Aussie Newbie, which platforms good for us Aussies?

[barney]

Welcome to ASF @Slimshady83 and @cb3d

Its a long and bumpy road that we all travel so good luck with your journey. There are lots of threads etc which might be useful to you at this stage so have a good search around the site.

Personally I'm finding the market (Stocks) difficult to trade at the moment with lots of bandits yielding "whipsaws" happy to relieve you of your cash , so take your time to learn as much as you can before going in too hard. Cheers.

 

[barney]

I see people on youtube (this will be my next post) and some talk about being able to start out with as little as $500-$1000 and It's what's got me into learning the stock market

You are not alone there Slim ... Many see the $$$ touted by charlatans saying how easy it is to make a fortune from a pittance, and generally end up losing their "pittance" (plus add ons) very quickly.

You can trade mini Futures and/or Forex with that kind of starting capital its true …. and to be honest, that's where I'd start so you can learn how to lose a small amount but hopefully gain the start of a trading education.

Learning how to lose and addressing the reasons why you lose are the most valuable lessons on your trading journey …..

 

[cb3d]

learn how to lose a small amount but hopefully gain the start of a trading education.

I think this is the best trading quote I've seen yet! and thanks for the welcome barney

I suggest you use some, but find what works for you and what doesn't. I like a good on Moving Average, ATR is also good, and some kind of volume indicator. RSI is another common one that may be of use.

Yeah I have a couple of EMAs on my chart and sometimes flick on the RSI, they usually confirm my thoughts and I use them only as a sanity check. If there is some discrepancy it'll usually discourage me from entering into a trade. So yeah, I use them as indicators, nothing more.

Interesting what you say about stop losses. I've discovered that I need them as if they aren't there I'm just too damn likely to watch my trade get ground into dust. Hurts every time. And unfortunately, I've just discovered, I'm likely to fall into the same old traps when entering in to a new market. Amazing how the mind will play tricks on you despite lessons learned.

Also Warr, how do you work out your risk if there isn't a stop loss? This is another thing I learned the hard way. I have a spreadsheet that calculates my position size based on my account size, entry, risk appetite and stop loss. This way I'll never risk more than a certain percentage of my account per trade.

 

[michaelananya]

Does anyone use TradeZero and if so what are your thoughts. Thanks