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Any traders in the Clare/Limerick area?

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    #32
    waken
    Registered Users Posts: 33 ✭waken


    Hi All,
    I just joined this board yesterday and am finding my way around. I trade Forex now and have done so for about 3 years. I use MT4 as a platform and Alpari UK as a broker. After 3 years I feel I am still learning and will continue to do so for many more years. I use price action, mainly support and resistance, pin bars and outside bars etc in a trend following manner. It would be great to have a little section here dedicated to Forex Trading.
    Waken


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    #33
    easydo
    Closed Accounts Posts: 3 ✭easydo


    Just joined today. Interesting post. Im from the limerick/clare region, but really very new to trading.Im just finding my way. Im looking at babypips alot very useful, theres a book on the way and i will setup a demo. I m talking about a long time and if i dont do it istill be talkign about it and regret. I have an amount im willing to throw on the table. I want to understand the charts\fibinochi\trends\channels (i like that kinda thing) etc. I want to day trade small taking small profits.

    Id love to meet up but would only be a hinderance at the moment.

    Whatever about my approach whats really confusing me is the platforms.
    What do ye recommend.

    I see people talking about mt4 as a plaform and something else as a broker. I see spread betting firms, brokerage firms which offer margin. Brokerage firms which charge commision. Firms betting against you?? or hunting the stops???
    This is my real barrier.
    I was thinking spreadbetting but reading some bad press about them. I'll be trading small for small periods of time.
    Sometimes there's too much info on the net.


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    #34
    devianttrader
    Registered Users Posts: 24 ✭devianttrader


    I trade Stocks and ADR's and nothing else. Options, ETF's, Currencies, Mutual Funds, Bonds and any other derivitive; I steer clear. Trading Stock is enough for me to be filling my head with. As far as i'm concerned, my aim is always to gain an acceptable daily % return, and if I can gain that return trading stock then why bother cluttering up my head with anything else.

    I have a U.S. broker and the commission/trade is $9.99. I do an average of around 10 trades/day. I don't believe in the rule of Daytrading where it is written that a Daytrader must close out all positions before the day is out. It never made sense to me to sell at a loss.

    I use Bollinger Bands set at the default setting of 2 deviations and a 20-day Simple Moving average. So long as the Bands clearly react to the price above and below the moving average; I feel comfortable with the setting. I use a Volume indicator and RSI in the lower sections, but you can use most indicators with Bollinger Bands. You could read the book written by the man himself; John Bollinger, if you need to get the real answers from the creator. When I met the Bollinger Bands, the mysteries of the markets and trading were gone forever.


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    #35
    devianttrader
    Registered Users Posts: 24 ✭devianttrader


    I notice that a lot of people here are having internet financial information overload problems. That happened to me at the beginning when I was trying to figure out my way and I couldn't figure out where my attention should be focussed. You only need to buy a copy of the Financial Times to see the neverending list of Stocks, Trusts, bla, bla, bla! So many Sectors, countries,Currencies. Where does one begin?

    In the end I found a sector which interested me and I focussed all my attention on that sector. Within that sector I focussed my attention on a shortlist of companies which react exactly the same as each other, and when I trade; I trade only one from the shortlist. Finding the sector and focussing on the shortlist and further focussing on the one stock; I immediately wiped away the clutter of 99 percent of all internet financial information.

    Conclusion: The internet is a mess if you don't know where you want to go. You need to find out who you are and find out what sector takes your interest. Maybe you like the rebellious attitude of Michael O'Leary and this attracts you to Airlines. Or maybe you like the villains like Lehman, (D Fuld), or the legends like Junius Morgan or the Rothschilds, and this might attract your attentions to the finance sector and Investment Banking.


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    #36
    waken
    Registered Users Posts: 33 ✭waken


    Easydo,
    I know where you are at, I have been there too. When you start at this business (and it is a business) there is a mindboggling amount of information out there on the web. I started out spreadbetting then moved to stocks and shares and ended up with forex.
    Can I give you a little advice (I hope you dont mind and Im not trying to be a guru or anything like that).

    1) Dont go lashing out big money at the start on a training course most of them are rubbish.
    2) Be very carefull listening to so called experts on public forums especially those who claim to have a fool proof system. Ask yourself if you had a foolproof system would you be telling everyone about it ? I know I would not.
    3) This is a business and you have to treat it as a business. Dont start off thinking you are going to make a killing and be rich in six months time. that attitude is going to lead to a blown account very quickly.

