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I played the (stock) markets today, and only lost £7.50, not too shabby? watch

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    I have lost £20 now altogether...
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    (Original post by john2054)
    I played the (stock) markets today, and only lost £7.50, not too shabby?

    I was actually down £10 right away because of a bad deal i made, so then i tried to get some of this back.

    I was actually down around £13/14 at one point, but made some good money on a buy of the pound against the dollar, and sold when the pound was strong, then again with gold, meaning that i only lost £7.50 altogether. I think that this is quite good going huh? For someone who has never traded before i mean??
    Did you use the school of philosophy on babypips before making your trade ?

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    (Original post by nerdling_CompSci)
    Did you use the school of philosophy on babypips before making your trade ?

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    i just used an online trading website.
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    (Original post by john2054)
    i just used an online trading website.
    Im learning trade too but unlike you, I'm taking my time (5 months, recommended) to start opening an account

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    (Original post by nerdling_CompSci)
    Im learning trade too but unlike you, I'm taking my time (5 months, recommended) to start opening an account

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    good idea
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    (Original post by john2054)
    I have lost £20 now altogether...
    (Original post by nerdling_CompSci)
    Im learning trade too but unlike you, I'm taking my time (5 months, recommended) to start opening an account

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    That's a good idea, take your time. Rushing into the market can really screw you over lol. Trust me, I've learnt that from experience. I started trading with real money like only 2 months after using a demo account and within the 1st week of trading with real money, I lost about 70% of my trading capital. It took me bloody ages just to break even.

    The 2 most important factors for successful trading are:

    1. Discipline i.e.: sticking to a system whether it's trend following, swing trading, momentum, renko bars.......... or whatever you prefer.
    Don't just go on gut instinct or because it "feels right".

    2. Money management - never risk more than 1% to 2% of your total capital on any one trade. So if you've got £100, the maximum you should lose if you're wrong about a trade is between £1 - £2. Find a broker that allows you to trade using small position sizes - e.g.: FXCM allows you to trade at just 7p per point/pip.


    My trading mentor said that the best indicator to work out how long it will take you to become proficient in trading is to look at how long it took you to learn to drive.
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    With fees of £5-10 a trade that £100 won't last long.
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    (Original post by The1AndOnly1)
    I made my money by trading forex, stocks and commodities hurt my capital really badly hence why I only trade forex now.

    It's the best way to make your money, this is because unlike companies, Which are affected by factors like CEO resigning etc, majors and minors base their price solely on how many people are buying that major/minor and at what volume. A lot of people buy it, goes up. A lot of people sell it, goes down, thus allowing the more experienced to make a fair deal of money on major/minor prices as shown in that previous picture of my trades. Unless there are issues like Brexit which cause huge uncertainty leading to my unfortunate loss, but remember if Britain remained, I would have made upwards of £18,000.

    However if you still want to trade stocks, maybe if you are looking to become an investment banker and want to increase job prospects, either do a "Buffet" where you learn where the company wants to be in five years, if common sense tells you it's likely to get there, and then buy the most likely, undervalued stock. However this involves extensive research into a company and needs long term investments. If your lazy, then just follow the moves Buffet makes... By reading this news. But be prepared to stay solid on the stock, even when it can fall rapidly, if it does BUY MORE!

    Or have a look at the Fibonacci method, play this right and you definitely won't regret it.

    BTW, been trading since I was 14 so I'd like to think I have some decent experience...




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    Is the Fibonacci only used to calculate support levels, so you can enter the trade there or resistance levels too?
    Learning how to trade forex and a tad confused by fib
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    (Original post by Duncan2012)
    With fees of £5-10 a trade that £100 won't last long.
    I think he's trading using CFDs (derivatives) so he's not actually purchasing the stocks themselves but "betting" on the prices and what way they will go.

    Which means the fees are actually built into the spread between buy/sell that the broker offers.
    Although, some brokers are NASTY pieces of work and the aftermath of Brexit revealed that, where the spreads between buy and sell prices just widened to ridiculous amounts.
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    (Original post by Duncan2012)
    With fees of £5-10 a trade that £100 won't last long.
    One of the good things about using the platform that i am at the moment, is that it doesn't charge fees per trade, but the fees are built in to the system, and when you buy the fund. So I have only lost £20, with £80 remaining. But it is easy to get carried away. I think that it is luck mostly.
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    (Original post by glebp)
    Is the Fibonacci only used to calculate support levels, so you can enter the trade there or resistance levels too?
    Learning how to trade forex and a tad confused by fib
    Yes, fibonacci can be used to calculate resistance levels too.
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    i had one nasty experience with bitcoin where the price to buy was grossly overinflated, and ended up losing me £10 in a single trade!?
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    (Original post by nucdev)
    I think he's trading using CFDs (derivatives) so he's not actually purchasing the stocks themselves but "betting" on the prices and what way they will go.

    Which means the fees are actually built into the spread between buy/sell that the broker offers.
    Although, some brokers are NASTY pieces of work and the aftermath of Brexit revealed that, where the spreads between buy and sell prices just widened to ridiculous amounts.
    I've not used CFDs myself - am I right in thinking his potential losses are unlimited?
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    (Original post by Duncan2012)
    I've not used CFDs myself - am I right in thinking his potential losses are unlimited?
    I could use stop losses, but generally speaking i keep an eye on the bets, and pull them if they seem to be losing too much.

    This is small change really, but i don't want to put any more money up, until i have a better feel for the system. Not to mention that most trading is done by robots (literally computers) i think!
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    (Original post by nucdev)
    Yes, fibonacci can be used to calculate resistance levels too.
    How would you identify whether it's a support or resistance?
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    (Original post by The1AndOnly1)
    I lost £12,000 when I thought UK would remain... Ouch.... Attachment 557475


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    No offence but fundamentals tell you to consider the next best option in this case coz' the first has 50% chance of success. Plus while sometimes you should move on your own, you didn't see large investors betting as expected. Politics screws markets hard.
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    (Original post by nucdev)
    That's a good idea, take your time. Rushing into the market can really screw you over lol. Trust me, I've learnt that from experience. I started trading with real money like only 2 months after using a demo account and within the 1st week of trading with real money, I lost about 70% of my trading capital. It took me bloody ages just to break even.

    The 2 most important factors for successful trading are:

    1. Discipline i.e.: sticking to a system whether it's trend following, swing trading, momentum, renko bars.......... or whatever you prefer.
    Don't just go on gut instinct or because it "feels right".

    2. Money management - never risk more than 1% to 2% of your total capital on any one trade. So if you've got £100, the maximum you should lose if you're wrong about a trade is between £1 - £2. Find a broker that allows you to trade using small position sizes - e.g.: FXCM allows you to trade at just 7p per point/pip.


    My trading mentor said that the best indicator to work out how long it will take you to become proficient in trading is to look at how long it took you to learn to drive.
    You know alot about forex, don't you.

    2 months ? Lol thats little time man. Guess you were in crises and in hurry to become rich

    Patience is hard in forex trade, especially when you think you know everything! Or when u just cant wait to make money... but u just have to be patient.


    Do you by any chance use babypips.com ?

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    (Original post by glebp)
    How would you identify whether it's a support or resistance?
    It's been a while so I may be rusty but it's all in the (bamboo/Japanese) graph. It's on baby pips and I can't dig up my notes rn.
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    i just broke even on the virtual account on etoro, up a few quid even. I will put some real money on it, when my next money comes through!
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    I opened a 10k practice account on trading 212 and so far made 35.84.
    If only I'd opened my own £100 account I could have earned a few pennies. lol
 
 
 
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