Barramundi
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Start at the free site babypips.com
Hello mate
I have traded a little bit using technical analysis, and can make a few winning trades. I then do exactly the same thing and Lose the lot. Clearly, my winning trades are luck, not skill.
I want to start from scratch, and learn how to read the charts, what charts are best for beginners, and be able to trade small but be consistent with profit.
I have no idea where to start re training
Hi
Thanks for that, I will take a look today.
I know that I want to pursue this, but its getting started that is the problem.
I am open to all advice and help.
Appreciated
I don't want to burst your bubble but learning to trade outside of institutional knowhow is synonymous high street and online shopping; all the stores and advertising campaigns direct you into believing their product is better than everyone else's. Without experienced guidance it is a frustrating endeavour. Saying that, experienced guidance comes with personal attachment and therefore what works well for one person doesn't necessarily work for another.
So if i can give you any advice it would be to focus your education on the building blocks of your chosen market and not buy into opinions and sales. The building blocks would be understanding trends and ranges, support and resistance, market influencing data, and order flow. In addition to this you need to have a firm understanding of risk and how you apply money management strategies to manage your exposure. A final piece of advice is to start learning to a accept that things don't always work out the way you expect. Also don't over trade, you don't have to be in the market every day.
Good luck
So if i can give you any advice it would be to focus your education on the building blocks of your chosen market and not buy into opinions and sales. The building blocks would be understanding trends and ranges, support and resistance, market influencing data, and order flow. In addition to this you need to have a firm understanding of risk and how you apply money management strategies to manage your exposure. A final piece of advice is to start learning to a accept that things don't always work out the way you expect. Also don't over trade, you don't have to be in the market every day.
Good luck
Hi
That is exactly the kind of advice I need, thank you.
Where though is the best place for me to begin my education re the topics you mentioned above. I am trying to find a place to learn, that will teach me good discipline.
Barramundi
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I did mention the babypips site which is free, and there is a plethora of books available on the aforementioned subjects. When I started out I read every book I could find until they started to become repetitive.
As for discipline, you may wish to get a book on trading psychology. The well known book by Mark Douglas titled Trading in the Zone makes a good read.
barjon
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there's plenty of info here if you haven't read them
http://www.trade2win.com/boards/first-steps/89078-essentials-first-steps.html
http://www.trade2win.com/boards/first-steps/80692-best-threads-first-steps-forum.html
jon
http://www.trade2win.com/boards/first-steps/89078-essentials-first-steps.html
http://www.trade2win.com/boards/first-steps/80692-best-threads-first-steps-forum.html
jon
mattboffey
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I would also recommend babypips, so much information and best of all it's free
hoodoo man
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People are skirting around the unpleasant, the direct, and ultimately the truthful.
This is a business. A ruthlessly competitive business. The information in the public domain is structured to keep the public active in the market. This from pension funds and stocks n shares ISAs down to spread betting and retail forex accounts.
The truth of the matter is that you will not find the information you seek on the Internet. I would suggest that you get exposure to successful traders if you can. Try and find a mentor, or failing that proper training in an institution. In the old days, one could be a clerk / runner on the floor and learn from the locals. More difficult now with screen trading.
Alternatively, develop your own hypothesis in isolation with your own thoughts and logic. You need to be a very special person to do this and it will take you years.
Rather than what has been suggested to you, perhaps obtain a copy of Victor Niederhoffer's "Education of a Speculator". Notably he explains how the costs of the industry (exchanges, infrastructure, commissions, spread, slippage, analysts, etc) must all be paid out of the losses of the public. Similar to betting on the horses or the casino - the house takes its cut out of the total amount wagered. This will give you an idea of where you currently are in the food chain, and how you can evolve to being predator rather than prey.
If you aren't serious about this as a business and have some spare cash to lose, then you can choose to jack it away in the markets without taking years to learn what you are doing.
Regarding charging for mentoring - don't be suckered. Nobody is going to sell you the holy grail for £5k. Most of what is taught by this ilk can be learned elsewhere. A proper mentor will qualify you using something else other than ability to pay. They choose you, not the other way around. Suggest that you get a job in the industry instead. A professional background will help you to understand what exactly you are in, and provide you with a living until you develop the skills required to go it alone.
