Advice on starting out ?

[Pogo-Stix]

Hi all

Being new and green to trading shares, though I expect this has been asked a 1000 times, can some of you offer me help and advice on the bare necessities to get trading.
At the moment I am just trading on shares that others are predicting will do well, like TIG, here I placed 10K on @ 0.09345 this morning, I expect I could have got a better price but Iii were so slow this morning. Anyhow it’s just shares for me to start with to hopefully make some profit.

Though I realise many of you will suggest research, research, research as without it you yourselves would not have got where you are today without it, it would still be nice for me to start on the long road with the software and research portals.

Your help in this matter would be most appreciated.

Richard

 

[Lord Flasheart]

Richard,if you want long term then yes research(fundamnetals) is neccessary. Most people on this site do not trade that way. There are many threads you can look at and books to read. All the advice you need is here but you need to be more precise about what type of trading you wish to do and then look for that thread or ask more precise questions.Welcome and good luck

 

[theroguetrader]

Hi all

Being new and green to trading shares, though I expect this has been asked a 1000 times, can some of you offer me help and advice on the bare necessities to get trading.
At the moment I am just trading on shares that others are predicting will do well, like TIG, here I placed 10K on @ 0.09345 this morning, I expect I could have got a better price but Iii were so slow this morning. Anyhow it’s just shares for me to start with to hopefully make some profit.

Though I realise many of you will suggest research, research, research as without it you yourselves would not have got where you are today without it, it would still be nice for me to start on the long road with the software and research portals.

Your help in this matter would be most appreciated.

Richard

Hey Richard, if your just starting out - DITCH the stoxx... !! Your IMMEDIATELY making it hard for yourself, simply because there are THOUSANDS of different companies out there, in all different sectors, do you want to spend all " YOUR VALUABLE TIME " doing useless/boring research - or would you sooner learn about " PRICE ACTION " and make some $$ instead..??


James:idea:

 

[Pogo-Stix]

Hey Richard, if your just starting out - DITCH the stoxx... !! Your IMMEDIATELY making it hard for yourself, simply because there are THOUSANDS of different companies out there, in all different sectors, do you want to spend all " YOUR VALUABLE TIME " doing useless/boring research - or would you sooner learn about " PRICE ACTION " and make some $$ instead..??


James:idea:

Thats and interesting statement, maybe you could expand on it for me?

 

[rathcoole_exile]

rather than focusing on individual stocks and having to research and fret over P/E ratios and such like, just look at the index futures.
the index is basically a basket of all the top companies, the futures contract is a very liquid way of taking a short or long term position in the direction of the market as a whole

i don't know much about the FTSE100 in UK, but if you look at US index futures, do some reading up on the YM or ES contracts -
YM is the basket of companies that comprise the Dow30 - the 30 biggest companies on the US;
ES looks at the broader picture of the S&P500 top 500 companies.

These are both "mini" contracts so easy, liquid and cheap to trade, in terms of margins, spreads etc

Just type ES M9 into google-search and go from there (M9 being the current futures contract that expires in June 09) and do a lot of reading on this forum.

Ultimately it's not too difficult, but there will be a long period of pain and strain, where only you can do the hard work, take the losses and grow emotionally and psychologically as a trader

and following on from James said about Price Action, please please please do not make the typical newbie mistake of overdosing on all these shiny new indicators you're going to learn about and be tempted by.

If you can ignore indicators altogether and study Price Action alone, it will stand you in very good stead.
Of course, you won't.
Before long you'll be off down the Stochastics Overbought route, followed by detours into CCI, Supertrends, Alligators, etc etc. but at least I've said my piece.

 

[patong]

Can not agree more with Rathcoole.
Keep it simple.

Price action, support/ resistance and ofcourse learn how to draw trendlines correctly. Start from the monthly and work down from there. Adjust as you go. Don't go crazy with them just draw the ones that give you the required imformation. Try to keep your charts easy to read.

 

[Pogo-Stix]

Thanks for all your advice guys its welcoming to get such info from you all. Can t stop to chat longer as i have some readingto catch up on...:smart:

 

[sirsell]

Thanks for all your advice guys its welcoming to get such info from you all. Can t stop to chat longer as i have some readingto catch up on...

Agreed! I to would like to say thanks to everyone for the advice and welcoming us newbies.

 

[patong]

Just Beware of all those high power , new wiss bang sytems and indicators. The best system for you is your own and understand it, never dought it, and trade by it.

 

[andy101]

Hi guys, if it helps I have just written an article on Technical Analysis Basics. Technical Analysis Basics | Financial Spread Betiing Education
and another on Chart basics Technical Analysis | Chart Basics
Hope these help