Jump to content

New to trading


Guest Lech82

Recommended Posts

Hi guys,

Am still only learning on the demo account and wanted to share my understanding, get some advice, opinion if am on the right track,

From all the reading and watching people posting beginners videos on YouTube, have to say there is lots of **** around. Am interested in forex - spread bet. As a beginner was asking myself few questions, main: how much money will i need to switch for the real money. How much per trade etc. Watching videos and some people say: “with small acc you need to risk more, to build up quicker” what a ****, impossible, etc etc, so much wrong information. Lucky everyone got his own brain.

Learned so far:

-          Focus on major fx, keep low spread, trade in the morning

-          Risk up to 2% per trade,

-          Look for pairs at the support or resistance,

-          Check and confirm the trend on 1hr and 15min charts (got also open 5/1min and 30tick)

-          Start with stop loos, checking how much I can afford on my excel spreadsheet, will upload it as well,

-          Check risk reward ratio, need to be able to pass 1:2,

-          no limit, let it go and fallow with stop, need to be able to determinate the limit or don’t trade

With my spreadsheet it’s physically impossible to risk more than 2%, only if you won’t place stop loss (or slippage) also shows required margin and proves that there is no way to be able risk 50% etc, as some people are saying.

https://synowkaprojects-my.sharepoint.com/:x:/g/personal/lech_sprojects_uk/EYlJyWi2kGxGsd2SqXS5aFIBX_1Wxly4kCUjF5ENzi0o7w?e=Z76Ocd

Now learning:

-          psychology     

-          correlation

-          candles and patterns, moving averages, stochastics, fibonacci

Could you guys please advice on some good trading course or books to continue my education.

Please also check my spreadsheet, it’s for acc from 1 to 10k, live data from x-rates, just change the capital, now am working my journal, where I will have to go through the steps and tick all of, check, check, confirmed, then trade etc. Will set my demo on 1k and see how it

 

In my opinion the best way to start trading is to learn, start with 1k for 6 months to 1 year, survive 1 year,  increase to 2k for another 6 months and then go forward.

Link to comment

That's right @Lech82 the new margin requirements severely curtail the amount of risk you can take on and slow the growth rate of an account (or slow the demise of an account). And as risk is defined by your stop loss so it also limits which trades you can take if the size of the stop is just too big.

Stick to the majors for sure but I would start with just one or two and get to know them real well.

As for 2% of account size to risk on one trade, start off on the minimum £/point the platform allows and work your way up to 2%.

Yes, check on trend direction on the higher time frames, be wary of going against them.

Look to find one or two setups that you can practice over and over to get good at.

It's also not a bad idea to place a profit limit to start with and just concentrate on entries, in-trade management can take a while to learn. 1:2 set and forget is not a bad way to go until you know your market better.

Cred's study guide is a good all round trading guide for beginners.

https://drive.google.com/file/d/1UJBLRa9Sh0PZ0vL_wI9uDVbIRxVUdazE/view

Link to comment

Thank you @Caseynotes

Will fallow your advice and thank you for materials.

Will go for USD/JPY and GBP/USD, good pairs in your opinion?

Will also change from £/p to p/p and use 1/p, will be easier and cleaner to learn.

Thank you

 

screen.jpg

Link to comment
  • 2 weeks later...

Interesting @Lech82, you've elected to go short and go against the longer term prevailing trend which has been bullish since the start of the year though your target is reasonably modest so not looking for a major reversal just a deeper pullback and your stop is tight so damage will be light if price swings back up.

You look to be hoping the stochastic will remain in oversold though it has already been there for several hours, I would rather have it aligned so that there was a whole stochastic down leg looking forward to carry my trade with it.

It may work out for you, anything can happen after all, though I suspect there are many more traders waiting for the current pullback to end to go long with trend continuation.  

Best of luck.