    BabyPips is as good a place to start as any, there are others too. I particularily like the paid area of "James 16" for forex trading. Im am not advertising for that site but one of the advantages of using a paid forum is that most of the bulls****ers stay out.

    All the best
    Waken


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    #37
    devianttrader
    Registered Users Posts: 24 ✭devianttrader


    If a trader is afraid to lose money, then that traders ability to take a risk will be affected. Basically what I am saying is; a trader should not trade unless he/she is willing to lose.

    If you have a well paying day job and you do a little trading on the side, you might be pleasantly surprised to see that your trading has a high sucess rate. In the back of your mind you know that you have a dayjob that puts the food on the table. The day job is safe. The day job stops your emotions from getting control. So what if you lose? You had some fun and you learned something. Some people blow more on drink and cigarettes.

    If you can break friction and make a little gain, then you might find it easier to re-trade the gains without the worry of loss, while leaving the initial capital safe.

    My advice: Enjoy it and have fun. I remember getting into an argument with a so called professional trader on a Yahoo Finance message board and he mocked me for being an amatuer. I remember saying something like; the definition of an amatuer is somebody who does something a pro does, the only difference is; I the amatuer have more fun.


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    #38
    devianttrader
    Registered Users Posts: 24 ✭devianttrader


    It's a nice change to talk to Irish people. I'm sick to death of talking to Americans.


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    #39
    waken
    Registered Users Posts: 33 ✭waken


    DT
    I feel the same, its nice to get an Irish perspective instead of the big talk.
    For me, money management it the key to keeping fear of loosing out of my trading, I only risk 2% of my fund on any trade.
    Regards
    Waken


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    #40
    devianttrader
    Registered Users Posts: 24 ✭devianttrader


    I trade a system where you keep buying as its falling. I've been mocked and ridiculed for years that i'm only chasing a loss or going down with a falling ship. As long as the shareprice stops falling and I don't run out of cash, i've always landed on a nice average.

    I have to grant you though, i've often jumped on that ladder a bit too early, but i'm always happy to own the shares at the first purchase anyway. Unless the company goes broke and the price does a 2007 style 3 day sub-prime plummet, i'm happy to wait for the price to swing back.

    This is where I dissagree with the strict rule of daytraders, (Close positions before eod). I can be a daytrader when it suits, but I have no problems with turning from day to swing trader or even short term investor.

    I try my best not to jump on a stock that doesn't have a future. AIB died for me years ago for example. I enjoyed shorting it though. The week Ollie Wren came over from the IMF was especially sweet for the volatility. It was almost like Lehman weekend. Paid for my Christmas.

    B.Lenihan R.I.P.

    P.S. Say hi to C.J. for me. Pretty soon you'll all be partying at the devils table!


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    #41
    devianttrader
    Registered Users Posts: 24 ✭devianttrader


    What I said above would make you think though; if you only had enough trading capital, the amounts you could earn using the Dollar Cost Average style could be staggering. Imagine over a 3 day period buying 10000 shares in [EMAIL="etfc@10.8"]etfc@10.8[/EMAIL], [EMAIL="18000@10.6"]18000@10.6[/EMAIL], [EMAIL="35000@10.4"]35000@10.4[/EMAIL] and on the third day - sell the [EMAIL="lot@11.2"]lot@11.2[/EMAIL]. I mean, i've really done this since Monday, except I didn't have the luxury of all the zeros like a lot of numbskulls out there do.

    I mean, can you just imagine what Bank of Ireland Asset management could have achieved if they could have just thrown 1 Billion at Apple shares in 2007. And I thought these guys were the experts with the CFA qualifications and trading licences. Sheesh!


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    #42
    beagle001
    Closed Accounts Posts: 764 ✭✭✭beagle001


    Hey,
    Am based in six mile bridge and looking to get in touch with other traders from the local area.


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    #43
    waken
    Registered Users Posts: 33 ✭waken


    Hey DT (deviant trader)
    Good for you, if you found a system that works for you and you are comfortable with then stick to it and to hell with the begrudgers. Its all about making a profit at the end of the day.
    I think different systems work for different people depending on personality etc.
    Me, well I like to keep my losses small otherwise my confidence and reasoning goes out the window an I begin to do stupid things.

