Lets Try Trading

I am a university student and my reason behind this blog is for me to be able to have a way of tracking my progress in my journey of learning the markets and how to trade. During my first year of university I was unable to secure an an internship in an investment bank so I decided to try and learn about the industry myself. I was interested in trading mainly from my family and the Royal Mail IPO. I tried it myself. I've created a CFD account and I've lost a lot some money and learnt a few things, now it's time to make some money and learn more! Trading is hard. I want to learn it, and this will my journey to becoming a successful trader.

[letstrytrading-blog]

6 Days of trading, making progress? Need to figure out why my short positions aren't working. I think its because I sometimes trade againt the trend, expecting a bounce from resistance but then the price ends up breaking through.

[letstrytrading-blog]

Missed the Non-Farm Payrolls :-(

was studying and missed this move :(((( could’ve easily made a lot of money of this it lasted quite long also. Much lower than expected, lowering US stocks and weakening dollar. 

Nice to see what I thought would’ve happened when i saw the news, happened. Gutted I missed the move though. O well.

[letstrytrading-blog]

Highest profit to date!

Trade was executed on orange arrow and exited on blue arrow, I kept on shorting more on every opportunity. I woke up today with £100 exactly profit, then went to the Hairdressers and afterwards found my account value at £25 I was so gutted! but I had a strategy and even though most of my trades got stopped out I executed some more and it payed of eventually making £110ish profit again! Now i'm just trying to make some more profit of the retracements. Its looking like it might fall again below the support level of 6325ish so that will be my next opportunity to short again. 

Edit: forgot to say, I started at 0.3 pounds per point and eventually kept on selling until 2.1 pounds per point

[letstrytrading-blog]

Trade executed on FTSE100/UK100

So annoyed my trade was executed then got stopped out so I decided to short it again at a lower level. I need to learn where to place my stop losses, THIS ALWAYS HAPPENS TO ME! oh well, its a learning curve I guess, anyway UK100 is still falling so i'm on profit now, only just made back my loss... Im gonna keep on putting in trades to short when the opportunity arrives.

[letstrytrading-blog]

Review of The Naked Trader

Okay I read The Naked Trader about 6 months ago so I'm not going to do an in depth review on it. I think The Naked Trader is a really good book for beginners, and had some really good rules in there which will stop you making the same silly mistakes I have made and so many have made.

However, on the book cover it says "how anyone can make money trading shares". I believe just by reading this book once or any other book once you wont be able to make money.  You can't just read this book and expect you'll start getting a profit straight away. You have to study this book and make notes while doing so. Then you may be in a position to put some solid trades down. But, it's still not enough, it gives you an insight into the markets not a deep understanding, and personally I don't think you will be able to get that deep understanding with just one book. If it was that easy everyone would be doing it.

So as far as the range on content goes for just one book, it's really good if you are just starting off. It skips the jargon and is so easy to read. I would recommend this book to most people who are just starting out no matter whether you want to become a day trader or trade for the long term. (even though the book is more suited to longer term trading)

btw there is a 4th (2014) edition out right now.

[letstrytrading-blog]

Also Guys..

I’m not an expert so if you think i’ve posted a trade for the wrong reasons, or I may be wrong in what i’m posting PLEASE PLEASE tell me I want to learn more. I don’t trade with a lot of money at all. I want to learn more before I start to put more money into this. Its not all about the money, i’m genuinely interested and I want to learn more. 

[letstrytrading-blog]

Bollinger Bands

I'm not gonna go too deep into Bollinger Bands, However, the pink lines are the bands, and the top and bottom usually act as support an resistance levels. Using the combination of support lines and Bollinger bands I made a buy trade with EUR/USD. I noticed it had hit the bottom of the Bollinger bands and a very strong support line that I made before the trade. So i decided to buy. It hit. I like these trades as you don't have to keep your eye on it you can set a stop loss and take profit and leave it to do its thing. I was really happy with this trade as I think my entry was on point! 

[letstrytrading-blog]

Looking to short the FTSE?

Okay, so i'm looking to short at the 6,552 mark near the top bollinger band. I had a short at 6571 but unfortunately it got stopped out. I'm finding it quite hard to find out when to enter and put my stop loss on the UK100 (FTSE100) but when it gets going, it really gets going! I hope it will bounce back up from the 6533 mark so It can hit my limit order. If not I'll probably find another entry to short around the 6500-510 mark as there seems to be some strong support around there so hopefully it'll break through!

Oh yeah.... If you don't understand anything please message me. I'll be more than happy to explain :) 

[letstrytrading-blog]

Hi

I am a university student and my reason behind this blog is for me to be able to have a way of tracking my progress in my journey of learning the markets and how to trade. During my first year of university I was unable to secure an internship in an investment bank so I decided to try and learn about the industry myself. I was interested in trading mainly from my family and the Royal Mail IPO. I tried it myself. I've created a CFD account and I've lost a lot some money and learnt a few things, now it't time to make some money and learn more! Trading is hard. I want to learn it, and this will my journey to becoming a successful trader. It's a new year and I want to start off with something advantageous, not for just me, but for you guys too, everyone can learn from this and i'm looking forward to doing this!