Mega Newbie :)

Hi all, I am a mega newbie.. I dont really know what I am doing but hey you have to start somewhere!

Got a quick question which I will probablyget shot down for but here goes. What do you reckon of these investment companies for Spot trading i.e you give them 10k and they invest with other peoples money in say a 100k investment and giev you a cut of the profits and they take theirs?

Seems like an easy option rather than doing it youself and prob be dodgy, I just knew a person who did this and swore by it!?

And if it is rubbish whats the best way to start from scratch?

BiFF1980 said:

Hi all, I am a mega newbie.. I dont really know what I am doing but hey you have to start somewhere!

Got a quick question which I will probablyget shot down for but here goes. What do you reckon of these investment companies for Spot trading i.e you give them 10k and they invest with other peoples money in say a 100k investment and giev you a cut of the profits and they take theirs?

Seems like an easy option rather than doing it youself and prob be dodgy, I just knew a person who did this and swore by it!?

And if it is rubbish whats the best way to start from scratch?

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Most of them will churn and burn your account, some of them will just steal your money and disappear. Have nothing to do with any of them. Montague Pitmann were a perfect example, they went round all the trading shows and convinced people that they would trade their accounts for them, in the end they just did a load of trades to generate commissions for themselves and then went bust when the authorities started closing in on them.

http://www.trade2win.com/boards/brokerages/49236-montague-pitman.html

http://www.trade2win.com/boards/gen...p-needed-dodgy-montague-pitman-admin-fee.html

As for doing it yourself it would most likely take you years to be consistently profitable, there arent really any shortcuts and the people that tell you they know the 'insider secrets' are lining you up to scam you.

I agree - do it yourself or don't do it at all. Although it needn't take years to be consistently profitable - I have been from the start, albeit from May 2010. 5 months isn't a bad sample size.

Thanks MarketMoverTrader. very inspiring posts. am a newbie myself and wanted to be a trader since 2008 but have been held back by anxiety. i wonder how to begin. i dont even know whether i need a trading platform or knowledge first before the platform.

danielbutare said:

Thanks MarketMoverTrader. very inspiring posts. am a newbie myself and wanted to be a trader since 2008 but have been held back by anxiety. i wonder how to begin. i dont even know whether i need a trading platform or knowledge first before the platform.

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Anxiety - that can come from a number of places. You can systematically do away with negative emotions through practice, finding your edge and sticking to your rules. And only starting with 'risk capital' of course. But eventually you need to just stop considering it and get into the market, on a simulation platform first. My personal experience has been that I found an education system first, that provided me with an edge, then I used the platform that came along with that. Then I've taken charge of my own continuing education. I trade futures. I blog about my trading experiences at www.marketmovertrader.net

MarketMoverTrader said:

I blog about my trading experiences at www.marketmovertrader.net

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Nice job, I'll be following

Welcome everyone!
For anyone unsure where to start - click on the links in my signature and all questions will be answered. In the event that they're not - let me know - and and I'll gladly add answers to the appropriate FAQ or Sticky.
Enjoy!
Tim.