complete newbie advice?

This is a discussion on complete newbie advice? within the First Steps forums, part of the Reception category; hi guys, im looking to get into trading as it has always intrested me! I was looking for some advice ...

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Old Feb 10, 2010, 8:38am   #1
 
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complete newbie advice?

hi guys,

im looking to get into trading as it has always intrested me! I was looking for some advice of were to start?

ive booked to go onto a free seminar by greg slecker in liverpool next month! and was wondering if they any good material out there i can read?

once i got some good knowledge il use practice accounts before i trade live!

But for know im looking for material or free seminars or even courses that dont cats a fortune to learn.

all advice greatly appreciated?
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Old Feb 10, 2010, 12:04pm   #2
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Re: complete newbie advice?

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Old Feb 10, 2010, 2:00pm   #3
 
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Re: complete newbie advice?

thekaver started this thread stop ruining my post ye ****** im looking for some serious answers here m8!
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Old Feb 10, 2010, 2:39pm   #4
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Re: complete newbie advice?

Quote:
Originally Posted by thekaver View Post
stop ruining my post ye ****** im looking for some serious answers here m8!
i guess turn 50k to 6million in 3 month is not enough for you..
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Old Feb 10, 2010, 3:21pm   #5
 
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Re: complete newbie advice?

I was going to offer the advice that you should avoid internet forums, but I guess if you possess the analytial skills you'll require to suceed, on the basis of the responses you've recieved so far, you'll already have worked that out for yourself by now !

Seriously I'd cancel the seminar, read a couple of books on trading psychology, read up on risk management and position sizing, then get stuck in to looking at some charts.

If you want to take something positive from T2W take a look at timsk's trading plan template, it'll hopefully give you a few ideas about the basics that you need to be thinking about at this stage.
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Old Feb 10, 2010, 3:45pm   #6
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Re: complete newbie advice?

Quote:
Originally Posted by thekaver View Post
hi guys,

ive booked to go onto a free seminar by greg slecker in liverpool next month!
Ooh ooh!! can you send me a link and details please?
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Old Feb 11, 2010, 10:21pm   #7
 
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Re: complete newbie advice?

thekaver started this thread
Quote:
Originally Posted by Black Swan View Post
Ooh ooh!! can you send me a link and details please?
http://www.knowledgetoaction.co.uk/

there ye go m8! i thought its a free taster so it cant do any harm
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Old Feb 12, 2010, 12:22am   #8
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Re: complete newbie advice?

To be honest mate, unless you live 5 minutes away from the where they are holding the seminar, I wouldn't bother.
They will give you a little taster of some system or other, show you how much money you can make and then ask you to get you credit card out and pay £5k or so for some course/DVD etc.

Years ago I went to one for buying property....same old thing...pay us £10k and we will show you how you can make cash from Buy-To-Let.
I done some reading, then some more reading then went out and done it for myself, granted I ain't no millionaire but me and the Mrs made a very good return on my property strategy.

I am a trading newbie myself, started last September....my honest advice to you is don't pay for training all you need is right here and a few other places....and it's all free it just takes some seeking out.
Granted you will pay a tuition fee in a way...you will pay this fee to the market through your losses and not to some guy or company that will promise you the earth, take your money, say to you - do this then and then do this and leave you too it.

I have tried a few strategy's in my short time as a newbie trader and have had small successes along the way but this week has been my best week ever I banked a total of 230 pip's this week from 3 trades. I would tell you where to find this strategy but I ain't sure wether the mod's would allow for outside links, PM me if interested....I ain't saying it's the holy grail but it could be a very good foundation for getting you started.


Best of Luck

Harmudge.
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Old Feb 21, 2010, 12:29am   #9
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Re: complete newbie advice?

Read through some of the posts by Mr Charts and Trader_Dante on this site. I find books useful too and Come into My Trading Room by Dr. Alexander Elder is a good one.

