Hi every one,
Tried trading few months ago and after a good start made all the common mistakes and soon the bank was gone!!i`ve come back hoping for better luck this time but i`m struggling already. I understand that a good strategy is a winning one,but even though i`ve studied the market and read lots of blogs i`m finding it hard to discover one or two, can anyone give me a clue? or at least point me in the direction of a good website or blog prefrably a free one as funds are very tight and i`ve been caught by the snakeoil sales men already
cheers greg
Strategy
Hi Greg,
I had similar problems since starting up this summer. I would suggest a few things; first and foremost if you have not already done so get on a course. Bet Angel is a great tool but you need a craftsman to show you how to use it. And if you do get on the course make as many notes as you possibly can there is far too much information to take on board in one day. Yes we have all looked at the videos but there is no substitute for spending a day with the expert.
This forum also brings up the odd strategy every now and then but sometimes you need to read between the lines.
I have being doing this for four months and only last week have I’ve now found a strategy that works consistently . After seven days with 90% winning trades I am still using the smallest stakes until I can be absolutely sure. Try looking at the markets and price pattern's before jumping in. I believe you need to have access to live pictures and prices, but I know others have differed in opinion. Unfortunately there is no substitute for hard work and research. And when you think you have come up with something then analyse every angel to be sure of the risks.
The physiological or emotional aspect was the least expected; but had the biggest impact. For me the best way to completely remove the emotion is to use the “stop at” boxes. I use 5 ticks. Don't make it to close i.e. 2 ticks as you will get cut out to quickly with just minimal changes in the market. This takes the decision making process out of your hands and prevents a small loss turning into a disaster.
Hope this helps
Good luck
I had similar problems since starting up this summer. I would suggest a few things; first and foremost if you have not already done so get on a course. Bet Angel is a great tool but you need a craftsman to show you how to use it. And if you do get on the course make as many notes as you possibly can there is far too much information to take on board in one day. Yes we have all looked at the videos but there is no substitute for spending a day with the expert.
This forum also brings up the odd strategy every now and then but sometimes you need to read between the lines.
I have being doing this for four months and only last week have I’ve now found a strategy that works consistently . After seven days with 90% winning trades I am still using the smallest stakes until I can be absolutely sure. Try looking at the markets and price pattern's before jumping in. I believe you need to have access to live pictures and prices, but I know others have differed in opinion. Unfortunately there is no substitute for hard work and research. And when you think you have come up with something then analyse every angel to be sure of the risks.
The physiological or emotional aspect was the least expected; but had the biggest impact. For me the best way to completely remove the emotion is to use the “stop at” boxes. I use 5 ticks. Don't make it to close i.e. 2 ticks as you will get cut out to quickly with just minimal changes in the market. This takes the decision making process out of your hands and prevents a small loss turning into a disaster.
Hope this helps
Good luck
-
JollyGreen
- Posts: 2047
- Joined: Sat Mar 21, 2009 10:06 am
I echo the comments from Dave - go to one of Peter's courses.greg wrote:Hi every one,
Tried trading few months ago and after a good start made all the common mistakes and soon the bank was gone!!i`ve come back hoping for better luck this time but i`m struggling already. I understand that a good strategy is a winning one,but even though i`ve studied the market and read lots of blogs i`m finding it hard to discover one or two, can anyone give me a clue? or at least point me in the direction of a good website or blog prefrably a free one as funds are very tight and i`ve been caught by the snakeoil sales men already
cheers greg
I would also suggest you forget looking for a "strategy" because that implies there is a guaranteed method that will work all the time. I hate to disappoint you but there isn't a "holy grail" when it comes to pre-race trading. So now you're probably thinking "well what do I do then?"
The biggest problem I find with new traders is that they want a method they can follow. I always hear them say "show me one thing that will make me money". Let me say at this stage that I am not saying you are wanting the "one thing" but if you are leaning toward that feeling then please forget it.
The only certain thing in the markets is uncertainty! If you therefore enter a market expecting a particular outcome then you are almost doomed from the start. There is nothing wrong with making an assessment of the market and planning for a particular move but therein lies a big problem.
Could you change tack if it moved in the opposite direction to the one you expected? The trouble with most people is they are looking for a certain movement but then completely miss a move in the other direction because they refuse to change position. I've seen people expecting a drift and a horse moves 15 ticks in and they sit there saying "it will reverse soon" and when it does they feel they've been justified. They have missed a 15 tick move which is a massive negative but they saw a reverse and they take that as a positive.
If I could offer you one piece of advice - after attending a course, it would be to expect nothing from a market and in the words of Roy Walker "Trade what you see!" (close to what he says
)Dave says he has found a successful strategy but I think he is doing better than that. It would appear he has done the hard work and is now noticing certain trends that repeat often enough for him to take profits. Perhaps Dave can update us - without giving away his method.
The markets are similar almost every day but there are always subtle differences. That is why a strategy cannot work long term - the same way that the systems from the snake oil merchant don't work. If a system worked then you can bet your last penny it will only work short term before someone spots what is happening and counteracts the method.
Go on Peter's course and use the info provided to learn the markets. As I am sure you are aware, there is no short cut in this game.
Hi you are correct I could not win a bean scalping or swing trading.I picked up an inkling of an idea on this forum, did a lot more research and noticed a trend on the in play market. Although I would not recommend in play trading to anyone who is not 100% confident, my little idea is working ok for me so far.
I would advise you to not go on the course, but to save your money, and do what I advised u when u gave trading a try a few months ago. I know from experience that a course is not necessarily going to help you, and only when I started really working at it myself did I start to see improvements