1323939046_GBPUSD()H1.thumb.png.0bb4c3beb45ba5f4b9a164491b98b1a5.png

Link to comment

Ah,

 

To tight on the stop, i've risked 0.8% of portfolio, should go 2%, take 50% profit on 13156, problem with going £1/p am not able to reduce in the time of trade. Will learn :)

It will be my first journal note, will post it later,  

Now need to wait for long

Link to comment

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • General Statistics

    • Total Topics
      22,085
    • Total Posts
      92,933
    • Total Members
      42,475
    • Most Online
      7,522
      10/06/21 10:53

    Newest Member
    IPS Temp Admin
    Joined 06/10/22 15:40
  • Posts

    • Look ahead to 31/5/23: China PMI; France GDP; Germany CPI Economic data is key on Wednesday. It starts in Japan with retail sales, followed by Chinese PMI.  Jeremy Naylor | Analyst, London | Publication date: Tuesday 30 May 2023  IGTV’s Jeremy Naylor looks at the chances that the Chinese yuan will weaken further as it becomes more and more obvious that the recovery in China is further away than initially expected. Then in the eurozone we’re looking at the CAC 40 and DAX as growth and inflation data is released. The only corporate on the schedule is from stationers, WH Smith.          
    • Charting the Markets: 30 May FTSE 100 lower while DAX moves higher in early trading, and Dow looks to edge up following reports of debt ceiling deal. EUR/USD declining and USD/JPY holding firm, while GBP/USD begins to show signs of a higher low. Chris Beauchamp | Chief Market Analyst, London | Publication date: Tuesday 30 May 2023  Gold’s pullback slows down, while Brent crude turns lower and natural gas struggles to hold the 50-day MA.               This is here for you to catch up but if you have any ideas on markets or events you want us to relay to the TV team we’re more than happy to.
    • Artificial intelligence (AI) is the new big hot topic.  Jeremy Naylor | Analyst, London | Publication date: Tuesday 30 May 2023  After NVIDIA last week reported a massive earnings and revenue beat, the company is now building Israel's most powerful AI supercomputer. It will cost hundreds of millions of dollars, but the computational power proposal is astonishing. The system, called Israel-1, is expected to deliver the performance of up to eight exaflops of AI computing. One exaflop is a standard measure of performance for a supercomputer. Exa is short for quintillion, a 1 followed by 18 zeros, which means one exaflop has the ability to perform one billion-billion calculations per second. This proposal from NVIDIA is to build a computer which can perform eight times that amount of calculations per second. The report suggests that the system will be partly operational by the end of 2023. (Video Transcript) More good news for NVIDIA NVIDIA, the artificial intelligence (AI) specialist which makes semiconductors for computers, reported some stellar earnings last week, both earnings and revenues up, and the outlook extremely robust as a result of its association with artificial intelligence or AI chips. Yesterday, NVIDIA came out with some more news. It's announced it is building Israel's most powerful AI semi-computer and the numbers are astonishing. The system is called Israel-1. It's expected to deliver the performance of up to eight exaflops of AI computing. Now, what is an exaflop? Well, that's a good question. One exaflop has the ability to perform one billion-billion calculations per second. Now, the system will cost hundreds of millions of dollars and will be partly operational by the end of 2023. This will mean that Israel through this computer will be able to engage far quicker with AI computing and it will help extra elements. Share price chart Let's take a look at what's happening in NVIDIA stock as we speak all-sessions on the IG platform. This is early trade. We are very, very close to going to a new all-time high and I suspect we could well end up seeing this creep up, even as we speak. It is currently trading at $398.74. This is a candle here where you can see we've gone at the bottom and we're currently at the top. There are no sellers in this stock. And I predict that sometime today, we will see a new all-time record high. Last week, NVIDIA stock jumped more than 25%, or around about a quarter of its total value, on the back of its quarterly earnings. And you can see at the moment we are punching higher as we speak. So, NVIDIA very much the front and center of AI computing and it's benefiting this morning from that news in Israel.
×
×
  • Create New...