Jump to content

Trading Advice


Recommended Posts

Apologies if this is in the wrong section....

Looking for recommendations on courses/tutoring etc to learn trading basics, I’ve been reading loads, watching numerous videos, YouTube anything and everything basically and all I’ve managed to do is lose 15k in 3 months!

Unfortunately my pockets aren’t bottomless and I would like to try and start earning some of that back, I do seem to do ok then all of sudden it’s gone and back down well beyond what I started on.

Any pointers as to where to look with a more interactive teaching would be very much appreciated.

Link to comment

In addition to everything @TrendFollower suggested, I suggest keeping a detailed trading journal of all your trades. In particular keep notes of why you entered a position, when you expect to exit the position, and your reasoning for any stop loss/take profit that you have defined.

Keep the journal updated as the market moves and review how your trades have performed and try to figure out why some lost and others were winners. Hopefully over time this will help you gain valuable understanding of how and why you trade the way you do, and ultimately help you become more profitable.

If anything it should help prevent those "revenge" trades which are so tempting after a loss (speaking from experience here...).
 

Link to comment
52 minutes ago, andysinclair said:

In addition to everything @TrendFollower suggested, I suggest keeping a detailed trading journal of all your trades. In particular keep notes of why you entered a position, when you expect to exit the position, and your reasoning for any stop loss/take profit that you have defined.

Keep the journal updated as the market moves and review how your trades have performed and try to figure out why some lost and others were winners. Hopefully over time this will help you gain valuable understanding of how and why you trade the way you do, and ultimately help you become more profitable.

If anything it should help prevent those "revenge" trades which are so tempting after a loss (speaking from experience here...).
 

Yes I know those too well!!

Back to square one I think for me. Thanks for the pointers again @TrendFollower and thanks @andysinclair.

 

Link to comment

I would add watch so many charts that at some poi t the patterns will start to be self evident and the behaviour of the price will be less unpredictable.

Commit little money but master your system at every trade.

Embrace the power of timeframes 😀

  • Like 1
Link to comment

@Dantro,  if you are looking for a mentor you will need to do a lot of research to find one who's approach is compatible with your own.

For a good free study course with videos this is one of the better ones;

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

Find one strategy that suits your approach and practice it over and over until you get good at it and only come off demo when you are convinced it has a good chance of not failing.

When you start live trading start with the smallest size the broker will allow with a view to building up as you get more confidant.

Failure at any stage means going back to devise a new strategy and practice on demo.    

  • Like 1
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
      20,078
    • Total Posts
      88,136
    • Total Members
      69,067
    • Most Online
      7,522
      10/06/21 10:53

    Newest Member
    Pakhrin
    Joined 03/10/22 10:28
  • Posts

    • Bitcoin Q4 2022 Fundamental Forecast: It’s Still One Trade All things considered, 3Q’22 wasn’t that bad for cryptocurrency markets and Bitcoin prices in particular, which fell by around -4.5% over the past three months.   Bitcoin Q4 2022 Technical Forecast: Lower Before Higher The outlook for BTC/USD this coming quarter to put simply is, lower before higher. As it currently stands there is the dollar and everything else, meaning that as the dollar propels higher just about everything else suffers, except volatility.  
    • Oil Q4 2022 Fundamental Forecast: WTI May Fall as Growth Slows, Russia and Ukraine Conflict Evolves Crude oil prices may fall as slowing global growth erodes demand while the evolution of the conflict between Russia and Ukraine offers hope for easing geopolitical supply risks.   Oil Q4 2022 Technical Forecast: WTI Breakdown Underway Crude oil prices plunged a staggering 25% in the third quarter as WTI fell towards its yearly lows in late September.  
    • Gold Q4 2022 Fundamental Forecast: The Storm May Get Worse Before It Gets Better Gold prices suffered heavy losses during the third quarter, pressured by rising real yields and a strong U.S. dollar. The fourth quarter may also be challenging for the precious metal.   Gold Q4 2022 Technical Forecast: Outlook in Limbo, Watch Dollar and Stocks The gold (XAU/USD) outlook for the coming quarter is a tricky one. At the time of this writing, it is sitting on a major level of support around the 1670 line.  
×
×
  • Create New...