Need advice

I'm yet another newbie!

Basically I've read some of the threads,and well,I was interested in the Vince Stanzione deal but am now wiser for joining T2W.

I know free info on how to trade or on spreadbetting can be found on the web but are there any books,video's etc.(ie. the genuine thing) I can get that I can use to start out (for spreadbetting unless anybody can convince me otherwise)?

The reason being I'ts gonna take me a few months at least(I think) to take everything in so I really need to do it in my own time.I'll then papertrade for a while and eventually take the plunge financially.

Any advice would be greatly appreciated !!

sounds like you are headed the right way. Im a newbie too. I started by getting info, then trading with virtual accounts. e.g. from d4f and cityindex. This will help you get used to the software and is about as close you gonna get without risking a penny.
A book i got recommended and am still studying is 'technical analysis of the financial markets by john murphy'. This is book is excellent in my opinion and is definitely helping with my trading.

Good luck

Wannabe

The book mentioned by Hammer is a very good start for working with charts and other studies. This will give you a foot hold and explain different aspects to charting. However it is not until you actually trade from a specific set-up that you find drawbacks within this system or that you do not like a particular aspect of it even though you follow the rules. This is the learning and adapting stage. You will need to find out if you like daytrading (not advisable for newbies) short term to medium or longer.

There are a multitude of books out there and I suspect I am slowly working my way through them as I like to consider new ideas but only if they can fit into my own set-up. I would recommend another book by Alexander Elder 'Come into my trading room'. The thing about Murphy book you can go back to it and you will catch a sentence or phrase in a different light and wonder how you missed it the first time round. Elder spells out the importance of developing your own complete trading plan and this is very important to your progress. Its not that expensive but it will prove to be an immense help as it covers emotional trading. Your find out that with the best set-ups in the world if you cannot overcome your emotions then your trading is doomed. It will incorporate risk and money management. The record keeping and continual assessment is very good. You find as you read more books each author brings something a little different to your plan.

We are all different and to produce your own plan generally takes a lot of research, hard work and practise until eventually you find what does not work for you and more importantly what does. Thats when your plan begins to take shape around the backbone of good risk and money management. It is this aspect which keeps you in the game while you are finding your way.

In order to find what works for you means you have to first learn the different methods to understand and decide if they are for you so reading about trend following, swing trading, positional and pattern trading is essential to form a balanced basis.
Good luck.

I think you can have a virtual account with Capital Spreads too.

Wannabe -

Kev546 pretty well summed it up! A. Elder also did another book called Trading for a Living (his first book I think) which is a good starting block too.

You must ask your self though - Do you really think (as many do) that you will find a system or methodology that will make you rich for the price of a book? Books are fine for ideas when starting out, hey, we all must start somewhere right! But in the end, you'll come to the conclusion that most of the stuff you read doesn't work all that well. Then, you'll have the insight to take the bits you liked from various places (T2W included) and mould your own personal approach to the markets.

As Kev456 hinted at, most newbies focus on trade entry signals as the all important way to success, continually looking for the entry set up that will consistently give winning trades. The truth is that how you manage your trades and emotions when in a trade is FAR more important.

The secret is to make sure you don't lose on every trade. Ok, of course some will, but if you look after the losses, the profits will take care of them selves! I was told this zillions of times when I was starting out, but it only sank in after a few hard years!

Persevere! It wont come overnight, but its worth it.

BBB
An excellent summary BBB.

So it's lots of asking questions, reading, watching, testing and sifting. Welcome to T2W.

Good luck

This is an adhoc but effective and objective method to have your stop.

Lets say your analysis has told you that you Should go long and Since you are all using some kind of a technical analysis then you must beleive that market goes through a cycle.. As a result your stop can be determined with how far you are from the bottom and top of the cycle ..
The bottom of cycle is often the LOW and The top the HIGH of the day
.. SO it would make a great sence to have your stop near the LOW if you want to go long ..

You have to do one extremley important check before you execute the trade.. you must check to see how far the current price is from the LOW ( Say you have decided to go long ) and make sure the ratio of ( High-Current Price )/(LOW -current price ) Is always Greater than 2.

This approach is for our younger traders..

Thanks for all your replies. I've seen the books mentioned available through Amazon.Will keep you posted about this .If there any other sources that might come in handy for a beginner,that would be great.

Just wait until I get the books,imagine the questions I'll be asking then!(If you can bear it!)