professor_frink
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yeah just one bit of advice. Don't do it with real money until you know you can turn a profit doing it. Back testing, sim trading, whatever. Find out before you risk real $$
Go Markets
- Thread starter chops_a_must
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yeah just one bit of advice. Don't do it with real money until you know you can turn a profit doing it. Back testing, sim trading, whatever. Find out before you risk real $$
Wysiwyg
Everyone wants money
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I don`t see you becoming un-confused via this sought of dialogue.
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any recommendations then ? All advice is taken onboard.
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Hi SuperK, I read your posts and think .............. you sound like ........... well actually you remind me a bit of what I used to be like (you poor individual ... lol ...) ...............
Seriously though, if you think you can set an overnight play up on the Euro with a tightish stop loss and expect to find a system that will return a profit over time ... believe me, it will not work ....... You may get lucky for a few days/even weeks ... but eventually it will break your account .............. Forex is a great T/A vehicle, but the pro traders who push this market around will not let you be "casual" in your approach to trading it (imo) ............. If you are happy to set wide stops and trade small position sizes, it may work for a period, but I would rather trade the Futs with that system.
I understand where you are coming from, but unless you have a large Capital base behind you, the way you are thinking will eventually let you down ................. Other more experienced traders may like to confirm (maybe not
) my observations/ramblings .......
Wysiwyg
Everyone wants money
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Yes of course.Read Trade Your Way To Financial Freedom by Van Tharp.
http://www.moneybags.com.au/default.asp?d=0&t=1&id=5198&c=0&a=74
or/and
Trading For A Living by Alexander Elder.
http://www.moneybags.com.au/default.asp?d=0&t=1&id=630&c=0&a=74
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haha that is funny as I have read a lot of your old posts too and really related too them..
I like your advice in the "Lindsays - Something to nothing scalping system " thread . I just wish that I had seen that thread before I started last week !!! I hope the hard lessons I am learning help me move forward
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Thanks Wys, I will try and get a copy this weekend.
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Advice: Dont trade E/U, that market is crazy, stick with something closer to home, something that you hear about on the news every day, something that is easy to research information on.......something like A/U
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Use demo accounts till your consistently profitable, which will be a long time because you will probably swap between 500 different systems because after you have one loss you will move onto the next system. So find what suits you best, that you feel most comfortable with and stick with it. Trade on demo only, just try and lose as much as you can on your demos then you know what not to do Also, don't skip the "boring" parts of the books, because they are the most important by far.
Good luck.
Also, don't skip the "boring" parts of the books, because they are the most important by far. Good luck.
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LOL ... I often wonder if anyone reads some of the stuff I write ...........
Geez, if you actually relate to some of what I write ... we might be half brothers in a previous life
Seriously though .... Try and not make the early mistakes I made ... I lost a crapload "flying by the seat of my pants" .... trying stuff with "real" money cause I didn't know any better .... Guess what?? .......... It didn't work !!
The funny thing about good advice is .......... You don't realise its good advice till after you've stuffed up enough times to gain "experience" ...........
Haha ...... Experience is just an abbreviated term for "I've stuffed up a lot" ..
There are quite a few folk on this site who are really worth listening to, and I'm sure you will work out who they are (I'm not included .. yet .... but I may have the occasional "small" pearl of wisdom )
If you are like me (again, my sympathies
) then ...A) Work out what you WANT from the market
B) Work out what you NEED from the market
C) Add A+B and divide by 10 .. and that is what you will achieve when your T/A becomes proficient (If you have enough Capital left from "Pre-A" ... lol)
C) If you ever extract "B" from the market you are probably in the 5% minority
D) If you get to "A" then you are .............. a step above "TH" ... lol ....(Just kidding TH)
Actually, if you ever get to "A", you may well be considered a "greedy bastard" ... and people won't like you no matter how much money you have!!
All jokes a side, I wish you well .........
Learning to trade well is a tough gig .......
Trading "well" after you learn how to trade, is even tougher, cause if you stuff up, there's only one person to blame.
Enough ranting ............... Cheers.
white_goodman
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the best educational experience you will ever have is going bankrupt
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the best educational experience you will ever have is going bankrupt
Hi W/G, I agree that losing will teach you far more than winning (When you don't know what you are doing
), but going Bankrupt is a dire situation, and very difficult to recover from ........ but I get your point ... ( I hope you have never been in that situation of going B/Rupt ....... )
BentRod
ZZZZzzzzZZZZzzzzzzzz
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Not sure why you think EU is crazy??
AUD and EUR are both crazy!
Either way he would actually be better off trading the Euro because of the lower transaction costs(spread) and the larger trading range....that equates to more bang for buck.
white_goodman
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Hi W/G, I agree that losing will teach you far more than winning (When you don't know what you are doing
( I hope you have never been in that situation of going B/Rupt ....... )
ive blown an account once before and that was a real eye opener, i was way too keen and could see dollar signs in my eyes... to be honest its the best thing ever, ive learned so much in such a short time.... probably cos im on like five of these forum type sites trolling everyday for info (usually at work lol)
>Apocalypto<
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NS,
Did you know the E/U is the largest market on the face of the earth. It's the most liquid market on the earth today. Why do you think it has the tightest spreads? In FOREX terms it's the BHP!
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Yep, I do agree W/G ........ If you blew the Account, and you are still around "fighting" on, then that proves you learned some valuable stuff from the experience.
Trading actually teaches us a lot about ourselves on a personal level. ..
Funnily enough though, one of the greatest lessons "failure" taught me, was that I am lucky enough to have one of the greatest wives on the planet ....... She should have divorced me for the amount of cash I blew through stupidity ............. but instead, she forgave me ............... and, she still likes me !!!! ...... sometimes
....... LOL................. PS My daughter loves Zoolander .... haha ....
white_goodman
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its Dodgeball lol.
Well luckily i didnt lose that much relatively. Also good that I dont have a wife... Im reading Reminiscences atm and the big thing im taking from it is that youve always gotta bounce back
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Absolutely .... Just got to try and make sure every time you bounce back, you bounce a little bit higher than the time before
:bounce:
:bounce:
:bounce:
skc
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Funnily enough though, one of the greatest lessons "failure" taught me, was that I am lucky enough to have one of the greatest wives on the planet ....... She should have divorced me for the amount of cash I blew through stupidity ............. but instead, she forgave me ............... and, she still likes me !!!! ...... sometimes
You just lost a great deal of money and so there really wasn't much left on settlement. That why your wife didn't divorce you.
Luckily she didn't know about the stop-loss rule.
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Not sure why you think EU is crazy??
AUD and EUR are both crazy!
Either way he would actually be better off trading the Euro because of the lower transaction costs(spread) and the larger trading range....that equates to more bang for buck.
Fundamental analysis combined with technical analysis go together like a fat kid and warm chocolate cake (with sprinkles).
Try some fundamental/a on EUR/USD pair and you will quickly realize you need to figure out the economic outlook for 16 different countries.
E/U isnt the only pair with tight spreads.
Yes thanks, i did know that. Did you trade E/U when you first started trading?
