Aaron137

Dr. Elder mentions the triple screen method - look at the longer timeframes to work out direction and use shorter timeframes for entries and exits in the direction of the trend based on price action. It basically confirms that once you've figured out the direction of the trend, use prices for entry - trailing sell or buy-stops on shorter timeframes. I believe it confirms what every successful trader ultimately uses - prices. Up until early december I was using indicators to try and figure out what was going on. Then I realised that the only indicator that really mattered was price. The currency I trade at the moment is GBPUSD. Keeping an eye on gold. Haven't been successful with oil so I leave it alone - good to look at, not to trade (for me anyway). With regard to hedging, and to reduce risk, I try to look for markets which are not correlated.

Hi charles1, What are you favorite chapters of The new market wizards? Some of the books I've read or re-read lately: 1. Alexander Elder - Trading for a living, and Come into my trading room. 2. Trade your way to financial freedom. 3. Reminiscience of a stock operator.

I have heard the same thing - you need x amount to start trading. When starting out the maximum amount I wanted to lose was $100 and was risking about 10% each trade with a reward of about 2:1. Went on to triple my bank in 2 weeks and lost it. I think that was the most upsetting loss I had because I had not the discipline to follow the game plan. What no book can really teach you is discipline. The loss damaged my ego more than anything - having a plan and not sticking to it is what did the damage. Having a plan and discipline is the hardest part of the game - sometimes I think it would be easier to have someone looking over my shoulder and checking on whether I'm following the game plan. I think what demo trading can really do though, is help you identify your win / loss ratio, reward / risk, help with money management, know what edge you have, and more importantly tracking whether you are following your trading plan.

I'd go Nano if you can - I think you can open one with $25.

I started trading with $100 using a micro account. You can do it for less. Demo trade is a good way to start, although there is no emotional attachment to the risk of virtual money. If you cannot afford to lose less than $100 study charts and demo trade.