Trading and laying for profit

hi guys,
for those of you maybe interested in trading the financial markets just like trading on betfair! but you can make more money, here is a link for some free ebooks, the psychology of trading is the same. Money and risk management

Mental Fitness for Traders by Norman Hallett

Introduction to Forex

Day Trading Mind

If you have been trading for more than 5 minutes you will know that a large part of your success or failure as a trader is psychological. This great little e-book will give you a greater understanding of what you should be thinking when trading.

7 Habits of a Highly Successful Trader
by Mark Crisp

A really, really EXCELLENT book written by Mark Crisp. Although Mark's trading strategy is very long term and will not suit everybody, this book is a must read for everyone who is serious about trading. I highly recommend this.

Sharpening Your Trading Skills by Jim Wyckoff

FREE Trading Lessons
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Whenever four professional traders give valuable trading lessons for free you listen - or in this case read!
Topics covered include what makes prices move, pivot points, your trading personality, day trader skills, controlling losses, what time frame to trade, the difference between trading and gambling and more. Introduction by David Graeme-Smith.

here is the link

http://www.shortswingtrading.com/shop/freebooks_dl.html

and finally  shopuld you be interested in trading software that WORKS  using you

make £50 to £1000+ per day trading currencies and or equities using unique pre alerts software from MDS
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TRADERS EVENING

DATE: Thursday 2nd November 2006
TIME: 6.30pm to 10pm
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Hi,
funny sort of morning with the GBP/USD this morning.
When i opened the analyser this morning at 06:30 as usual, i checked the  15 min and 5 min charts of GBP, EUR and JPY, and all looked boring, no volume nothing.
then after a small rally a turning point (TP) down came in at 0645 on the 15 min , followed by a TP down on the 5 min at 0655 at 1.8621, my notes say ' will have to be short and quick this am as against the trend' which is 'up' by the way. Maybe this is a 'scalping' morning so flicked open the scalping chart, the free training shows you how to to set this up. and of course you can get a [practice account with 'pretend' money to start, like paper trading lay systems.
at 0710 the down conductors came in and i entered a scalp trade for 10 points max at 0712 at 1.8625, it moved quickly down and i was 'taken out' at 0718! a 6 min trade for 10 pips.
BUT, the real trade of the day came at 0845 following a clear upward movement indicated by  a TP at 0800 and a strong 'go long' signal ir 2 conductors.
so long and i bought £2 per point (pip) at 1.8625 and the upward move continued untill 1145, if the market is going your way let it ride
ride your profits and cut your losses
go with the trend - the trend is your friend.
mind you follow the move with a stop loss to limit potential lossses should the market turn
the result 51 pips profit at £2 = £104. that will do for the day!
Equity Scan.
in line with the strong FTSE, how long will this bull run continue?
AQP continues to move up, closing yesterday at 932, i'll leave my stop at 910p, but i think most of the move has happened.
CSR i think has reached it's current high abd will consolidate now.
BUR is still showing as retracing at 864p, my target is still 900p
TOMK, is showing a 'downward reversal' which ties in with my previous thoughts
BGY took a huge tumble down to 422p following poor news
and a newbie on my watch list is AMVESCAP (AVZ) which could be due for a correction having retreated from it's recent high of 628p
please bear in mind that these are my ramblings and cannot be construed to be investment advice of any kind.
always seek advice
good luck
rickyde
you could make £50 to £1000+ per day trading currencies and or equities using unique pre alerts software from MDS
Interested? for FREE 14 day trial go to www.stockblaster.com
(enter agent code 471456)

