MoneyTec Traders Community Forum - View Single Post

txtrader · 26-01-2005, 12:24

You know exactly where I'm at - I knew someone out there knew what I was going through!

I opened my demo account on Jan 7, started trading on Jan 13 and quickly learned that I had no clue what I was doing.

I've been looking since then for info that will help me learn what do to - I mean the basics of what are pivot points and how are they used? How do I really read the bol lines? where are my moving averages? How do I use those to determine my exit points? So many questions that I need answers to - but the easiest way for me to learn is by hands on doing. Thank goodness for demo accounts.

But I've done exactly what you outlined in your post - 1, 2, and I've made it to 3 - now it's time to document what my plan really is - how will I trade in the beginning, what do I expect over the next xx week? what are the goals? are they reasonable? How do I manage my money? what is my risk level? (low, lower, lowest!).

I just told myself today - 1) discipline - gotta have that in order to leave the trade alone long enough for it to go with the trend (trade the trend!) - 2) money management - as I said before, since it's not cash, I didn't worry too much in the beginning about managing the money - now it's time to turn that around and manage the money before placing the trade 3) know my risk level (low, low, low right now) 4) document the plan! I haven't done that yet, but in order to be a success, I've got to have that document.

I still want to read everything I can get my hands on, just for different perspectives, but more for listening to those who know who can guide me - knowing they can't make the decisions.

And I realize it's not an overnight, get rich quick ticket. I've been told I can treat it like a hobby, but not to depend on trading as a way to make a living - but that's my goal. If I have to start with a mini account (which I will since I don't have the capital to fund a regular account), so be it -- as long as my pip gain is reasonable, it won't take long to open the regular account.

Thanks again for the post!

26-01-2005, 12:24	#14
txtrader level 1 Join Date: Jan 2005 Posts: 7 Downloads: 0 Uploads: 0 Rep Power: 0	You know exactly where I'm at - I knew someone out there knew what I was going through! I opened my demo account on Jan 7, started trading on Jan 13 and quickly learned that I had no clue what I was doing. I've been looking since then for info that will help me learn what do to - I mean the basics of what are pivot points and how are they used? How do I really read the bol lines? where are my moving averages? How do I use those to determine my exit points? So many questions that I need answers to - but the easiest way for me to learn is by hands on doing. Thank goodness for demo accounts. But I've done exactly what you outlined in your post - 1, 2, and I've made it to 3 - now it's time to document what my plan really is - how will I trade in the beginning, what do I expect over the next xx week? what are the goals? are they reasonable? How do I manage my money? what is my risk level? (low, lower, lowest!). I just told myself today - 1) discipline - gotta have that in order to leave the trade alone long enough for it to go with the trend (trade the trend!) - 2) money management - as I said before, since it's not cash, I didn't worry too much in the beginning about managing the money - now it's time to turn that around and manage the money before placing the trade 3) know my risk level (low, low, low right now) 4) document the plan! I haven't done that yet, but in order to be a success, I've got to have that document. I still want to read everything I can get my hands on, just for different perspectives, but more for listening to those who know who can guide me - knowing they can't make the decisions. And I realize it's not an overnight, get rich quick ticket. I've been told I can treat it like a hobby, but not to depend on trading as a way to make a living - but that's my goal. If I have to start with a mini account (which I will since I don't have the capital to fund a regular account), so be it -- as long as my pip gain is reasonable, it won't take long to open the regular account. Thanks again for the post!