Another new trader. A few questions. :)

[Xylitol]

Hi, this is my first post on this forum.

I'm a complete newbie to trading. I've read some of the essential threads about tips for new, inexperienced traders. Honestly, most of it sounds extremely scary. I've got a few questions that I didn't get from the threads:

Everyone says don't focus on the money. Instead, learn to trade well and the money will naturally follow. Which is fair enough. It goes on to talk about having a trading "plan". But what plan do I need? How do I actually know what to invest in and what not to invest in? How do people actually decide what to buy and what to sell? What market indicators do they use? There seems to be no mention of this in any of the threads I've read. All it tells me is I should "have a plan", whatever that means. So I'm pretty confused.

I also read that unless you can compete with computer trading programs and experts who work for big trading firms, you're going to lose money. That's worrying. What's the point in getting into trading if you're competing against computers who will always be better than you?

Thanks for any help people can give.

 

[SpreadDoctor]

I have no link to this firm however you should take a look at what this london prop firm teaches:

http://www.futex.co.uk/futex-academy/trading-floor-training/

you need a proper grounding in what you are getting into. The fastest way for you to make it as a trader is to join a prop firm in London. just my 2c.

 

[Xylitol]

Thanks for the link. Is that a course anyone can take up? And do you have to pay for it?

Would love to hear some more opinions from other people, both on the link above and my questions.

 

[SpreadDoctor]

Thanks for the link. Is that a course anyone can take up? And do you have to pay for it?

Would love to hear some more opinions from other people, both on the link above and my questions.

I believe they take on grads and train them whilst on a training salary but they also accept anyone who will pay.

 

[Xylitol]

I believe they take on grads and train them whilst on a training salary but they also accept anyone who will pay.

Ok. I did graduate with a degree in Economics, which might be relevant? I also live in the UK.

 

[SpreadDoctor]

Ok. I did graduate with a degree in Economics, which might be relevant? I also live in the UK.

What is your current career path? imo it isn't viable to rely on earnings from trading if you are new to the business. So you either need to find a trading related job where you can learn and earn OR educate yourself whilst you are working.

 

[Xylitol]

What is your current career path? imo it isn't viable to rely on earnings from trading if you are new to the business. So you either need to find a trading related job where you can learn and earn OR educate yourself whilst you are working.

Oh, you just said they get paid a training salary?

 

[timsk]

Hi Xylitol,
Welcome to T2W.

. . . But what plan do I need? How do I actually know what to invest in and what not to invest in? How do people actually decide what to buy and what to sell? What market indicators do they use? There seems to be no mention of this in any of the threads I've read. All it tells me is I should "have a plan", whatever that means. So I'm pretty confused.?

Are you sure you've read all the links provided and not just cherry picked the ones that sound interesting? Click on the second and third links in my signature and be sure to follow any further links provided. I think you'll find most of your questions are covered.

Don't be in a hurry to start trading before you have a good grasp of all the main concepts and be prepared to spend a long time just to get to that point. How long is a long time? That depends on your starting point, how quickly you're able assimilate information and how much time you devote to it. So, anywhere from a few weeks to many months, possibly even years if you're not able to spend much time on it.

. . . I also read that unless you can compete with computer trading programs and experts who work for big trading firms, you're going to lose money. That's worrying. What's the point in getting into trading if you're competing against computers who will always be better than you?

That's a very good question and, until you're able to answer it, don't trade! You need to develop a skill set and have a methodology that enables you to compete with the professionals. Needless to say, for the majority of retail traders who comprise the T2W membership, this is very difficult, very time consuming and, as a percentage of those who try - very few succeed. Contrary to what 99% of the internet marketeers will tell you, trading isn't an activity that you can learn about in a weekend and put into practice straight away and be earning serious money for a few hours 'work' each week. If only it were that simple!
:cheesy:

If you get stuck in to the educational material provided here on T2W, feel free to ask any questions and we'll do our best to help you.
Tim.