Where do I start?

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Old Nov 16, 2011, 2:01pm   #16
Joined Jan 2010
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.

Trading Trends
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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Old Nov 27, 2011, 12:27pm   #21
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Re: Where do I start?

Quote:
Originally Posted by Bint_Crusher View Post
Blowing up your trade account is not a stage in your development that any real trader would recommend, unless you are a MORON....
In principal, I'm 100% in agreement. I dont even recall blowing a demo, although since I've stopped trading now for the year, I might just see if I can do that next week

Its beyond insanity suggesting that you have a pop, lose a couple of grand, top up the account and do it all over again.

I dont necessarily agree that youd have to be a MORON to offer that advice, very far from it. That "advice" is most definately in the interest of bucket shop brokers and SB firms, and their parasitic IB's. Lets not forget that the parasites who gain from punters losses include vendors and forum owners. Sadly thats why such appallingly bad "advice" is posted, promoted and tolerated at so called "trading forums" who claim to have the interests of punters at heart. They dont.

The people offering and promoting that advice are not morons, they are no different to any other trader, just smart enough to understand that the easiest way they can make a buck out of this game is to screw those a little dumber than themselves (which thankfully is will be the majority of their readership). Its hypocritical beyond belief, but that doesnt make them morons. I think they are pretty smart really.

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Old Nov 27, 2011, 12:43pm   #22
 
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Re: Where do I start?

Quote:
Originally Posted by the hare View Post
In principal, I'm 100% in agreement. I dont even recall blowing a demo, although since I've stopped trading now for the year, I might just see if I can do that next week

Its beyond insanity suggesting that you have a pop, lose a couple of grand, top up the account and do it all over again.

I dont necessarily agree that youd have to be a MORON to offer that advice, very far from it. That "advice" is most definately in the interest of bucket shop brokers and SB firms, and their parasitic IB's. Lets not forget that the parasites who gain from punters losses include vendors and forum owners. Sadly thats why such appallingly bad "advice" is posted, promoted and tolerated at so called "trading forums" who claim to have the interests of punters at heart. They dont.

The people offering and promoting that advice are not morons, they are no different to any other trader, just smart enough to understand that the easiest way they can make a buck out of this game is to screw those a little dumber than themselves (which thankfully is will be the majority of their readership). Its hypocritical beyond belief, but that doesnt make them morons. I think they are pretty smart really.

Thanks for the support hare, iamnev has already tried to have me kicked off this site because he knows the game is up, I will relentlessly pursue him to ensure he is exposed as a bucket store. sometimes I wonder about the number of newbies on the site, almost as if its a testing ground. My responses are consistent albeit somewhat abrasive a bit like my trading in many respects.: lol::whistlin g
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Old Nov 28, 2011, 7:43pm   #23
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Re: Where do I start?

Quote:
Originally Posted by the hare View Post
. . .Sadly thats why such appallingly bad "advice" is posted, promoted and tolerated at so called "trading forums" who claim to have the interests of punters at heart. They dont.
Wrong - they do.
As a member of staff on this particular forum, I most certainly have the interests of fellow members - especially newbies - at heart. I do my level best to ensure that any official output in the form or Stickies and FAQs etc. will help members achieve their trading goals rather than hinder them. To that end - as I've said 100 times before - if there's info' in any of them that is incorrect, unclear or misleading - please bring it to my attention and I will amend it. That way, you can do your bit to ensure that all the official content is of the highest possible calibre. That you haven't (thus far), leaves me to conclude that you think the official content is the best it can be; thanks for the vote of confidence!

On the other hand, if the "appallingly bad advice" you're referring to is on the main boards, then this is a different matter entirely. As you're well aware, anyone can post their views - so long as they abide by the site guidelines. Inevitably, some views may fall into said category in your opinion. In that case, all you need do is explain what's wrong with the post concerned, propose a better alternative and then subscribers to the thread can decide for themselves which view makes the most sense to them. That's the way that democratic and free forums like T2W work!


Tim.
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Old Nov 28, 2011, 7:52pm   #24
 
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Re: Where do I start?

Quote:
Originally Posted by the hare View Post
In principal, I'm 100% in agreement. I dont even recall blowing a demo, although since I've stopped trading now for the year, I might just see if I can do that next week

Its beyond insanity suggesting that you have a pop, lose a couple of grand, top up the account and do it all over again.

I dont necessarily agree that youd have to be a MORON to offer that advice, very far from it. That "advice" is most definately in the interest of bucket shop brokers and SB firms, and their parasitic IB's. Lets not forget that the parasites who gain from punters losses include vendors and forum owners. Sadly thats why such appallingly bad "advice" is posted, promoted and tolerated at so called "trading forums" who claim to have the interests of punters at heart. They dont.

The people offering and promoting that advice are not morons, they are no different to any other trader, just smart enough to understand that the easiest way they can make a buck out of this game is to screw those a little dumber than themselves (which thankfully is will be the majority of their readership). Its hypocritical beyond belief, but that doesnt make them morons. I think they are pretty smart really.

Bad advice?, to blow up a demo account instead your pocket?. I agree, theres no need to be moron to blow up an account, but also i think, specially for newbies, it will be better to trade with demo accounts instad real money. What is the problem with that?
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Old Nov 28, 2011, 8:18pm   #25
 
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Re: Where do I start?

