Trendfriend wrote:
I only saw a little bit of one of the episodes and there was no mention of money management but talk of people making it rich from trading at home. I haven't see the rest yet but I found that part of the show pretty irresponsible and could make people believe it's easy.

My experience as some on here know is you could be the best technical trader there is but if you find it hard to a take a small loss on a trade then you will struggle. All the best.

Hi rich
some good advice given below..
Paper trade, thats the only way to really learn.
Money management is the key to winning thou. This will be the most important factor. This is what brings down 90% of traders...Simple rule to follow is the 2% rule..Never lose more than 2% of your trading capital on one trade. If you do then trading is not for you...simple really..Go to the learning section above and read more about this..
welcome to chartsview

Hi Richb
Just come across this site, after seeing your post yesterday I thought I'd post it for you:
www.stock-trading-infocentre.com/day-trading-psychology.html

Good luck
Ocean10

Thanks for all the feedback guys ...

I did watch that program which kind of inspired me ...

I plan to see how I go on over the next 6 months with dummy trades one thing for sure it does interest me a lot ...

What software do you guys use ? I recall Updata being recommended by remo a few years ago is MetaStock the one to go for these days ?

Week 1 - 3 dummy trades so far 100% success

Legal and General bought at support 236 - sold when it gapped up this morning at 241.5
Prudential bought at support 1404 - sold around reistance at 1444 huge gap up this morning
johnson and johnson bought at support 104.57 - sold around resitance 104.57

ps

Remo I love the website I know it was a long time in the planning but well worth it ..

www.bbc.co.uk/iplayer/episode/b04j525k/t...the-minute-episode-1

This topic reminded me of the above documentary i came across on the bbc iplayer yesterday.
All about trading and traders, worth watching imo.

Regards,
Trendfriend.

Hi Rich,
Good advice from the experts like WS below (he is definitely one to pay heed to). Don't presume that because people are on here and posting reglarly that they are full time traders. I suspect, like myself, the majority are 'keen amateurs' who have a full time job but maybe have the flexibility to trade during the day anyway.

It would be an interesting poll to see how many full time traders there are on CV in fact (apart from remo of course!) - maybe remo can make up a poll on here.

Best of luck and don't jump out of your regular income (boring as it may be) until you are sure you can make this work.. Maybe better to find another job which pays you but which allows you the time to trade as well, then you would have the best of both worlds in terms of security.

before you jack in in your job, dummy trade for at least 6/12 months, my personal experience, i went in had a good few trades and thought this game was easy, well in the end i got whipped and for months observed the market, charts, indicators, behaviour, psychology and general study......then once results stated to go my way... i started trading good n proper...

1. Understand the markets you want to trade, understand the external factors that can influence them
2. study and observe a stock (S) you want to trade, again behaviour.
4. establish how you want to trade - i.e time, you want to scalp, you want to day trade, understand short, medium and long term strategies by looking at each timeframe etc.
3. understand Price, how it reacts to key level by identifying support and resistance
4. understand the trend
5. Dont be greedy, aim is to make coin, establish a profit/exit point keep banking
6 understand risk and exposure, use stops and trail them to protect you position.
7. Be disciplined

Cheers and all the best

Regards, WS

Hi Richb,

Welcome to ChartsView!

It is a big transition but it looks like you are doing the right things. Build up your knowledge, look at our learn to trade section there are some great resources there. Charting packages can help also for accuracy, if you want to test one out there is a offer for a free month of MetaStock under trading software.

Its good you have got a demo account, practice the trades on that and if you have any questions about trades feel free to ask members on here or in the live chat area. Just keep at it as they say trading takes time and is more of a marathon then a sprint.

Good luck

Hello Folks...

I hope your all well ... I was around back in the day on chartsview on iii however didn't contribute a great deal although I tried at times ... I was more insterested to learn to see how the gurus did it ...

I'm stuck in a root in IT worrld which I have been for 20 years and I'm itching to get out and I'm really interested in becoming a trader from home like I guess many of you guys do.

Has anyone got any advice on making the transition ? anyone made the similar transition and can advice me on how they went about it etc ?

I've got a reasonable understanding of charts i.e. Support, resistances, trading ranges, breakouts, Fibs, trendlines, candle sticks, a few indicators and maybe a bit more in my locker that I cant think of right now ...

So far I've just been spending hours at night looking at many stocks and picking supports and resitances to start with... I've set myself up a dumo account on city index and I've just kicked off a few trades to see how I would actucally fair in the real world abeit its dummy money so not quite real world I'm planning on doing this for a few months to see how I would fair ...

I'm under no illusitons its easy by no means and I expect it to be, I guess its very hard going when you first start out ..

Any advice would be appreciated..

Thanks

Rich