Financial Trading Help!

lucas1

Hi all,
Ive just nearly finished a diploma course in Financial Trading in Dublin and am still very unsure about where to go from here. I still feel that I dont have near enough practical knowledge in order to make sound decisions even after all my fundamental and technical analysis has been completed and by the time I have back tested etc I end up being over loaded with info and get pretty pissed off with the whole thing!!
Is there anyone out there that is in the same predicament? would anyone be interested in meeting up and trading together in order to bounce ideas and work practice off each other.
Is there anywhere I can go from here to learn more, I am fortunate enough to be able to take time of work if it means following a passion and am open and willing to do what it takes so that I feel more competent in what I do and maybe pave a new career for myself!! (or maybe wishfull thinking!)

Any help would be greatly appreciated
Thanks

envirowill

Have you opened up a trading account yet? Trading your own money or demo? If not then get going and trading asap. Geneva trading are looking for trading interns with little or no experience, based in Dublin http://www.geneva-trading.com/careers.html

Otherwise try Trade2Win forums for some good advice and a wealth of knowledge.

Best of luck!

arrowloopboy

lucas1 wrote: »

Hi all,
Ive just nearly finished a diploma course in Financial Trading in Dublin and am still very unsure about where to go from here. I still feel that I dont have near enough practical knowledge in order to make sound decisions even after all my fundamental and technical analysis has been completed and by the time I have back tested etc I end up being over loaded with info and get pretty pissed off with the whole thing!!
Is there anyone out there that is in the same predicament? would anyone be interested in meeting up and trading together in order to bounce ideas and work practice off each other.
Is there anywhere I can go from here to learn more, I am fortunate enough to be able to take time of work if it means following a passion and am open and willing to do what it takes so that I feel more competent in what I do and maybe pave a new career for myself!! (or maybe wishfull thinking!)

Any help would be greatly appreciated
Thanks

What do you want to trade ?

lucas1

At the moment im trading the bund just because its a little less volatile and the trends ae pretty good but im open to anything really as I'm just a beginner....

m7 golf

Hello,

Just saw your thread. I am considering doing the diploma course with IIFT - is that where u done the course?
thks
m7 golf

drdoon

Hi, I am also interested in the Diploma course. But is it worth it? I have been Spread trading for a while made lots and then lost it all. You have to laugh, or I'll just cry. Anyway, thing is I'm concerned that it's just another course to get money out of people. Leaving you with some knowledge but not really hands on practical training. I have alot of third level education and yet I couldn't get any work from it. I don't want to spend money on the course and like yourself be left at end not being confident in my trading. I go to investopedia.com and it has so much information about everything financial. So many trading videos on youtube etc. What will the Diploma do for me that hours of research can't? I am far more interested in being in a professional trading environment than listening to hours of lectures. I'd love top hear your thoughts. Cheers :eek:

suben

I did a course in the IIFT, found it really useful and the guys really knew their stuff. is that where you did it? you should already have had your trading acc set up, that's what i liked about the class because you actually apply all the theory in there. feel pretty confident but am still relatively new so will see how it goes!

alejandro1977

suben wrote: »

I did a course in the IIFT, found it really useful and the guys really knew their stuff. is that where you did it? you should already have had your trading acc set up, that's what i liked about the class because you actually apply all the theory in there. feel pretty confident but am still relatively new so will see how it goes!

Care to provide any more detail on the IIFT?

Just wondering how they can call themselves as an "Institute"
http://en.wikipedia.org/wiki/Institute

I mean in the UK they wouldn't be alowed to use this term

Institute
Institution Approval for use of this word is normally given only to those existing organisations which are carrying out research at the highest level or to professional bodies of the highest standing. You will need to explain why there is a need for the proposed institute or institution and that it has appropriate regulations or examination standards. To support your application you will also need to obtain the views (letter or email) of independent or representative bodies.

http://www.companieshouse.gov.uk/about/gbhtml/gp1.shtml#appA

By the way who has accredited the diploma? It doesn't say on the website. Thanks!

