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Elliott Wave International
Newbie Traders
Thu, 24/03/2011 - 15:54
She will trade part time, placing trades at 8.00am and updating position at 8.45 pm. Account opened Jan 2011. To date she is in profit £271.
If anyone is interested, I will blog what she is doing under my guidance
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This is very interesting, as im a newbie as well, would be great to see the guidance she's been given and the progress. especially on the discipline and money management side.
My basic trading plan is trend following - using simple moving averages -
Average are not good for sideways markets, but I would recomend that you learn moving averages to plan your system.
Learn its drawbacks i.e. when not to use the signals. Over time you will be able to use moving avarages even in sideways markets.
Money management is again guided by moving average as entry and exit points.
Discipline - when it says time to exit you must exit... takes time but will preserve your capital.
So the experiment has now been running for 8 months. The fund is up £125 to date..............
It has been interesting to watch the trading hit many brick walls and twice nearly been on point of giving up but have gone through that stage and now settling down as the nerves are calming down
Will update year end again
The first steps for trading are over..................trading plan, execution, money management and control of emotions
The trading plan is mine based on Tom Williams V$A work which was how I started in 90's.
Kathryn's fund is just above break even approx £91 after 10 months trading part time
The high was £400+ and low was 195
Next year I will begin to focus on stage 2 to start generating a side income of £100 to £200 per month.appy
Merry Xmas & Happy New Year to all............
So the trading continues...........with good progress
However, recently an order was placed to activate a position. The drop down menu on MT4 trading platform has stake amounts. A previous stake amount was entered and when new trade placed the previous one was not cancelled changed.
So the trade entered at 3 x the desired level ............ so a very bad mistake......
Now we have to trade out of this situation and the learning curve is getting steep....... but this is a very good test and will post again once trade has been corrected with loss or profit
Trading performance for Kathryn my wife, who has full time job so trades were set up after 8am and closed before 9pm daily
Jan 2012 to Dec 2012 .................. total profit £483.46
Used Ftse 100 cash contract spread betting @ £0.50 per point capital used £3,800 for trading plan.