Newbie needing advice

Hi all,

I am new to this forum, but have for a while been looking to start trading the markets. I have a career and am not looking to give up my job as I can't afford to risk losing everything. I am hoping to be able, at some stage, to make a decent side income from trading.

I have been reading some of the articles on this forum but am not really sue where to start with regards to research, setting up etc. I have seen companies offering trading seminars and the like but have become sceptical that many are scams.

So, I would very much like information on how the following if possible:

Where are the best sources to learn the market (online, specific books etc) I have requested brochures from brokers.
Do I need a mentor? I am worried about how much this will cost and doubt I could afford one. \i want to give myself the best possible grounding but my funds are limited.
What software do I use, and can I trade the markets at night (ie after I get home from work)
What are the best markets to trade? Are there some that are easier to learn than others?

Sorry for all the questions - my knowledge is very basic and for that I apologise. Any direction would be very welcome.

Thanks

dimitar_berbagod said:

Hi all,

I am new to this forum, but have for a while been looking to start trading the markets. I have a career and am not looking to give up my job as I can't afford to risk losing everything. I am hoping to be able, at some stage, to make a decent side income from trading.

I have been reading some of the articles on this forum but am not really sue where to start with regards to research, setting up etc. I have seen companies offering trading seminars and the like but have become sceptical that many are scams.

So, I would very much like information on how the following if possible:

Where are the best sources to learn the market (online, specific books etc) I have requested brochures from brokers.
Do I need a mentor? I am worried about how much this will cost and doubt I could afford one. \i want to give myself the best possible grounding but my funds are limited.
What software do I use, and can I trade the markets at night (ie after I get home from work)
What are the best markets to trade? Are there some that are easier to learn than others?

Sorry for all the questions - my knowledge is very basic and for that I apologise. Any direction would be very welcome.

Thanks

Click to expand...

Alright Dimitar?
Where to start....OK why not start by reading some of the sticky threads on 'ere. If you're going to start trading why not put it off until the New Year and start by, for example, opening a trade sense account with IG. You can place ten pence 'bets' for a 6 week period. Whilst doing that just get stuck in doing your own research and 'do' the course.

Can you trade in the evening? Absolutely, you'll generally hit the doldrums with forex in the evening, as the US is shutting and Aus/Asia is waiting to open, but the forex market tends to liven back up from approx. 11-11:30...But if you're going to swing trade, which is all you should do given your situation, you could trade (in the background as it where) at any time of the day just checking in on your trades taken using a 4hr TF (chart) for your decision making. You mightn't find the trades/ or profits as explosive, but you'll have a lot less losing trades once you begin to develop a plan/ strat. that works. Oh and dig out Tim's trading plan, it's alright, there's also a guy called Lance Beggs who has an interesting "are you ready to trade?" checklist, after I've checked my stuff at ten o'clock, I'll dig it out for you...

TBH overall there's just way, way, too much to cover in a few paragraphs, even before you begin to trade, just get stuck in with the research.

Here's Lance Beggs' check list on the front page of his site. His training vids. are OK too, iirc he discusses mainly price action on them, but in a v. simplistic non 'mystic arts' way...

http://www.yourtradingcoach.com/

Hi black swan,

Thanks mate. I appreciate your help.

I will have a good read over the information and try to take it in. As I say, my '9-5' job is my main concern - I'm looking to pursue a career in accountancy and this comes first. I do appreciate your help though and I'll look to getting m trades up and running as soon as possible.

Cheers!

On YOUTUBE.COM you find very nice videos about trading .
I used informedtrades.com , they got many videos to learn trading well.

good time :clover:

piparb said:

On YOUTUBE.COM you find very nice videos about trading .
I used informedtrades.com , they got many videos to learn trading well.

good time :clover:

Click to expand...

good call, good site that, probably listed in "the useful things I've found on the net" thread that's on 'ere somewhere...There's just so much to advise when starting out...difficult to know were to start...

dimitar_berbagod said:

Hi all,

I am new to this forum, but have for a while been looking to start trading the markets. I have a career and am not looking to give up my job as I can't afford to risk losing everything. I am hoping to be able, at some stage, to make a decent side income from trading.

I have been reading some of the articles on this forum but am not really sue where to start with regards to research, setting up etc. I have seen companies offering trading seminars and the like but have become sceptical that many are scams.

So, I would very much like information on how the following if possible:

Where are the best sources to learn the market (online, specific books etc) I have requested brochures from brokers.
Do I need a mentor? I am worried about how much this will cost and doubt I could afford one. \i want to give myself the best possible grounding but my funds are limited.
What software do I use, and can I trade the markets at night (ie after I get home from work)
What are the best markets to trade? Are there some that are easier to learn than others?

Sorry for all the questions - my knowledge is very basic and for that I apologise. Any direction would be very welcome.

Thanks

Click to expand...

One of the benefits of online trading is that you can trade any time of the day at the comfort of your own home.Before getting started with the real market, I suggest that you try paper trading first.

Daniel Webb said:

One of the benefits of online trading is that you can trade any time of the day at the comfort of your own home.Before getting started with the real market, I suggest that you try paper trading first.

Click to expand...

yep and open a demo account...