Where do I start?

This is a discussion on Where do I start? within the First Steps forums, part of the Reception category; Originally Posted by Stronzo Coglioni I have (eventually and sadly) come round to The Hare's view on this subject. 'Eventually', ...

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Old Nov 13, 2011, 3:57pm   #11
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Re: Where do I start?

Quote:
Originally Posted by Stronzo Coglioni View Post
I have (eventually and sadly) come round to The Hare's view on this subject.
'Eventually', after 39 posts?
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Old Nov 14, 2011, 2:05am   #12
 
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Re: Where do I start?

i feel clarification is needed on what i said about reading forums. I meant that there are lots of good ideas out there for free that warrant testing, in the original poster's personal research..

there is a lot of junk on forums, sure. there are some goods too.
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Old Nov 15, 2011, 10:32am   #13
 
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Re: Where do I start?

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Originally Posted by binary trader View Post
Hi guys!!I came across this site BinaryOptions Live

Its really amazing and they really no there thing!I was new to Binary Options and they helped me and provide the signals when to trade!
10/10

Just though id let you guys know
Agree with Natureboy. The post (quote) above is a classic example of a scammer. I wonder however, where did the starter of the thread go? Did he duped us all, by starting a thread just to keep the traffic on this forum going... Oh well.
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Old Nov 15, 2011, 11:18pm   #14
 
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Re: Where do I start?

Make sure whomever advises you is a trader. Not a Broker(BITCH) or a media wannabe.
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Old Nov 16, 2011, 12:28am   #15
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Re: Where do I start?

many failed traders go on to realise there is easier money in vending to sheeple. let's face it most people are dumb, the dumbest of all are the ones that think they are smart but are actually dumb. ask yourself why a professional profitable trader would bother becoming a vendor for a 5hitty bit of chump change. of course they dress it up as 'they want to give something back' or 'i created the learning material for my children and someone suggested I put it on you tube - yes yes yes'. Some of the 5hit some of these people come out with is gold. This is one of the 13 ways I make money trading the markets, please pfffff.
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Old Nov 16, 2011, 2:01pm   #16
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Re: Where do I start?

Hello,
I agree with most of the answers. I started also with a demo account, and gradually moved to real money account. started with very low deposits.

Ari
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Old Nov 22, 2011, 12:40am   #17
 
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Re: Where do I start?

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Originally Posted by tomorton View Post
Make a start Frank, but with plenty of research first, here is a good place. Find out how others do it, find a style from that lot that suits your character closely, adapt it, refine it, keep it simple, trade small, risk very small, enjoy your research, enjoy your experiments, but treat this as seriously as a salaried position. When you discovered trading, life handed you a corner office and an expense account - imagine you have to justify your trading today to management so you can come back tomorrow.

Frank, Tom's feedback is spot on.

Don't make it any more complex than it has to be. Leave that to all the vendors and gurus who make a living (and therefore the bulk of their earnings) peddling complex-sounding trading products that make it SEEM like you can't survive without their system, etc.

I know, because I used to work behind the scenes with some of these guys (the original 'good guys' - not the scum you see saturating the market today). However, even the 'good guys' eventually changed their business model to the point that it no longer had the customer's best interest in mind. They were now all bout the "quick-turn profit", whereas before they used to actually care about their customer's well-being. Times are just not the same.

This is part of the reason why I ventured on my own to develop my own custom trading method... one that suits me specifically, and addresses the painpoints of most traditional methods.

It took a while to identify and develop (even though the method itself is incredibly simple, it's the LOGIC behind it that makes it truly potent)... but once I was able to trade it live with real capital, I quickly realized my financial well-being was going to change beyond my original expectations.

With the right commitment, attitude, and foresight (i.e. knowing not to believe everything you read or hear), you'll do just fine. Give yourself permission to blow a small account now and then... we've all done it. Anybody who says otherwise is flat-out lying to you.

Consider it nothing more than a "start up cost" of running a business. It's expected to happen, and in fact, that's how you graduate beyond "newbie" status.

It's how you respond to blowing that account that matters. Learn from it... that's how WE ALL gained our knowledge and insights. First-hand, deep-in-the-trench experience is the best teacher of them all. Don't ever let any guru or self-proclaimed 'trading pro' tell you otherwise.

