What is your trading choice?

[Carl Taylor]

I'm curious to know, from those who trade what kind of a trader are you?

Are you a day trader?

What do you trade? CFD's, Options, Futures, or just Stocks?

Also what broker are you using? and why did you choose that broker?




I'm only a dabbler at the moment, i am mainly interested in CFD's than stocks, i am heavily practicing my trading on the CFD Simulator before i put my money where my mouth is.

The broker i have used is E*Trader, mainly because it was reccomended with my Quicken Personal Plus Software.

[Brendan]

I am yet to trade.. it is certainly something I want to get in to, what do you recommend is the easiest to get your head around for a beginner?

[Carl Taylor]

Hmm i suppose normal stocks, as you can do the mum and dad type investor who just buys some stocks and hopes they go up.

However at our young age, you may decide you can afford to risk more and CFDs are a great high risk, but highly effective cashflow generator. So too are options - however quite complex.

I suggest getting a book, i'm currently reading a good one called Come into my Trading Room: A Complete Guide To Trading - Alexander Elder (http://www.entrepreneursuccessclub.com/index.php/Library/Sharemarket/Come-Into-My-Trading-Room-A-Complete-Guide-to-Trading.html)
its really good because he not only explains trading and technical analysis but takes you on a day to day trade he is executing.

[camakos]

I'm trading options. I'm also starting to learn how to trade shares.
there are lots of good books etc to study and learn. There is so much to know and get your head around.
the main thing you need to be able to control is your emotions. This is very difficult to do and will be the main determinate to your success.
I did a course on options trading and technical analysis- which I loved. It taught me heaps. Options Trading (http://www.SuccessfulOptions.com)
Nik Hallik was the course teacher, who is an experienced investor and multi millionaire. I'm about to start another course on share trading so I'll let you know my thoughts on that when finished.

[J_D]

I've recently started playing with CFD's.... trying to wrap my head around buying short or long etc.....

JD

[J_D]

*bump*

Anyone currently trading CFD's on the ASX? Curious to get a take on some people experiences etc.

[Rory85]

I traded Shares, CFD's and Futures fulltime up until recently and taught technical analysis for a few years. I'm now using long term investment stratergies in shares and CFD's whilst concentrating on business projects.

Although there are plenty of good books out there the only one I would recommend - Trading for a Living - Dr Alexander Elder. This is pretty much the be all and end all for traders trading using technical analysis.

Shares are always the best option when looking at getting started in trading no questions asked. CFD's are by no means more 'high risk' IF you know what your doing.

The only way to get to the 'know what your doing' stage is to start out in shares with a trading plan that you have first sucessfully paper traded from. If you start out trading in any other markets your emotions will eat you alive, and you will start breaking your trading plan no questions asked and when you are trading without a plan I garuntee you no chance of long term success. I have seen it with, and heard countless amounts of stories from thousands of students.

Treat your trading as an apprenticeship. The first three years are purely for learning with any money you make being a 'bonus' at most. Your first year's trading aim should be something along the lines of 'staying alive', second year maybe aim for break even, third year you should start seeing profits.

None of this is un common knowledge. Be careful of 'educators' who take 10's of thousands off you for a weekend away 'learning to trade'. Trading is not something that can be learnt in a weekend or a few weeks. It takes time and effort and a huge amount of persistance.

Good luck to those giving it a go, and if I can be of assistance to anyone with any technical analysis questions feel free to drop me a message.

Cheers,

Rory

[The Y-man]

Agree re Elder's book or share trading (long and short).

Guy Bower and Louise Bedford's books have been good for options.

Haven't traded anything recently after the market broke my trading model and wiped me out :p

Cheers,

The Y-man

[J_D]

Thanks for the response guys... I've been playing with teh CFD simluator on the ASX recently. In 3 weeks i've taken my $100k account to just over $2.1M.....

I don't reallly know what i've been doing or if what i'm doing is feesible on a non-simulation type model?

I guess my main question would be: When trading CFD's on the real market, is it feasible to be going long and short on a movement of 0.01c then go long or short (opposite) to gain 0.01c per CFD. ? I've been doing this watching the ASX CFD market and as i said, took my account up to over $2M......

JD

[The Y-man]

Thanks for the response guys... I've been playing with teh CFD simluator on the ASX recently. In 3 weeks i've taken my $100k account to just over $2.1M.....

JD

Does the simulator account for broking ad interest costs?

Cheers,

The Y-man

[J_D]

Y-Man,

The ASX simulator accounts for interest on positions held over night and does not account for brokerage fees. I have however, in a spreadsheet, calculated the brokerage fees for each trade etc.

I guess my main curiosity is, is that how people usually trade CFD's succesfully? I've been closing all of my positions within the day (to avoid paying interests) and only riding 0.01c fluctuations on any cfd at a time...

JD

[The Y-man]

Y-Man,

The ASX simulator accounts for interest on positions held over night and does not account for brokerage fees. I have however, in a spreadsheet, calculated the brokerage fees for each trade etc.

I guess my main curiosity is, is that how people usually trade CFD's succesfully? I've been closing all of my positions within the day (to avoid paying interests) and only riding 0.01c fluctuations on any cfd at a time...

JD

Never tried it myself, but I'm sure it's as "valid" as any other technique

Cheers,

The Y-man

[J_D]

Fair call...

Well, I'm going to shift some funds and see if I can capitilise on this....

JD

[The Y-man]

Fair call...

Well, I'm going to shift some funds and see if I can capitilise on this....

JD

As always - start small (with pocket money) and don't upsize too quickly.

The Y-man