Uni Grad looking to learn.

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Old Apr 4, 2012, 5:01pm   #1
 
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Red face Uni Grad looking to learn.

Hi there everyone, I recently signed up to T2W after browsing through the content for the past week.

I have recently graduated from University and am studying a second language abroad. I have some spare time and have decided to pursue a childhood dream of becoming a trader.

I really have very little knowledge at the moment but was good at economics when at school. I am starting with the very basics, learning what stocks, options and futures are. Next ill start looking at entry and exit points etc.

My real aim is to prepare myself to get a job in the industry, a friend recommended i take CISI Regs, and also the derivatives and securities exams in order to stand a better chance of getting into the industry.

Would you guys agree? What else can i do to improve my chances, and what are the best ways to get to grips with the charts and their meanings? ( i get bewildered when trying to comprehend them at the moment).

Thanks very much in advance,

Oliver
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Old Apr 4, 2012, 7:33pm   #2
 
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Re: Uni Grad looking to learn.

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Originally Posted by SlowlyButSurely View Post
Would you guys agree? What else can i do to improve my chances, and what are the best ways to get to grips with the charts and their meanings? ( i get bewildered when trying to comprehend them at the moment).

Thanks very much in advance,

Oliver
Sit in front of your computer all day, every day and make practice trades.

Note your observations, accumulate performance data for your trades, and learn how the market moves.

You'll get it eventually, and maybe you'll even start making good calls. There is no substitute for experience, so go get it!
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Old Apr 4, 2012, 8:03pm   #3
 
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Re: Uni Grad looking to learn.

SlowlyButSurely started this thread Thanks for the reply VielGeld,

I don't think i am ready to start practice trading yet, im not even sure how i would accumulate performance or what markets to look at. Could you recommend some starting resources?

For now im learning about probabilities and fundamental + technical analysis. Next will probably be looking at entry and exit points. Once i have a game plan i will look at getting into paper trading, most likely in currencies as Forex offer free demos.
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Old Apr 5, 2012, 12:18am   #4
 
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Re: Uni Grad looking to learn.

Sure you can practice trade!

Just pick a market and start watching. You can even look up the main market indexes on Google/Yahoo Finance if you want something really easy to start with.

Forget about news, fundamentals, technicals, etc. The only thing that matters is supply/demand (i.e buyer/seller interaction). Anything and everything else derives from that. What you want to do is get an idea of how the market moves. Then you can apply filters like fundamentals, technicals, Elliot Wave, Sunspots if you want, etc.

How can you know probabilities and what's an entry or an exit if you don't know how the market moves? That's where practice comes in.

As for getting started, here's a rundown:

1) Play around. Learn about markets and instruments (stocks, bonds, futures, options, forex, etc.)

2) Pick one you seem to like (hint: don't be afraid of leverage, but don't load up on it, either).

3) Open up a couple charts for this market/instrument and pick a time frame that seems to suit you.

4) Experiment. Find out whether you prefer making short-term trades or long-term position stuff (hint: I would recommend starting by scalping, or very short-term trades in nature. It's an exercise that can help you tune in to the market's rhythm).

5) Learn how a market moves (hint: what's a trend? What's a trading range? Why does this happen?).

6) Formulate a strategy based on your understanding of the market. This will not be obvious.

7) As for performance stats, it can be:

- Date/time of entry/exit
- How far did it go in your favour before you took an exit (Maximum Favourable Excursion (MFE)).
- How far did it go against you before you took an exit (Maximum Adverse Excursion (MAE))
- Profit/loss
- Type of trade
- Pro-/Contra-trend

Then you segregate by your best types of trades, and you focus on seeing whether you have an edge here or not. If not, keep practicing.

8) Once you have a method, work on sticking to it. This is the psychology part of the game, and the most important. It is what determines if you are profitable or not. The line between being a winner and a loser is razor-thin. Only you can make it a winning strategy!

9) Grind, grind, grind like a madman! Cut those losses, and run the profits. Much, much, much harder to do than it seems at first glance.

