What is Volatility in terms of trading please and other basic questions

Gordon8

Junior member
27 0
Lita

What I do is update data in Sharescope then import it into Omnitrader - To be honest it is lots of fiddling around. I import the FTSE350 with no problems but can't import all the indices.

If you want to know how to do this - send me your e-mail address and I will send you details

Frankly - although the sharescope datafeed is only £11 per month, for an extra £4, you can get a decent data feed directly to Omnitrader.

Hope this helps
 

lita

Newbie
8 0
Gordon8

Thanks for your reply, I see what you are doing.
The problem with this system is that you spend more time on the mechanics, (ie importing the data after downloads) than you do on the analysis.

Far better to pay the extra and get the download directly into the software you are using.

One thing I have noticed in your correspondence is that you seem to be concentrating on analytics. I assume that you already have a solid money management system in place and that you are psychologically aware of what trading the FTSE entails?

Regards
 

Gordon8

Junior member
27 0
Lita

I would agree with you about importing data from Sharescope into Omnitrader which is why I did not recommend it. If I was in a position of trading full time, I would change immediately!

However, I am at a stage where I am 'playing' and learning (I really am a complete novice!)and am putting on so few real trades that the cumbersome data feed is not critical. When my mortgage paying business and personal circumstances permit - It will be done!!

You are right - I am concentrating on Financial analysis. My knowledge is so slight that it is vital that I do. :eek:

I am so tight with my money (!) that I would say that my money management is good. I am playing with very low stakes and currently am breaking even or making enough money to just about buy a packet of fags and am having fun learning - which is what this is all about for me, right now. I don't expect to earn a fortune till I am much further on in my learning than I am now.

I am brilliant at cutting my losses immediately I realise I am wrong - As I am not very good yet, this is quite often! I have now started to try to scale up with winning trades on a paper trading basis as I have not quite mastered this as yet and am aware that I would have lost all profit if I had done this for real!

I am not quite sure about what you mean about being psychologically aware of what trading the FTSE entails so the answer is probably not!

Please enlighten me

Regards

Alex
 

lita

Newbie
8 0
Gordon8

Trading Psychology is different for each and every trader. I understand that at present you are 'paper trading' and that has its merits. However until you enter the market for real its impossible for you to feel the huge range of emotions that every novice trader has to go through to earn his or her 'trading wings', so to speak. Learning to live with these emotions and using them to help you to trade, rather than hinder, is as big a part of trading as learning technical and or fundamental analysis. Often it is due to a traders inability to switch off emotion that finally finishes him or her off. Ninety five percent of people wishing to trade full time fail and by far the majority of failures are a result untamed emotion.

Trading is best learned using a bottom up approach.
1) Write up a trading plan
2) Know your objectives
3) Define your risks
4) Learn about Money Management
5) Develop a Strategy that suits you and stick with it

You said that you are adept at cutting losses. This is of course a major plus and an excellent beginning to any trading career. There is however much much more to learn and most of this has to be learned in the market itself. The potential emotional pitfalls do not kick in until you finish trading on paper and get in to the market for real.

Having said all this if you can overcome the many problems you have yet to face, trading for a living is the best and potentially most rewarding job in existence and I wish you every success.
 
 
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