Jump to content

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.

Share this post


Link to post

@Dantro,

First of all you need to decide what type of trading do you want to conduct? Do you want to participate in day trading, scalping, trend following, momentum trading, swing trading, contrarian trading, etc. 

You need to do the following three things before you trade any more of your capital. 

  • Create a Trading Plan
  • Create a Trading Strategy
  • Create a Trading System

I repeat do not trade any more of your money until you have done the above three. To do the above three you will need to put the hours in (effort), have the desire / passion to apply yourself and then conduct some serious reading and research around this. Google is an easy place to start. You will then find references to reading material. This process takes as long as it takes. If it takes you three months or a year then so be it but make yourself a strong foundation to build upon. 

Try Googling why a trading plan, a trading strategy and a trading system are important. This will be an excellent place for you to start and then take it from there. 

  • Thanks 1

Share this post


Link to post

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...).
 

Share this post


Link to post
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.

 

Share this post


Link to post

@Dantro,

No problem.

Stick to one specific asset and master it. So for example one specific FX pair, one commodity or one major indices. Then just trade that specific asset, learn what makes it move and why it moves in a certain direction. Learn to identify trends and really master trading in that asset. Learn about volatility and how to set effective stop losses so that volatility does not stop you out when you are correct in the direction of the trend and right in the trading direction. 

  • Like 1

Share this post


Link to post

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

Share this post


Link to post

@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

Share this post


Link to post

@Dantro,

I agree with @Caseynotes in that when you start live use the smallest size the broker will allow. This makes sense. If your trade moves in your direction then you may wish to consider switching from stop loss to trailing stop. This is what I tend to do. Also if the trade move in your direction whether 'long' or 'short' then you may wish to increase your trade size depending on your risk management and capital allocation to each trade levels. 

The key is to spend plenty of time and effort in reading, acquiring knowledge and researching. Only then will you devise a trading plan, trading strategy and trading system like I have suggested in an earlier post. 

Even now with all the years I have been investing and trading I am still constantly learning and acquiring new knowledge. As an investor and trader this never stops. You can never know everything and you can never be an expert in anything. The thirst for knowledge will lead you to greater things. You must have the passion and enthusiasm along with the dedication and discipline (PEDD). A new acronym from TrendFollower! 😂

  • Great! 1

Share this post


Link to post

Join the conversation

You are posting as a guest. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
You are posting as a guest. If you have an account, please sign in.
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.


×
×