I've read the manual half a dozen times over, I've read countless blogs and I've seen dozens of videos and, I have to admit, I am finding it all overwhelming.
Clearly first steps have to be taken and from what I can work out the Enhanced Ladder is the place to work on. Or, at least, I am happy to work in.
Then what I, and perhaps others, require is some sort of recommendation for starting. Do we start one tick scalping or should we start with swing trading?
And what would the more experienced traders suggest we have for stop losses and which charts should we have open as giving us the option of a million combinations is perhaps too much at the moment and it would be useful for someone to say "Concentrate on doing this, use this screen, these stop losses and these charts" until we get going.
My biggest problem is, until a course comes along, is knowing what is the right way to approach this for the first few steps of the trading career.
First steps
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andyfuller
- Posts: 4619
- Joined: Wed Mar 25, 2009 12:23 pm
My advice in terms of the horses would be to think of the market as a sea saw. If one end goes up the other comes down. The market has to be in balance and therefore if something is drifting something else has either shortened, is shortening or is about to.
Learning to spot this and which horse is going to move will come with time and watching plenty of racing.
Learning to spot this and which horse is going to move will come with time and watching plenty of racing.
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MalcolmSm1th
- Posts: 11
- Joined: Sat Jul 25, 2009 11:10 am
- Location: Lleyn Peninsula
Thanks, Andy.
However, this doesn't really answer the question which is more to do with Bet Angel. What I wanted to know is that is it best to start looking at scalping or longer swing trades?
Which charts should I use, for example, and what sort of stop losses should I use?
I've been going through a load of videos and I have come to the conclusion that it's perhaps best to look at single point scalping but use bigger stakes than I am using at the moment so that any 'greening up' at the end is more meaningful in percentage terms.
And lastly consider just going for one or two trades and not dozens in the same market. I think that because I am using too low a stake I am having to look for more trades to make it worthwhile (I am thinking in percentage terms and not pounds, shillings and pence).
So, I believe that I should be doing:
- Scalping
- Set the stop losses
- Larger stakes
- Fewer trades
And this brings me back to the first question; which charts should I use, if any, and what sort of stop loss should I employ?
However, this doesn't really answer the question which is more to do with Bet Angel. What I wanted to know is that is it best to start looking at scalping or longer swing trades?
Which charts should I use, for example, and what sort of stop losses should I use?
I've been going through a load of videos and I have come to the conclusion that it's perhaps best to look at single point scalping but use bigger stakes than I am using at the moment so that any 'greening up' at the end is more meaningful in percentage terms.
And lastly consider just going for one or two trades and not dozens in the same market. I think that because I am using too low a stake I am having to look for more trades to make it worthwhile (I am thinking in percentage terms and not pounds, shillings and pence).
So, I believe that I should be doing:
- Scalping
- Set the stop losses
- Larger stakes
- Fewer trades
And this brings me back to the first question; which charts should I use, if any, and what sort of stop loss should I employ?
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lilgreenback
- Posts: 211
- Joined: Thu Apr 16, 2009 11:28 am
Hi There
Re First Steps, (I am a newb/novice and have only learned by my mistakes so I'll probably get shot down in flames from experienced users or users of successful strategies)
My advice for what it is worth is to be careful. I know this may sound obvious and is probably not very helpful but try to start slowly use small stakes (minimum to begin with) and use the stop loss facility to cut you out of the market when it goes pear shaped as it will. No hanging in for a the price to go up or down to what what you are hoping for; otherwise you can watch a favourite at 2.20 suddenly shoot up to 5 or 6 and you are then praying for the in-play market to rescue you. It is often easier to recover a smaller loss when the market stabilises and you can sometimes get straight back on the "horse" and catch the drift to get a bit back.
The other thing is to watch is the time indicator as the price for a horse can become very unstable at around 3 to 4 mins before the off so it is a good time to be looking to get out before then(in profit of course, some will say that this is ideal to squeeze extra out. Remember you don't want to in-play with your kecks down in a 5/6f race, as closing a market out can be a killer. You may get away with it in profit you may close out with quite a loss only to see the damn thing win or lose in the direction you wanted it to go.
