What's the first things I should learn

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Old Mar 4, 2018, 3:31am   #1
Joined Feb 2018
What's the first things I should learn

I've been watching Urban Forex on YouTube and it seems like the first things I should focus on are support resistance ,trend lines ,and Candlestick patterns but someone suggested to me that I should learn a trend what makes the trend move up, what makes it stay and what makes it go down. What do you guys suggest I look at to learn these things? I don't know who to trust on YouTube.
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Old Mar 4, 2018, 10:24am   #2
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Quote:
Originally Posted by Heyhi View Post
. . . What do you guys suggest I look at to learn these things? I don't know who to trust on YouTube.
Hi Heydi,
I suggest you start by taking a step back and ask yourself some fundamental questions before getting stuck into such things like support and resistance. In no particular order . . .

Why do you want to be a trader?
If your answer is 'to make money' - then you've got it wrong. There are any number of ways of making money in this world and the vast majority of them are a whole lot easier than trading. If you're thinking that trading offers a short cut to silly money - then think again!

If you do decide to trade and end up losing all your trading capital, would that be a disaster for you?
If the answer is yes - then don't trade.

What are your objectives and are they rooted in reality?
It's not uncommon to read debut posts on T2W in which the novice trader claims they don't want to earn mega bucks, but just want to supplement their monthly income with a little more than they would receive in interest from a building society. On the face of it, this sounds reasonable enough. In reality, the time and effort it will take just to achieve this modest goal will be immense. If this is all you really want, I suggest pulling pints at your local; the rewards will come faster for less effort.

Are you mentally tough? Do you cope with the slings and arrows of life well, or do you rely on a mix of anti-depressants, fags ‘n booze to get you through the day?
If you’re getting into trading with the hope that it will help to solve your problems, be they financial or psychological (or both), then trading is not for you.

Are you prepared to pay the price of learning to trade?
Make no mistake - there's a hefty price to pay. As a wannabe trader, wherever you are, whatever you’re doing, you’ll find your mind wandering off and thinking about it. You’ll want to bury yourself in books, charts and articles on the net. Pleas from your children to play with them and from your partner to help cook the evening meal will go unheeded. The emotional highs you’ll experience when you have a winning day will be completely engulfed by the lows you’ll feel when you have a losing one. Unless you are single, with no friends and no other interests in life, you can expect this obsession (for that’s what it could become) to have a significant impact on your relationships with family and friends. Needless to say, probably not in a good way. And all this assumes you don't spend - or lose - a single dime on trading itself!

Will trading be a business or a hobby?
If it's a hobby, then you can treat it like most other hobbies which means you can expect to consistently lose money month on month, year on year. For example, I'm an angler and I don't dare add up what I spend on new kit each year, travelling expenses and car parking tickets etc. in pursuit of my hobby. But it's fine because I love doing it. In your case, if you want to consistently make money month on month, year on year, then you're gonna have to treat trading as a business. A proper, real business. This will require a major commitment on your part - are you prepared to make it?

How long will you give it?
By this I mean, how long will you devote to trading without making anything at all (and probably losing money) before knocking it on the head? There's a massive opportunity cost to consider here because, lets suppose your answer is three years. Sounds reasonable enough to most people. However, at the end of that three years, after which you have nothing to show for your efforts, will you not think that your time and effort would have been better spent getting a degree or a vocational qualification that will stand you in good stead in the future? Think long and hard about this one because the reality is that most traders give up wishing they'd invested their time and money in something that offered them something in return. There are no such guarantees with trading, absolutely none at all.

So, think about why you want to be a trader (as opposed to doing something else that might make you money) and consider carefully whether or not you're cut out for it. If you decide to go for it, thereafter, I suggest you read the links provided in the welcome e-mail you received when you registered with T2W.
Tim.
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I'm New To TRADING – Where Do I Start? - a must read for anyone new to TRADING
The Trading Plan Template - a must read for anyone without a proper TRADING PLAN
Please note: I am part of T2W Admin' Staff - I am NOT a Moderator!
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Old Mar 4, 2018, 3:20pm   #3
 
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Quote:
Originally Posted by Heyhi View Post
I've been watching Urban Forex on YouTube and it seems like the first things I should focus on are support resistance ,trend lines ,and Candlestick patterns but someone suggested to me that I should learn a trend what makes the trend move up, what makes it stay and what makes it go down. What do you guys suggest I look at to learn these things? I don't know who to trust on YouTube.
Do not trust anyone! Verify by testing yourself everything you read and see. Do not pay a single cent for "trading education", because you'll not only lose money, but they'll "teach" you the wrong things and you'll have to spend even more time to "unlearn" the bad habits...
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"If you don't find a way to make money while you sleep, you will work until you die." Warren Buffett, CEO of Berkshire Hathaway.