Quote:
Originally Posted by timsk View Post
Wrong - they do.
As a member of staff on this particular forum, I most certainly have the interests of fellow members - especially newbies - at heart. I do my level best to ensure that any official output in the form or Stickies and FAQs etc. will help members achieve their trading goals rather than hinder them. To that end - as I've said 100 times before - if there's info' in any of them that is incorrect, unclear or misleading - please bring it to my attention and I will amend it. That way, you can do your bit to ensure that all the official content is of the highest possible calibre. That you haven't (thus far), leaves me to conclude that you think the official content is the best it can be; thanks for the vote of confidence!

On the other hand, if the "appallingly bad advice" you're referring to is on the main boards, then this is a different matter entirely. As you're well aware, anyone can post their views - so long as they abide by the site guidelines. Inevitably, some views may fall into said category in your opinion. In that case, all you need do is explain what's wrong with the post concerned, propose a better alternative and then subscribers to the thread can decide for themselves which view makes the most sense to them. That's the way that democratic and free forums like T2W work!


Tim.
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.

---
Tim-
If you can show me where the above advice is principally sound then I promise to buy you a beer at the next social event.
Setting yourself up for a fall tells you nothing about risk management, it simply tells you what a MORON you are. And yes when I started trading and did not sti ck to my plan I used to write myself an email telling myself what a stupid ****ing **** I was and WHY. I then printed it out and pinned up for in front of my desk for all to see. It did not take too many episodes of that to force me to focus on my plan and follow it. Forget this brain dead notion that you need to lose money in the markets to learn, you verily verily verily do ****ing NOT.
Forget this brain dead notion that you need to lose money in the markets to learn, you verily verily verily do ****ing NOT.
Forget this brain dead notion that you need to lose money in the markets to learn, you verily verily verily do ****ing NOT.
Just a point Tim.:whist ling
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Old Nov 28, 2011, 8:19pm   #26
Joined Oct 2011
Re: Where do I start?

Quote:
Originally Posted by Bint_Crusher View Post
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.
Mrs Bint Crusher
As a person of your standing on this forum, why do you insist on being so abusive.

There is a massive difference between blowing £200k and £2k , the fact that a new trader is highly likely to blow up an account I think I gave good advice. Why save up £10k, £15k or £50k only to get a bad run, lose a load of money that probably took years to gain and be scared off the market for good.

All the negativity on this forum from people like Bint is emotional. These people probably trade with emotion still. They have probably bought the next best thing out of a box only to find that the market conditions have changed and have bought last years next big thing.

I agree with most posters on here that a demo account is the best way to practice entering trades etc. Plus I agree that you don't need to know everything there is about indicators and strategies. It is not the methods that are hard to teach or learn it's the mental stress that occurs when you are in a position which is going against you.

You don't get those emotions with monopoly money, you do with real money.

The new market wizards is a great book about great traders. People who trade millions and billions rather than pence and nuggets. Those traders have learnt not to get married to a trade, they have an entry plan and an exit plan. They have a plan for if they need to scale into the position. Newbie traders don't have any of that. You get that with experience.

Another book I am reading now is "Trading in the Zone", by Mark Douglas. It's all about getting your Head right.

Like I said, in my first post. Don't listen 100% to the people on these boards, especially if they revert solely to abusing other posters. Do some research into how to prepare mentally for what emotional roller coasters you are about to ride as a new trader, as it is your head that can keep you in a losing trade and your head that can make you trigger happy rather than patient.

I have nothing to sell, I am not a bucket shop and I rarely frequent shops with buckets. I have a blog which gives you an idea of how crap I am at trading which is why I point you towards the two books I wish I had read at the beginning of this year. Maybe I would be £2k better off for spending £40

And to Mrs Bint, yes I did try and get you booted off this forum as sending me abusive personal messages is really unnecessary. You can google me, come around my house and say it to my face. Like a real person would if you really felt that way.
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Old Nov 28, 2011, 8:34pm   #27
 
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Re: Where do I start?

for nev the spotter, looks like you agree with me then.
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Old Nov 28, 2011, 8:36pm   #28
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Re: Where do I start?

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for nev the spotter, looks like you agree with me then.
I'll never agree with anything you have to write or say as you are foul.
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Old Nov 28, 2011, 9:52pm   #29
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Re: Where do I start?

Quote:
Originally Posted by Bint_Crusher View Post
Tim-
If you can show me where the above advice is principally sound then I promise to buy you a beer at the next social event. . .
Hi B_C,
Sorry if I'm being slow on the uptake here, but I'm afraid I don't see any connection between your post and mine - which specifically relates to points made by 'the hare' in his last post. If the "above advice" that you refer to can be found in any official T2W output - please see the 1st para of my last post. If it can be found anywhere else - please see the 2nd para of my last post. Between them, I think they cover pretty much cover everything!
Cheers,
Tim.
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Old Nov 28, 2011, 11:01pm   #30
 
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Re: Where do I start?

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Originally Posted by iamnev View Post
I'll never agree with anything you have to write or say as you are foul.
Another one bites the dust. Your miserable loss, not mine.:c ool::h eart:
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