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Derutrade

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Everything posted by Derutrade

  1. Derutrade
    Hi Suzie Q Pretty new myself here, but I can at least answer one of your questions. 1. This depends on what you intend to trade. I think that spot forex is your best bet, as can trade it with the only commission being the spread at some brokers. High commissions will kill your daytrading with a small account, so I'd suggest looking for a good broker offering that. I'm thinking about using Oanda myself. They let you demo test their platforms as long as you want, so they're great for that if nothing else. Hope that helps a bit!
  2. Derutrade
    @pa18: Good advice, thanks. I realize that demo trading doesn't provide the same experience as live trading, but I do want to get some experience with my trade plan before starting with real money. My actual plan is this: 1. Demo trade until comfortable with trade plan and able to turn a profit. Do this for a couple of months. (I'm here now) 2. Fund a live account with a small amount of money (amount to be determined) and trade that for a while. 3. Get excited about positive results, deposit a larger amount of money into my account. 4. Losses! 5. Oh no, lets get that extra money out of my account and go back to step two. 6. ?? 7. Trading god! Okay, maybe not step 3-5. When I start off with the small live account I'm planning to slowly build it up. If I cant do that, then I guess I'll have an even smaller account left. Plan doesn't change, I'll just have to build that smaller account up. I'll only ever consider depositing more money into my account if I can show myself consistent long term profitability. Perhaps I'm a glutton for punishment. If I fail, then I'll have to work harder to get that account to where it was and beyond. :crap: @Do or Die: My current plan is to trade spot forex, mainly because of the 24 hour markets and the fact that you can trade obscenely small accounts without paying high commissions. I have traded some stock in the past without keeping a trading journal. I thought I was making money. I wasn't. I guess 'hm, price looks low, I should buy' is not a perfect trade plan... :doh: I was not happy when going through my old trades and calculating the results of my trades over the year. On the plus side, I was much less agitated than I thought I would've been, nor was I extra afraid to take trades afterwards. That should be a good thing, right?
  3. Derutrade
    Hello everyone, I'm a newbie trader dealing with a double edged psychological sword. I like to prepare myself overly well, which causes me to not take any action until I feel ready. This has held me back from even properly demo trading because I wanted to find a method that works for me. The positive side of it is that I'm not inclined to jump into live trading to soon and that the worst rookie trader mistakes will not easily be made by me. The negative side of it is that you can't find a method that works for you if you don't trade it. Anyway, I do believe I have found something I'm willing to run with - using supply and demand levels on indicator free charts. I'm confident that this will help me learn to gauge price action much faster than if I were to run with indicators. Determining where the strong supply and demand areas lie is a challenge, but I'm planning to get good at that. I'm hoping to find traders in this forum that use a similar method, perhaps even someone willing to look at my trades every once in a while and give me a pointer or two. If nothing else, I'll be frequenting this forum to look for bits of info, such as the 12 Commandments of Trading Live Webinar Replay , which was made entirely of the good stuff.
  4. Derutrade
    Thanks for the explanation, the video definitely helped. Every so often I find myself running into tips or advice I've already known about for some time but magically forget whenever I'm looking through the charts. Multi timeframe analysis is one of those things, but your video might have been the last push I needed to actually start using it. I think I'd be interested in the skype group as well, although I'm a skype noob and not entirely sure what to expect there.
  5. Derutrade
    Hi guys, This is my first post on this forum. I watched sam's webinars and decided that it might well be a method I'd like to employ, so I did a little googling to find more info and ended up here. I'm in the demo trading phase of my trading career, hoping to get to a stage where I'm able to make a little profit instead of dragging my virtual account a further into the mud with every trade I make. I've read through this thread and taken a look at the charts posted by Gabe. One of them in particular raised some questions with me. Gabe was wondering why the areas marked as 'not demand' are not used to take trades. Purely using what I have on the chart and lacking higher timeframe supply or demand levels, I've drawn in the areas where I could see myself entering a trade: Areas in red are levels where I would've entered a trade and lost, and green is good, naturally! So we're looking at one really good trade and two fairly small losses. I'm aware that there is no way to eliminate losing trades, but I'm still curious if those two losses are badly placed trades. As such, my question to anyone familiar with sam's method, would you have avoided those two losing two demand levels? If so, why?
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