Newbies Trading Strategy - Possible??

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Old Dec 23, 2003, 10:31am   #1
 
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Newbies Trading Strategy - Possible??

Greetings fellow traders!

I am new to trading and have been reading this forum for several weeks and am amazed at the quality of the information.

My question is this: I wish to trade for a living in about 12 months. Is this feasible for a new starter with little experience of the markets. ( I will have about 10k to furnish a trading account with in the new year).

Thanks for any help.

Nephin
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Old Dec 23, 2003, 11:02am   #2
 
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Hi Nephin

Welcome to T2W

I'm not going to say it isn't possible, because it is, but it will be difficult to trade for a living with only 1 years experience.
Having 10k to trade with is fine, but at some point you will need to withdraw money to live on, which can greatly hit the trading capital

Either way, spend the next year learning the markets as much as possible, and then decide closer the time if you can trade for a living.

Hope this helps.
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Old Dec 23, 2003, 11:13am   #3
 
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Nephin started this thread Thanks for the prompt reply FTSEB.

Funilly enough this morning I've printed off your "newbie" guides to trading which are an excellent resource, so thanks.

My biggest query at the moment is which stocks to trade and which markets?

I know I am partially restricted to the US market as I work during the day. However with so many companies to choose from, I find myself overwhelmed with information.

I'm also still confused about basic terminology, ie stocks versus shares, options, futures, etc. and the strategies ie swing versus EOD etc. Any suggestions where I can find clear simple explanations of the terms??

Thanks again

Nephin
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Old Dec 23, 2003, 11:17am   #4
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Not impossible butit depends on how much time you have to learn between now and starting.

Have you any idea what you want to trade?, Time scales, time frames, eqpt required?

Systems trading, FA, TA, US, UK, Futures, stocks, currencies, commodities, options, warrants, swing trading, electronic platform, online broker, phone broker, back-up systems, computer systems, number of screens?

Time for boyfriends, girlfriends, children, spouses other commitments. Paying a mortgage - heat, light, power, food, clothing, car, insurance etc.......?

If you are really that interested in trading for a living the very least you need is a justifiable business plan - and thats before you even get near a market.
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Old Dec 23, 2003, 11:23am   #5
 
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Hi Nephin

I hope the guides are useful

Just because you work doesn't mean that you are restricted to trading US stocks. I would be looking to trade UK FTSE 100 stocks (that way you cut it down to a manageable size of trading instruments to look at ) and use a swing trade strategy (so hold for a number of days). When your at work, just make sure you put a stop-loss in.

If you are going to trade the UK shares, then first have a go at the T2W Competition. Best way to learn without risking any capital In my humble opinion.

As for the various terms, have a look at the T2W Glossary. All the terms should be there, if not then just ask

HTH
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Old Dec 23, 2003, 11:37am   #6
 
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Nephin started this thread FTSEB - Thanks for the advice.

TBS - Thanks for your reply.
Time to learn: I am learning now, every day. My strategy is to become fully engrossed in all aspects of the markets. I view it like taking a Phd. Fit in all my studying, reading etc into all parts of my spare time while keeping free time for the essentials of life - family, relaxation etc.
What you want to trade: this causes me the biggest problem. Very unsure but hoping the steep learning curve will give me guidance. Don't feel suitably knowledgable to distinguish between the various options yet - but hope to in a few months. Total immerssion for me!!

All in all, for trading to become my living I need to treat it as a new business start up with all its pitfalls that this entails.

Any help on the way will be appeciated.

Keep up the good work on this forum as it has given me the impetus to go for it.

I'll keep you informed of how I progress.....

Thank you.
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Old Dec 23, 2003, 12:29pm   #7
Joined Mar 2001
You need to study a lot.

IF you REALLY want to make money trading
then you MUST read:
High Probability Trading By Marcel Link.

Amazon have it.( a few second hand as well I think)

It's subtitle says it all.." Take the Steps to Become a Successful Trader".

I can wholeheartedly recommend it..
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