Starting up

D

demag

Member
Messages
54
Likes
4
Here we go then,

Sorry to bore you all, you've probably heard this a thousand times before but I am absolutely green at this. I bought Vince Stanziones workbook about a year ago and found it VERY daunting. I've just dug it out again and thought I'll give it some serious consideration this time around. It would be nice to become financially independant, but I do live in the real world and would like to start nice and slow and hopefully make a few small profits. Vince appears to push fixed odds, saying they are a relatively safe option. I don't intend to lose my shirt but would really appreciate some sound basic advice.

Thanks
 
Vince gets Commission from The Fixed odds Company - I know they spoke to me from MALTA when approaching me - Other Spreadbetting Companies - won't pay him - And he has approached them all at some time - Any body knows that Fixed odds are not for serious traders - Its a game ..........
 
Thanks for those kind words lads. At the moment any advice will be well received. And thanks Paul I did see those links, there's obviously a lot of info already on the site, I didn't realise till you pointed those out.

So do you think that Vince might be a bit of a wide boy then? Well anyway I've got his workbook and video, so are they any use to me? After all I've paid the money, if there's any info in there I might as well use it, yes?

Before I registered with T2W I did a few searches on the web and found an excellent thread from November 2002 about Shiraz Lakhi and his CT system. Some of the members names were BrianT, FloorTrader, Orchard, FTSE Beater and Shinobi. Are you lads still about? I notice some of you were trying that system out. How did it go, any good?
 
FTSE Beater is certainly still about.

However, I tried Champion Trader ages ago and its full of flaws that dont become apparent until you start trading it. Cant remember exactly the problem as it was a while back - just remember the effect it had on my balance.

Each to their own however. Why dont you Private Message FTSE Beater or one of the others and ask them - get a range of opinions, dont accept just the one... ;)

RR
 
Hi Demag, I'm a 'stranger' like yourself and complete forex newbie. I have only traded stocks previously.

I have spent the past two weeks playing with the FXCM trading system and found tons of stuff on TA and fundamentals by searching the web. I cannot afford to spend a fortune on 1-day courses lining some forex 'gurus' pockets. Also there appear to be lots of talented and experienced traders on this site who will hopefully help provide direction.

I have just applied for a real account with FXCM and have £2000 to gamble with but I don't expect to become a millionaire and my plays will be very modest. My plan is to concentrate on the GBP/USD and EUR/USD but the USD/JPY looks very interesting at the moment.

I am using the EMA, STK and RSI as key indicators but have problems with the time scales on this short-term trading. I was using 1 and 5-min EMA's but kept misreading signals, made some silly mistakes by placing lots of trades and foolishly chasing losses and found the 5 point spread to be a real killer on so many occasions. I traded part-way through longer periods of movement which I should have recognized earlier so I have learned that timing is paramount. I also lost several opportunities by setting stop losses too close - if only I had hindsight!

My 'strategy' for next week (still on the play system) is to work with the 5 and 60 min EMA and make far fewer trades. Fridays drops appear to have left very oversold positions on the 60 min chart so I am long on GBP/USD at 1.8603 and EUR/USD at 1.2528. Time will tell!

Good luck with your plans.

Kev.
 
Hi KJB i'm nearly a stranger being a 'newbie' on this board. I was wondering how you got on with trading stocks. You mentioned that you traded them previously and i wondered why use chosen to move to forex?
 
Hi Techst,

I have traded stocks for about 8 years and these are (hopefully) part of my nest egg for the future. I invest for the long term and stick mainly with FTSE 100 stocks which give good yield but occasionally stray and have a small punt on 'risky' stocks.

I have also got a little tired of reading the drivel and rantings you get on the shares BB's and you just cannot ramp the forex, isn't that brill?

I just fancy a change from this relatively boring exercise and want to learn more about TA. The forex seemed as good as any place to try my hand at something a little more liquid and exciting - the wicked swings appeal to me for some reason.

Before anyone says it, I do realise that this must be one of the easiest ways on the planet to lose money but hey, I have a restricted budget and if you don't try then you will never know.

Kev.
 
Whew!!

My GBP/USD and EUR/USD long punts sank faster than the Titanic.

Thank goodness for 20pt stops as I take a 'long' look at this.

My prognosis was completely wrong. These bears have 12in claws!

One more lesson maybe - always wait and see what overhang there is from last week?

Any advice would be much appreciated.

Kev.
 
not only do they have long claws, they have hungry bellies too..... :D .....keep your eyes on the Forex threads, look at your basic 'tools' (trend analysis/supp & resist levels/fibs etc...) & try not to pick (assume) tops & bottoms!!

when they decide to break into a trot, then hop on board....there's always plenty of room for one more passenger, I guess you have some experience behind you already with your 'history'......exciting & quick the FX markets are, they're also unforgiving when you trade against their trends!.....

dependant on your time allowances, try watching the reaction periods on the cable/euro (6.00 - 7.00 am - lunchtime (start of the Yankee session)....sometimes offer good trend/swing opportunities.....good luck... ;)
 
Last edited:
Well after a shuddering jolt when my stop losses triggered 2 minutes after the market opened I stayed up half the night working the two bull runs for an eventual 130/95 points gain before closing my 'pretend' trades.

