Hi Sweet guys

jiggy001

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I am jiggy 001 I am computer graduate and have a good marketing experience in the field of computers but due to economic crises the job opportunities are squeezing in all over the world specially in third word countries where I am existing right now. Just to secure my income and to run my family I decide to jump in this for ex business. I know its quite risky,but I want to learn this art, I think with the help of some experts I may learn it with in six month and start to earn some thing for my family.My request is kindly guide me step by step that how to start it
 
Don't do it jiggy. Without experience and with the pressure to make money for your family you will probably risk and lose more than you can afford. And let's face it - you can't afford to lose any money can you?

Oh - and a lot of the guys on here are far from sweet !
 
Hi sweet Jiggy,

I agree with the Ninja and Hoggums, it won't be easy and the stress quite phenomenal, but then again nothing ventured nothing gained provided one has done ones homework.

I've written this before so will just quote:

One essential thing one needs to realize is that people tend to strongly over-estimate what they can do in the short term, while severely under-estimating what they can achieve over time...

Some of the best trading advice I ever received was from, amongst a few others, the following books:

Number one favourite book is still one that was written a hundred years ago, Jesse Livermores fictionalised biography:

Amazon.com: Reminiscences of a Stock Operator (A Marketplace Book): Books: Edwin Lefèvre

That is a guy who started out penniless, and earned a fortune that would have made him a billionaire in todays money. He lost a few fortunes on the way too, but that's the nature of the game where rewards and risk are correlated, doesn't matter of it's in the world of a Donald Trump who faced a bankruptcy but jumped right back again, or if it is in trading. And Livermore did commit suicide, but was also suffering from life long depressions.

Other good books:

Amazon.com: Trade Your Way to Financial Freedom: Van K. Tharp: Books
This guy is not a trader and has his detractors, but you don't have to listen what he says about trading, what you should listen to though is what he says about money management and position sizing.

Amazon.com: Market Wizards: Interviews with Top Traders: Books: Jack D. Schwager, (and the second one)
Classics.

Amazon.com: Pit Bull: Lessons from Wall Street's Champion Day Trader: Books: Martin Schwartz,
Market Wizard who wrote his own book, a guy who averaged out at a non-compounding 33% / month, hit rate of 70, 80%, but stops larger than take profits, wanted to start a hedge fund to make the kind of money Tudor Jones made, but couldn't get his style to work with larger amounts of money, didn't become a billionaire then but still a multimillionaire which is fantastic anyway, and wrote a superbly entertaining book, a real gem, and he comes across as a guy you could have a great time with, umm, anytime. :)

Amazon.com: The Logical Trader: Books: Mark B. Fisher,
Guy made a fortune trading oil with a pretty simple mechanical system that a lot of his traders use also.

Amazon.com: Trader Vic--Methods of a Wall Street Master: Books: Victor Sperandeo,T. Sullivan Brown
Fellow market wizard.

Amazon.com: Trading Risk: Enhanced Profitability through Risk Control: Books: Kenneth L. Grant

and

Amazon.com: Trading in the Zone: Master the Market with Confidence, Discipline and a Winning Attitude: Books: Mark Douglas

The success relevant insights for me at least essentially consisted of the following:

Keeping it as simple as possible is best.

Anything can happen at any time in the markets (think, all it takes is one massive order that can be anything, a hedge, a position being covered, somebody entering the market with a view diametrically opposed to yours, but that will all have the same effect of throwing all of your clever analysis overboard and triggering your stop loss)...

You don't have to know what happens next to make money (reacting to what happens is entirely sufficient)...

Losing is part and parcel of trading...

You can be wrong 70% of the time, but if on average your winners are three times the size of your losers you will still be outperforming most others in the markets over time...

Research in hedge funds (from the above "Trading Risk") shows that across all trading styles, market conditions and traders, the overwhelming majority of profits will always come from a handful of trades, the old 20/80 Pareto principle in action again.

Focus on protecting what you have so that you can participate in the market the next day...

Before you put on a trade, know where your stop loss will be !

(((Before you put on a trade, know the point you are going to get out because the market isn't performing as expected.)))

The distance from your entry to your stop loss will translate into how much you are willing to lose per trade...

1 - 2% loss per trade should probably not be exceeded...

If you're betting 5 or even 10% per trade you'll be spending all of your time either digging very deep holes even deeper, or trying to surface from the depths, but what you won't be doing is enjoying much time on new peaks.

Spend a lot of time on here, there a loads and loads of good, no nonsense strategies that are posted here also.

Good luck
 
Hi
It was my first ever post at any forum.I would like to thanks every body for your kind response.Now a days I am reading Fx things very carefully from one or two months.But the problem with me is that its hard to understand the technical languages being used in the articles or study materials available over the internet. But one thing is for sure I am quite determined to learn even it takes a year plus I have to learn this art
Plz along with advices pray me as well
THANKS AGAIN
 


"The reason is that a man may see straight and clearly and yet become impatient or doubtful when the market takes its time about doing as he figured it must do. That is why so many men in Wall Street, who are not at all in the sucker class, not even in the third grade, nevertheless lose money. The market does not beat them. They beat themselves, because though they have brains they cannot sit tight. Old Turkey was dead right in doing and saying what he did. He had not only the courage of his convictions but the intelligent patience to sit tight."
-Jessie Livermore

How true!(y)
 
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