    Waken


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    #44
    waken
    Registered Users Posts: 33 ✭waken


    Beagle
    I am from east galway

    Waken


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    #45
    devianttrader
    Registered Users Posts: 24 ✭devianttrader


    Hi Beagle,

    If you're referring to 6 mile in Cork then i'm pretty close. I wouldn't take financial advice from me though if I were you. We're Irish, what am I talking about? We're no fools. I think people are better off teaching themselves. I could explain the ins and outs of a Level 2 screen or Last sale window. I could explain orders and the value of creating stock watchlists. I could explain them all, but how you end up using them and interpreting their meaning will be unique to you and nobody else.

    I heard of cases where classes were given on trading, and when the course was finished and the students went their own ways; they all expanded their knowledge in their own unique ways until the point came where every trader was doing their thing completely different to all the others.

    No one trader is the same. It's impossible. Your idea of High or expensive would be totally different to mine. You may have won your initial capital where I may have slaved hard for mine, so my willingness to jump on a trade may be different to yours. I'd be slow to throw my money to the wolves.

    I'd advise anybody to buy a for Dummies book on trading or investing. Learn the level 1 and 2 screens. Watch them until you go googly eyed. Get a feel for the speed and the colours.


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    #46
    devianttrader
    Registered Users Posts: 24 ✭devianttrader


    Hey Waken'

    I think eventually everybody finds a system that works for them, but i'd be an ass to say it works all the time. I think it just manages to work to keep my loss/gain ratio at an acceptable level.

    I know exactly what you mean about confidence and reasoning. I've had the burning sensation on the top of my head. I've even been physically sick. It's not a game.

    If it was easy then everybody would do it. It beats drink, drugs and spending thousands on boy race cars anyway. That's how I justify the loss. 100,000 spent in 2003 on a Merc E320 with all the extras would be worth 10,000 now.


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    #47
    devianttrader
    Registered Users Posts: 24 ✭devianttrader


    Sorry Beagle,

    In Cork it's called 5 mile. I got it mixed up.
    Check out the Dummies books though. That's how I figured out how to use trading platforms. It's a bit like driving a car. Eventually you don't need to look at the gearstick, it comes naturally.


  • Options
    #48
    devianttrader
    Registered Users Posts: 24 ✭devianttrader


    Applauding at the close of the NYSE. Pure American. If I saw hugging and kissing, then i'd have to puke.


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    #49
    easydo
    Closed Accounts Posts: 3 ✭easydo


    waken wrote: »
    Easydo,
    I know where you are at, I have been there too. When you start at this business (and it is a business) there is a mindboggling amount of information out there on the web. I started out spreadbetting then moved to stocks and shares and ended up with forex.
    Can I give you a little advice (I hope you dont mind and Im not trying to be a guru or anything like that).

    1) Dont go lashing out big money at the start on a training course most of them are rubbish.
    2) Be very carefull listening to so called experts on public forums especially those who claim to have a fool proof system. Ask yourself if you had a foolproof system would you be telling everyone about it ? I know I would not.
    3) This is a business and you have to treat it as a business. Dont start off thinking you are going to make a killing and be rich in six months time. that attitude is going to lead to a blown account very quickly.

    BabyPips is as good a place to start as any, there are others too. I particularily like the paid area of "James 16" for forex trading. Im am not advertising for that site but one of the advantages of using a paid forum is that most of the bulls****ers stay out.

    All the best
    Waken

    Thanks for that info. Im takin baby steps. Im still stuck what site to use for forex spreadbetting. Can you recommend a site.


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    #50
    waken
    Registered Users Posts: 33 ✭waken


    Hi Easydo
    I used "tradefair" in the past for spreadbetting and found them ok but I dont like the platform they use. Metatrader 4 is a much better platform and its free. If you are only going to trade Forex can I recommend Alpari UK or Oanda (US) The reason being that they allow you to trade micro lots (you can trade with much smaller amounts of money which is very important at the start. Both of these can be used with MT4. If you go to the Alpari UK site you can download MT4 there. MT4 is a very popular free platform and has loads of indicators available.
    Oanda is also a very popular broker which allows microlots and you can also trade other than Forex there.
    Waken