drdoon

Not sure about the Institute reference. To be honest they probably have no recognised academic value, other than a title. Besides, how can you do a Diploma in eight weeks? I have Two Diplomas under my belt. One took a year of intense training, the other took 3 years. I'd imagine it's just a title they have given the course. It would be a good idea to contact them directly, in fact I may very well do that and report back.
The thing I am interested in is the actual hands on trading aspect. I have been spread trading for a short time with only what I have learned from Youtube, blogs, Naked Trader and investopedia.com. So being in a professional trading environment would be huge. I want to know how much of the hands on trading happens. How much one to one help you get. I don't just want a handbook of information. I want "professional" traders to show me the ropes and develop my trading much faster than doing research would do. Is it worth the cost? €950 & Advanced €2,750 for 9 days "intensive" training?

m7 golf

Hello All,

I'm still investigating as to whether to do a course or not (diploma in financial trading with the IIFT(formerly Wolfgang).

Here's where I'm at:

- Is it possible to make a living out of financial trading i.e make 3 to 4 k per mth?
- If so, How much capital do I need to have such an income?
- How many mths/yrs of experience would it take to get to this level?
- How much time per day would be required - and what are the key times during the day that I would need to be trading?
- Has anyone done this course or one similar and if so how are you getting on since i.e making money/broke?

As you can see I really am starting from 'zero' in terms of knowledge. I would be interested in learning how to trade and doing it full time if I can make a living from it but I'm not interested in spending a few thousand to learn about something that ends up being a 'little/no earner'.

I'm have a young family and will be made redundant in 1 to 1.5 yrs and want to start planning for the future. If I could make a living trading from home it would be great as I would also be able to spend more time with my family but my key concern is that this trading will be a waste of money and time rather than a way of living and that I might be better of focusing on something else!!

I'd really appreciate any advise !! Thanks!!!

drdoon

m7 golf wrote: »

Hello All,

I'm still investigating as to whether to do a course or not (diploma in financial trading with the IIFT(formerly Wolfgang).

Here's where I'm at:

- Is it possible to make a living out of financial trading i.e make 3 to 4 k per mth?
- If so, How much capital do I need to have such an income?
- How many mths/yrs of experience would it take to get to this level?
- How much time per day would be required - and what are the key times during the day that I would need to be trading?
- Has anyone done this course or one similar and if so how are you getting on since i.e making money/broke?

As you can see I really am starting from 'zero' in terms of knowledge. I would be interested in learning how to trade and doing it full time if I can make a living from it but I'm not interested in spending a few thousand to learn about something that ends up being a 'little/no earner'.

I'm have a young family and will be made redundant in 1 to 1.5 yrs and want to start planning for the future. If I could make a living trading from home it would be great as I would also be able to spend more time with my family but my key concern is that this trading will be a waste of money and time rather than a way of living and that I might be better of focusing on something else!!

I'd really appreciate any advise !! Thanks!!!

I will be attending the Diploma Course in November. Attended an open evening last Wednesday which was very interesting. I'd recommend you do that to ask them some questions directly.

liammur

m7 golf wrote: »

Hello All,

I'm still investigating as to whether to do a course or not (diploma in financial trading with the IIFT(formerly Wolfgang).

Here's where I'm at:

- Is it possible to make a living out of financial trading i.e make 3 to 4 k per mth?
- If so, How much capital do I need to have such an income?
- How many mths/yrs of experience would it take to get to this level?
- How much time per day would be required - and what are the key times during the day that I would need to be trading?
- Has anyone done this course or one similar and if so how are you getting on since i.e making money/broke?

As you can see I really am starting from 'zero' in terms of knowledge. I would be interested in learning how to trade and doing it full time if I can make a living from it but I'm not interested in spending a few thousand to learn about something that ends up being a 'little/no earner'.

I'm have a young family and will be made redundant in 1 to 1.5 yrs and want to start planning for the future. If I could make a living trading from home it would be great as I would also be able to spend more time with my family but my key concern is that this trading will be a waste of money and time rather than a way of living and that I might be better of focusing on something else!!

I'd really appreciate any advise !! Thanks!!!

No one will be able to answer those questions. Trading, you can win it all and lose it all. Every trader has different stories to tell. 1 bad move can undo a year's work.

arrowloopboy

m7 golf wrote: »

Hello All,

I'm still investigating as to whether to do a course or not (diploma in financial trading with the IIFT(formerly Wolfgang).