Count de Money number 1 trading rule: EDUCATE YOURSELF!

Before you trade even single penny on the stock market, please spend the time and educate yourself by back testing different trading strategies and ideas - go to eBay and search for "historical stock market data", you can buy 20 years of data for less than $100 - that's all you need to start.
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Old Mar 4, 2018, 4:26pm   #4
Joined Oct 2015
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Originally Posted by Heyhi View Post
someone suggested to me that I should learn.. what makes the trend move up, what makes it go down.
You are lucky to be in contact with such geniuses of the trading world
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Old Mar 4, 2018, 5:08pm   #5
 
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Boring Sunday so.....thought I'd comment

Hi Heyhi,
Assuming your last eight posts are not a sneaky promotion of Urban, here is my reply to your question.
It is highly unlikely you will make a living at forex or any trading because, apart from knowledge honed via experience, you will need a large pot of money if you expect to make enough profit to live on, paying mortgage or rent, food etc.
Tim has covered many other points above.
Hobby? Well maybe part time but it is still a serious business requiring discipline, practice and money management.
I am retired and trade two hours a day then bugger off and enjoy myself. The extra earnings make life more pleasant. But even then, many will fail as traders.
If you pay for trading education then you are a fool.
Demo for a while then use small stakes to feel the emotional roller coaster of trading.
NOTHING on the right hand side of the monitor, whether support or resistance level or any other form of Technical Analysis will ensure or guarantee a winning trade. It is a game of probabilities: a pattern might suggest that price might move in a certain way. So -money management again.
Consider -if certain patterns, candles, rabbits foot etc were to be successful every time then the market would collapse. So every X number of trades you take then Y number will fail. Back to management again.
Statistics tell us that many traders ( part or full time) will fail -90% upwards. Therefore you will more likely make money, every week, via a normal, non trading, job. And then, maybe, trade in your spare time, if you must, with money you can afford to lose. If successful, you will have a regular job providing a regular income, plus a bonus from your part time trading.
A few people go onto Youtube and sell wonderful indicators or "secret knowledge" albeit much of the content of such presentations can be gleaned for free from this site and similar. But you're not foolish enough to pay for such content are you?
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....Indicators show the past. Price Action "Indicates" the future.
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Old Mar 4, 2018, 6:20pm   #6
Joined Feb 2018
Heyhi started this thread After reading these posts I could tell you I am not promoting anything I am into Trading because I'm very interested in it's for many reasons. I grew up playing poker my whole life and I'm very well aware of risk management and using money I can or cannot afford. I know I can lose everything and I know I could win a lot. I like the fact that it takes strategy and I'm willing to learn. Applied last 2 months of my life learning as much as I can but the problem is I don't know who to learn from. I'm not sure in what order I should start learning to get the best start. I'm prepared to do a year of learning before I even attempt a trade even a demo trade. It's just something about trading that intrigues me and just holds my intention this is all I think about all day everyday. I understand what you guys are saying about not paying for anything but I was very close to trying a course from Urban Forex and I am not promoting anyone. If you guys can give me some suggestions of where to start and I'd rather it be YouTube and when I say where to start I mean where do I start studying as far as trend lines support resistance etc etc. I really want to learn what starts a Trend and learning how it works , so everytime I look up the trend it just shows me a trend line and how to draw a line. I just need you guys to steer me
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Old Mar 4, 2018, 6:31pm   #7
Joined Feb 2018
Heyhi started this thread To the question of in my foolish enough to pay for contents. The answer is no I have no interest in paying for any kind of indicators. I want to learn the fundamentals what moves a chart. I understand that candlesticks are just people buying and selling in a certain time frames. Now I want to know what causes these people to buy what causes them to sell when is the trend reversing and why it's reversing I need to learn a good way to look at the charts
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Old Mar 4, 2018, 9:10pm   #8
 
