A complete novice

chaquita

Newbie
2 0
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
 

The Leopard

Experienced member
1,877 1,020
Based on your post, you should run away from here and run away from trading full stop. Otherwise be prepared for an expensive lesson.
 

eighteen

Active member
187 23
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.
 

chaquita

Newbie
2 0
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.
 

The Leopard

Experienced member
1,877 1,020
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.
 

higherSelfishness

Active member
103 9
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.
 

higherSelfishness

Active member
103 9
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:
 
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0b101

Newbie
5 1
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.
 

FxPundit

Junior member
17 0
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)
 

Raleigh Lee

Junior member
22 0
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.
 
 
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