Here's where I'm at:

- Is it possible to make a living out of financial trading i.e make 3 to 4 k per mth?
- If so, How much capital do I need to have such an income?
- How many mths/yrs of experience would it take to get to this level?
- How much time per day would be required - and what are the key times during the day that I would need to be trading?
- Has anyone done this course or one similar and if so how are you getting on since i.e making money/broke?

As you can see I really am starting from 'zero' in terms of knowledge. I would be interested in learning how to trade and doing it full time if I can make a living from it but I'm not interested in spending a few thousand to learn about something that ends up being a 'little/no earner'.

I'm have a young family and will be made redundant in 1 to 1.5 yrs and want to start planning for the future. If I could make a living trading from home it would be great as I would also be able to spend more time with my family but my key concern is that this trading will be a waste of money and time rather than a way of living and that I might be better of focusing on something else!!

I'd really appreciate any advise !! Thanks!!!

Hey M7,firstly thread carefully,and of course its possible to make a living from trading (the top hedge fund managers in the world once apon a time asked themselves this very question).
With the internet and books ,i don't really see the necessity to do a course,unless your lazy and would rather be spoon fed.
Saying that, if the tutors are very successful investors and good teachers ,it may be worth the fee.
Lastly,don't blow you redundency ,your wife and kids should always be top of your list.
Study,paper trade,get your trading plan together,test the sh1t out of it in all market conditions,you need to know that if you trade your plan ,that out of x amount of trades you'll end up with x amount of profit(thats the way a casino works,they don't care who wins what,they know at the end of the year they will clear x % of money gambled)
You need a trading plan,rules to follow,and a r/r ratio all worked out BEFORE you put real money on the table.

Regards...

m7 golf

Hello Folks,

Thanks for the response - really appreciate your inputs!!

I will attend the open evening for the IIFT course in Nov and see what it has to offer - Due to time pressure with the current job - I need to take the most direct and fastest route to get experience. It seems that IIFT put a big focus on rules and having a trading plan and sticking to it (as per your comments Liammur).

Again - thks for advice!

martyoo

Hello Folks,

Thanks for the response - really appreciate your inputs!!

I will attend the open evening for the IIFT course in Nov and see what it has to offer - Due to time pressure with the current job - I need to take the most direct and fastest route to get experience. It seems that IIFT put a big focus on rules and having a trading plan and sticking to it (as per your comments Liammur).

Again - thks for advice!

If I was you I would invest the money into a course and upskill.
The chances of you becoming a consistently successful trader and making 3-4k a month after 1-2 years of training is very slim.

m7 golf

martyoo wrote: »

If I was you I would invest the money into a course and upskill.
The chances of you becoming a consistently successful trader and making 3-4k a month after 1-2 years of training is very slim.

Thanks Martyoo - comment noted!!!

ixus

m7 golf wrote: »

Hello Folks,

Thanks for the response - really appreciate your inputs!!

I will attend the open evening for the IIFT course in Nov and see what it has to offer - Due to time pressure with the current job - I need to take the most direct and fastest route to get experience. It seems that IIFT put a big focus on rules and having a trading plan and sticking to it (as per your comments Liammur).

Again - thks for advice!

By taking the direct and fastest route, it's more likely you'll end up in the poor house. (Not a comment on IIFT but the fact that you tihnk this can be done quickly).

m7 golf

ixus wrote: »

By taking the direct and fastest route, it's more likely you'll end up in the poor house. (Not a comment on IIFT but the fact that you tihnk this can be done quickly).

Hello ixus, I meant fastest route in terms of learning myself from Books and Internet v's doing a course - this was in reference to arrowloopboys comments. It's a Q of the value to be got from such a course i.e worth the money v's taking the time to research and learn myself (+making heaps of mistakes along the way). In theory this course should help me avoid such mistakes -- in theory.....
I'll still be planning to do a serious amount of dry runs to prove any plan.


I am beginning to wonder though about my plans as quite a few of the comments so are not very positive re pursueing this as a career/living...

Thks

EdenCyrus

m7 golf wrote: »

Hello ixus, I meant fastest route in terms of learning myself from Books and Internet v's doing a course - this was in reference to arrowloopboys comments. It's a Q of the value to be got from such a course i.e worth the money v's taking the time to research and learn myself (+making heaps of mistakes along the way). In theory this course should help me avoid such mistakes -- in theory.....
I'll still be planning to do a serious amount of dry runs to prove any plan.


