Advice for a trading novice

vettelsfinger

Junior member
20 0
Hi All,

I have recently decided to try to start and make money on the side of my regular income. I used to have a stock investment account investing in AIM shares which was unsuccessful to say the least, yet I miss the excitement of being in control of my own financial destiny! I think that trading rather than traditional investing will offer me a greater chance to learn and ultimately achieve my goals.

I have done some initial research and I am amazed by the amount of different trading opportunities and systems that are out there. I am having trouble choosing which platform/asset/strategy to focus on.

It would be good to hear your views and experience on how you have chosen your particular trading strategies etc... I am new to the concept of actively trading and feel it could be lucrative if I take the right approach and advice!

Thanks :)
Tom
 

darktone

Veteren member
4,016 1,084
It would be good to hear your views and experience on how you have chosen your particular trading strategies etc... I am new to the concept of actively trading and feel it could be lucrative if I take the right approach and advice!

Thanks :)
Tom
Hello Tom and welcome to T2W.
Im keen to hear how newbies view this http://www.trade2win.com/boards/discretionary-trading/180396-keeping-things-simple.html have a scan through and let me know what you think. Most importantly that ive made it understandable. Feel free to ask questions btw.
Cheers
D
 
Last edited:

NVP

Legendary member
37,768 2,101
Hi All,

I have recently decided to try to start and make money on the side of my regular income. I used to have a stock investment account investing in AIM shares which was unsuccessful to say the least, yet I miss the excitement of being in control of my own financial destiny! I think that trading rather than traditional investing will offer me a greater chance to learn and ultimately achieve my goals.

I have done some initial research and I am amazed by the amount of different trading opportunities and systems that are out there. I am having trouble choosing which platform/asset/strategy to focus on.

It would be good to hear your views and experience on how you have chosen your particular trading strategies etc... I am new to the concept of actively trading and feel it could be lucrative if I take the right approach and advice!

Thanks :)
Tom

hey there V.......

Take a look through the beginners section of T2W and go from there...

take your time .....its a marathon and not a sprint ;)

N
 

darktone

Veteren member
4,016 1,084
Hi darktone,

unfortunately the link does not work for me, could you repost it so I could have a look?

Thanks
Ooops, I dunno what i managed to do there! Should be working now. If you still have trouble its in the Discretionary Trading section.

Cheers
D
 
Last edited:

neil

Legendary member
5,167 749
hey there V.......

Take a look through the beginners section of T2W and go from there...

take your time .....its a marathon and not a sprint ;)

N

Heed NVP's words above.
It will take a long time and you may be one of the very, very few, that emerge as a profitable trader.
 

vettelsfinger

Junior member
20 0
Thank you for all of the advice, I have a long journey ahead! :) I have had a look at a few things so far but keep getting confused by the sheer volume of different options out there. The only thing that I have decided so far is that I will not have the time to dedicate to it that some of the strategies or techniques require.

It would be good if somebody could do it for me (but I suppose that is cheating!) I am interested to know what each of you did for your first steps into trading and the platforms and assets that you used.

Thanks
Tom
 

vettelsfinger

Junior member
20 0
Darktone

Ooops, I dunno what i managed to do there! Should be working now. If you still have trouble its in the Discretionary Trading section.

Cheers
D

Hi Darktone,

is it the keeping things simple thread? before looking at particular strategies I suppose I need to decide upon an asset, Do you feel this strategy works across all assets? I notice that it finished profitable anyway :) I will look into this once I get the basics sorted...

Thanks for the heads up
Tom
 

darktone

Veteren member
4,016 1,084
Hi Darktone,

is it the keeping things simple thread? before looking at particular strategies I suppose I need to decide upon an asset, Do you feel this strategy works across all assets? I notice that it finished profitable anyway :) I will look into this once I get the basics sorted...

Thanks for the heads up
Tom
Yep thats the one. The method should be applicable to any instrument in any timeframe imho. The best candidates in general would be something that you feel trends well, with small spreads/costs.
Its success is very trader dependant, the main focus being keeping losers small, and following price rather than predicting it.

If you have any questions just ask in the thread. No such thing as a silly question imo.

Cheers
D
 

Hate2Lose

Active member
155 3
Hi All,

I have recently decided to try to start and make money on the side of my regular income. I used to have a stock investment account investing in AIM shares which was unsuccessful to say the least, yet I miss the excitement of being in control of my own financial destiny! I think that trading rather than traditional investing will offer me a greater chance to learn and ultimately achieve my goals.

I have done some initial research and I am amazed by the amount of different trading opportunities and systems that are out there. I am having trouble choosing which platform/asset/strategy to focus on.

It would be good to hear your views and experience on how you have chosen your particular trading strategies etc... I am new to the concept of actively trading and feel it could be lucrative if I take the right approach and advice!

