A complete novice

chaquita

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I have a offline business, but am completely new to trading, my question is, I have £10,000 to play with, bearing in mind I am just dipping my toes in the water for the first time.

What advice would you give me, where should I start, and what should i invest in.

I have to say im one of those people that likes to go in and out quick and move on to the next investment, im not looking at making an investment and waiting 2, 3 or 4 years for a return, I want a bit of excitement, hope this makes sense, Regards, Chaquita
 
Based on your post, you should run away from here and run away from trading full stop. Otherwise be prepared for an expensive lesson.
 
I thought it was about excitement and thrills at first, blew a shedload.. you gotta think like a buisiness if you want fun bet on footy or something, or just bet on the market, but that is not trading.
if you want to trade read some books put in the effort.
 
Based on your post, you should run away from here and run away from trading full stop. Otherwise be prepared for an expensive lesson.

Thanks for that, I was expecting an answer along those lines, I suppose someone with my sort of tempremant isnt suited to this game, im not giving up yet but I thank you for your honesty.

Chaquita.
 
Thanks for that, I was expecting an answer along those lines, I suppose someone with my sort of tempremant isnt suited to this game, im not giving up yet but I thank you for your honesty.

Chaquita.

Actually, that reply suggests there is some hope, because recognising the merits and limitations of one's personality is in my opinion very important.

The following things rang alarm bells:

completely new to trading

£10,000 to play with

im one of those people that likes to go in and out quick and move on to the next investment,

im not looking at making an investment and waiting 2, 3 or 4 years for a return,

I want a bit of excitement,


You need to be adequately capitalised, you need to understand that this is a very serious undertaking that might well require obsessive dedication and considerable persistence and fortitude, and you need to know that 2 or 3 years is what it might take to begin to have a chance, let alone make any kind of decent money. You also must - that is MUST - get your excitement elsewhere.

Good luck if you decide to try it. The road ahead will be a hard one, you must do almost everything for yourself, and very few make it successfully to the end.
 
Put in the work. Start small. Stay disciplined. And don't let others scare you away.
 
Some would argue that if you are a novice as such you have implied, you should, at the very least, be a year away from your very first (confident) trade.

Start educating yourself now - not by reading (that can be very, very damaging), but by watching. Find a charting service and start watching. Now. IMHO, you don't need to learn jargon, you need to learn charts. (Yes, many traders think charts are bad, bunk, useless . . . you will find opinions covering an entire spectrum of arguments, but alas there's beauty there because traders make (and lose) money in so many different ways.)

So, as you're watching (again, not reading). . . start trying to explain to yourself how and why the market did what it did and is doing what it is doing. Hypothesize. Then, analyze your hypothesis. Lather, rinse, repeat. The template for your hypotheses can be as such: "If price does [this], then I will enter, if it does [this] I will take my profit and if it does [this] I will take my loss. Do this on paper and simulate your account (of course, you will have to learn the arithmetic involved, which does entail some reading!)

Go from there and it won't be long until you realize there are fundamental consistencies in the way price behaves. Then, you're well on your way to at least confidently breaking even!

Most if not all traders have built and established a "system," or "method" of trading which defines when/where/how you should enter the market, in what direction, and when/where/how you will exit. Some traders base their systems on the news or the overall fundamental strength of a stock. Some traders base their systems on moving averages and "candles" (a type of charting display.) All I can advise is base your system on independent observation and nothing else.

Once you have accepted an observational approach, go ahead and take a look at what others are doing, but only to guage your own methods. Keep in mind, no system for sale is worth its salt - one thing we are all very aware of here is if someone has a "consistently profitable system," then they wouldn't need to try and sell you their system.

You will come across what I believe are very flawed trading maxims, and illusory paradigms which in their fundamental spirit are limiting. Be very wary when one says certain things aren't possible - IOW, don't entertain negatives.

Largest piece of advice I can offer - think of a way to make money without having to predict price direction . . .

Finally, (forgive the length, wrapping up now), let go of that money. If it will make a difference in your livelihood, put yourself in the position to where it won't. So you can get used to how cold the water is, go ahead and open up a very small forex account - 50-100 pounds (i assume pounds), and go ahead and try to see if you can hit some winners (IOW, "paper-trade" with real money) - but the point is to develop the ever-so-necessary tolerance for stomaching your losses.

Of which there might be plenty.
 
What advice would you give me, where should I start, and what should i invest in.

I have to say im one of those people that likes to go in and out quick and move on to the next investment, im not looking at making an investment and waiting 2, 3 or 4 years for a return, I want a bit of excitement, hope this makes sense, Regards, Chaquita

Investors invest in the strength of a company, traders invest in the strength of their character.

You will find that "investing" and "trading" are regarded as two very different approaches to the market - from what you've described, you want to learn to trade.

If that is the case, you are probably best fitted to start looking at the forex and futures markets - namely, index futures, and more namely, e-mini futures. Spreadbetting, too.

