training?

This is a discussion on training? within the First Steps forums, part of the Reception category; Hello im 17 and have no idea about trading at all. I know its what I want to do but ...

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Old Jan 10, 2004, 6:07pm   #1
 
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Joined Jan 2004
training?

Hello im 17 and have no idea about trading at all. I know its what I want to do but dont really know how to go about it. I have been intouch with a few trading firms and it seems that they only train graduates, and as I refuse to be a student I cannot take this path. I have found one trading firm that offers to train independent traders, but to do this i need at least 5000, would it be wise for me to take out a bank loan or are there better ways of learning this as a proffesion.
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Old Jan 10, 2004, 6:11pm   #2
 
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Jack, sorry let me get this straight- you have to pay them 5,000 for them to train you? Sounds like one to refer to the FSA.

You have 2 choices- one go to uni, get a degree, get a job, OR apply to one of the banks for a job in the back office of either Bonds, Equities or F/x and hope you get noticed and given a chance.
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Old Jan 10, 2004, 6:26pm   #3
 
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Apart from CityTrader's two suggestions, the only other one is to teach yourself.

There's lots of good basic information on this website (it's spread around a bit, so you'll have to use the Search facility, and sort through it). Then, and only then, when you think you have got the gist of it, use a free simulator to see how good you really are. You can even open a 100 spread betting account with Finspreads, and trade at 1p a point for the first 8 weeks. After that it goes up to 50p a point minimum. If you're already saying to yourself "Pah, I'm a big boy and I can trade at more than that!" then you're full of emotion, so trading may not be for you.

And while you're doing all this, get yourself a part-time or full-time job to keep a roof over your head. If you're dedicated, you can trade the US markets from 18:45 to 21:00 UK time each day, so there's plenty of opportunity to practice trading as a hobby.

If you're clever (by that I mean disciplined, not brainy) you can build up your own pot of money slowly and steadily, learning all the way. If you're foolhardy, and in a rush, you'll blow out your account quickly, and will realise that trading is not for you.

And beware of those promising to teach you - you need to learn all the basics first and that will take you months. Once you know what type of trading suits you, and have some experience under your belt, that would then be the time to consider whether you would gain further by paying for help.

And don't waste valuable time and money thinking that you can cut corners by buying someone else's system. You can't. Only you can do the actual trading, and you need to learn how to do it, not by blindly following trading signals seemingly pulled out of thin air.

But remember that trading for yourself is not the same as trading professionally - the market styles are different, and they're not immediately interchangeable is my impression.

But if you cannot get a professional trading house to take you on, then doing it yourself may be your only option.

And welcome to T2W by the way.
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Old Jan 10, 2004, 8:23pm   #4
Joined Oct 2003
5,000 to train u? Id give that a wide berth matey!
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Old Jan 10, 2004, 10:14pm   #5
Joined Jan 2003
does it cost 5k or do you need this as a trading stake?
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Old Jan 10, 2004, 10:39pm   #6
Joined Oct 2003
Im sure they have a more delicate name for it -its probably called the gateway to ur future self actualization or some other tripe!
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Old Jun 21, 2006, 1:10pm   #7
 
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Joined Jun 2006
Quote:
Originally Posted by Skimbleshanks
Apart from CityTrader's two suggestions, the only other one is to teach yourself.

There's lots of good basic information on this website (it's spread around a bit, so you'll have to use the Search facility, and sort through it). Then, and only then, when you think you have got the gist of it, use a free simulator to see how good you really are. You can even open a 100 spread betting account with Finspreads, and trade at 1p a point for the first 8 weeks. After that it goes up to 50p a point minimum. If you're already saying to yourself "Pah, I'm a big boy and I can trade at more than that!" then you're full of emotion, so trading may not be for you.
I could even say - don't dedicate yourself totally to trading, because concentration helps in many other fields of human activity, except those mixed with emotions. It's better to be cold mind.

Quote:
Originally Posted by Skimbleshanks
And beware of those promising to teach you - you need to learn all the basics first and that will take you months. Once you know what type of trading suits you, and have some experience under your belt, that would then be the time to consider whether you would gain further by paying for help.

And don't waste valuable time and money thinking that you can cut corners by buying someone else's system. You can't. Only you can do the actual trading, and you need to learn how to do it, not by blindly following trading signals seemingly pulled out of thin air.
Totally agree. Man should make decisions only be himself. And trading decisions are of no exceptions of this rule, else how one can improve professional skills?

I made some searches on the forum for the word "simulator" and found several discussions. For those, who are interested in using trading simulator I recommend to try www.forextester.com

In the software section of the forum was opened corresponding topic to discuss the program
http://www.trade2win.com/boards/showthread.php?t=20100

Kind regards!
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