Thanks :)
Tom

Hi Tom,

I have lots of friends who trade (as well as being full time myself). I’ve noticed that some people tend to have a good grasp of certain markets (e.g. some are natural FX traders, others very intuitive when it comes to equities). I think trading is more an art than a science, but that’s not to say it’s not a good idea to be scientific with your trading strategy!

My biggest lessons were learning to take a loss. Always cut your losses, run your profits. And be prepared to make mistakes. Lots of them. Nobody learned anything by taking a profit!

There are SO many FX brokerages out there, it’s a minefield. There seems to be a new one each week. I would suggest sticking to the most established and biggest. I use CFDs mainly, some spreads and FX. Have a look at the following:

IG Markets (good technology, market leader in SB and CFD in the UK. DMA.)
FXCM (straight through processing, so theoretically they give you decent execution – they advertise no dealing desk. They have slightly wider spreads, but it can work out cheaper if your fills are better)
Accendo Markets (you get to speak to a human, lots of assistance with your trading. Same platform as IG. DMA)
LMAX (DMA of sorts with FX. Not used myself, but have heard people mention)
 

vettelsfinger

Junior member
20 0
Hi Tom,

I have lots of friends who trade (as well as being full time myself). I’ve noticed that some people tend to have a good grasp of certain markets (e.g. some are natural FX traders, others very intuitive when it comes to equities). I think trading is more an art than a science, but that’s not to say it’s not a good idea to be scientific with your trading strategy!

My biggest lessons were learning to take a loss. Always cut your losses, run your profits. And be prepared to make mistakes. Lots of them. Nobody learned anything by taking a profit!

There are SO many FX brokerages out there, it’s a minefield. There seems to be a new one each week. I would suggest sticking to the most established and biggest. I use CFDs mainly, some spreads and FX. Have a look at the following:

IG Markets (good technology, market leader in SB and CFD in the UK. DMA.)
FXCM (straight through processing, so theoretically they give you decent execution – they advertise no dealing desk. They have slightly wider spreads, but it can work out cheaper if your fills are better)
Accendo Markets (you get to speak to a human, lots of assistance with your trading. Same platform as IG. DMA)
LMAX (DMA of sorts with FX. Not used myself, but have heard people mention)

Hi Hate2Lose,

A good run down of brokers there to get me started. I actually opened an IG markets demo account to get familarised. I have also had recommendations about them from others in the past.

In regards to your trading, is there a reason why you mainly use CFD's? does it just provide a better fit to your strategy?

I am going to stick with currencies as I think this fits in better with my interest in world events and provides the liquidity out of hours which is when I am likely to trade. I am looking at all possibilities with this and aim to provide an approach that provides a basis for me to learn and grow upon.

Thanks for your input!

Tom
 

neil

Legendary member
5,167 749
Hi Hate2Lose,

A good run down of brokers there to get me started. I actually opened an IG markets demo account to get familarised. I have also had recommendations about them from others in the past.

In regards to your trading, is there a reason why you mainly use CFD's? does it just provide a better fit to your strategy?

I am going to stick with currencies as I think this fits in better with my interest in world events and provides the liquidity out of hours which is when I am likely to trade. I am looking at all possibilities with this and aim to provide an approach that provides a basis for me to learn and grow upon.

Thanks for your input!

Tom

Some info. to start you off.

http://en.wikipedia.org/wiki/Contract_for_difference

http://www.investopedia.com/articles/stocks/09/trade-a-cfd.asp
 

Hate2Lose

Active member
155 3
Hi Hate2Lose,

A good run down of brokers there to get me started. I actually opened an IG markets demo account to get familarised. I have also had recommendations about them from others in the past.

In regards to your trading, is there a reason why you mainly use CFD's? does it just provide a better fit to your strategy?

I am going to stick with currencies as I think this fits in better with my interest in world events and provides the liquidity out of hours which is when I am likely to trade. I am looking at all possibilities with this and aim to provide an approach that provides a basis for me to learn and grow upon.

Thanks for your input!


Tom

I use CFDs as the majority of my trading is short term equities. Accendo and IG offer DMA, which is important to my trading – I know the pricing is spot on, although I pay a commission.

Considering your interests, it sounds like FX is a sensible choice. Look for an ECN or straight-through processing solution – my friend swears by it.

Good luck!
 

neil

Legendary member
5,167 749
I suppose you should go for forex trading. That gives more profitable ways of gaining money ofcourse with the same amount of risk. Even then profits also in same manner. Some of the forex brokers you can do Fx trading with are:
Greenvault Fx: http://www.greenvaultfx.com/
Insta Forex: https://www.instaforex.com/
Lite Forex: http://www.liteforex.com/
FX Pro: http://www.fxpro.com/
FXCC:http://www.fxcc.com/

Can you show us some examples of these "more profitable ways of gaining money?"
 
 
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