It felt like I must have adjusted my stop losses and limits dozens of times during the exercise - is this usual?

Looks like the worm may be turning again on GBP/USD so I must watch this. When are you supposed to sleep?

Kev.
 
:D :D......sleep?? isn't that a luxury confined to non - trading folk??........ :cheesy:

"It felt like I must have adjusted my stop losses and limits dozens of times during the exercise - is this usual?"

???....are you referring to adjustment of 'trailing stop'?...if so, then yes. In fact that's the whole crux of preserving/protecting profit on the move!.....a good habit to adopt is bringing your stop to b/e as soon as it ticks away in the direction of your punt & then trail the move. When your initial (profit) target is reached, take some of your stake off the table & allow the remainder to run. You can always add into the move as it pops away further in the original direction, that way you'll capture more of the trend move & with good monetry control also eneble yourself to sensibly scale into positions!....just ensure you keep your stakes within your account confines.

as with any instrument you trade, a sound, in depth knowledge of it's quirks & behaviour is essential, you'll begin to spot the 'picture' particularly pertaining to the weight & strength of moves at certain market times.
 
Last edited:
In all seriousness:
Trading forex/futures is NOT for beginners. Full stopo. Things move too fast.. Great to watch and learn.

If you want to start consider small cap shares.
There are two good websites with lots of information.

http://www.frequenttrader.info/p2.html


http://www.lemminginvestor.com/

Timing is still evrything but ift gives you a naoow range to look at..

Hot stocks just now are: BPRG (wait for a fall first), PDX and TAD(about to move a lot..imo)

If you get it right it is possible to double your money in weeks. But you MUST understand basic TA and price meovements.

So far this year I have had 3 shares rise>70%, 2>100% 1 >150%..

Serious money can be made and lost - and you only need to watch screens about 3 hours a day.. but do lots of preparation work..
 
hi madasafish,

I hear what you say about forex not being for beginners but surely every successful forex trader started out as a beginner?

There has to be something that separates 'good' traders from 'bad' traders and that is all I want to try and discover. At the end of the day they are only human and if I don't succeed then it will not have cost me much in the process.

ps. I once lost much more than £2000 on TAD, but I won't go into that.

Kev.
 
"There has to be something that separates 'good' traders from 'bad' traders and that is all I want to try and discover. At the end of the day they are only human and if I don't succeed then it will not have cost me much in the process".


:devilish: :cool: ......light the blue touch paper & stand well back!!!!!.....here comes a hatful of posts ................or none at all!!........ :cheesy:

ummmm, errrrr........nah, I aint goin there!!


:D :D ....oh, go on then!!! cable's nudging along nicely at the mo anyway.....I don't think it's a case of whether a trader is good or bad Kev....we all make mistakes & continually strive to improve our individual strategies/tecniques. The consistant traders learn from their mistakes & adapt to their surroundings with a flexible approach. There are no bad & good traders imo, each do the best they can with the resources available to them. Success and failure are a very fine line, and as long as you continually assess & re - assess your progress, then the market will ultimately be the judge of how far on or off track you are!!.......blimey, it's been a long day, and I think me cells are nearly on emergency run mode!!!................ :eek:

I knew I shouldn't have started this.............................
 
Last edited:
"There has to be something that separates 'good' traders from 'bad' traders and that is all I want to try and discover."

IMHO Patience,Discipline and the ability to pull the trigger. That is it.
 
'Good' and 'Bad' meaning what precisely?

Still in the game after x years?

Profitable over the last 12 months?

Sticks like glue to his/her system - but isn't making a profit?

Made some mega trades in the last week?

Going on 'gut instinct'?

I suspect there are many other, quite different attributes others would have in describing what they would call a good trader/bad trader.

For me it's the ability to manage risk and stay in the game taking a consistent profit and accepting small losses.

I agree with you that patience is an important trait of 'my' good trader - not just waiting for the trade to be right before entering, but probably more importantly - not going in when it's 'just a bit' wrong.

However, even more vital is confidence and a passion (not just a willingness) to continue learning the skill.
 
Yeah, definitely forgot the confidence factor, maybe that one needs to come at the front.
I also think it is a good reason why you should take a short break after a big loss or a big profit.
 
You must log in or register to reply here.

Similar threads

R
461% Return From Fixed Odds Betting ?
2
Replies
36
Views
16K
giulianopa
G
S
I started with Stanzione 6 years ago
Replies
4
Views
2K
anley
A
E
DoubleTrader
Replies
2
Views
3K
Tenapenny
Tenapenny
1
Vince Stanzione (Home Study Course)?
Replies
2
Views
3K
Pipsaholic
Pipsaholic
M
Principles of Profit workbook
Replies
0
Views
2K
Moriarty
M
Top