In any case, if you have gobs of money (sounds like you do if 10k is "play" money!) it's always safer to find a stable stock or two or three, write covered options and collect some cash, as you're basically renting out your investment like a home. It's not that easy, but it's simple. It's not as risky, but not as rewarding as being a "trader" worth his salt.

Hope I've helped! Best of luck! :clover:
 
I have a offline business, but am completely new to trading, my question is, I have £10,000 to play with, bearing in mind I am just dipping my toes in the water for the first time.

What advice would you give me, where should I start, and what should i invest in.

I have to say im one of those people that likes to go in and out quick and move on to the next investment, im not looking at making an investment and waiting 2, 3 or 4 years for a return, I want a bit of excitement, hope this makes sense, Regards, Chaquita


Trade real auction market. Do not spreadbet or spot forex. Spreadbet and spot forex for guessing games and gamblers. U need to know liquid prices + flow 2 trade properly. Charts only trading is for losing punter.

Imagine u at uni. U r asked to do research into trading. Would u base ur research on charts only + spreadbetting? NO, course u would not, you get big laugh at and fail if u did.

U gonna do it, do it properly. Hope i am help.



Gotonga.
 
If you hate reading huge books and get bored easily with long text and lectures on trading then you need to try this link it helped me and hope it will help you as well. I followed this method and now I am finally getting on right path. Without him and Sam Seiden I would probably have got lost in this huge and complicated trading world.
Here is the link for Lance Beggs. Hope his method will help you like it helped me.
https://getdpd.com/cart/hoplink/6702?referrer=f9uu0mxnp340gkgo48cw

For Sam Seiden go to following link
Sam Seiden
Good luck and Happy Trading(y)
 
Get yourself a demo account with some broker and start trading it. In the meantime, stay here and learn all you can. Don't commit money until you can ABSOLUTELY lose all of your stake without blinking an eye or losing a minute of sleep.

This can be a wonderful business, if you treat it like a business. If you fall for every gimmick on the internet, you will die a quick death. You might as well at least prolong it and have some fun by learning a few things.

Buy the book, Market Wizards, and read it several times. Then realize this: you are getting into a game that is akin to gambling, so you must become a good gambler. You must know statistics, so that you always know your odds. You must know position sizing, so you know how much to bet each time.

Take these few things to heart, and you will survive. Then, if you have the temperament, you can make money.
 
i love this from the Beggs website:

P.S.: If you're disgusted with the rubbish education you've received so far; the ebooks with the curve-fit systems that promise so much but fail to deliver every time; the forex robots that always prove too good to be true; the seemingly never-ending search of forums for systems - none of which ever work consistently; well perhaps it's time to try a new approach. Perhaps it's time to learn to trade, rather than trying to buy success.

P.P.S.: Chapter 2 will clearly explain why these other ebook systems, forum systems and forex robots, all fail to deliver on their promises - they're not based on the reality of the markets and the true nature of this trading game. You'll understand what this is, once and for all, and be well positioned to never fall for these scams or failed-approaches again.

P.P.P.S.: With this background in place, and the tools and techniques available in Volumes 4 & 5, you'll have the perfect foundation for commencing your real journey of trader development, regardless of whether you choose to implement my strategy (as outlined in Volume 3) or prefer to develop your own.

P.P.P.P.S.: It's time to take action! Go for it! Order now, with the confidence of the 60-day 100% satisfaction guarantee. If you want to be a trader, stop trying to buy success - it doesn't work - it's time to learn how to really trade.
 
ah, bch18! we were just warning chaquita about you and those alike. But, chaquita, by all means I encourage you to take a look at bch18's link and educate yourself on how you should not approach the market. that laughable "equation" is exactly the smoke and mirrors that will lead you down a fruitless path.

My lord, just read this one line.

"There is no need for a stop loss as you will exit the trade should it turn against you and all trades should be closed after 30 minutes of the market opening at the very latest."

Never, ever believe there is no need for a stop loss. Your exit parameters (not always an exact price for me, but I always abide strict, strict rules when I exit for a loss) should be strictly defined before you enter any trade.

Nearly every trade you ever enter in your entire life will turn against you at one point or another - so if you "exit a trade should it turn against you" you are likely to exit every single trade with a loss.

30 minutes? Why thirty minutes? Why not 34? Or 28? If you have defined your exit strategy, it could very well require an excess of 30 minutes for price to hit your target(s). How hard is it to imagine you exit your trade for a loss because you've been in it for more than 30 minutes, just to watch price turn in your favor, perhaps moments later?

Bad, bad advice.

Now, I'm sure there are many traders here who do have rules about being in a trade too long . . . in my opinion, these kind of rules are fear-of-losing-money kind of rules - of which I contend there is no room for - but I'm sure many-a-trader has also saved a crap ton of money by following these kind of rules as well.

Anyhow - aparoid, I wish I could satisfy your intrigue with a detailed answer. Perhaps you're familiar with the phrase, "Let price tell you what to do." Or, rather, "The trend is your friend." :whistling

Leave nothing to guesswork, that is, until you're confident you're a really good guesser.

Hm, what else, folks?
 
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