Help Please!

Discussion in 'Professional Trading' started by VERTIGO, Apr 12, 2006.



    OK - Let me start by giving you my background. I have a solid degree in economics and an MSc in financial markets. After graduation I became an interbank dealer and I live in London.

    I have recently decided to actively trade (mostly through spreadbetting websites) and I have been relatively lucky at it. I transferred around 3K to my account and now I have 5K in it (after a week and a half of trading). All my trades so far have been based on gut feel and fundamentals (I am mostly trading the FTSE, SA TOP40, Nikkei and oil - I am currently sitting on a huge short oil position btw). I just now started reading technical indicators and I know that I am taking way too much risk on my trades. My exposure is sometimes massive allowing my to lose up to 35% of my capital. I do place stops but in a subjective manner and I often move them back (like I have been doing with oil lately due to conviction that crude prices won't go above 71 and nothing will happen out of Iran in the short term). I know what you are thinking...this is all a recipe for complete DISASTER and that is why I am posting this thread. I need help!

    Firstly, I might be wrong but am not convinced that spreadbetting accounts are the best way for one with relatively low capital to trade. I would like your opinions on trading platforms. Should I stick to spreadbetting for now or switch into a broker or CFDs?

    I also know that I need some STRUCTURE into my trading....maybe some in/out rules to follow. Like I said, I have started reading TA books but my problem is I dont know where to get the intraday/daily price data from...and I dont know a good TA software to use. If you guys were starting out today, what software would you recommend? I also have no money management/risk strategy.

    I thought of signing up for the international traders programme or another programme they have here called trader's university with greg secker but I am somewhat skeptical. Do you recommend these or any other courses ?

    Please help and thanks a bunch in advance. As for tomorrow, lets hope I get another break from the markets and we see a decline in crude prices....
  2. dont give up your day job.
  3. Cheese


    Vertigo, it doesn't seem you're a suitable candidate to be an independent trader.
    Forget it.
  4. if u have a spreadbettin' or a cfds acct i recommend to close it fast...fsa has no authority in uk and those brokers are subject to little or no regulations. im talkin' 'bout first hand experience with sb'n'cfds and one dealer not only screw most of me trades but also tried to defraud me acct by addin' transactions that never took place...thankfully was tradin' on credit and had no deposit so they won't get me money but if i had cash tied with them i would have been pretty much screwed up'n'hopeless.

    ib is da way to go..maybe da best broker for execution speed, commish and professional attitude; if i was u i wouldn't hesitate to close me acct with those crooks and open a new 1 with ib.
  5. 3K-5K after 10 days on FTSE and you can take loss of 35% YES YOU NEED HELP ,

    I must say people like you do add a little spice on a dull day , Dont try to kid a kidder on this site , We will rip you a new ass,,capich......
  6. Quark


    V, the markets can and will do anything, regardless of your conviction. Cash out while you still have some capital, start reading and after you have at least some idea of what you've gotten yourself into, maybe give trading a try with a "real" broker. Oh, and be prepared to lose money.
  7. danoXP


    This (first) post has got to be a prank. A little late for April fools.
  8. Its a tough game.... what school did you graduate from again ?

    If you have to come here for that sort of info you're going to have some kind of troubles ahead-

    Don't make impulsive trades - practice ignoring the itch to trade, even letting good trades go by just to say you've mastered your own emotions and resisted. In the process you will have learned to stay out of some bad trades as well.

    Be stubborn , insist that the trade set ups are near perfect once you come up with a method (which you should come up with yourself after months of study and frequent adjustments)

    being some kind of economics graduate , i assume at least an associate degree, you should know what drives energy prices.

    focus on one market at first- become familiar with a market and its intermarket relationships before trading it .

    best of wishes to you
  9. If you need help and I think you do, do NOT use Greg Secker. I know of him, and have experienced his modus operandi and I can tell you, IMHO, that you will NOT get good value for money.

    I could say more, a lot more, but won't.
  10. Bigplans


    Hi Ken,
    I have been looking for stuff on the Traders University here and on Trade 2 Win (where the thread appears to have been removed) and was wondering what makes you feel so vehemently against them.
    I am a recent trainee from the weekend course and have not been unhappy with what I have received in training so far.

    #10     Jul 24, 2006