Having had so many near misses (not really knowing what I was doing or making mistakes) I can write about what not to do but putting that in practice in the heat of the moment is something else.
I have had some really good trades on it (Bet Angel) and I think in time I can make things work on the whole though I am well down on profits and also enthusiasm for the Trading; so I need to dust myself down and look at where things went wrong and try to correct it. (Being in a rubbish area for broadband has not helped either I don’t think as you do need the speed to catch the markets right).
I’ll try and think of other things and drop another post to see if it helps out, Oh one other thing slowly, slowly catchie, monkey it might be an idea to limit yourself to a certain profit level to begin with (any profit is better than none) once you hit that in an afternoon/evening, walk away as there is always tomorrow.
It’s not worth watching 3hrs work of profit disappear in one FUBAR trade when you could have left you computer and walked out smiling.
Regards
And let,s be careful out there
LGB
Re First Steps, (I am a newb/novice and have only learned by my mistakes so I'll probably get shot down in flames from experienced users or users of successful strategies)
My advice for what it is worth is to be careful. I know this may sound obvious and is probably not very helpful but try to start slowly use small stakes (minimum to begin with) and use the stop loss facility to cut you out of the market when it goes pear shaped as it will. No hanging in for a the price to go up or down to what what you are hoping for; otherwise you can watch a favourite at 2.20 suddenly shoot up to 5 or 6 and you are then praying for the in-play market to rescue you. It is often easier to recover a smaller loss when the market stabilises and you can sometimes get straight back on the "horse" and catch the drift to get a bit back.
The other thing is to watch is the time indicator as the price for a horse can become very unstable at around 3 to 4 mins before the off so it is a good time to be looking to get out before then(in profit of course, some will say that this is ideal to squeeze extra out. Remember you don't want to in-play with your kecks down in a 5/6f race, as closing a market out can be a killer. You may get away with it in profit you may close out with quite a loss only to see the damn thing win or lose in the direction you wanted it to go.
Having had so many near misses (not really knowing what I was doing or making mistakes) I can write about what not to do but putting that in practice in the heat of the moment is something else.
I have had some really good trades on it (Bet Angel) and I think in time I can make things work on the whole though I am well down on profits and also enthusiasm for the Trading; so I need to dust myself down and look at where things went wrong and try to correct it. (Being in a rubbish area for broadband has not helped either I don’t think as you do need the speed to catch the markets right).
I’ll try and think of other things and drop another post to see if it helps out, Oh one other thing slowly, slowly catchie, monkey it might be an idea to limit yourself to a certain profit level to begin with (any profit is better than none) once you hit that in an afternoon/evening, walk away as there is always tomorrow.
It’s not worth watching 3hrs work of profit disappear in one FUBAR trade when you could have left you computer and walked out smiling.
Regards
And let,s be careful out there
LGB
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MalcolmSm1th
- Posts: 11
- Joined: Sat Jul 25, 2009 11:10 am
- Location: Lleyn Peninsula
Thanks ever so much for that. Now, I've been doing this for a while and am enjoying this thoroughly.
One thing that I am doing which is causing issues is that if I have a trade open and then price moves wrong I don't trade out but I leave it open and then trade elsewhere on the chart thinking that "I will come back to this."
I take it that this is a no-no?
Can someone more seasoned than myself answer me this; does one have one and only one trade/scalp open at one time? If not, then what do they do?
One thing that I am doing which is causing issues is that if I have a trade open and then price moves wrong I don't trade out but I leave it open and then trade elsewhere on the chart thinking that "I will come back to this."
I take it that this is a no-no?
Can someone more seasoned than myself answer me this; does one have one and only one trade/scalp open at one time? If not, then what do they do?
well, yes, but if you keep an eye on it, it sometimes works out ok...I take it that this is a no-no
One of the things that makes a good trader is knowing when to take your loss, it's not cut and dried though, sometimes you get a bit of money jump in and send the price the wrong way but then it doesn't move any more and eventually comes back, other times it just keeps going, if you can tell which it is then great, but if you are not sure probably best to just cut your loss quickly and move on.
it's all about probabilities and money management.
if you can stop losing money you will start to make money (so they tell me...)
