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TFC Commodity Trading Forum

Re: Andrew/ Tech stuff info
In Response To: Re: Andrew/ Tech stuff info ()

My opinions are just that nothing more. Opinions are like eyeballs. We all have a couple of them and think ours see better than the next guys. The problem is trading is like starting a business. What kind of trading is the question just like what kind of business. Once you decide on commodities or stocks or bonds or spread trading, ETF trading, currency trading or a multitude of other markets then you have to decide what time frame. Long term trend trading, short term trend trading, swing trading or day trading or scalping intraday. All totally different markets and techniques. Depends on who you are mentally and what suits your nature and how much time you have for it all. Just like all the businesses out there they are all different. A successful day trader may be a terrible long term trend trader and visa versa. You are already trading whether you realize it or not. If you are employed you have traded your personal freedom for 'perceived' financial security,benefits and comradery at work. If married you have traded your freedom for a life of companionship but also constant compromise. Everything you do every day is a trade for one thing over another. So you have to ask yourself just how good are you with your 'life trading'. That's a good guide for a start and should point out some warnings along with compliments and that will reflect in your financial trading as well. You are what you are. That Stockcharts.com site has a ton of value in it and cuts to the chase better than most books although you do need a grasp of the basic technicals. The John Murphy books will give you a guide for using technicals. Be sure to check out that site and look at as many charts as possible. The Chartschool tab has a lot of examples. Odds of success in trading is only about 10% as 90% of traders fail. Something else to think about too. Emotions will screw up your trading more than anything. Best you truly believe in what you are using or you will spook and ignore your own rules when it hits the fan and your trade is trashing you. Deciding how much you can lose 1st is far more important than figuring how much you can make and then using a stop loss that you have written down and will not change. The best loser is the best winner long term. Small loses and exiting bad positions has always stood the test of time instead of holding losing positions and praying. No one is listening! That is the biggest fault most have according to stats. You can start paper trading with charts and record the results but this is only a 1st step and educational on what works and what doesn't. It is not that accurate in profitability as without the real threat of loss and emotion most paper trades are successful on paper only but will eliminate some potentially costly trades and does educate you with chart trading etc. As far as newsletter go there are hundreds of them out there all saying something different as there are that many types of traders and markets. Find ones with good long term track records if you can for an overview of markets you are interested in. You don't have to trade short term either. Many people trade for "the rush" and get it whether they win or lose. That is just one more problem one may have to deal with. The best trade you can make right now is paying off all your credit card debts and any other debt you have. No financial business in the world can give you that rate of return 'guaranteed'. I've said this for years and even Jim Crammer said it on a show of his awhile back. These are what I believe are good basic ideas for everyone regardless of who you are. And always keep in mind there are no gurus out there. There never has been and never will be. It just seems that way for periods of time until they too lose their credibility. Your trading style will be as unique as what you chose for diner. And not being in a trade and just sitting in cash is also a position. Don't let your money burn a hole in your pocket. When in doubt stay out works. Trading for 'the rush' is common and costly.

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Andrew/ Tech stuff info *LINK*
Re: Andrew/ Tech stuff info
Re: Andrew/ Tech stuff info
Re: Andrew/ Tech stuff info