Having read many of the comments posted by new traders on the forum, I'd like to offer some advice which has turned my own trading around, not quite into profit yet but getting there!
Watch peter's video on simple scalping, the first part on the ladder, he makes two trades one scratch and one with a one tick profit. I'ts the first trade that is important.
Ask your self why he scratched it, untill you can answer you should NOT be trading!
This is the single most important aspect of trading to learn. Master the scratch trade!
Learning to trade
If only 'cutting losses' was as simple as you guys make out.
Unfortunately there's no easy way to tell if the market is truely moving against you, you can only be sure once the price has shifted by some big ratio, after which time you've already lost heavily. If the price has only shifted slightly aginst you, it can easily move back the other way again.
Unfortunately there's no easy way to tell if the market is truely moving against you, you can only be sure once the price has shifted by some big ratio, after which time you've already lost heavily. If the price has only shifted slightly aginst you, it can easily move back the other way again.
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enzabella2009
- Posts: 747
- Joined: Tue Nov 03, 2009 3:58 pm
I have recieved several private e-mails here and on a couple more forums from people asking advices on how to trade on football. One thing this people had in common was losing money over some tradings on horses...They started to lose more money after watching those videos...I did not watch the videos, I won`t be bother to do so but, makes me wonder why those videos effected they way of this people tradings so much to make them lose more money..
???
It may be the minority of traders which miss-interpreted the vidos....
???
It may be the minority of traders which miss-interpreted the vidos....
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wrexham casual
- Posts: 100
- Joined: Mon Apr 05, 2010 8:28 pm
Bradders wrote:Can we have a link to the specific video please? Peter Webb has many videos on youtube
Many Thanks
Bradders
Watch it over and over again until you can answer why he scratched the trade.
http://youtu.be/MMs3SfXiV8U
"Ask your self why he scratched it, untill you can answer you should NOT be trading"
sorry, i cannot view the video on this pc....was there an obvious reason why he scratched i.e. a technical indicator or smthg else tangible? or are you alluding that he had a hunch so decided to get out?
fwiw i know plenty of very good traders who enter a good trade and scratch too early. not sure this point is relevant without seeing the vid.
sorry, i cannot view the video on this pc....was there an obvious reason why he scratched i.e. a technical indicator or smthg else tangible? or are you alluding that he had a hunch so decided to get out?
fwiw i know plenty of very good traders who enter a good trade and scratch too early. not sure this point is relevant without seeing the vid.
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charto2010
- Posts: 9
- Joined: Fri Jan 01, 2010 6:23 am
hi rascal,
the reason peter scratched the first trade was because the way the prices were trading told him that he would not be able to place his counter or scalp trade to make a one tick profit. I.E if he left the first matched order in the market he would potentially have been facing a one tick loss! So you could say by scratching at the entry price (back and lay at same price)he saved a losing trade.the whole idea of scalping is minimal expose and low risk.
Ideally you should see your entry point AND your exit based on the money on either side of the book and how its trading.
In my opinion you dont need technical indicators when scalping, just an eye for the price action. try with the book reversed I find it easier this way. simplified when we enter a trade it can only either go up or down so if by scratching when the trade goes aginst us it will save potential losses.
cheers chris
the reason peter scratched the first trade was because the way the prices were trading told him that he would not be able to place his counter or scalp trade to make a one tick profit. I.E if he left the first matched order in the market he would potentially have been facing a one tick loss! So you could say by scratching at the entry price (back and lay at same price)he saved a losing trade.the whole idea of scalping is minimal expose and low risk.
Ideally you should see your entry point AND your exit based on the money on either side of the book and how its trading.
In my opinion you dont need technical indicators when scalping, just an eye for the price action. try with the book reversed I find it easier this way. simplified when we enter a trade it can only either go up or down so if by scratching when the trade goes aginst us it will save potential losses.
cheers chris
I am teaching my girlfriend to trade.
For me, this means during the session, I am her a lot of the time. I am not me. Usually, that is the most effective way to teach. I have been teaching and training for 20 years.
When we discuss Scratch Trades (call them what you wish) they are viewed with more disdain than losing trades.
When we view her profit and loss she knows her scratch trades say more about her weaknesses than losing trades.
Many new traders believe scratching for £0.00 is a strength. And as long as they believe that they only add to their misery and frustration of the prolonged ups and downs of trying to be consistently profitable.
50 red £0.01's will get you further than 50 £0.00's.
From the outset, and we were using decent stakes quite early, I urged her to show me RED or GREEN not a bunch of £0.00's.
I know most won't get it (who did you think keeps us in profit) but for the one or two who are willing to go outside their comfort zone... this post is meant for you.
To learn... you need to be winning or losing. NNOT standing still.
Quinny.
For me, this means during the session, I am her a lot of the time. I am not me. Usually, that is the most effective way to teach. I have been teaching and training for 20 years.
When we discuss Scratch Trades (call them what you wish) they are viewed with more disdain than losing trades.
When we view her profit and loss she knows her scratch trades say more about her weaknesses than losing trades.
Many new traders believe scratching for £0.00 is a strength. And as long as they believe that they only add to their misery and frustration of the prolonged ups and downs of trying to be consistently profitable.
50 red £0.01's will get you further than 50 £0.00's.
From the outset, and we were using decent stakes quite early, I urged her to show me RED or GREEN not a bunch of £0.00's.
I know most won't get it (who did you think keeps us in profit) but for the one or two who are willing to go outside their comfort zone... this post is meant for you.
To learn... you need to be winning or losing. NNOT standing still.
Quinny.
So, when a trader enters the market and it suddenly shows the signs of turning the opposite way, accepting a loss is better than scratching?Quinny wrote: When we discuss Scratch Trades (call them what you wish) they are viewed with more disdain than losing trades.
When we view her profit and loss she knows her scratch trades say more about her weaknesses than losing trades.
Many new traders believe scratching for £0.00 is a strength. And as long as they believe that they only add to their misery and frustration of the prolonged ups and downs of trying to be consistently profitable.
50 red £0.01's will get you further than 50 £0.00's.
From the outset, and we were using decent stakes quite early, I urged her to show me RED or GREEN not a bunch of £0.00's.
I know most won't get it (who did you think keeps us in profit) but for the one or two who are willing to go outside their comfort zone... this post is meant for you.
To learn... you need to be winning or losing. NNOT standing still.
Quinny.
I understand the philosophy of what you're saying, but I've scratched many trades when I can see I've ended up in a difficult position
I don't agree that I would learn more from these trades had I sat there & just watched everything turn red
Hi LeTiss
I don't make my posts lightly.
I am familiar with your sentiments that you don't believe you would learn more by adopting this type of philosophy.
maybe this post wasn't aimed at you. That's okay.
Good Luck with your trading.
regards
Quinny.
I don't make my posts lightly.
I am familiar with your sentiments that you don't believe you would learn more by adopting this type of philosophy.
maybe this post wasn't aimed at you. That's okay.
Good Luck with your trading.
regards
Quinny.