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Quote:
Originally Posted by neil View Post
Hi Heyhi,
Assuming your last eight posts are not a sneaky promotion of Urban, here is my reply to your question.
It is highly unlikely you will make a living at forex or any trading because, apart from knowledge honed via experience, you will need a large pot of money if you expect to make enough profit to live on, paying mortgage or rent, food etc.
Tim has covered many other points above.
Hobby? Well maybe part time but it is still a serious business requiring discipline, practice and money management.
I am retired and trade two hours a day then bugger off and enjoy myself. The extra earnings make life more pleasant. But even then, many will fail as traders.
If you pay for trading education then you are a fool.
Demo for a while then use small stakes to feel the emotional roller coaster of trading.
NOTHING on the right hand side of the monitor, whether support or resistance level or any other form of Technical Analysis will ensure or guarantee a winning trade. It is a game of probabilities: a pattern might suggest that price might move in a certain way. So -money management again.
Consider -if certain patterns, candles, rabbits foot etc were to be successful every time then the market would collapse. So every X number of trades you take then Y number will fail. Back to management again.
Statistics tell us that many traders ( part or full time) will fail -90% upwards. Therefore you will more likely make money, every week, via a normal, non trading, job. And then, maybe, trade in your spare time, if you must, with money you can afford to lose. If successful, you will have a regular job providing a regular income, plus a bonus from your part time trading.
A few people go onto Youtube and sell wonderful indicators or "secret knowledge" albeit much of the content of such presentations can be gleaned for free from this site and similar. But you're not foolish enough to pay for such content are you?
Great advice and must read for any new trader!
__________________
"If you don't find a way to make money while you sleep, you will work until you die." Warren Buffett, CEO of Berkshire Hathaway.

Count de Money number 1 trading rule: EDUCATE YOURSELF!

Before you trade even single penny on the stock market, please spend the time and educate yourself by back testing different trading strategies and ideas - go to eBay and search for "historical stock market data", you can buy 20 years of data for less than $100 - that's all you need to start.
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Old Mar 4, 2018, 9:57pm   #9
Joined May 2012
Quote:
Originally Posted by Heyhi View Post
After reading these posts I could tell you I am not promoting anything I am into Trading because I'm very interested in it's for many reasons. I grew up playing poker my whole life and I'm very well aware of risk management and using money I can or cannot afford. I know I can lose everything and I know I could win a lot. I like the fact that it takes strategy and I'm willing to learn. Applied last 2 months of my life learning as much as I can but the problem is I don't know who to learn from. I'm not sure in what order I should start learning to get the best start. I'm prepared to do a year of learning before I even attempt a trade even a demo trade. It's just something about trading that intrigues me and just holds my intention this is all I think about all day everyday. I understand what you guys are saying about not paying for anything but I was very close to trying a course from Urban Forex and I am not promoting anyone. If you guys can give me some suggestions of where to start and I'd rather it be YouTube and when I say where to start I mean where do I start studying as far as trend lines support resistance etc etc. I really want to learn what starts a Trend and learning how it works , so everytime I look up the trend it just shows me a trend line and how to draw a line. I just need you guys to steer me
I suggest "Reading Price Charts Bar by Bar" by Al Brooks. The contents are reasonably comprehensive in terms of what you may be looking for. The main downside is that Brook's writing style is not easy to understand. It is not helped by the fact that the illustrative charts are generally located a few pages from
his related comments.

https://www.amazon.com/Reading-Price.../dp/0470443952

Another suggestion is Lance Beggs which you can find him on :
http://yourtradingcoach.com/

Begg's approach is much more easier to understand but would require that you have some foundational knowledge.

Quote:
Originally Posted by Heyhi View Post
To the question of in my foolish enough to pay for contents. The answer is no I have no interest in paying for any kind of indicators. I want to learn the fundamentals what moves a chart. I understand that candlesticks are just people buying and selling in a certain time frames. Now I want to know what causes these people to buy what causes them to sell when is the trend reversing and why it's reversing I need to learn a good way to look at the charts
Technical analysis and price action is concern with "what" and not "why". Candlesticks do not tell you "why" as they are merely representation of buying and selling pressures i.e. "what' is happening. If you are into "why" then the pathway is via fundamentals and is a completely different approach.
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Old Mar 27, 2018, 5:39am   #10
 
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Well, the main thing is to learn about the rules of forex. then you can switch to demo step by step and start trading on it. At the same time you snould look for information you don't know or are interested in online.
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Old Apr 21, 2018, 1:19am   #11
 
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Quote:
Originally Posted by timsk View Post
Hi Heydi,
I suggest you start by taking a step back and ask yourself some fundamental questions before getting stuck into such things like support and resistance. In no particular order . . .

Why do you want to be a trader?
If your answer is 'to make money' - then you've got it wrong. There are any number of ways of making money in this world and the vast majority of them are a whole lot easier than trading. If you're thinking that trading offers a short cut to silly money - then think again!

If you do decide to trade and end up losing all your trading capital, would that be a disaster for you?
If the answer is yes - then don't trade.

What are your objectives and are they rooted in reality?
It's not uncommon to read debut posts on T2W in which the novice trader claims they don't want to earn mega bucks, but just want to supplement their monthly income with a little more than they would receive in interest from a building society. On the face of it, this sounds reasonable enough. In reality, the time and effort it will take just to achieve this modest goal will be immense. If this is all you really want, I suggest pulling pints at your local; the rewards will come faster for less effort.

