i want to learn how to trade please help

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Old Mar 30, 2005, 12:54am   #1
 
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i want to learn how to trade please help

i am 20 yrs old and am interested in trading and am willing to learn how to become a trader and be successful at it. can anyone help me out please?
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Old Mar 30, 2005, 10:04am   #2
 
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Go see a shrink
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Old Mar 30, 2005, 10:13am   #3
 
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the best way is to save up a reasonable amount.. say £2,000. then plonk it in a Spreadbet account and see how long you can make it last.

you will get 2,000 lessons on what not to do, be it trading with too much size, trading on hunches, trading after a boozy lunch etc.

then when you have learnt the basic mechanics of opening/closing positions and losing your shirt, you can then take some time out to refine and research your methods.

school of hard knockers
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Old Mar 30, 2005, 10:45am   #4
 
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Quote:
Go see a shrink
I wasn't joking.

If I could start again I would get my head right first and then my behaviour relative to the markets would be better.

A good system with lousy behaviour and discipline is useless.

But a mediocre system with great behaviour and discipline - yeah, you can get by with that.

So, yes - go see a shrink and get your head into the right gear.
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Old Mar 30, 2005, 11:31am   #5
 
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Originally Posted by Salty Gibbon
I wasn't joking.
i've warned you before about being serious.....
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Old Mar 30, 2005, 2:01pm   #6
Joined Oct 2001
learner

Quote:
Originally Posted by sleezy
i am 20 yrs old and am interested in trading and am willing to learn how to become a trader and be successful at it. can anyone help me out please?
Hi Sleezy, what kind of trader do you want to be ?
Do you want to work for a Company or be on your own ?
If you can get a job with a Company in the trading area ( any job ) and then show a real interest in the subject you may be able to get them to train you.
Have you read any books on this ?
Give us some more info about yourself and the traders on this site will try to help you
This is of course if you are for real, and not a failed trader who is now only a site time waster
Regards
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Old Mar 30, 2005, 3:12pm   #7
 
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Having gone through a period of information overload in leaning about this business, may I suggest that you start with a firm foundation by understanding supply/demand, how this affects price, and how this is charted. Everything else comes back to this, and some (increasingly me also) believe that this is the only information you need to know. You can buy books and books telling you any number of price patterns and indicators to look for in order to make trading decisions, but why not just learn what these are all based on - price and movements of price?

It seems to me that you can make things as complicated as you want. Even as a novice, I feel confident in saying that you don't have to go down this path. The more experienced posters can shoot me down if they want!

Search for posts by dbphoenix (amongst others).

James
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Old Mar 30, 2005, 3:41pm   #8
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Quote:
Originally Posted by james6848
Having gone through a period of information overload in leaning about this business, may I suggest that you start with a firm foundation by understanding supply/demand, how this affects price, and how this is charted. Everything else comes back to this, and some (increasingly me also) believe that this is the only information you need to know. You can buy books and books telling you any number of price patterns and indicators to look for in order to make trading decisions, but why not just learn what these are all based on - price and movements of price?

It seems to me that you can make things as complicated as you want. Even as a novice, I feel confident in saying that you don't have to go down this path. The more experienced posters can shoot me down if they want!

Search for posts by dbphoenix (amongst others).

James
As a fellow novice I wholeheartedly agree. The only indicators I use are a 10 period ema of volume and an ADX/ DMIPlus and DMIMinus on a 25 min chart ( i trade a 5 min chart )- these just highlight conditions in the market and make them more visible - they dont give me signals...
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Old Mar 30, 2005, 3:42pm   #9
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seez

Realise very early on that one of the most important factors that will determine whether you make money or not over time will be your costs, just like any business in fact.

Look at how much it costs you on average to do a trade and then understand that all profitable trades will be net of this but the costs will be added to ALL losing trades.

Let's look at this some more using CFDs as an example.

A trader opens an account with £20k and wants to short term trade the market (trades lasting 1-3 days)

He uses 4-5 x leverage so average trading size is £90

Comms are 0.25% per trade but no stamp duty

This equates to £450 per trade or 2.25% of cash equity per trade!

If the trader trades on average once a week, total comm bill will be around £23k!

Therefore just to break even the trader has to make in excess of 100% a year, Yikes!

But cut the comms in half and do a trade every fortnight, still over 30% in costs a year.

Moral of the story, do a lot of research into costs because it will save you much headache in the future.

PS. Ok everyone, please attack me now for bringing this important topic to seezy's attention......
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Old Mar 30, 2005, 5:00pm   #10
 
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i've warned you before about being serious.....
I do apologise most sincerely FC.

I guess I am lucky not to receive a reprimand from the politburo, sorry moderators, for being overly serious.

I promise never to exhibit signs of seriousness ever again.
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