Posted by: Bevan | July 27, 2008

New Broker

Well it hasn’t been a profitable week, my short FTSE position got stopped out, as did my USDCHF trade.  I have some extra cash ready to invest, as my risk level per trade has been higher than I would like.  I emailed by Spreadbetting firm twice to confirm the details to deposit the money and have received no reply.  I smell a rat.  I’m depositing the money with IGIndex who seem to have a good platform and good service, as well as a training program which allows you to trade 10p/point bets which will suit me as long as it lasts!  I’m going to pull the money out of the other company.

I’m still going through the process of developing a new strategy and plan, however have had virtually no time for testing which is frustrating.  I’m thinking of trying out some price-action based stuff, as my current strategy is a trend following, lagging indicator based one.  I believe it is profitable with my money management plan, although it is probably worth tweaking a little.  However my next strategy I want to offer some diversification.

I also have had something of an AHA moment in that I really believe I’m at the stage where I need some mentoring.  I’ve got access to a lot of good knowledge, but I think I need a different perspective on my trading.  The trouble is most mentors are failed traders making money from training, and it won’t be easy to separate the wheat from the chaff.  They also charge a lot of money.  Although in a few cases it may be worth it, I actually think a good mentor who is making lots of money from trading would take a minimal amount, or perhaps even ask you to donate to charity, as their motivation would be helping rather than revenue.  Obviously I wouldn’t expect them to stop trading to help me, just some time watching them trade and running through my journal would be enough.  A lot of successful traders get into the business or are helped along because they ‘happen to know someone’, unfortunately I am not in this situation!

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