Magpie Trader
Thursday, August 25, 2005
My trading education and tools.
To cut a very long story very short, it’s taken me about 8 months of 12 hour+ days to come up with a strategy that I’m comfortable with and fits my personality (which I found out is vastly different to what I thought it was – but that’s for another post.). Essentially I’m a day trader/position trader, which means I’m looking to take a trade for a few hours during the European session but am always looking to take on a longer term trade that will last from a few days up to a few months if possible. I’ve tried scalping and have a strategy for it, but find it too stressful. I use the strategy for my entries and exits now.
I’ve read a great deal in books and on the internet about other people’s strategies, but the only course I’ve actually purchased is Peter Bain’s at Forexmentor. For a beginner/intermediate trader it’s very good, but the real value lies in the subscription to his website, which is excellent and has some very knowledgeable traders on it. Peter also answers subscriber’s questions everyday in his daily video updates.
The ACD method by Mark Fisher is an excellent strategy that compiments any other strategy I've used or come across very nicely - it can be used on it's own or as confirmation signal for your own trade signals produced earlier than the ACD signal - if anything it gives rigid stop losses that save money in the long run. Mark Fishers book is called the The Logical trader.
There are a few other courses I’ve got my eye on like Soultraders ‘Hildabaker’ . but I’ll get on to them in time.
Phil Newton’s site trading-strategies is also very good, but over subscribed and not taking any more people at the moment.
Check out Joe Ross too at tradingeducators, he’s written excellent books and is also training others in spread trading now, which is where I’d like to go next in the trading world.
Moneytec is also a valuable resource for a trader.
Don’t forget WoodiesCCIclub either, this will give you a real insight into CCI and also your very own trading system if you choose it. Either way, I’ve incorporated Woodies paterns into my trading and have found them very reliable, especially on the 15 and 30 minute chart for day trading.
I’ve also learnt a lot along the way from other people’s blogs (see blogs section), some things I’ve taken on board and used, others don’t fit well with my style and others have shown agreement with my style. They’ve all helped me take the faltering steps to having my own style that I’m comfortable with.
I use Metatrader software for charting and trade using Deal4free UK spread betting platform. This is entirely due to their tight spreads, stable platform (in the most part) and no tax to pay on any winnings as it’s classed as betting, which carries no tax in the UK.
The hardest part to trading that I’ve found has been the psychological side. This has manifested itself in me in the form of over trading, getting out too soon, getting in too soon and setting stops too tight. Apart from the obvious technical mistakes like selling when it's a buy... the mistakes are getting less and less as the discipline rises.
'let every bird sing their own song' : chinese proverb
- Never a truer word said in relation to trading for a living.
I’ve read a great deal in books and on the internet about other people’s strategies, but the only course I’ve actually purchased is Peter Bain’s at Forexmentor. For a beginner/intermediate trader it’s very good, but the real value lies in the subscription to his website, which is excellent and has some very knowledgeable traders on it. Peter also answers subscriber’s questions everyday in his daily video updates.
The ACD method by Mark Fisher is an excellent strategy that compiments any other strategy I've used or come across very nicely - it can be used on it's own or as confirmation signal for your own trade signals produced earlier than the ACD signal - if anything it gives rigid stop losses that save money in the long run. Mark Fishers book is called the The Logical trader.
There are a few other courses I’ve got my eye on like Soultraders ‘Hildabaker’ . but I’ll get on to them in time.
Phil Newton’s site trading-strategies is also very good, but over subscribed and not taking any more people at the moment.
Check out Joe Ross too at tradingeducators, he’s written excellent books and is also training others in spread trading now, which is where I’d like to go next in the trading world.
Moneytec is also a valuable resource for a trader.
Don’t forget WoodiesCCIclub either, this will give you a real insight into CCI and also your very own trading system if you choose it. Either way, I’ve incorporated Woodies paterns into my trading and have found them very reliable, especially on the 15 and 30 minute chart for day trading.
I’ve also learnt a lot along the way from other people’s blogs (see blogs section), some things I’ve taken on board and used, others don’t fit well with my style and others have shown agreement with my style. They’ve all helped me take the faltering steps to having my own style that I’m comfortable with.
I use Metatrader software for charting and trade using Deal4free UK spread betting platform. This is entirely due to their tight spreads, stable platform (in the most part) and no tax to pay on any winnings as it’s classed as betting, which carries no tax in the UK.
The hardest part to trading that I’ve found has been the psychological side. This has manifested itself in me in the form of over trading, getting out too soon, getting in too soon and setting stops too tight. Apart from the obvious technical mistakes like selling when it's a buy... the mistakes are getting less and less as the discipline rises.
'let every bird sing their own song' : chinese proverb
- Never a truer word said in relation to trading for a living.
// posted by Magpie @ 12:20 am 
Comments:
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Hi Fxbee,
I can't give you GMT as the clocks are going back and forward over the world at the moment, but I use the 7.30 to 8am half hour bar of the London open (London time) as the opening range (Some people use 8-8.30am). Some pairs have different opening times - Have a look at the 'ACD - OKL's all things ACD' link in the forex links on the right side of this blog. All the info you'll need will be there, plus some very good traders have contributed to those threads.
cheers
Magpie
I can't give you GMT as the clocks are going back and forward over the world at the moment, but I use the 7.30 to 8am half hour bar of the London open (London time) as the opening range (Some people use 8-8.30am). Some pairs have different opening times - Have a look at the 'ACD - OKL's all things ACD' link in the forex links on the right side of this blog. All the info you'll need will be there, plus some very good traders have contributed to those threads.
cheers
Magpie
Sorry Fxbee if ytouyr reading this, but due the cpoius amounts of spam I ended up deleting our comments... get in touch if you need more info.
cheers
magpie
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cheers
magpie
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