First Post Regarding Trading: Require Help

[cl2ksrv01]

Hello investment world. This is my first post on this forum. I have had an interesting time perusing through the vast assortment of articles and topical debates throughout this forum over the last few days.

I think this is a fantastic looking forum and I am looking forward to hopefully advancing and improving my trading future/education.

Firstly I am extremely new to financial trading. I have no previous experience to the notion of investing my hard earned money.

I am not naive enough to believe that I have discovered fools gold and can somewhat get rich quick. I am looking to enter this profession with all avenues covered in order to improved my chances of turning a profit.

I am twenty years of age and looking to supplement my income through something which seems extremely exciting and could hopefully become a full time career in the not so distant, foreseeable future.

I have a broad understanding of economic principles and how a variety of businesses operate from my dealings working within the import/export industry.

Would anyone be kind enough to help me structure some form of education/training plan, or even share or offer some tips in order to set me on my way in my educational trading journey. (I appreciate any advice)

I like many other first time traders share some trepidation in placing my first trade. I do not wish to approach something not fully understanding all avenues and parameters or attempting trading with poor judgement. This is not in my own personal nature.

Could anyone share any methodologies/approaches to trading, whether through fundamental analysis or technical analysis, how they evaluate there trades and develop viable and logical trading ideas?.

Am I correct in my logic that risk management is the most important aspect of trading?

What markets should a beginner gain experience in first?.

What type of trading will I learn the most broad based skills?.

Would it be worth approaching some financial institutions with my country regarding some potential work experience?. I am residing in the South West of England a two hour car journey from the capital London.

I do not hold a degree I assume this would cause an issue in attempting to gain appropriate work experience. Does any Uk based traders fancy sneaking me in and training me up .

I look forward to hearing back from anyone and welcome any advice or assistance.

Thanks for you time, care and attention in reading this post.

Sean.

 

[Jerry Westerby]

hello Sean.

How are you? I am fine. My feet got cold so I ended up buying the slippers I wanted for christmas for myself anyway, and also I found the perfect present for someone (a days Falconry-ing), so I'm doing OK. My laptop is broke, but OK.

Now, hints for trading.

Well, mostly, I would say de-register from forums like this. There was a thing on the telly last night about Leonardo da Vinci; what they said about him was that his ideas were so original and amazing because he had had to teach himself everything, he never went through the normal "education" system. Like he had never been taught what to think - and what not to think - he just thinked for himself.

 

[the hare]

Well, mostly, I would say de-register from forums like this..

I would probably agree. Sadly, forums tend to do more harm than good.

But before you de register, have a read at some of the old posts by socrates, and you could do a lot worse than reading bbmacs gbpusd thread if TA floats yer boat.

 

[seymour moolah]

Hi Sean

Have a look on here chap, has some great free ebooks and other information.

Home - Amateur Traders Network

 

[Bint_Crusher]

You are 20 years old. Go out into the world, bang up a few women, kill a few terrorists, get all the drugs and alcohol through your system get your feet on the ground then start thinking about being a trader.

 

[zchawa1]

If youre looking for some strategy ideas, then google 'forex strategies revealed', it certainly gave me some useful ideas when I first started to trade. Note that it is probably best to build a strategy of your own, that you understand the logic behind, and if you use indicators remember that they do just that...indicate! Personally, if I were you I'd try to master price action first

You will need to do a lot of research and build a written plan that includes an entry, risk management (position size/stoploss), management of the trade as it progresses, and exit. It would also do you some good to examine your own psychological processes, ie what do you believe about money, why do you want to trade, what are your biases, etc as successful trading relies on good psychological processes no matter what your plan. After that you need to trade it with discipline, either just paper trading or with a small account, & make sure you record every trade in a journal so you can review why you took it. Maybe you should open a demo account and have a play-get use to what limit orders are for example, and how the platform works. A

 

[Bint_Crusher]

Did you ever play pin the tail on the donkey? Thats about how exciting it gets, and also thats what your chances are.

 

[zchawa1]

Well cl2ksrv01, the above is true....statistically speaking you do have the same chance of success as attempting to pin the tail on a donkey (with a very small rear end) whilst wearing a blindfold! But, everyones gotta start somewhere...& if you're willing to put the work in & remove the metophorical blindfold, you at least have a fighting chance of pinning that tail right between that donkey's cheeks! Just dont take stupid risks in the process....