I am beginning to wonder though about my plans as quite a few of the comments so are not very positive re pursueing this as a career/living...

Thks

Im in the same boat. I hope to make this a living in the future, simply where im going its very difficult to have a job, language barriers and legalities. 3-4k I could imagine would be hard to make, Unless you get lucky and also you have a large quantity of funds to begin with. You profits will be proportional to amount you invest in a company.

By Buying and selling in the same day, even the same hour. Would be your only option.

Needing;

1) Sufficient amount of funds to begin with
2) Keeping an eye on the ball ( Watch the markets Like a hawk. Investing in some decent real time software, and brokerage/online account that deals in instant buy/sell)
3) DRIP schemes could be a decent start, but again you need a generous amount of funds.
4) everything else.


Conclusion. If you educate your self to the same standard as everyone else who is successful, and have a serious eye for this game, I dont see why you couldnt make that amount if not more.

Apply the momentum effect with a DRIP (I like to call it the ion engine effect) . Let your money make money for you, with less risk than day trading.

suben

Hi All,

I posted a comment here a couple of months ago, from doing the Diploma course with the IIFT. I am now working for them full time (albeit in the marketing side).
I had dabbled in stock picking before and had an interest in learning to trade from college, although it seemed a bit intimidating. I did the course with my boyfriend, who is doing a finance masters having heard about the IIFT through a friend.
Peter Brown is a fantastic lecturer and there are no promises made about a "get rich quick" trading course - these courses are designed to show you techniques and skills our lecturers have learned through their years of working in that field. Peter has over 30 years experience and the same for Bryan Noble, but it takes months/years to perfect these yourself and come up with your own trading strategy that works for you and plays to your own strengths and weaknesses. In some cases, the individual is NOT suited to trading and can learn that from doing the course - instead of losing a lot of money from not being educated, taking the risk and failing.
It cuts out a lot of the reading, researching and learning the hard way. There are a ton of seemingly authentic sites and information that are really just out to take your money - make sure you do your research before putting money into anything and if something is too good to be true, it probably is.

The risk management for me has been the greatest help, I'm not doing anything too in-depth just mainly with the S&P and I don't like the thought of losing money - so it takes the gambling element out of it. I can control how much I am prepared to lose and keep profits sustained on a more long term scale. I still have a lot of practice I need to be doing and am still a novice but the course did help me a lot and made spread trading a lot more accessible than I thought it could be.
It's nice to be in charge of your own investments, especially in a time where there have been so many people who have lost their pensions and life savings by handing it over to a stranger without properly understanding what is actually involved.

Peter has monthly open seminars in which he can answer your questions and go through what IIFT (www.iift.ie) has to offer in greater detail, I can only offer information from my own experience
If you'd like any more info, feel free to call on 01-6644034

pjb86

Hey Guys,

I completed the diploma in financial trading with the IIFT. I found it to be really beneficial as I have been following the markets for a few years and tried trading them with demo accounts but consistently lost money. The thing I liked the most was that you could chat one on one with the lecturers, who also trade, and find out what you are doing wrong. they show you what kind of techniques and strategies they use in the big banks and prop houses.

They also show you how important it is to discipline yourself and not get carried away or get emotional with the trading. the experience the guys, who are teaching you, have is amazing and it you can really learn some great stuff off them like how to form your macro view of the markets. There is constant support with the trading days and a daily blog on the website which helps you to regain your macro view if you lose your way.

I would strongly encourage anyone interested to have a chat with them as you will see they are not full of bs. I heard about it and went along to one of the open evenings.

anyway hope this helps,

bluesteel

pjb86 wrote: »

Hey Guys,

I completed the diploma in financial trading with the IIFT. I found it to be really beneficial as I have been following the markets for a few years and tried trading them with demo accounts but consistently lost money. The thing I liked the most was that you could chat one on one with the lecturers, who also trade, and find out what you are doing wrong. they show you what kind of techniques and strategies they use in the big banks and prop houses.

another bland endorsement from a newly registered user :rolleyes:

Could you give us an example of the

kind of techniques and strategies they use in the big banks and prop houses.