------

Now, chop, chop, Mr. Slow. Get trading; the only way to know if it's for you is to try it out (on demo, mind you)! Time waits for no one.

Just remember that trading is experiential in nature, and no one can teach you how to trade, but we can certainly help you learn it!

Good luck!
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Old Apr 5, 2012, 12:51am   #5
 
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Re: Uni Grad looking to learn.

SlowlyButSurely started this thread Ok thanks so much for your help, your second post has some great information in it which i will begin reading up on. I have started watching the Forex markets and already im interested by the dip in price of the Euro/USD since the end of March. I am going to make notes on the patterns of behaviour and simulate what i believe will happen - which is that eventually it will rise again as it has in the past (looking at the past year).

I am probably doing it wrong but at least its all theoretical. I will also look at the market indexes on Google as nice and simple seems to suit me for the time being.

Once again thanks for your help!!

Also, if anyone else wants to chip in feel free, im a sponge at the moment and the more information the better...

Slow but steady the Turtle wins the race
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Old Apr 5, 2012, 1:06am   #6
 
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Re: Uni Grad looking to learn.

SlowlyButSurely started this thread PS. I have discovered that todays dip in the Euro was down to Spains poor performance in its bond auctions, and this was probably realised by the market in the previous days running up to it, however i still maintain the theory that the Euro will eventually bounce back up (government/european bank interventions) and it would be wise to invest on the way up.

Anyway ill keep track of events
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Old Apr 5, 2012, 1:20am   #7
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Re: Uni Grad looking to learn.

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Originally Posted by SlowlyButSurely View Post
PS. I have discovered that todays dip in the Euro was down to Spains poor performance in its bond auctions, and this was probably realised by the market in the previous days running up to it, however i still maintain the theory that the Euro will eventually bounce back up (government/european bank interventions) and it would be wise to invest on the way up.

Anyway ill keep track of events
Well that's a great lesson learnt. You already know that the markets are being manipulated all the time.

As for the Eurozone...i'm rather hoping that it will all fall apart in short order, then we can get back to the days of common sense, proper accounting, no welfare, small government, full employment and generally people living within their means.
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Old Apr 5, 2012, 11:04am   #8
 
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Re: Uni Grad looking to learn.

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Originally Posted by VielGeld View Post
Sit in front of your computer all day, every day and make practice trades.

Note your observations, accumulate performance data for your trades, and learn how the market moves.

You'll get it eventually, and maybe you'll even start making good calls. There is no substitute for experience, so go get it!
There is no way you can be sure of this. Most will never get it and give up or go broke. Profitable trading isn't a skill that you learn simply by rote. Although I'm sure many here live in hope and will disagree...
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Old Apr 5, 2012, 11:59am   #9
 
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Re: Uni Grad looking to learn.

SlowlyButSurely started this thread
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Originally Posted by new_trader View Post
Profitable trading isn't a skill that you learn simply by rote. Although I'm sure many here live in hope and will disagree...
I think he meant just to see how the market behaved and to get a feel of it. Using a Forex demo has helped me understand the graphs a lot better which is a positive. Also it reinforces my real problem understanding how to use stops and limits. I will have to do some homework on this!

Is there any resources you could share which you think would help set me on the right road?

Thanks,

Oliver
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Old Apr 5, 2012, 8:41pm   #10
 
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Re: Uni Grad looking to learn.

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Originally Posted by SlowlyButSurely View Post
I think he meant just to see how the market behaved and to get a feel of it.
Exactly. If you spend 16 hours a day just watching your screen, you'll notice recurring patterns or other market behaviors. It can't not happen if you're at least paying attention.

Of course, being profitable is another thing entirely, but just getting a feel for market movement is entirely doable.

As for resources, there's plenty online, though with a caveat: the most you'll get from reading books is the following:

- Money/risk management

- Psychology

There is, as far as I know, very, very little of legit in terms of methods; these can only be developed and practiced individually which is one reason for the high failure rate. There is no Holy Grail, only you, your method, and your experience.

I'll make a list of good books later -- gotta run for now.
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