Yes, I see that this website has sections with basic information for newbies. Having looked at some of it, I would venture the following question:
What work, if any, has been done to evaluate the validity of the information?
I am not making a call on whether it is valid or invalid. It appears to me that the vast majority of participants here are hobbyists and employees. Where are all the self made multi-millionaire traders who started in the T2W "First Steps" section a few short years ago? Do we have any proof of the validity of this information? Given that trading is frequently described as being "more art than science" - how can we test the utility of any of this?
Is it valid simply because it is mainstream and orthodox? Is the market constructed to benefit those who read the T2W first steps and get started right away with their first spread betting account? Is this the approach that the consistently successful actors in the market deploy? Is it an institutional or professional approach? As far as amateur traders, there are many who have built significant personal fortunes. Using this information or similar information?
This is a business. A ruthlessly competitive business. The information in the public domain is structured to keep the public active in the market. This from pension funds and stocks n shares ISAs down to spread betting and retail forex accounts.
The truth of the matter is that you will not find the information you seek on the Internet. I would suggest that you get exposure to successful traders if you can. Try and find a mentor, or failing that proper training in an institution. In the old days, one could be a clerk / runner on the floor and learn from the locals. More difficult now with screen trading.
Alternatively, develop your own hypothesis in isolation with your own thoughts and logic. You need to be a very special person to do this and it will take you years.
Rather than what has been suggested to you, perhaps obtain a copy of Victor Niederhoffer's "Education of a Speculator". Notably he explains how the costs of the industry (exchanges, infrastructure, commissions, spread, slippage, analysts, etc) must all be paid out of the losses of the public. Similar to betting on the horses or the casino - the house takes its cut out of the total amount wagered. This will give you an idea of where you currently are in the food chain, and how you can evolve to being predator rather than prey.
If you aren't serious about this as a business and have some spare cash to lose, then you can choose to jack it away in the markets without taking years to learn what you are doing.
Regarding charging for mentoring - don't be suckered. Nobody is going to sell you the holy grail for £5k. Most of what is taught by this ilk can be learned elsewhere. A proper mentor will qualify you using something else other than ability to pay. They choose you, not the other way around. Suggest that you get a job in the industry instead. A professional background will help you to understand what exactly you are in, and provide you with a living until you develop the skills required to go it alone.
Yes, I see that this website has sections with basic information for newbies. Having looked at some of it, I would venture the following question:
What work, if any, has been done to evaluate the validity of the information?
I am not making a call on whether it is valid or invalid. It appears to me that the vast majority of participants here are hobbyists and employees. Where are all the self made multi-millionaire traders who started in the T2W "First Steps" section a few short years ago? Do we have any proof of the validity of this information? Given that trading is frequently described as being "more art than science" - how can we test the utility of any of this?
Is it valid simply because it is mainstream and orthodox? Is the market constructed to benefit those who read the T2W first steps and get started right away with their first spread betting account? Is this the approach that the consistently successful actors in the market deploy? Is it an institutional or professional approach? As far as amateur traders, there are many who have built significant personal fortunes. Using this information or similar information?
BeginnerJoe
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If you stop doing everything that loses you money, what you are left with, however improbable, is the magic money making formula. The market is a more honest tutor than any you can hire. If you see your losses as nothing more than just pain, you are not learning the lessons you paid for.
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Barramundi
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Not necessarily, it could all being going in spread or brokerage for all we know. He says that he has some wins but then loses it again.
Stirf
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Your first step was already a good one. Subscribe to a forum and start picking everybody's brain
! Some of the contents of my brain I already wrote down on a piece of paper. Read the attachment. Besides that as is already mentioned: DON'T BUY ANYTHING FROM THOSE WHO OFFER YOU TO LEARN HOW TO TRADE FOR HUNDREDS OR THOUSANDS OF DOLLARS! Trading is 10% knowledge and 90% mental.Shaka
,Frits
Thanks mateYour first step was already a good one. Subscribe to a forum and start picking everybody's brain
Shaka
Frits
Where did you learn about forex
Your first step was already a good one. Subscribe to a forum and start picking everybody's brain
Shaka
Frits
Thanks mate
Where did you learn about forex?
Stirf
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What do you mean JRP, you saying that JoshuaBelanger is a vendor?