I'm really interested as I work for a prop house and AFAIK none of the guys associated with the so-called Irish Institute of Financial Trading have employment histories with a prop house. I'm open to correction here so I'd welcome your contribution.

Looking at the daily market blog - it's more like a review of the past rather than giving any future guidance.

Maybe we should get the great Peter Brown on here for a Q and A - seeing as they are so eager to receive questions (on 01-6644034 )

pjb86

blue steel - strange you are so quick to slam my opinion... why are you looking at doing a course if you work with a prop house?
I thought the course was pretty good and am consistently trading with them. It is only my opinion but i thought it might help anyone who is considering it, as i have already done the course.

bluesteel

pjb86 wrote: »

blue steel - strange you are so quick to slam my opinion... why are you looking at doing a course if you work with a prop house?
I thought the course was pretty good and am consistently trading with them. It is only my opinion but i thought it might help anyone who is considering it, as i have already done the course.

I'm not looking at doing a course - I'm looking out for shills

Febe9

Hi Guys,
I'm considering doing the Bootcamp with IIFT and am seeking advice on how any of you got on after the course.....does it lead you to successful/profitable trading. I have bought shares previously and lost everything. I now know I need to educate myself. All advice welcome.
Thanks in advance. F

fauxpas

Personally - i don't think any course will sort anything. Those who teach, are ones who cannot make living out of trading. If any fee would cover their time spent on prep of materials, organization of event etc. - then it wouldn't cost a 1k.
C'mon guys, think if it really is worth to be tought by sbdy who cannot make it!?
I learned all by myself, yes - i had to loose some cash to learn how it feels and learn how to deal with it.

langball_larry

rip off merchants, stay away

MICKDX1

Hi ,I've been looking at some of the old posts about trading courses in Dublin .I'm thinking about doing one with AIAT.I've been trading for about 2years, self taught I've had some successful trades and some not so successful. I'm just thinking is it worth doing a course when all the information is free online .Any advise?

syntheticjunk

MICKDX1 wrote: »

I'm just thinking is it worth doing a course when all the information is free online .Any advise?

You already answered your own question.

MICKDX1

langball_larry wrote: »

rip off merchants, stay away

Why do you say this?

MICKDX1

Hi ,I've been looking at some of the old posts about trading courses in Dublin .I'm thinking about doing one with AIAT.I've been trading for about 2years, self taught I've had some successful trades and some not so successful. I'm just thinking is it worth doing a course when all the information is free online .Any advise?

MICKDX1

syntheticjunk wrote: »

You already answered your own question.

What I don't understand is how both dip. Courses can be different prices with iift and aiat.

MICKDX1

I see a few posts here about trading educators,well I'm a lot wiser now than I was awhile ago,first things first.Think about the background of this educator,did they actually work as a trader on a trading desk,do you honestly think they were looking at simple indicators to trade millions of euros,come on guys get real.The first time these guys seen a moving average was after they retired.People need to open their eyes to this kind of scam,there are lots of videos on YouTube,so no excuses for getting screwed over,here's just one example of good advice-Gary noble an end to the bull.

For ever odd

MICKDX1 wrote: »

I see a few posts here about trading educators,well I'm a lot wiser now than I was awhile ago,first things first.Think about the background of this educator,did they actually work as a trader on a trading desk,do you honestly think they were looking at simple indicators to trade millions of euros,come on guys get real.The first time these guys seen a moving average was after they retired.People need to open their eyes to this kind of scam,there are lots of videos on YouTube,so no excuses for getting screwed over,here's just one example of good advice-Gary noble an end to the bull.

A professional trader is not the one who was more trading screens, better equipment or the better indicators. A professional trader is defined by how he approaches his trading mentally and how he evaluates his trading routine. Therefore, every amateur trader can easily acquire the mindset of a professional trader by following a few principles and changing his approach. The following article walks you through the 6 most common trading principles that make the biggest difference between an amateur and a professional trader.



#1 Distractions and focus
Amateur: Watches YouTube videos, is online at Facebook, chats in Skype or watches TV while trading. The amateur loses focus easily and does multiple things when there is no setup in sight or markets are currently slow. He, therefore, misses trades easily, makes mistakes when calculating his position and when executing trades.

Pro: When the professional trader is trading, he is 100% focused and does nothing else besides watching his charts. He might have a website open to monitor news releases or watch the news ticker on a TV channel (on mute!), but that’s it. The pro knows how important it is to be 100% focused and when there is nothing to do and no trading setup in sight, he turns off his platform, works on his trading skills or just takes the day off.




#2 Wasting screen-time
Amateur: Amateur traders tend to watch charts for hours at a time and randomly flip through timeframes on the hunt for a trade. The myth that screen-time will help a trader become better is still accepted among amateur traders. Watching charts for the sake of it has no value whatsoever if you don’t know what you are looking for.

Pro: The professional trader has a detailed trading plan and knows exactly what he is looking for and when he is going to trade. He does not flip through timeframes, but just waits patiently until the trade comes to him. He does not waste his time by sitting in front of his charts all day long when there is nothing to do. When there is nothing to do, the professional goes back to his trading journal and reviews his past performance to find ways to become better.



#3 Overconfidence after a winning streak
Amateur: The amateur trader believes that after a few winning trades in a row he has acquired superior skills or that his trading strategy is suddenly a money machine and cannot fail anymore. The problem is that after a few winning trades, amateur traders use too much risk and take trades that are too big or violate their trading rules because they ‘can feel’ what will happen next.

It’s not uncommon that after 4 or 5 winning trades, traders lose all their profits on only one trade. Are you guilty of that too?

Pro: The professional trader knows that he is not suddenly a super trader and cannot predict what is going to happen next. A winning streak is normal and will happen time after time; it is just how trading works. A professional trader ALWAYS sticks to his plan, always follows his risk and money management rules and NEVER lets one losing trade wipe out a significant amount of his capital.



#4 Loss of confidence after a losing streak
Amateur: When having a losing streak, the amateur trader loses confidence in his skills and his trading strategy. An amateur trader tends to change his trading strategy when he enters a losing streak or breaks his trading rules because he wants to make up for his losses.

Losing streaks are dangerous for amateur traders because they often lead to even bigger losses when traders try to make up for lost money.

Pro: For the professional trader, winning and losing streaks don’t matter. They are inevitable and will happen over and over again. A professional trader knows that over the long term, his trading strategy will make him money, no matter what. A professional trader sticks to his rules and never loses his mind.



#5 Taking losses personally
Amateur: It is hard to accept that your trade idea was wrong and that you are going to lose money. Especially new and inexperienced traders can’t accept to be wrong and when they see that price is about to hit their stop loss order, they will do one of the following things:

– Setting a stop loss further away to delay the loss
– Adding to a losing position to get out of the loss faster when price turns around
– Taking off the stop loss order completely because eventually, the price will have to turn around

All these tactics will lead to large losses and to margin calls. A trader who is engaging in one of the three mentioned scenarios is as far away from becoming a professional trader as possible.

Pro: The professional trader lives by the following two principles:

– One trade is just one trade and the outcome of one single trade does not matter
– The stop loss order is the price where you fully accept that your trade idea was wrong and where you WANT to exit the market

The professional trader knows that the outcome of one trade is totally irrelevant to his trading career. Whether a single trade is a winner or a loser does not matter because there will be 400, 500 or 800 trades coming soon where he can make money. A professional trader also accepts that a stop loss is the place where his trade is wrong and that he is happy to exit the trade because it is not going to make him money.





#6 Do you need money fast?
Amateur: What is your trading objective? Do you believe that trading is a way to make a lot of money in a short period of time? Research showed that traders who believe that they can get rich quick with trading lose the most amount of money.

Pro: For the professional trader, trading is a regular job. The professional trader does not trade for the excitement or because he wants to make a fortune with a few lucky trades. Trading is not an easy profession and it requires time, hard work and a lot of hustling before you can make money. In the end, being a trader is a job like many other jobs.





Conclusion: Fake it until you make it
To become a professional trader, act like one. Behaving like a professional trader does not require a lot of capital or expensive equipment. You can trade like a professional trader RIGHT now. Analyze your trading behavior and then see how you can make the adjustments to take your trading to the next level.

http://www.tradeciety.com/ultimate-math-guide-for-traders/

Pacos207

Thanks for the " education". But has anyone made significant living income through this trading?