All the best.
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Old Feb 21, 2010, 1:02am   #10
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Re: complete newbie advice?

Agreed, trader Dante's thread is very good haven't read too much of mr charts but have heard good things about it.
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Old Feb 21, 2010, 1:36am   #11
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Re: complete newbie advice?

Quote:
Originally Posted by thekaver View Post
http://www.knowledgetoaction.co.uk/

there ye go m8! i thought its a free taster so it cant do any harm
I went to this one..they just try and sell you a further course.. really is a waste of time even going along. They have no idea what they are talking about and are just trying to get you to part with your money.. if you do go along and decide that its a good idea to pay for one of their courses I would not bother to try trading ..ever.. it's not going to be something you should do.
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Old Feb 21, 2010, 2:03am   #12
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Re: complete newbie advice?

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I went to this one..they just try and sell you a further course.. really is a waste of time even going along. They have no idea what they are talking about and are just trying to get you to part with your money.. if you do go along and decide that its a good idea to pay for one of their courses I would not bother to try trading ..ever.. it's not going to be something you should do.
Just as I said....complete con.

All you need is here and a few other places, you just need to spend time seeking it out....then finding what works for you....and if you can't be bothered doing that, then you shouldn't be in this game.

There is no free lunches in life and definately no quick and easy route to profitable trading......otherwise all the City Banks would just send their new batch of Eton Graduates to these guy's, instead of spending months even years training Tarquin how to trade.

Just to give you all a piece of useless info, but it may help someone from getting burned from these sort of people.

I work as a courier and my patch is the City of London (Pro Trader Land).
A couple of months ago I was sitting in traffic at the junction of London Wall and Bishopsgate and I happened to look over to the left of me into the entrance of an office building and saw a "knowledge to action" stand-up banner thing....you know the sort of thing, about a metre or so' tall on a metal stand, you would see them at stands in exhibitions etc.
I knew the name because they had been advertising their free seminars in my local newspaper.
So anyway that banner was there for a few days and I ain't saw it since....and I go past that office block most days.

They must have just rented a bit of office space for a few days to do a crap couple of day seminar....grab your cash and leg-it in other words.
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Old Feb 21, 2010, 12:31pm   #13
 
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Re: complete newbie advice?

thekaver started this thread thanks for the advice, yes im not looking for any short cuts and dont mind putting some study in and alot of practice, its just they so much out there and im a utter newbie its hard to know were to start
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Old Feb 21, 2010, 2:12pm   #14
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Re: complete newbie advice?

Quote:
Originally Posted by thekaver View Post
thanks for the advice, yes im not looking for any short cuts and dont mind putting some study in and alot of practice, its just they so much out there and im a utter newbie its hard to know were to start
I completely agree.....when starting off....where do you start ??

1) Decide what you want to trade. Forex. Commodities. Indices. Equities.
2) What time frame. 15 minute chart, Hourly chart, Daily chart.
3) Are you going to use Bars or Candles on those charts.
4) What is going to be your risk tolerance.

Once you have decided on the above, you then need to seek out the info that is relevant to your choices.

A couple of pointers for you -

Read the Trader Dante thread on this forum also read the Phil Newton break-out strategy also on this forum. These threads will give you a grounding and help you decide which direction to go next.

P.S

In my post above I wasn't implying that you were trying to take short-cuts.
In this game there ain't really any shortcuts.....even if you went on one of those courses you still need a firm foundation to build upon.
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Old Feb 21, 2010, 2:38pm   #15
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Re: complete newbie advice?

Oh dear, ive actually booked a free Knowledge To Action seminar tomorrow at the Birmingham NEC. But i'll make sure to leave my wallet at home in case they try to sell me anything

@thekaver: Im a newbie too (ive been paper trading for about 2months now) and I actually use the Phil Newton breakout out strategy that Harmudge pointed out. Ive found it to be surprisingly successful, so that may be something to look in to
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