No trades for me this morning on the Forex, though a quick glance at the analyser tells me that the movement commenced at 0345hrs this morning, when i was fast asleep, at 1.8538 and which i could have joined at 0745 at 1.8558 but didn't as the signals were not all present, and continued until 0900 at 1.8608, a rise of 50 points- damn-.
Discipline, is important in all types of trading.
You set your parameters, and must stick to them, even if they are wrong, because if you deviate and take an undisciplined 'punt' yes it might win, but, more likely you will lose, and lose big time.
It happens all the time.
Anyway, end of week scan and update, following FTSE reaching all time high over last 5 years.
the only scan result this weekend was PHOTO-ME INTL (PHTM), with a turning point UP coming in at 100p, obviously a strong level of support and resistance. Myself I feel i will need to look at this one more closely as i do not feel there is enough upside potential with next resistance at 110p and recent high at 116p. I could be wrong of course.
The retracement indicator still shows strength for BUR, currently at 864p has moved up from 858p, my target still 900p so i will put a bid in at 862, in the hope of some weakness.
SABMiller closed at 1040, up another 11p, and may have further to go, next resistance looks like 1066p.
CSR, at 872p, looks like it has run out of steam, but has done very nicely thank you, up 70p.
Gallaher, GLH, looks interesting at 871p, having appeared with a retracement indicator today, usually a sign of some renewed buying. added to one's to watch.
that's all for now
god luck with your trading
Rickyde
remember you  make £50 to £1000+ per day trading currencies and or
 equities using unique
 pre alerts software from MDS
 Interested? for FREE 14 day trial go to www.stockblaster.com
(enter  agent code 471456)

mi

i neglected to write yesterday's trading diary, sorry.
however, i did not trade the Forex during my selected time frame, as i did not see an opportunity in either GBP/USD or EUR/USD.
the weekly trend has changed from down to up, however the monthly chart is still showing a down trend.
i was right to stay with AQP, (Aquarius Platt) as at end of day the close price was 922p, so i have moved my stop to 910p, surely it can't go much higher, and a turning point has appeaed on the chart, i only thought it would go to 900p, but the FTSE has been quite firm.
i missed CSR and they are now at 872, up 72p in the week, what a mistake! the Bollinger Band on the chart is closing now, if that means anything.
BGY is stuck at 563p, but SAB's news was liked and they ended at 1029p, whilst BUR had profit taking and ended at 837p
onto the forex.
this morning i could only manage a quick scalping of the GBP just 8 points.
scalping is a strategy that the analyser can do well, and we have training to show users how to set up the charts to do this both for forex and indices (you need a live feed for indices though).
The aim of scalping is to set a target of 5 to 8 points and out, you can do this over and over again if the opportunity presents.
just think 3 profitable trades of 5 points at £10 per point  = £150 in the day.
a lot of traders do just that as  their strategy.
little and often, real trading. You set your  sell price before you go into the market because you could be out in minutes, you also set  the stop loss quite tight at  10 to 15 points too.
right now it's back to the horses
good luck
rickyde

 
my trade highlighted the importance of patience, and having an alternate strategy in scalping.

good morning,
when i opened the analyser this morning to look at the charts i didn't think i would get a trade.
how wrong i was. at 7.00 the pound and euro were drifting lower, on the 15 min chart a turning point indicated a fall at 7.05 and duly fell from 1.8545 to 1.8535, the CCI was above the line but the stochastic wasn't so i did nothing,  the daily chart when an up indicator appeared at 7.45 by which time both the CCI and stochastic were below their lines. moving over to the 5 min chart a double 'C' popped up- green- and at 8.02 i went long 2 points at 1.8523, no instant rise this morning, i put in my stops at 1.8508 (max liability £30) and watched.
at 8.50 a red conductor appeared, with a downward move on the CCI and Stochastic, i decided to exit at 8.55  at 1.8552. 29 points at £2 = £58.
done by 9 am.
So what has happened to those stocks i mentioned following my weekend scan.
Yes, the market has been strong.
Burren Energy (BUR) close price 824.91p indicates accumulation of stock and retracement, as well as turning point from low point of 806 on 04/10/06, however for me needs to show  more upward  movement. closed yesterday at 858p. got that wrong, target price 900p maybe, who knows.
SABMiller (SAB) at 1012.8 has bounced off support level of 978pence, now 1008. but there was news out about them yesterday see

SAB Miller is scheduled to issue a second-quarter update on Thursday - and Morgan Stanley said it would use currency volatility to be opportunistic in acquiring the shares. The broker said it believed downside risk was minimal below 1,000p. The broker doubted the upcoming second-quarter sales numbers were enough to get the shares moving, as it thought the market was yet to fully factor in currency downside. The broker said it continued to like the longer-term fundamentals and maintained an "overweight" stance. The shares rose 5p to 1,013p.

you can get free info sent daily by ADFN and UK analyst

British energy (symbol BGY) has moved up from its low of 540p hit on 04/10/06 to 579.7p at end of week, could this be moving into positive or  will it be short lived like the week before last where the stock reached 590p. now 568p!!

