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Ok folks , let's be honest here . 

I am pretty sick of all the BS that goes around forums and youtube people claiming they are making millions  when the reality is they are sitting at home in their pants frantically checking IG every 3 seconds to see if the hole they dug themselves into getting any smaller. Up 50 quid and all of a sudden they are trading experts or nostradamus.

Me: Up 15% on my share dealing but in reality its because its a bull market and I bought months ago. Spread Betting is about £1500 loss in 2 months  mainly because I am more wrong that right, rather than foolish trading. Although I did have a massive c@ck up by leaving a position open overnight and losing 900 in one go). Learnt what a guaranteed stop is after that! 

My aim is just to break even by Christmas, learn a lot and by then assess if I can make a modest living from Swing / Day trading. I can dedicate  most of time to this as I am not working now.  Modest being 20% annually

At this stage I am doubtful. I have read a lot, made a pile of notes but I am convinced most is just hot air /fluff, authors cherry picking charts and rehashing ago old indicators to show that they are experts, or **** out their training courses

Still I will pursue it  for the next 6 months and make a final decision. At least now I am sensible with stops, never more that 1% on a trade and no more losses than 5% of current portfolio a month. Thus max possible loss is 26% in 6 months 

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Good luck on your trading journey, yeah there's a huge amount of **** out there to sift through and I've certainly made virtually every mistake in the book over the past 10 years or so

You can massively outperform the market and win by only having 2-3 winners out of 10 if you get the risk/money management right - accuracy is not req'd to win in the markets

20% a year is definitely doable - the old saying of think outside the box is relevant here

 

 

 

 

 

 

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6 hours ago, DavyJones said:

My aim is just to break even by Christmas,

Forget it, friend.  You've started into a downward spiral and it just gets worse and worse from here.

I recommend that you quit while your losses are 'only' £1500.  By Christmas it will be much more.

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7 minutes ago, dmedin said:

Forget it, friend.  You've started into a downward spiral and it just gets worse and worse from here.

I recommend that you quit while your losses are 'only' £1500.  By Christmas it will be much more.

Wow. The power of Positivity LOL

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7 hours ago, dmedin said:

Forget it, friend.  You've started into a downward spiral and it just gets worse and worse from here.

I recommend that you quit while your losses are 'only' £1500.  By Christmas it will be much more.

End of the day some people do make money. Market is just transferring money from Losers --> Brokers --> Winners  (with folks putting extra money it ). 

At this stage my P / L are starting to stabilize, I get that the odds are stacked against me but you never will know if you never try right? I have achieved a lot already in other areas of my life but it's always been through a lot of hard work! 

I wouldn't say I am on a 100% on a downward spiral , as I have certainly chastised myself for stupid trades early on, now I am rigid on money management. But yup, you could be well right my friend, we shall see! 

 

11 hours ago, jlz said:

Your post reminded me of this video.

https://www.youtube.com/watch?v=t-vj9Fb5m6M

Totally agreed, there is a lot of nonsense when it comes to finding any useful information about trading. 

I spend my days back-testing any "marvelous idea" I see out there. So far I was able to prove all of them wrong at some point. 

What I do now is ignore any chart these 'gurus' bring up, bring up my own chart and it paints a very different picture!  Also with the amount of algorithm trading around, its dead simple to just program these strategies to see if they work. I have tried a LOT  with ProrealTime and results are all almost random. Even when you see a strategy that works, the minute you change the time frame, security, window length it jumps from positive to negative quite quickly

Just listened to an interview with  Tom Dante Good to see a bloke that tells it like is

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