General discussion : Help for new traders - Focussing on Now Part 1

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hmsnaveen95
Posts: 4
Joined: Tue Feb 13, 2018 9:15 am
Location: Chennai, India
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Mon Feb 19, 2018 8:11 am

Great post, Thanks. I am newbie here It shows new way and fresh ideas to get perfect.

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Bunchie3174
Posts: 24
Joined: Sun Apr 08, 2018 3:54 pm

Wed May 09, 2018 2:35 pm

Ha, not just me then. I've possibly read too much and not enough.
I shall have no targets, no expectations other than to get out of bad positions quickly, and enjoy learning to trade

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RussellMarsh
Posts: 8
Joined: Sat Sep 14, 2019 2:44 pm
Location: Rossendale UK

Fri Sep 20, 2019 9:44 am

I am new to trading but 15 years ago I used to be a Pretty serious bettor and once even ran my own lay bet advice service being pretty handy at building websites. I have had bets of many thousands and seen the results ebb and flow..

I eventually burned a few banks and came to realise it was a mugs game. For God's sake I was putting hard earned money on dumb animals that didn't even know what they were supposed to do half the time!! - Watch any horse race and it's easy to see most of them are just having a gallop with some new mates! - They have no concept of that winning line and what it means..

HOWEVER there was an education to be had in that working to a defined staking plan within a system you DID learn to out the money down and become more detached from it and become less emotional as time wore on.

I haven't backed a horse in the last 15 years but did miss the world of betting and the excitement of especially big meetings etc. so anyway recently I accidentally came across Peter's videos and thought INTERESTING! - Here is a way of beating the system and it's realistic on one hand whilst 'not being for everyone on the other' - :mrgreen:

I have watched practically every video Peter has made and am about to embark on buying Bet Angel and starting trading. I am fortunate in that I'm not doing this because I NEED the money as I have another income so I am not coming into this desperate to earn a living (even if that amount would be nice).

I think this puts much less pressure on me than the person who needs the income for food.

I will be extremely patient and be staking 3 % of my bank which is somewhere between conservative and normal staking I have worked out - I will never suddenly Up my stake - I think that Does put extra pressure on you but will run a complete Spreadsheet of every trade and will ruthlessly stick to the % - hopefully making a few pennies at first then maybe a couple of quid - and so on up the ladder slowly until it's realistic to call it a useful side income - (he said all this hopefully) ;)

- Great journey Guys and a great forum!!

stueytrader
Posts: 606
Joined: Tue Dec 15, 2015 6:47 pm

Fri Sep 20, 2019 12:29 pm

Good luck Russell.

It's a tough road trading, but great if you make progress on it.

eightbo
Posts: 1639
Joined: Sun May 17, 2015 8:19 pm
Location: Barcelona

Fri Sep 20, 2019 2:18 pm

RussellMarsh wrote:
Fri Sep 20, 2019 9:44 am
...
hopefully making a few pennies at first then maybe a couple of quid - and so on up the ladder slowly
...
might want to adjust that to:
hopefully not lose too much whilst learning / eliminating my mistakes at first then maybe get to breakeven — and then fine-tune my trades to begin making some £

best of luck, be wary of your need for excitement as to be effectively making trading decisions you'll want your emotions in Neutral

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ShaunWhite
Posts: 6188
Joined: Sat Sep 03, 2016 3:42 am

Fri Sep 20, 2019 2:47 pm

RussellMarsh wrote:
Fri Sep 20, 2019 9:44 am
I will be extremely patient and be staking 3 % of my bank which is somewhere between conservative and normal staking I have worked out
Good luck with it. Try to rid yourself of that punting mentality....it's not the stake size that's important it's the size of the loss you're prepared to accept. Doesn't matter if you stake 10 or 20% or more....just keep those max losses to 1 or 2%.

Re videos etc....great for learning the basics but it's just how one person does it, so use them to help find your own path rather than necessarily trying to copy them frame by frame. There's more than one way to skin a cat and your interests, time, pre-existing skills and personality will all guide that.

It's a long road and not easy, the received thinking is that only about 5% become longterm profitable so be realistic about your progress and if you're close to breakeven after 6 months then you're on the way. That makes you a 20/1 shot, which should put into perspective how hard you're going to have to work to get in the frame. I'm not trying to demoralise you, just being frank about the 1000s of hours you'll need to invest and your likelihood of making any money. This is going to be a hobby with a cost for a long time before you (might) make anything, so the initial objective is just to not run out of money before you've run out of lessons to learn.

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TheRiddler
Posts: 100
Joined: Sat Apr 25, 2009 5:02 pm

Fri Sep 20, 2019 7:05 pm

If you put into this trading lark as many minutes as ShaunWhite has posts and you commit to learning something new about the markets each minute, measuring your fundamaental, technical and pyschological progress along the way(not fudged only true), I'd say at the end you'd be shorter than a 20/1 shot to be successful.
Horses come with varying degrees of intelligence. Accept this and you've already made a start.
Good luck.

eightbo
Posts: 1639
Joined: Sun May 17, 2015 8:19 pm
Location: Barcelona

Fri Sep 20, 2019 8:11 pm

TheRiddler wrote:
Fri Sep 20, 2019 7:05 pm
If you put into this trading lark as many minutes as ShaunWhite has posts
...
:lol: :lol: I make that just over 79 hrs. I've gone longer not leaving my room!

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TheRiddler
Posts: 100
Joined: Sat Apr 25, 2009 5:02 pm

Fri Sep 20, 2019 11:42 pm

eightbo wrote:
Fri Sep 20, 2019 8:11 pm
TheRiddler wrote:
Fri Sep 20, 2019 7:05 pm
If you put into this trading lark as many minutes as ShaunWhite has posts
...
:lol: :lol: I make that just over 79 hrs. I've gone longer not leaving my room!
It's a post (from me) about being efficient with one's time. Levelling out and making small profits is very achievable in a relatively short time frame if the approach is true. What you are doing in your room for that length of time is your business, but when you do release yourself don't wave at people with the wrong hand or your palm may cause unwanted blindness temporarily. :D

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ShaunWhite
Posts: 6188
Joined: Sat Sep 03, 2016 3:42 am

Sat Sep 21, 2019 12:54 am

TheRiddler wrote:
Fri Sep 20, 2019 7:05 pm
If you put into this trading lark as many minutes as ShaunWhite has posts
Don't remind me, the cost/benefit has been marginal at times, for me and especially for whoever reads them. :roll:

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