any tips please
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rosslawrie
- Posts: 2
- Joined: Mon Jul 20, 2009 10:58 pm
i am fairly new to trading i have a start bank of 200 i will be scalping most of the time i was just looking for some tips on opening and closing as to which is the best way to assess when to,ie weight of money or volume thanks
its a long road, seriously think of putting the money towards a course it will pay dividends in the end! failing that trade random with £2 stakes, follow the money and and see how you do.keep a record so you can have some thing to look at when working out how you won/lost it! dont panic if you lose though, like i said its a long road £200 is lose change in this game. good luck!
Sorry mate, but I'm with Max. You're not going to make a great deal of money with £200, certainly not in the short-term. You need to use the money to trial and error systems & plot your results. Invariably, you need to make mistakes in this game before you can gauge what works and doesn't work. If you can make these mistakes with smaller stakes then you'll be in a stronger position when you're able to add to the bank
Hi Rossalwire,
As a relatively newish user myself (and part time trader) who also started with a 200 bank and unlike you British folks I haven't got access to any training courses mores the pity, I found it important to first find out what my strategy is in the market, this determined my entry and exist points. I watched the markets for a long time before making my first trade and started with a $1 tick size, as I became more comfortable with my trading style and my bank increased I moved my tick sizes up, slowly but surely making progress. For me the most important skill I learnt was to recognise when a trade is going against me and bail out ASAP, letting a trade go against you in the hopes that it will turn around can be terrible for your confidence and screws your mental state up to such a degree that you can no longer see what the market is telling you.
LeTiss and Max give good advice, Know your strategy, follow the money, dont panic, be strong, focus, learn learn learn and eventually you'll find your place in the market.
Good luck.
As a relatively newish user myself (and part time trader) who also started with a 200 bank and unlike you British folks I haven't got access to any training courses mores the pity, I found it important to first find out what my strategy is in the market, this determined my entry and exist points. I watched the markets for a long time before making my first trade and started with a $1 tick size, as I became more comfortable with my trading style and my bank increased I moved my tick sizes up, slowly but surely making progress. For me the most important skill I learnt was to recognise when a trade is going against me and bail out ASAP, letting a trade go against you in the hopes that it will turn around can be terrible for your confidence and screws your mental state up to such a degree that you can no longer see what the market is telling you.
LeTiss and Max give good advice, Know your strategy, follow the money, dont panic, be strong, focus, learn learn learn and eventually you'll find your place in the market.
Good luck.
Hi,
I started trading with a bank of £20 and I was trading for pennies, but it learnt me a lot. I turned that £20 in to well over £3000. But like any profession you have to learn and it does take time to be any good. I still only trade with a bank of £300 and on a good day I can bring in £50 - £80 on a bad day it can be as little as £10. But the most valuable lesson I have learnt is DO NOT let your trades go in-running as this can cost your bank if you don't know what your doing. Good luck it can be a real buzz but there can also be a nasty sting. Take your time and try not to run before you can walk.
Cheers
Jimmy
I started trading with a bank of £20 and I was trading for pennies, but it learnt me a lot. I turned that £20 in to well over £3000. But like any profession you have to learn and it does take time to be any good. I still only trade with a bank of £300 and on a good day I can bring in £50 - £80 on a bad day it can be as little as £10. But the most valuable lesson I have learnt is DO NOT let your trades go in-running as this can cost your bank if you don't know what your doing. Good luck it can be a real buzz but there can also be a nasty sting. Take your time and try not to run before you can walk.
Cheers
Jimmy