Are you mentally tough? Do you cope with the slings and arrows of life well, or do you rely on a mix of anti-depressants, fags ‘n booze to get you through the day?
If you’re getting into trading with the hope that it will help to solve your problems, be they financial or psychological (or both), then trading is not for you.

Are you prepared to pay the price of learning to trade?
Make no mistake - there's a hefty price to pay. As a wannabe trader, wherever you are, whatever you’re doing, you’ll find your mind wandering off and thinking about it. You’ll want to bury yourself in books, charts and articles on the net. Pleas from your children to play with them and from your partner to help cook the evening meal will go unheeded. The emotional highs you’ll experience when you have a winning day will be completely engulfed by the lows you’ll feel when you have a losing one. Unless you are single, with no friends and no other interests in life, you can expect this obsession (for that’s what it could become) to have a significant impact on your relationships with family and friends. Needless to say, probably not in a good way. And all this assumes you don't spend - or lose - a single dime on trading itself!

Will trading be a business or a hobby?
If it's a hobby, then you can treat it like most other hobbies which means you can expect to consistently lose money month on month, year on year. For example, I'm an angler and I don't dare add up what I spend on new kit each year, travelling expenses and car parking tickets etc. in pursuit of my hobby. But it's fine because I love doing it. In your case, if you want to consistently make money month on month, year on year, then you're gonna have to treat trading as a business. A proper, real business. This will require a major commitment on your part - are you prepared to make it?

How long will you give it?
By this I mean, how long will you devote to trading without making anything at all (and probably losing money) before knocking it on the head? There's a massive opportunity cost to consider here because, lets suppose your answer is three years. Sounds reasonable enough to most people. However, at the end of that three years, after which you have nothing to show for your efforts, will you not think that your time and effort would have been better spent getting a degree or a vocational qualification that will stand you in good stead in the future? Think long and hard about this one because the reality is that most traders give up wishing they'd invested their time and money in something that offered them something in return. There are no such guarantees with trading, absolutely none at all.

So, think about why you want to be a trader (as opposed to doing something else that might make you money) and consider carefully whether or not you're cut out for it. If you decide to go for it, thereafter, I suggest you read the links provided in the welcome e-mail you received when you registered with T2W.
Tim.
Very good information. It is never a waste of time to study these concepts and appreciations, whether you are new or experienced.
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Old Apr 23, 2018, 1:50pm   #12
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some great advice here for new traders ..........read and learn guys
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Old Apr 23, 2018, 11:33pm   #13
 
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Joined Apr 2018
Quote:
Originally Posted by Heyhi View Post
I've been watching Urban Forex on YouTube and it seems like the first things I should focus on are support resistance ,trend lines ,and Candlestick patterns but someone suggested to me that I should learn a trend what makes the trend move up, what makes it stay and what makes it go down. What do you guys suggest I look at to learn these things? I don't know who to trust on YouTube.
you should learn macro economics
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Old Apr 26, 2018, 7:09am   #14
 
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Learn by yourself,the first thing you’ll have to do is to learn about the forex market and know how it works. Then you should experiment what you’ve learnt, to do that find a forex broker open a demo account and practice trade. It will help you learn the basics of trading and make you familiar with the trading platform. This will help you learn tricks that no books or online tutorials can teach.
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Old May 12, 2018, 9:13pm   #15
Joined May 2013
Contact me in private if you wish, I will gladly share the realities in principle. I posted this in an earlier thread:
Things you can be and need to be taught with accuracy.:
What does each candlestick, bar or whatever you use actually mean in terms of price action.
What really moves the Market(s) and influences potential future moves.
The type of Orders, how to place them with accuracy.
Spread or Comissionand how it is involved in risk management.
What indicators are available and also what they really mean.

The above is around about 30% of the knowledge required to consider trading on whatever level. This is why it can be taught. The remainder is business planning, self examination and evaluation strategy. I can break these down into components but as a taster on self examination get a big sheet of paper, split into 2 columns, in the right column record all the things you are good at (strengths) with proven examples, then on the left column write down all your faults (weaknesses) with honest examples (remember no experience to risking financial losses is a huge fault). If you are honest with yourself your weaknesses will fourfold outway your strengths. If you have difficulty with this single act then forget about trading. Self esteem and ego will allow the markets to destroy you.
Nobody is offering you a whizz of a time as they do in expos, some of the bimps in miniskirts are dressed up for a reason and that is to take your money. They used to wander around places like Soho doing the same or so I am told. There, I've given you a huge clue.
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