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Where do I start???!!!


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Where do I start???!!!

  #1 (permalink)
birkmann3
Cork + cork/Ireland
 
Posts: 5 since Feb 2014
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Hi guys and girls,
Im a complete newbie and managed to watch my account go from €2000 to €300 in minutes. I was using a platform called 24option, 1 minute candlesticks combined with rsi and Bollinger bands. I realize now I have a lot to learn but I was wondering if anybody could advise me as to whether or not im going in the complete wrong direction or what?

Any advice at all would be great, thanks.

Muiris

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  #3 (permalink)
 
Balanar's Avatar
 Balanar 
Germany
 
Experience: Advanced
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birkmann3 View Post
Hi guys and girls,
Im a complete newbie and managed to watch my account go from €2000 to €300 in minutes. I was using a platform called 24option, 1 minute candlesticks combined with rsi and Bollinger bands. I realize now I have a lot to learn but I was wondering if anybody could advise me as to whether or not im going in the complete wrong direction or what?

Any advice at all would be great, thanks.

Muiris

Here is one advice.

Take one step back and switch to sim mode.

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  #4 (permalink)
 
DarkPoolTrading's Avatar
 DarkPoolTrading   is a Vendor
 
Posts: 1,036 since May 2012
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Hi,

A few good places to start are:

Watch this:

Read this from beginning to end. It will take a long time to read, but will save you a huge amount of time if you really take the time to learn from the questions/answers in the thread:

Good luck.

Diversification is the only free lunch
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  #5 (permalink)
birkmann3
Cork + cork/Ireland
 
Posts: 5 since Feb 2014
Thanks Given: 2
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Balanar View Post
Here is one advice.

Take one step back and switch to sim mode.


thanks Balanar....but that's where I started....that was going fine and profitable...as soon as I hit the real cash it all fell apart.

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  #6 (permalink)
 
Balanar's Avatar
 Balanar 
Germany
 
Experience: Advanced
Platform: NinjaTrader
Broker: NTB / Continuum
Trading: FDAX and CL
Posts: 396 since Jan 2013
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birkmann3 View Post
thanks Balanar....but that's where I started....that was going fine and profitable...as soon as I hit the real cash it all fell apart.

Are you using a trading journal?

Maybe you did not stick to your plan due to lack of discipline.

Maybe your emotions caused that we do not know.

You need to ask yourself these questions.

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  #7 (permalink)
 
Fadi's Avatar
 Fadi 
Luxembourg
 
Experience: Advanced
Platform: NinjaTrader
Broker: IB / Kinetick
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Start here: School of Pipsology | Learn Forex Trading
It is all free, and the best online education you can get on the subject.

Although they are focused on FOREX, all what you learn there can be applied to reading the price charts of any financial instrument: equities, futures, forex, etc...

Take your time to go through the entire school, and use your SIM account to practice in the meanwhile.
Once you are ready, and that's after months and months of practice, perhaps even years; you go back to your LIVE trading account, top it up to €5,000 or so if possible, and take it from there - You shall be able to recuperate your €1,700 by then in roughly 6 months to a year.

Good Luck
Fadi

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  #8 (permalink)
birkmann3
Cork + cork/Ireland
 
Posts: 5 since Feb 2014
Thanks Given: 2
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Balanar View Post
Are you using a trading journal?

Maybe you did not stick to your plan due to lack of discipline.

Maybe your emotions caused that we do not know.

You need to ask yourself these questions.

Yeah, I definitely get more worked up with real money but I am keeping a journal and sticking to the strategy. I just seem to be chasing more often than not.....and this eats into the money management side of things. do you think I am using the right tools?

thanks,

m

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  #9 (permalink)
 
Balanar's Avatar
 Balanar 
Germany
 
Experience: Advanced
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birkmann3 View Post
Yeah, I definitely get more worked up with real money but I am keeping a journal and sticking to the strategy. I just seem to be chasing more often than not.....and this eats into the money management side of things. do you think I am using the right tools?

thanks,

m

There is no right or wrong.

One has to find his own strategy, broker, chart software and so on.

Check Big Mike's Webinar about first steps that is already posted here.

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  #10 (permalink)
 
Big Mike's Avatar
 Big Mike 
Manta, Ecuador
Site Administrator
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birkmann3 View Post
wondering if anybody could advise me as to whether or not im going in the complete wrong direction or what?

I would say so.

As already posted, watch the Where to Start webinar.

Also, read every post made here:


I believe it should be incredibly obvious to most anyone after that where most traders fail and why, and then you can make sure you are on a different path.

Mike

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