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Kiwi has arrived

Discussion in 'Hello and Welcome' started by Kiwibird, Apr 23, 2009.

  1. Kiwibird

    Kiwibird Recruit

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    Hi,

    Originally from New Zealnd, moved to Australia been here 3 years. Have been trading on and off for six months but want to get serious as my Husband thinks its just gambling and am determined to prove him wrong and earn more money than him haha!

    I have been quite successful but still feel there is alot to learn to gain confidence in entering a trade instead of hmm should i, shouldn't i?

    Any tips are much appreciated and look forward to utilising this site

    Regards
    Kiwi
     
  2. Pharaoh

    Pharaoh Colonel

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    Welcome!

    First and foremost: study, study, study. Start with free stuff here and elsewhere before even thinking of spending a dime.

    Don't be in a hurry to make too much money. That is the path that leads to gambling and margin calls. Learn as much as you can, use good risk management, and test all new ideas on demo accounts or by trading nanolots.
     
  3. Cesil

    Cesil Private, 1st Class

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    Us kiwi's will take over the world ; )
     
  4. Cyclon

    Cyclon Company Representative

    Joined:
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    In addition

    Hi Kiwi,

    In addition to getting in a quandry about should I, shouldn't I as far as opening a position, you'll find that it is also tough at the close of a position. You need a systematic way to decide.

    Because there is a very useful addage that states "Let your winners run". Heard it right? So guess what - that can lead to lost profits and worse, outright losses, if you're letting the winner run back on itself while following that addage. It is also discouraging.

    To eliminate the quandry why not give the should I equal time with the shouldn't I? By splitting your position you can have it both ways. Take profits on a portion when you think (or your system tells you) you should close. Then keep a portion and move the stoploss to break even. Now you are getting paid to be right and paid more to be really right. And you are learning about your system's rules from a safer vantage point and building your equity.

    Combine that with Pharaoh's money management advice. <<--- heed --

    (He is not mentioning it but he has excellent article here on FPA about this so do a search. His nick should be "Pharaoh... link to MM article". It's that good and important for your longevity.)

    Best of Luck.

    Cheers,
    Cyclon
     

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