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    #51
    easydo
    Closed Accounts Posts: 3 ✭easydo


    waken wrote: »
    Hi Easydo
    I used "tradefair" in the past for spreadbetting and found them ok but I dont like the platform they use. Metatrader 4 is a much better platform and its free. If you are only going to trade Forex can I recommend Alpari UK or Oanda (US) The reason being that they allow you to trade micro lots (you can trade with much smaller amounts of money which is very important at the start. Both of these can be used with MT4. If you go to the Alpari UK site you can download MT4 there. MT4 is a very popular free platform and has loads of indicators available.
    Oanda is also a very popular broker which allows microlots and you can also trade other than Forex there.
    Waken

    Hello, I had a look at those sites thanks. What do you think of marketspreads.ie doesnt look like they have MT4 or is that something separate and you use them together?? I just read david jones forex markets , it was ok overall picked up a few useful things, Id prefer a book for day trading forex. Still doing the babypips. I need to get started or ill be still talking about it next year :)


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    #52
    waken
    Registered Users Posts: 33 ✭waken


    Hi Easydo
    I have never used Marketspreads.ie so I cant comment, they have a nice looking website and they offer a demo account as well.
    Forex street is another usefull site with a good educational section and loads of archived webinars which are worth a look.

    Waken


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    #53
    charles112
    Closed Accounts Posts: 6 ✭charles112


    Hello everybody,
    I am a clare based Forex and Equities trader looking to chat, talk brainstorm with any clare based trader. Tradeing has a lot to offer and a lot to learn. Thanks all,
    Charles.:D


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    #54
    waken
    Registered Users Posts: 33 ✭waken


    Charles
    Looks like no Clare based traders available. It would be nice to have a specific area here just for traders to chat and compare notes, systems, strategies etc. The problem with doing that on a public forum is that you get idiots and get rich quick merchants flooding the forum with crazy posts. I trade Forex only for around three years now and just on technicals.
    Waken (Co. Galway)


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    #55
    charles112
    Closed Accounts Posts: 6 ✭charles112


    waken wrote: »
    Charles
    Looks like no Clare based traders available. It would be nice to have a specific area here just for traders to chat and compare notes, systems, strategies etc. The problem with doing that on a public forum is that you get idiots and get rich quick merchants flooding the forum with crazy posts. I trade Forex only for around three years now and just on technicals.
    Waken (Co. Galway)

    Hello Waken,
    Thanks for the reply, It would seem that there are no Clare based traders. Agreed I am looking to talk, compare notes and systems. I am also a technical trader and take my trading quite seriously. There are no get rich quick schemes or merchandice with me. I do not trade robots or the like. I am trading about 2 years.
    Charles. (Co.Clare.)


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    #56
    waken
    Registered Users Posts: 33 ✭waken


    Charles
    I am of on the holliers tomorrow (Italy). I will post again when I get back (2 weeks) and perhaps we can compare notes. What part of Clare are you in, I spend a lot of time in Kinvara during the summer.

    Waken


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    #57
    charles112
    Closed Accounts Posts: 6 ✭charles112


    waken wrote: »
    Charles
    I am of on the holliers tomorrow (Italy). I will post again when I get back (2 weeks) and perhaps we can compare notes. What part of Clare are you in, I spend a lot of time in Kinvara during the summer.

    Waken

    Enjoy the holiday. I am in the ennistymon area. PM me when you get back and we will have a chat and compare notes.
    Charles


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    #58
    ShannonDolphin
    Closed Accounts Posts: 12 ✭ShannonDolphin


    charles112 wrote: »
    Hello Waken,
    Thanks for the reply, It would seem that there are no Clare based traders. Agreed I am looking to talk, compare notes and systems. I am also a technical trader and take my trading quite seriously. There are no get rich quick schemes or merchandice with me. I do not trade robots or the like. I am trading about 2 years.
    Charles. (Co.Clare.)

    Charles

    I'm in Clare (nr Kildysart) and would be interested in exchanging ideas on forex trading. I started this thread but haven't had time to post recently. PM me to fix up a call / meet.


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    #59
    charles112
    Closed Accounts Posts: 6 ✭charles112


    Hey guys,
    EURUSD is sharp down around 1.3380s possible pop up of 20-30 pips, keep in mind it is friday and I don't carry trades.. waiting for a better signal for to enter..


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    #60
    charles112
    Closed Accounts Posts: 6 ✭charles112


    20 pips done, no more for me for this week. I wish you all success in your trading.. Thank you to the people who have contacted me. I'm looking forward to next week..
    Good trading
    Charles.


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