Racer
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And this trading is a cut throat very difficult game! A lot of traders lose.. around about 90% or so, so it isn't a get rich quick scheme or the way to stop working at your current job in five minutes.
Have a good look around this web site, there is a lot of information here.
Decide what you want to trade.. e.g., indicies, currencies, shares etc.
Don't trade on margin when you are beginning, that is the way to lose more money than you put in verrry very fast!
Cut your losses, cut your losses and cut your losses. Be prepared to admit you are wrong in a trade. Keep your emotions under control.
Oh and that is just the beginning, once you get addicted you can't stop! LOL
And good luck
Have a good look around this web site, there is a lot of information here.
Decide what you want to trade.. e.g., indicies, currencies, shares etc.
Don't trade on margin when you are beginning, that is the way to lose more money than you put in verrry very fast!
Cut your losses, cut your losses and cut your losses. Be prepared to admit you are wrong in a trade. Keep your emotions under control.
Oh and that is just the beginning, once you get addicted you can't stop! LOL
And good luck
adrianallen99
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Racer said:
Just make sure you get addicted to trading, not to gambling.
timsk
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Tillisch,
Welcome to T2W - and trading. Re. Racer's comments on gambling, you must first define gambling. Here are two possibilities:
1. To engage in wild financial speculation involving high risk on a future event that is unknown and unpredictable.
2. To risk a small amount of money on a probable future event that is unknown for certain, but one which is highly likely based on knowledge, experience and research.
I'm addicted to the latter and not the former!
If you cross a road, there are only 2 possible outcomes. You will either get to the other side safely or you'll be run over. Most of us do our research before crossing the road (look carefully, assess weather and light conditions etc.), backed by our knowledge (car speed, time taken to cross the road etc.) and our experience (years of crossing roads safely). All of the above enables us to cross roads with a very high probability of reaching the other side in one piece. The same applies to trading which explains how the pro's manage to be consistently profitable day in day out, week in week out etc.
Certainly, if you enter trades on hunches and gut feelings etc., (i.e. No. 1 of the two definitions above), then you stand to lose not only all your money but also your self esteem, job, marriage and all the things associated with a serious gambling addiction. HTH.
Tim.
Welcome to T2W - and trading. Re. Racer's comments on gambling, you must first define gambling. Here are two possibilities:
1. To engage in wild financial speculation involving high risk on a future event that is unknown and unpredictable.
2. To risk a small amount of money on a probable future event that is unknown for certain, but one which is highly likely based on knowledge, experience and research.
I'm addicted to the latter and not the former!
If you cross a road, there are only 2 possible outcomes. You will either get to the other side safely or you'll be run over. Most of us do our research before crossing the road (look carefully, assess weather and light conditions etc.), backed by our knowledge (car speed, time taken to cross the road etc.) and our experience (years of crossing roads safely). All of the above enables us to cross roads with a very high probability of reaching the other side in one piece. The same applies to trading which explains how the pro's manage to be consistently profitable day in day out, week in week out etc.
Certainly, if you enter trades on hunches and gut feelings etc., (i.e. No. 1 of the two definitions above), then you stand to lose not only all your money but also your self esteem, job, marriage and all the things associated with a serious gambling addiction. HTH.
Tim.
