Where do I start?

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Hi all,

I am really new to trading and have zero knowledge about it. I just want to hear from someone who had started from nothing but gradually built up a portfolio. What's the first step, what books should I read, what techniques should I learn?

Thanks in advance

Frank
 
First, do you have a background in finance or at the very least, are you financially literate? if no, either learn or join a protest.

If yes then look on google about the mechanics of the markets you wish to trade, does some guy sit there throwing kilograms of onions at the people who bought them, is it all paper like early japanese rice futures etc.

Once you know the basics of what goes on behind the scenes you can move toward what type of analysis you prefer. Technical, fundamental, technimental, totallymental, and the list goes on.

Decided? good, google for books about the subjects and study.

need anything else, ask us.
 
Friday evening and I'm behind the computer... Can it get any worse? Nevertheless it's for a good cause. Trying to keep the poor sheep away from the wolves (vendors). I can only tell you about futures since I trade forex myself, but I think trading stocks, options or whatever product wont be much different.

You can have a degree in gardening, jigsawing, physics or economics it doesn't matter. What does matter is:"do you have the mental strength that it takes to be a day trader"? If you think you do, try to find info on volume in combination with price movement. What moves the market? Volume does! Not a MACD, stochastics or any of the other crap! Read more about it in the attachment.

Concerning "teachers" in this business. Would you work at a company (client support, administration) that teaches others how to make money day trading? No, you would buy their course and start making thousands of dollars from the comfort of your own home. Then why do people work there? Because the, sometimes thousands of dollars courses teach you nothing but crap. They know it and that's why they stick to the 9 till 5 job for the monthly insult.

You should consider yourself lucky that I read your post. Why? Because in general people that make money trading trade! People that don't kill time on a forum. I started realizing this when I was structuraly making money. Put yourself in my shoes... Would you be hanging out here if you were making money? And I don't mean enough money to buy you a soda. No you wouldn't.

I'm not here to discuss, that would be a waste of my time. I make money, PERIOD. You can take from the info what you like.

You got one hell of a bumpy road ahead of you, but the biggest bump; VENDORS you should be able to avoid with my advice.

I wish you lots of fun and you can thank me later!

Besides that I can recommend the 2005 Rioja "Marques de Riscal Reserva":party:! I'm gonna get me another refill of that!
 

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Hi all,

I am really new to trading and have zero knowledge about it. I just want to hear from someone who had started from nothing but gradually built up a portfolio. What's the first step, what books should I read, what techniques should I learn?

Thanks in advance

Frank

Don't do it, forget about it. By far the most likely scenario is that you will lose a lot of money to some scumbag vendor and then waste years of time and effort to get nowhere.

OK so some people become millionaires trading forex but then some people fly to the moon. My point is that just because it's not impossible doesn't mean you will do it.
 
Don't do it, forget about it. By far the most likely scenario is that you will lose a lot of money to some scumbag vendor and then waste years of time and effort to get nowhere.

OK so some people become millionaires trading forex but then some people fly to the moon. My point is that just because it's not impossible doesn't mean you will do it.

I do have to agree with Boyles, but... I wanted the success and the life that comes with it so, so badly that I went to hell to get it. Looking back it is easy to say it was all worth it. But who says you will make it Frank?

My "external circumstances" probably made it easier for me to get there as well. Think twice before you get into it!

Whatever you decide, you are making the right decision. Because that´s what you think is the right thing to do :)! What happens later is something you don´t know. Now my glass of Marques is empty so I´m off!
 
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.
 
pay attention to all this advice and perspective you've just received, Frank - in retrospect on my journey, i wish i'd been smart enough to at least ask the question you've asked.

chances are you will lose your account, or most of it, or several accounts. Whatever money you have to trade, i'd put only 10-20% in a trading account at first. Study price, study these forums and others, give yourself time, expect mastery to begin after 3-5 years of effort - Learn about money/risk management before methods
 
pay attention to all this advice and perspective you've just received, Frank - in retrospect on my journey, i wish i'd been smart enough to at least ask the question you've asked.

chances are you will lose your account, or most of it, or several accounts. Whatever money you have to trade, i'd put only 10-20% in a trading account at first. Study price, study these forums and others, give yourself time, expect mastery to begin after 3-5 years of effort - Learn about money/risk management before methods

I agree with your timescales etc. The biggest problem in trading is the nonsense that is spread by vendors which convinces people that this can be learnt in a weekend or a week, it cant, nor can it be bought through software, signals or any other crap.
 
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
 
I agree Stronzo, much of what is on here can be regarded as unsubstantiated boasting or ivory tower theories about how to trade, based on a couple of weeks running a demo account. On the other hand, the educational value of content on a site like this is only as good as the posts its members make - are you entirely happy with what you have put up so far?
 
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.
 
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:LOL:

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... :rolleyes: Oh well.
 
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.
 
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
 
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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Hey all

a really intesting Thread and theres some Good advice here (y)

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 :smart:

Regards
N
 
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.
 
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.
:cool::cool::cool:
 
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