07-10-2016 07:24 PM
I thought as a member of this fantastic community, I will share some of my experience as a trader so that new traders don't end up making the same mistakes that I have made over the years.
Firstly, I am not a professional trader however, I have been doing this on and off for a few years now. I am sure there are other members in this community that have a lot more experience and can contribute to this thread. Like I have indicated previously this thread hopefully will help new beginners in making profits.
Okay, if you are reading this then I will assume that you have an IG account. This is one of the most important aspects of trading in my opinion. Having a good broker with an excellent trading platform. I have used many platforms previously and am happy to say that IG has met all my expectations and more. I need to point out that I am not an employee of IG. The fact of the matter is they offer a fantastic platform built for mobile and web. So naturally, the first point that I would make to a new trader is to find a reputable broker.
Secondly, in keeping with the theme of brokers, ensure that they have a demo account option. Lucky for us, IG wins on that front as well.
Now that you have your account opened, and funded, you are ready to trade? Not yet... This is one of the biggest mistakes that I made when first starting out. I was so eager to trade, that I ended up losing a good portion of my initial investment. If I could turn back the hands of time, I would of spent more time reading, reading, and more reading. There is so much of free information available on the Internet and YouTube that you have no excuse to learn what in fact CFDS are and, how they work. I wish someone had told me that before I thought I knew everything.
I am going to call this post one. If this is something you guys think I should continue updating then I will in instalments. Looking forward to your comments and opinions on this thread.
15-10-2016 06:52 AM
Hi Dash 1,
A great read my friend and some good advice you have here. You on the money by having a trusting broker as its hard enough to trade let alone. I got into this new adventure of trading and was hooked about a year ago. Its a strange funny out come but ended well with some persistence in my part. "Big mistake I got into binary option"!!! with a dodgy broker in cyprus I will not name them, but lets just say they want you to lose your cash!
Anyway long story short I got all my investment back and manage to get my trading volume up and beat the silly bonus rules to make a withdrawal and a quick exit from them!
So all good now.
So this got me thinking I have always wanting to try and play with the markets. So done some heavy research of who to use as a broker. Then I found IG and very impressed in the company and the platforms they offer. It was all about trust for me and I think I have found this. Now its time to learn to trade without distraction. My word so much to learn and the best way was to use the demo account which I have been using now for about 9 weeks...There is times where my trades have done very well I'm wishing it was real money and eager like you say to just go for it...? ...haha but I am taking my time to read read and learn the platforms etc before it all becomes real for me!
Up to date so far: I am day trader, price action, news events trading and now getting into indicators and charts studying, candle sticks, support & resistance. These tools has help me in many ways. Be great if you can share some good advice for a new trader like my self to make it real.
All the best Trev.
15-10-2016 07:01 PM
So let's get started with post 2.
So, now that we got our account funded and we have played with the demo, we can make our first trade. One of the rules that I try and stick by is try not to risk more then 5% of my capital on any trade. If you are trading with a small account like many of us new traders do then this is not very easy as we want to see the big money come poring in. Having a risk management Strategy is vital in this game. Just as you can make big profits you can loose big as well.
The next course of action that I should have undertaken was to find a trading group. This forum is a good example of that. Depending on which country you are from there are many good groups locally that can offer advice and opinions on a lot of the local stocks and shares is that you may want to trade. I have found that sometimes these groups have proven to be in valuable.
The next aspect of my trading is keeping an eye on economic calendars. We are rather fortunate on this one as, IG has a mobile app called IGTV. From what I can see, it is updated daily with all the economic news and company earnings for the week and the day. This resaws is free and you should make use of it.
I will update this further in post3
17-10-2016 09:25 PM
Ah thank you dash1 for your reply.
I am still on the learning curve of forex trading and getting used to the platform, about 9 weeks now.
I did look at the PRT charts,,,,,omg it was a bit scary so not quit ready for that as yet. So my next question if you can advise me?
Is it ok to trade on there classic platform? Some limited features on the normal charts like the drawing and lines and lack odf colours etc.
Do I need to get on the PRT before I put real money in or is the classic account ok to trade on? PRT looks great but so much more options and more to study it's a bit mind blowing at this stage.
[Yes Binary option] I can't believe I use to trade on expiry times! that's way to stressful, at least you can pull out of a trade when you wish.
I am still working on my demo account [21k up to date] good so far, however I am trading with no emotion so I guess this is why I am taking more risks and keeping positions open until I am in the profit.
Very good point on the low account to new traders, as this will be me when I put in real money in.
So now my trades will be much less on the pip, between 0.50 to £7...this I hope will make it real for me and getting prepared for RM.
Yes I live in the south east Kent. Trading groups sounds great that would be a great help, where can I get started on this? Economic news I do use to serve my trades. However when its positive it turns out negative and that can be miss leading and frustrating..
I get the morning call from IG to my email as I like the FTSE 100. but IG don't always get the prediction right. A crystal ball is what we need,,,haha.
Thanks for your time buddy.
17-10-2016 09:45 PM
I think prt is fantastic but you can also use the normal charts as well.
31-10-2016 08:16 PM
I am planning to fund my real acc soon....i am just wondering if R100 is not too little for margin requirements.
01-11-2016 09:05 AM
Please feel free to contact me on the private message and I can perhaps add you to our WhatsApp group.
01-11-2016 10:17 AM
Hi. So it’s time to give this thread an update. We covered a few aspects so far but, there is a bit to go! One of the major factors that see new traders blow out there accounts including myself, is revenge trading. You start the morning and start with a losing trade, you then take another one to try and make up for the first one and, that to, does not work out. You try the third time and again, bang account almost blown out.
You think you got one more shot at it and you have now smashed your entire account. We all have been there when we first started. Trust me, do not do this. You will just become stressed out and extremely frustrated. Develop a strategy. Set yourself targets. Say to yourself, I am taking 2 or 3 trades for the day and that is that. If they work then good for you but, if they fall apart then stop and sit on the side lines for a bit. Do not revenge trade. In the long term it just does not work.
Well, the worst is when you are on a losing trade and you close out only to find the price rocket just after you leave. The general thing that new traders do is to jump back in only for the price to fall again. Like I said do not revenge trade.
Something ells for new traders to apply is a strict stop loss. If the target hits the stop loss then stop. Another serious mistake that new traders make is they keep on moving the stop loss as they have a belief that, “if I hold it a little longer it will bounce” Don’t do that!!!! Stop losses are there for a reason.
IG offers a great trailing Stop loss feature use it. You can lock in profits with it. That’s all for to day
04-11-2016 06:09 PM
Best way to "stay out of trouble" is to go with brokers who are regulated by "FCA" (UK).
You will find none of the so-called Cyprus brigade are!
So stay well clear of them!