Hi all
I have been trading for a few weeks and am well and truly hooked.I have only been trading £2 to get me used to it without costing me too much to learn. I now to put a bit more struture to my trading this being the case:-
How many points should I use i a single trade
How much bankroll should I start with
I know these are broad questions but a steer in the right direction would be appriciated.
Cheers
Mark
Bankroll and Points
Money has a different value from person to person regardless of there trading experience, my advice is always start small just as you have done untill you familirize yourself with the software and how to perfom the basic tasks then progress up as you gain experience, ideally you want to be using stakes where the profits mean something to you and also any losses should hurt slightly (but not too much which make you base your trading decisions on fear).
The problem with too smaller stakes is that the profits are meaningless and the losses are irrelevent which in turn means you wont trade efficiently so to progress you need to find the right balance for you personally but never use what you cannot afford to lose.
The problem with too smaller stakes is that the profits are meaningless and the losses are irrelevent which in turn means you wont trade efficiently so to progress you need to find the right balance for you personally but never use what you cannot afford to lose.
Use bet angel free play.
You could save yourself some money and play around with stake sizes.
Use the tick size in auto stake may also help.
I can pretty guarantee you will lose money in the beginning, Pay for bet angel and play free mode. You will save money on your first month by just paying for bet angel.
Scott
You could save yourself some money and play around with stake sizes.
Use the tick size in auto stake may also help.
I can pretty guarantee you will lose money in the beginning, Pay for bet angel and play free mode. You will save money on your first month by just paying for bet angel.
Scott
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CLOWNSHOES
- Posts: 173
- Joined: Sun Dec 28, 2014 8:04 pm
Start with an ammount you're comfortable losing and be prepared to lose as you learn. Its a totally different ball game playing for real money which is why i wouldnt encourage practice mode unless its for trying out an automation. IMO $2 stakes are of limited use as well, its all good when a $2 trade goes 5 ticks against you and you hold your nerve too break even but it doesn't tell you much about how you would have reacted in such a situation were there alot more money at stake.
I have made large trade stakes go 5 ticks against me,and bounced back into big profits, and that wasn,t hope its about reading the market https://www.youtube.com/watch?v=ae5yE1HG7boCLOWNSHOES wrote: its all good when a $2 trade goes 5 ticks against you and you hold your nerve too break even but it doesn't tell you much about how you would have reacted in such a situation were there alot more money at stake.
Get out of trades but dont get out in a panic
When you start your certainly going to lose your first bank and then some more - sorry its just a fact and part of learning this game, at this early stage you should use what you can afford to lose as you find your feet and experiment with different sized stakes to discover your comfort level and as per my original post you will learn better by using stakes that are relative to you.
Too low = letting losses run further and not taking profits when you should be
Too high = Allowing fear & emotion to control your decision making
Both these will only slow your learning curve.
Your first goal should be focused on just protecting your bank for as long as possible, there is enough time later to focus on bank management and other aspects as you start to gain experience.
Too low = letting losses run further and not taking profits when you should be
Too high = Allowing fear & emotion to control your decision making
Both these will only slow your learning curve.
Your first goal should be focused on just protecting your bank for as long as possible, there is enough time later to focus on bank management and other aspects as you start to gain experience.
I very much agree with all the comments.
If someone doesnt know how to trade, or is learning a strategy then free play is perfect.
I just don't understand why people are advising not to use free play, as they say its not a reflection of a real market. It is is and it isnt.
But if you don't know what you are doing then you are throwing money down the drain, How would anyone be a successful trader if they cannot manage them self.
This is the philosophy of nearly every one, I want to be rich.
All I want is to be able to trade correctly, successfully, know where i stand in a market, Know exactly what I am doing and simply lose no money or as little as possible.
The rest will come.
Treat it like a business, but first learn your trade!
Scott
If someone doesnt know how to trade, or is learning a strategy then free play is perfect.
I just don't understand why people are advising not to use free play, as they say its not a reflection of a real market. It is is and it isnt.
But if you don't know what you are doing then you are throwing money down the drain, How would anyone be a successful trader if they cannot manage them self.
This is the philosophy of nearly every one, I want to be rich.
All I want is to be able to trade correctly, successfully, know where i stand in a market, Know exactly what I am doing and simply lose no money or as little as possible.
The rest will come.
Treat it like a business, but first learn your trade!
Scott
It is a reflection of the real market movement and as you say is perfect for learning how to place your trades and test some strategies but you cant gain genuine trading experience from it.scottydog wrote:I just don't understand why people are advising not to use free play, as they say its not a reflection of a real market. It is is and it isnt.
You could trade free markets with £100 stakes for 3 months and constantly do very well then soon as you use real £100 stakes suddenly the huge factor of psychology and emotion start to play a major part and weather conscious of it or not this will influence the same decisions you have been making easily on free play - especially on trades that start go the wrong way.
That's why i would always advise free play for testing but genuine experience can only be gotten using real money in real markets because there is no emotion or psychology when doing it in play mode.
If anyone has ever played online poker and played the free/micro stakes tables you ll see people there will call, raise and bet practically every hand - once you go up a few levels suddenly people aint so keen on calling with rag hands and start to play much more disciplined (or at least try to).
