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If you are just a beginning trader stay away from the NY markets. So that would
eliminate Sugar, coffee, etc. What you want is a liquid market that does not
have the appearance of manipulation. If you are going to trade the currencies,
stay with the yen and the euro. they will give you liquidity and strong trend
to follow. You will also have the volatility you need to make some money.
Like anything else you should have a business plan. You should have a trading
strategy that goes one step beyond, "I will follow the trend" or I will pursue
and break out strategy. Trading breakouts will give you about a 38% probability
of a successful trade. There are a lot better systems out there if you take the
time to learn them. Don't be so anxious to start, be anxious to learn.
Education will give you knowledge, but knowledge alone will not give you
success. You have to understand how to apply that knowledge. Whether you use
Gann, Eliot, swing trading, or any one of the individually developed systems
using various indicators, or astrology, you have to have a sound foundation
before you embark with cold, hard cash. If not, instead of earning extra cash
you will looking to replace the cash in your trading account.
I wish you good luck on this new venture of yours. Ira.
Randy Barlow wrote:
> I plan to trade the grains, bean complex, sugar, meats, cotton and canadian
> dollar.
>
> I am not in a position to day trade as I will be trading EndOfDay to try and
> make some extra money.
>
> I plan on trading in the direction of the trend on daily charts but have not
> decided whether to try for 1 to 5 day moves or, when better capitalized,
> trading with the trend on a longer time frame. I am considering trading
> break-outs on a short term basis, using a tight stop.
>
> Randy
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