Hi everyone - I'm completely new to this game and want to seek out advice about how to get started. I have absolutely zero trading experience but plenty of will:cheesy:...can anyone give me a plan of action to get up and running ? I am looking to do it part time to start with and see how it goes. Apologies if this seems very general and naieve but I've got to start somewhere !
Read, read and then read some more. Learn a trading stratagy, practice paper trading for 3 months. If your profitable go live with small bets.
Simple!
The most important thing for you at this stage is dont be tempted to go live, you will with out doubt lose money, get fed up and probably turn ur back on trading.
Theres loads of useful info on here to get you started.
good luck
Simple!
The most important thing for you at this stage is dont be tempted to go live, you will with out doubt lose money, get fed up and probably turn ur back on trading.
Theres loads of useful info on here to get you started.
good luck
timsk
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Hi awalker,
Welcome to T2W.
Have a gander at this - it will give you a general idea of what you need to think about.
T2W Day Trading & Forex Community
Feel free to ask any questions that you may have.
Enjoy!
Tim.
Welcome to T2W.
Have a gander at this - it will give you a general idea of what you need to think about.
T2W Day Trading & Forex Community
Feel free to ask any questions that you may have.
Enjoy!
Tim.
rathcoole_exile
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sorry, i disagree. I think paper trading is a wate of time for the most part - it teaches you nothing about one of the most important aspects of trading - psychology: how you feel and react when the chips are down.
Better, imho, to set aside a sum you CAN afford to lose, and write it off from the start as 'the cost of your trading education". If there's any left at the end of your pre-determined learning period, that's a bonus (but don't be so naive as to expect a profit ! :clap: )
rathcoole_exile
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if you would like my unbiased recommendations of reading material, I suggest John Carter's "Mastering the Trade" and Mark Douglas' "Trading in the Zone". If you don't want my recommendations, then don't read the above sentence
Also join John Carter's free daily trading video - the best free education you'll ever receive, bar none.
PM me if you want the link for the free videos.
faro0485
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I'd recommend a Trading plan and logging all your activities into a log book. Especially things that didn't go so well. EDIT: I see it's been recommend by timsk.
Aye you will have to treat trading as a part time business.
As far as I trading goes; you have 20-1 odds of making some money, 5-1 odds of just breaking even; 3-5 odds of losing and quiting all together.
So have a go at opening a small account with Oanda as an alternative to fake trading and losing a lot of cash.
As for longer term trading, I would recommend MoneyWeek magazine and any of the Fleet Street publication newsletters. They're mostly correct with economic outlook, but sometimes a little early. Aye that's contrarians for you.
I also would recommend one to one coaching by an experienced trader.
And a little of the basics.
Once you've done that, I'd presonally recommend the 3 line break charting system.
Aye you will have to treat trading as a part time business.
As far as I trading goes; you have 20-1 odds of making some money, 5-1 odds of just breaking even; 3-5 odds of losing and quiting all together.
So have a go at opening a small account with Oanda as an alternative to fake trading and losing a lot of cash.
As for longer term trading, I would recommend MoneyWeek magazine and any of the Fleet Street publication newsletters. They're mostly correct with economic outlook, but sometimes a little early. Aye that's contrarians for you.
I also would recommend one to one coaching by an experienced trader.
And a little of the basics.
Once you've done that, I'd presonally recommend the 3 line break charting system.
toxictrading
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dont start trading yet !
i would spend some time initially just reading everthing you can about trading (def the two books suggested above) read something like "trading for dummies" and the tech analysis for dummies these will give you a good grounding and an idea of what you are doing, dont start trading yet !
as trader dante said in another post you will end up having to unlearn stuff and bad habits
most new traders are all too keen to just dive straight in and trade, do some groundwork, lay some foundations and you will be in a much better situation to trade succesfully,
this is not a race its a marathon with no finish line
i would spend some time initially just reading everthing you can about trading (def the two books suggested above) read something like "trading for dummies" and the tech analysis for dummies these will give you a good grounding and an idea of what you are doing, dont start trading yet !
as trader dante said in another post you will end up having to unlearn stuff and bad habits
most new traders are all too keen to just dive straight in and trade, do some groundwork, lay some foundations and you will be in a much better situation to trade succesfully,
this is not a race its a marathon with no finish line
Thanks all for the replies. I'll look at the reading material - if it's basically 'Trading for Dummies' level stuff I'll be OK as I have NO trading knowledge at present. I get put off when I read so-called intro articles which then go straight into jargon and terms/expressions I've never heard.
black bear
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I found paper trade very useful Rath.........eventually
hi Rath
Thats the way I went, dont see why it needs to be that way in hindsisght but read I would lose a bank or two and given horse racing betting experience earlier on in my life had no reason to think I would be any different than the majority so planned accordingly
Paper traded at the other end once I got my head back together
Think if you follow usual advice
trade one set up only
one market only
minimum stakes
Bank you can afford to lose that will only really hurt you feelings if you blow it, and you will in all probability
Have a plan, as full as possible and keep updating it as you gain experience
Think you could escape with a minimum amount of damage, then again those early lessons do come in handy later on, and they were probably learnt at low stakes if you took the advice thats just about everyware (psychology issues)
Chips down should not really be an issue unless you in a war with something and you have not back tested then forward tested your method live. You should no what to expect and be very able to work out if its you or method thats behind a run of bad results imho
I did find papertrading very useful myself. It fully or close to fully automated my trading and got me into some very good habits
Concede I only trade small moves and would not think, infact no I could not trade longer timeframes and keep emotions out of the equation at the moment
another observation and question your forced to ask Rath regarding psychology issues
Q: Will you encounter them trading with a bank you can afford to lose :?:
I do not think you will imho, most of my experience regards that came from money matchs at snooker / poker (before the TV/internet era) and playing the Horses, all pretty serious at the time (a way of life infact)
I transfered the most appropriate and some not so appropriate bits of them across to trading. There really were some very hard lessons along the way I can tell you and I am sure there will be plenty more yet.
Your next lesson is just around the corner...................ALWAYS :!:
hi Rath
Thats the way I went, dont see why it needs to be that way in hindsisght but read I would lose a bank or two and given horse racing betting experience earlier on in my life had no reason to think I would be any different than the majority so planned accordingly
Paper traded at the other end once I got my head back together
Think if you follow usual advice
trade one set up only
one market only
minimum stakes
Bank you can afford to lose that will only really hurt you feelings if you blow it, and you will in all probability
Have a plan, as full as possible and keep updating it as you gain experience
Think you could escape with a minimum amount of damage, then again those early lessons do come in handy later on, and they were probably learnt at low stakes if you took the advice thats just about everyware (psychology issues)
Chips down should not really be an issue unless you in a war with something and you have not back tested then forward tested your method live. You should no what to expect and be very able to work out if its you or method thats behind a run of bad results imho
I did find papertrading very useful myself. It fully or close to fully automated my trading and got me into some very good habits
Concede I only trade small moves and would not think, infact no I could not trade longer timeframes and keep emotions out of the equation at the moment
another observation and question your forced to ask Rath regarding psychology issues
Q: Will you encounter them trading with a bank you can afford to lose :?:
I do not think you will imho, most of my experience regards that came from money matchs at snooker / poker (before the TV/internet era) and playing the Horses, all pretty serious at the time (a way of life infact)
I transfered the most appropriate and some not so appropriate bits of them across to trading. There really were some very hard lessons along the way I can tell you and I am sure there will be plenty more yet.
Your next lesson is just around the corner...................ALWAYS :!:
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