Tomkins TOMK I missed getting into TOMK on 04/10/06 at 235.84 as they moved up 15p by close on  Friday, can they maintain this momentum, i think so. and will watch closely for an opportunity  tomorrow. naver came now 247p still watching
CSR is another i shall be watching closely having appeared to move off its low of 745p on 04/10/06 to current 783.67p. The indicators on the charts look positive

how right, now 803p and steaming ahead

Aquarius Platt AQP was last weeks success, pointed by the analyser as a buy at 810p on 25th Sept, I bought at 820p at �5 per point and at end of the week they were at 870p 50 penc at �5 per point = �250 for the week not bad. thank you analyser, which is indicating that the stock may still have further to go, so i'll ride it a bit longer and bring in my stop loss to 860p to secure at least 40p profit. now 878p stop loss moved to 870p.
Time to check out tomorrows racing.
If you are interestd in taking a look at the analyser and have a free trial follow the following link to download
make �50 to �1000+ per day trading currencies and or equities using unique pre alerts software from MDS Interested? for FREE 14 day trial go to www.stockblaster.com
 (enter agent code 471456)

good luck
rickyde

opened the analyser as usual this morning, but abit later than usual.
opened the currency charts, checked the current charts and then to see the overall trends, and now from my notes.
07.30 GBP/USD looks interesting, CCI is above line so is Stochastic indicator, poss short this am
07.45 Turning point appeared on 15 min chart.
open 5 min chart turning point (down)at 07.55 at level 1.8694.
08.00 CCi starting to point down, and Stochastic is crossing the average line - Get ready
08.06 enter short trade at 1.8681. as down conductor comes in, it's a red 'c'
now to watch
falls down 10 points by 08:45 but conductors still showing down
this could be a good trade
09.00 drops 30 points, glad i stayed in this trade
09.15 falls another 40 points, think it is time to close this, there is an up turning point appearing
09.16 exit trade at 1.8610
71 points in 1hr 10 minutes at £2 per point = £142
wish i had put £10 per point !!!
don't we all!
note the price dropped as low as 1.8576 put the volume had gone by then.
so that was a GOOD trade.
they don't all go like that, more's the pity
went over to the EU/USD chart and the same thing occured a drop from 1.26 to 1.2560.
that'll do me for the day, no need to be greedy there will be more tomorrow
till the next time
if interested take a free tril of the software at www.stockblaster.com (remeber to enter code 471456 to get the free trial) no obligation
good luck
rickyde

Just run my scan of the UK market in preparation for next week.
couple of interesting possibilities that have already moved the right way
Burren Energy (BUR) close price 824.91p indicates accumulation of stock and retracement, as well as turning point from low point of 806 on 04/10/06, however for me needs to show  more upward  movement.
whereas SABMiller (SAB) at 1012.8 has bounced off support level of 978pence, previous resistance level on 29th june and13 July. and could be due for a continued rise, next major level; of resistance is at 1075p, possibility of 63p rise. we'll see what happens on monday?
British energy (symbol BGY) has moved up from its low of 540p hit on 04/10/06 to 579.7p at end of week, could this be moving into positive or  will it be short lived like the week before last where the stock reached 590p.
Tomkins TOMK I missed getting into TOMK on 04/10/06 at 235.84 as they moved up 15p by close on  Friday, can they maintain this momentum, i think so. and will watch closely for an opportunity  tomorrow.
CSR is another i shall be watching closely having appeared to move off its low of 745p on 04/10/06 to current 783.67p. The indicators on the charts look positive
Aquarius Platt AQP was last weeks success, pointed by the analyser as a buy at 810p on 25th Sept, I bought at 820p at £5 per point and at end of the week they were at 870p 50 penc at £5 per point = £250 for the week not bad. thank you analyser, which is indicating that the stock may still have further to go, so i'll ride it a bit longer and bring in my stop loss to 860p to secure at least 40p profit.
Time to check out tomorrows racing.
If you are interestd in taking a look at the analyser and have a free trial follow the following link to download
make £50 to £1000+ per day trading currencies and or equities using unique pre alerts software from MDS Interested? for FREE 14 day trial go to www.stockblaster.com
 (enter agent code 471456)