Trading Advice

[Dantro]

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.

[andysinclair]

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...).
 

[Dantro]

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.

 

[Bradipo]

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 😀

[Caseynotes]

@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.