Granted, a demo account is recommended for all beginners (for obvious reasons), so please don't misinterpret what I'm saying here. My primary point is IF you blow your initial trading account, then give yourself permission to move past that experience. It's okay, because there ARE ways -- some really reliable, low-risk ways -- to profit from the forex market.

You just need to cut your teeth on some of this material in your own way first, before knowing what to look for afterwards.

The guidance within this thread and forum will definitely help you avoid certain disasters, etc... but the question is, WHICH advice should you listen to?

That's the real question, isn't it? How should you know which to follow and which to avoid?

I, nor anybody else here, can answer that. This is where the personal first-hand experience comes into play. Sometimes you'll just have to jump in the fire with both feet and experience the "burn" yourself in order to determine how to prevent such a situation in the future.

You'll do just fine. Keep your confidence intact, and keep moving forward until you find what works for you.

That's honestly what I did, and I couldn't be happier now. If you have any questions, feel free to skype me below.

Hope this helps.

All the best,

Marty
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Old Nov 22, 2011, 2:13pm   #18
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Re: Where do I start?

Hey all

a really intesting Thread and theres some Good advice here

Sitting currently on both sides of the fence I totally second what has been said so far :-

Due to work committments I was not getting the sceen time in to make a decent return - so i decided eventually this year to soft market my products and services to see if that would help the coffers (and I could also work around it more easily with work and also trade when opportunites arose)

3 months in I am knackered from admin and support .....and the fees charged are not even paying my coffee bill......

sure its been (and still is) an interesting excercise.....but in truth I would need to lie through my teeth and overhype my systems to justify the £2-3,000 fees that would make my time worthwhile..then also pay the internet sharks that are all offering me the methods by which I could get the advertising in peoples faces and signing up

so guys take it from me .........those systems out there are not worth the fees for the reason above....... and the true path is always within yourself........and will reveal itself through experience , research and screen time

Regards
N
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Old Nov 27, 2011, 3:08am   #19
 
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Re: Where do I start?

I would say that you have to start reading and understanding each piece of material you can find at google.
After then, you have to learn how to use and interpret (if you also undserstand the math behind would be a plus) each available indicator and oscillator.
Once you have done, depending on what you want to trade, open a demo account and understnd what you are talking about and to see if you really understood all the material you read and studied. Then with that demo account start trading to see the real behavior of the markets, then find a strategy to build a method that suits your personality. Then you will be ready.
it can sound hard. It is.
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Old Nov 27, 2011, 11:55am   #20
 
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Re: Where do I start?

Quote:
Originally Posted by iamnev View Post
Paper Trade,
Save Up A Couple Of Grand --- This has to be money that you don't need, so don't use your rent/mortgage/holiday/christmas present or any other necessary cash.
When Your Paper Trading Is Going Well Try Trading For Real - It will allow you to feel all of the emotions that trading can give you. Highs, Lows Boredom, Excitment, Stress, Relief. You get the picture.

---
You'll probably lose that couple of grand
---

If You Fancy Trying Again
---
Stop Reading Bulletin Boards, they are full of people trying to distract you, give you crap advice. Do your own research, find someone that you can visit face to face and watch them trade.

Paper Trade Again for a few months and try and simulate , formulate and execute trades.

---
Save Up A Couple Of Grand
---

Don't trade this money until you have got some proper tuition on money management. You need to learn how not to lose the money that you have just saved.

This is where I am at. I am learning how to keep my money for as long as possible.

Read New Stock Market Wizards, it's a great insight into guys that have made millions if not billions. How they coped with large losses and how they feel when they enter trades on a regular basis.

----

The only way you will learn is by trying, so good luck and let us know how you get on.

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Whatever you do ignore the advice from this BRAIN DEAD MONG. Learn how to make sure you do not lose your money and take profits where you can. This PILLOCK says you will probably lose your first stake of £2000, WTF??????? If your trade account was £200,000 would you be prepared to lose that? There is absolutely no difference.
All the TA books and courses will not teach you how to trade. You can be up to your ears in indicaters and strategies but at the end of the day it is good risk management that acts as the key to success. Blowing up your trade account is not a stage in your development that any real trader would recommend, unless you are a MORON like iamnev who probably has never traded in his life.
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