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lilgreenback
- Posts: 211
- Joined: Thu Apr 16, 2009 11:28 am
Hi Malcom,
What "Cran" is saying rings true and I'm sorry to be a little obscure as sometimes you can hope a price comes back in or goes back out and trade on another market. As Cran says and others would probably concur you can take your eye off it but the danger is you can end up with two markets going skew.
Sometimes though (and it depends on what youur stake is and me I'm last of the low rollers between 10 and 50 quid if I'm feeling confident less if not) you may cut a market that says you are losing £5 to £15 it's only when you see the "green/hedge" effect that the loss is only £2.50 to £8.00. So it's not too bad
Your option there can be stake/money management cut it and try to trade out some of that loss remember a green 0.10p is still a profit +++++++ it's valuble experience. Try not to get caught out going in play can't say that enough...if not to tell myself.
It may be that the market you are trading just needs to settle and was wrongly balanced to begin with or was just ready to move the other way.
There are two very good videos on BA TV about trading candlesticks they are worth a look.
Stay Lucky.
LittleGB
What "Cran" is saying rings true and I'm sorry to be a little obscure as sometimes you can hope a price comes back in or goes back out and trade on another market. As Cran says and others would probably concur you can take your eye off it but the danger is you can end up with two markets going skew.
Sometimes though (and it depends on what youur stake is and me I'm last of the low rollers between 10 and 50 quid if I'm feeling confident less if not) you may cut a market that says you are losing £5 to £15 it's only when you see the "green/hedge" effect that the loss is only £2.50 to £8.00. So it's not too bad
Your option there can be stake/money management cut it and try to trade out some of that loss remember a green 0.10p is still a profit +++++++ it's valuble experience. Try not to get caught out going in play can't say that enough...if not to tell myself.
It may be that the market you are trading just needs to settle and was wrongly balanced to begin with or was just ready to move the other way.
There are two very good videos on BA TV about trading candlesticks they are worth a look.
Stay Lucky.
LittleGB
Hu Malcolmsmith,
I think that you have indentified the critical "first step" and that is "Am I instinctively a swing trader or a scalper?"
Once you work this out you will start to trade with some success. Now for the bad news - you won't be able to work this out except by trial and error! I have been trading for about 2 years and for the first 6 months I tried different approaches to trading - only using small amounts ($10)- no matter how I tried I could not get comfortable with scalping - it always seemed to turn against me and (in my view) the profits involved (if there were any) did not justify the effort and risk. Once I settled into swing trading I started to make a consistent profit - however, I must stress that swing trading suits my approach - I come from a horse racing background and have a good appreciation of the markets - especially value.
You will need to develop your own style and that will only come from the painful (but well remembered)experience of losing!
Start with small amounts and regard the losses as the cost of your lessons - soon you will see that you are more comfortable with one style than another and you will adapt and refine that so that you make a profit.
Hope this assists
Galilee66
I think that you have indentified the critical "first step" and that is "Am I instinctively a swing trader or a scalper?"
Once you work this out you will start to trade with some success. Now for the bad news - you won't be able to work this out except by trial and error! I have been trading for about 2 years and for the first 6 months I tried different approaches to trading - only using small amounts ($10)- no matter how I tried I could not get comfortable with scalping - it always seemed to turn against me and (in my view) the profits involved (if there were any) did not justify the effort and risk. Once I settled into swing trading I started to make a consistent profit - however, I must stress that swing trading suits my approach - I come from a horse racing background and have a good appreciation of the markets - especially value.
You will need to develop your own style and that will only come from the painful (but well remembered)experience of losing!
Start with small amounts and regard the losses as the cost of your lessons - soon you will see that you are more comfortable with one style than another and you will adapt and refine that so that you make a profit.
Hope this assists
Galilee66