closes to see how the market has reacted to the 1149 level.
 

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PartyMarkets are closing their accounts so my main reason for using them (small bet sizes of 10p) has disappeared. I am now going back to Oanda for now. I logged in and found I had £6.60 in there so that is what I will 'demo' with for the next month before I put anymore money in there.
 
Latest trade, long GBP/JPY

See the nice triangle pattern, and the bounce of the 50% fib.
Expected target the yellow area.
 

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Another interesting setup on GBP/USD.
Once this 4hr candle completes at 2pm I will be looking to enter short if the trendline has held within that time. Although drilling down to the hourly does show some consolidation so I wouldnt be suprised to see price push through. However, IF it holds then a nice short trade. Risk of around 40 pips (beyond current candle), target of around 275 pips (yellow area)
 

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EUR/USD nice inside bar formed over last 4 hours of just 20 pip range.
I am looking at a nice break upwards to the 50% fib and sup/res pivot line, then a continuation down where the arrow is.
 

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andys0506 said:
Another interesting setup on GBP/USD.
Once this 4hr candle completes at 2pm I will be looking to enter short if the trendline has held within that time. Although drilling down to the hourly does show some consolidation so I wouldnt be suprised to see price push through. However, IF it holds then a nice short trade. Risk of around 40 pips (beyond current candle), target of around 275 pips (yellow area)
Click to expand...

Short at 1.6305, SL 1.6385 target area around 1.6070
 
Take a look at the Indices / US forum for my thread on the Dow.
See how we saw the big fall before it happened ...
 
Paper Trade Paper Trade I couldn't agree more... practice practice practice

Also... TradeSmart University is offering a free course starting on Monday Feb 8th for additional training.

Best of luck


barryb said:
Under-capitalised, too high risk, unproven strategy, fatal combination.

Do yourself a favour, and dont trade any real money until you have enough to risk no more than 1-3% per trade. Trading at 10% is killing you emotionally and more important financially. You should be able to take a loss without it causing you emotional discomfort.

For you to reach this stage you need to have a method which you have paper traded and for it to have been profitable for a minimum of 2 months, therefore you know it has an edge, so you have no problem in taking the losses to get the winners. You also need to be trading at a risk % level which doesn't cause you emotional discomfort when you have a loss.
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