Hello from the UK

Hello all,

I’m Chris from the UK, and a recent graduate of the School Of Pipsology. I just wanted to introduce myself and praise the incredible resources on this website; both the School and the Blogs on this website offer a great wealth of information. I would recommend both resources to anyone reading this who hasn’t yet used them.

So from here i guess it’s finding a trading style, creating a trading plan/strategy and back testing strategies before opening a demo account. Any further advice on where to go from here is welcome.

Many thanks,

CSB90.

:slight_smile:

Welcome to the forum, Chris :cool:

Indeed - exactly so.

Finding that takes a bit of experience, of course, and can depend on a range of variables.

“[B][U]Before[/U][/B]” is definitely right: [I]don’t[/I] try to do the two/three things at the same time, as some people do!

If these help …

This was how I learned.

These were my most reliable and helpful information-sources.

And these are the five classic mistakes which all successful traders must eventually learn to avoid, in my opinion.

Good luck!

Lexys,

Many thanks for welcoming me and the advice -especially the information sources. “Trading the Ross Hook” sounds interesting and looks like it could be a starting point.

If you don’t mind i have a question related to the development of a trading strategy.
From your experience would a typical trader have a single mechanical system/method that they repeated over and over, refining it to achieve success over time. Or could it also be accepted to have multiple strategies dependant on market conditions? (i.e. one strategy for when the market is trending and say another strategy for if the market is ranging for example).

Any feedback would be greatly appreciated.

CSB90

I had read a few others before that (which doesn’t necessarily mean that you should, too), but it’s definitely good. Old-fashioned (that’s often a plus, actually) but good.

It’s all based around a very promising principle: buying the small dips in a real uptrend and selling the small rallies in a real downtrend, because these are “improved-opportunity entries” with their odds slightly in your favour before you start. :cool:

Some …

Some would have a few, rather than one.

Some are what they’d call “purely discretionary”, though those are overall probably much more experienced traders. And sometimes what people [U]call[/U] “discretion” is more “pattern recognition”, really, and actually not quite as non-mechanical as they claim!

I don’t know the proportions.

Yes, definitely.

But that’s harder.

“One for when the market’s trending, and the same one in another market that’s trending when the first market isn’t” is probably [I][U]much[/U][/I] easier, overall, for most people, most of the time. :wink:

It [I]is[/I] possible to trade ranging markets, though, and one of my trade-types does so. Only pretty clearcut ranges, though, and I trade [I]only[/I] apparent reversals at the tops and bottoms of the well-defined range, [I]and[/I] even so with a little more risk than most of my trading.

Hello there,

Glad to see a fellow UK chappie also joined up recently. Hope you make some good dosh!

Many thanks for taking the time to reply and clear that question up. It’s nice to find someone willing to help out newbies in an industry which, by the sounds of things has a reputation for being marred by bogus or untrustworthy education.
:slight_smile: