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5k to 50k challenge

  • 23-08-2019 11:38am
    #1
    Registered Users Posts: 242 ✭✭ hottipper


    Note: This is not financial advice this is for entertainment and learning purposes only

    Similar to the couch to 4k thread lets do a 5k to 50k challenge where we use TA to try and make some money. You don't really need 5k either just an interest in trading will do. If we get enough interest, everyone is positive, posts some charts for different stocks we could have some fun and learn from each other. All you need is a trading account and the tradingview app to get started. We gonna learn proper risk management (this is not a gambling thread) learn some indicators and search for good setups.

    we will probably do leverage trading at some point but not at the start till we hone our skills

    We will occasionally jump into the share picks thread to see what they talking about but for the most part this is ta only. news is a time consuming distraction we play what we see in the charts so yield curve stories, looming recession, brexit shenanigans not welcome :pac::pac::pac:

    i was thinking monday week start date so that gives everyone a chance to get setup.

    Now don't go putting your house deposit savings on anything mentioned in this thread only money you can live with losing :pac::pac::pac: lets gut this market like a fish


Comments

  • Registered Users Posts: 212 ✭✭ Lazy Bhoy


    What is TA?


  • Moderators, Business & Finance Moderators Posts: 7,811 Mod ✭✭✭✭ Jim2007


    hottipper wrote: »
    Note: This is not financial advice this is for entertainment and learning purposes only

    Similar to the couch to 4k thread lets do a 5k to 50k challenge where we use TA to try and make some money. You don't really need 5k either just an interest in trading will do. If we get enough interest, everyone is positive, posts some charts for different stocks we could have some fun and learn from each other. All you need is a trading account and the tradingview app to get started. We gonna learn proper risk management (this is not a gambling thread) learn some indicators and search for good setups.

    we will probably do leverage trading at some point but not at the start till we hone our skills

    We will occasionally jump into the share picks thread to see what they talking about but for the most part this is ta only. news is a time consuming distraction we play what we see in the charts so yield curve stories, looming recession, brexit shenanigans not welcome :pac::pac::pac:

    i was thinking monday week start date so that gives everyone a chance to get setup.

    Now don't go putting your house deposit savings on anything mentioned in this thread only money you can live with losing :pac::pac::pac: lets gut this market like a fish

    Funny, very funny you have a budding career as a comedian. TA is basically analysing a voting machine and be excluding news you've just decided you don't need to know what the voters are voting on....


  • Registered Users Posts: 212 ✭✭ Lazy Bhoy


    Jim2007 wrote: »
    Funny, very funny you have a budding career as a comedian. TA is basically analysing a voting machine and be excluding news you've just decided you don't need to know what the voters are voting on....


    Cheers.



    Doesn't seem like the best approach but good luck to the OP anyway.


  • Registered Users Posts: 212 ✭✭ Mach 3


    Learn chart patterns. If you use indicators add them; take a screenshot and take them back off again.


  • Registered Users Posts: 212 ✭✭ Mach 3


    Jim2007 wrote: »
    hottipper wrote: »
    Note: This is not financial advice this is for entertainment and learning purposes only

    Similar to the couch to 4k thread lets do a 5k to 50k challenge where we use TA to try and make some money. You don't really need 5k either just an interest in trading will do. If we get enough interest, everyone is positive, posts some charts for different stocks we could have some fun and learn from each other. All you need is a trading account and the tradingview app to get started. We gonna learn proper risk management (this is not a gambling thread) learn some indicators and search for good setups.

    we will probably do leverage trading at some point but not at the start till we hone our skills

    We will occasionally jump into the share picks thread to see what they talking about but for the most part this is ta only. news is a time consuming distraction we play what we see in the charts so yield curve stories, looming recession, brexit shenanigans not welcome :pac::pac::pac:

    i was thinking monday week start date so that gives everyone a chance to get setup.

    Now don't go putting your house deposit savings on anything mentioned in this thread only money you can live with losing :pac::pac::pac: lets gut this market like a fish

    Funny, very funny you have a budding career as a comedian. TA is basically analysing a voting machine and be excluding news you've just decided you don't need to know what the voters are voting on....

    Jim why are you swimming in the kiddie pool? I read some of your early stuff when I was starting out, but Respect is dwindling. Could do better.


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  • Registered Users Posts: 242 ✭✭ hottipper


    These are our targets - we're not going to hit it every week but we will use it to see where we are.
    https://docs.google.com/spreadsheets/d/1TK7ISy_Rr_RkbIzahvgOx7M1QfQh88y4b4kM9Q_azJA/edit#gid=0

    its not a get rich quick scheme but your going to pay yourself every month.
    its a second source of income - make a copy for yourself.

    Thanks - we start next Monday.


  • Registered Users Posts: 242 ✭✭ hottipper


    This is our template for each trade:

    Date:
    Instrument:
    Buy/Sell:
    Entry Price:
    Stop Loss:
    Quantity:
    Timeframe:
    Reason for Entry:

    Note there is no take profit as taking profits is on you when your nice in the green take it and don't give it back to the market.
    If we enter a trade on the 4 hour timeframe we exit on the 4 hour timeframe etc.


  • Registered Users Posts: 212 ✭✭ Mach 3


    Guys are going to fail if they do not include their take profit target. It means they don't understand TA or trading.


  • Registered Users Posts: 242 ✭✭ hottipper


    Mach 3 wrote: »
    Guys are going to fail if they do not include their take profit target. It means they don't understand TA or trading.

    Thanks mach- my reasoning here is everyones situation is different.
    Some might be happy with a 5% move others with 10, some are going off on holidays the next day some will stare at charts all day. If we are just here to give tips we might as well post in the share picks thread.


  • Registered Users Posts: 212 ✭✭ Mach 3


    Go for it. But "We gonna learn proper risk management (this is not a gambling thread)" is 100% not going to happen without take profit targets.

    Good luck to all.


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  • Registered Users Posts: 288 ✭✭ mono627


    Mach 3 wrote: »
    Guys are going to fail if they do not include their take profit target. It means they don't understand TA or trading.

    If I can offer my 2c.

    I'd try and step away from a rigid profit target approach. Trading requires a degree of flexibility and simply saying I'm risking X to make Y to achieve a certain risk/reward ratio is suboptimal.

    The reason for this is that you should think about risk/reward as a continuously updating function that you revise as new information comes to light.

    Create a set of rules by which you will enter and exit a trade. That may include a profit target as part of your exit rules but it should be more nuanced than that and include a few more variables and scenarios. It's the old nutshell of thinking of your trading in terms of probabilities.

    I'll give a rough example.

    If I'm short crude oil and the Eurodollar (FX) suddenly jumps 2%. This is new information and you should now take this into account if your stop hasn't already been hit. Conversely, let's say Eurodollar drops 2%, should you have a rule that allows you to extend your profit target as a result? Maybe. Depends where your profit target currently is.

    As I said, it's a rough example but it highlights the point of creating a rules based approach that allows you to think in terms of probabilities and take new information into account as it comes in.

    Your trading rules should be more nuanced than just "I'm getting in here, here's my stop loss and here's my profit target and I'll see what happens". Try and dig that extra level deeper and you'll find that your trading results will get better with time.


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