Where do I start?

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Old Nov 7, 2011, 2:26am   #1
 
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Joined May 2011
Where do I start?

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
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Old Nov 7, 2011, 9:39pm   #2
 
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Re: Where do I start?

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.
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Old Nov 12, 2011, 12:13am   #3
 
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Re: Where do I start?

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"! I'm gonna get me another refill of that!
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File Type: pdf What about Technical Analysis (extended).pdf (63.4 KB, 354 views)
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Old Nov 12, 2011, 12:55am   #4
Joined Oct 2006
Re: Where do I start?

Quote:
Originally Posted by nwqwhf13 View Post
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.
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Old Nov 12, 2011, 1:20am   #5
 
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Re: Where do I start?

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Originally Posted by pboyles View Post
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 thatīs what you think is the right thing to do ! What happens later is something you donīt know. Now my glass of Marques is empty so Iīm off!
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Old Nov 12, 2011, 11:06am   #6
Joined Feb 2002
Re: Where do I start?

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.
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Old Nov 12, 2011, 1:01pm   #7
 
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Re: Where do I start?

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
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Old Nov 12, 2011, 1:06pm   #8
Joined Oct 2006
Re: Where do I start?

Quote:
Originally Posted by natureboy View Post
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.
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Old Nov 12, 2011, 9:24pm   #9
Joined Oct 2011
Re: Where do I start?

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
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Old Nov 13, 2011, 11:23am   #10
Joined Feb 2002
Re: Where do I start?

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?
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