The guy that was pretending to have spent 200k on champagne also flogs courses. Its all just another cheap publicity stunt.
The guy that was pretending to have spent 200k on champagne also flogs courses. Its all just another cheap publicity stunt.
Masquerade
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There are people making lots of money and people who talk about how they make so much money and live the lavish life. The first types usually keep very quiet about it, the latter are the ones you have to be careful of.
scose-no-doubt
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You can't converse your way into a winning trade, mate. Studying is going to broaden your horizons and give you indispensable skills in the ability to think critically and analyse. If you can't be arsed to re-do a GCSE why do you think it's a good idea to place your money against machines designed by PhDs and cut throat top-level types who've applied themselves fully to the task at hand.
Just my opinion anyway.
Good luck in whatever you choose and for a beginner book maybe something on economics and what the markets actually are, their purpose, the mechanics and the players.
EulerFourier
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Anything that is of any real value in this industry is a closely guarded secret. That makes sense, doesn't it? Just remember that and you won't end up wasting your money on scammers.
Erm, Its impossible to redo a GCSE?
Masquerade
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Course you can, there's plenty of colleges which specialise in re-takes.
Mike Kshemaraja
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My advise is: do not to be too much enthusiastic.
Hi Tan3, when you are looking for learning materials it is very important to distinguish between learning a trading "system" and actually learning how to trade.
The former will usually be a slick sales pitch about paying €99 then sitting for 10 minutes once a day in your pants to "enter the market when this line cross that" and you can't help but make millions. There is lots of that rubbish available, that's what you need to avoid. You will also get a lot of systems being discussed on forums such as here. Quite a few of these trading approaches I would estimate are actually robust and work well, in the right hands. The reason why only a few people will be profitable using these methods is because most people do not yet know how to trade. Unsuccessful traders will usually dismiss the methods as not working or unprofitable when in fact the problem lies with themselves.
The latter, actually learning how to trade, will likely be a more obscure and frankly difficult affair. It will come with experience, countless hours in front of charts, getting to learn your personal weaknesses and how to combat them, mastering topics such as psychology, self-discipline, money management and risk v reward. These are things that you do not learn overnight, but when you do, you will be able to trade any "system". Anyone telling you they can shortcut all of the above if you just pay them a fee is simply out to relieve you of your hard earned cash. There are no free lunches - it's either not free or it's not a lunch.
I would recommend "Reminiscences of a Stock Operator" and "How to Trade In Stocks", both by Jessie Livermore, and anything by Jack D. Schwager as great places to start.
All the best.
Nigel
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I've spent the last 8 months intensively teaching myself how to trade. The only way to learn inexpensively is to sit on your hands watching charts, trying out tools and indicators, learning candlesticks, and looking for patterns.
One mistake I made was to get too obsessed with the secondary indicators. They can help, but the closer you can get to the actual price - the Fibonnaci tool, the candlesticks - the better.
You also need to draw up a plan and stick to it. If you can't hand a piece of paper to your gran and tell her to go trade for you, you can't trade yet.
You must define -
What situation/s do I enter (with the trend)? (E.g. After the trend has crossed the three moving average lines - 20, 50, 150 - and then pulled back, often 61%, to retouch one of the lines with the trend).
What situation/s do I exit? (E.g. when the price retraces more than 100% you could take profit. Also if the price reverses more than X pips right from the beginning - i.e. you got that trade wrong and you need to cut your losses. X is a number that is not too large or too small)
What situation/s might it be best to just sit out and wait until later (E.g. on UK 100 index when chalkin volatility is decreasing below the line on the 10 minute chart).
I wouldn't spend thousands on training. I watched youtube videos, read up on Elliot waves, chart patterns, I copied out candlesticks from live charts and sorted them into categories. The best way to learn is to teach yourself. If you can't teach yourself you probably shouldn't be a trader, as successful trading is all about learning from mistakes.
It should be noted I'm not yet a successful trader... at this stage I've just studied it a lot. I intend to be successful.
One mistake I made was to get too obsessed with the secondary indicators. They can help, but the closer you can get to the actual price - the Fibonnaci tool, the candlesticks - the better.
You also need to draw up a plan and stick to it. If you can't hand a piece of paper to your gran and tell her to go trade for you, you can't trade yet.
You must define -
What situation/s do I enter (with the trend)? (E.g. After the trend has crossed the three moving average lines - 20, 50, 150 - and then pulled back, often 61%, to retouch one of the lines with the trend).
What situation/s do I exit? (E.g. when the price retraces more than 100% you could take profit. Also if the price reverses more than X pips right from the beginning - i.e. you got that trade wrong and you need to cut your losses. X is a number that is not too large or too small)
What situation/s might it be best to just sit out and wait until later (E.g. on UK 100 index when chalkin volatility is decreasing below the line on the 10 minute chart).
I wouldn't spend thousands on training. I watched youtube videos, read up on Elliot waves, chart patterns, I copied out candlesticks from live charts and sorted them into categories. The best way to learn is to teach yourself. If you can't teach yourself you probably shouldn't be a trader, as successful trading is all about learning from mistakes.
It should be noted I'm not yet a successful trader... at this stage I've just studied it a lot. I intend to be successful.
timsk
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Hi Tan3,
Welcome to T2W.
Whilst EulerFourier is partially correct in as much as there is a lot of 'worthless garbage' on T2W - most of it isn't about trading! There are are lots of very good threads offering great insight and ideas on all aspects of trading which could be be of as much benefit to you as they have been to countless of other people before you. Additionally, there are 100s of articles written by some of the best know experts in their field. On top of that, there are FAQs and Stickies produced specifically with newbies like you in mind. Admittedly, it's true to say that none of these resources alone will turn you into a profitable trader but, equally, they most certainly are not worthless garbage! To find these threads and articles, simply click on the first two links in my signature.
Best of luck!
Tim.
scose-no-doubt
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Like who, Timsk? Joe Ross?
You're really asking for it with posts like that. Then again you did say "their field" which is normally selling garbage and not trading.
These threads on elitetrader give you an idea of what you could end up putting yourself through. I think this guy made some decent money on a small account some years ago but has been in negative territory for over 2 years.
Forums - 2012: The Battle for Survival
Forums - 2012: The Battle for Survival
I disagree, show me a better secret Nazi box decoder than Guy Cohen, he of T2W book fame. Now there is an expert.
VielGeld
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Brett Steenbarger.
timsk
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Hi s-n-d,
Of course, I accept completely that not everyone is going to think that every thread, every FAQ and every Sticky is good, but that's why we have discussion forums so that members can outline their constructive criticism and suggest alternatives which they think are better. On that basis, please follow the suggestion I made in my post to the OP and read the threads linked. Having done so, feel free to come back to me and point out any errors and how they may be improved. I welcome your input.
Similarly with Articles, we have a ratings system and a discussion thread for each one so that members can make their views known. Clearly, Joe Ross doesn't float your boat, but please accept that other members may feel differently to you and benefit from his contributions - as in this example: The Secret of Reduced Market Spreads To get an average rating of 8.3 from 32 ratings is no mean feat!
Tim.
ELLI0TT
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Don't bother with courses Reece. Most are a total waste of money. You could subscribe to a service to learn though read as much as you can first. I have just read "Unholy Grails" by Nick Radge (Australian). I have just reviewed it in the "Book" section it was that good. It tells you clearly how to become a successful trader/investor which basically means being comfortable with a strategy that suits your persnonality. Managing trades makes the money...not the stock picking. Very good for beginners and the more seasoned amongst us.
the hare
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Yes, he's an experienced trader and market pro. :whistling
amotorsport86
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