Good Trading System for a beginner to play around with?

[DavidCarpentier]

Hi everyone,

What are the best Trading systems for a beginner to experiment with. I have a few trading ideas and would like to test them out.

I am initially thinking about testing them out without money (maybe a free trading site like Bullbearings?) then moving onto a system where i can really make (or lose) money.

Are there any systems where I could deposit some money and trade with that (like online betting)? I have already checked Finspreads but I was worried about losing more than I put in. Are there any systems where the maximum you can lose the amount you put in?

From reading the Threads in this Forum, there seems to be quite a few independent traders relying on trading as their sole income. What software do you use/ what are some popular softwares used by traders?

Thanks for reading.

David

 

[new_trader]

Hi everyone,

What are the best Trading systems for a beginner to experiment with. I have a few trading ideas and would like to test them out.

I am initially thinking about testing them out without money (maybe a free trading site like Bullbearings?) then moving onto a system where i can really make (or lose) money.

Are there any systems where I could deposit some money and trade with that (like online betting)? I have already checked Finspreads but I was worried about losing more than I put in. Are there any systems where the maximum you can lose the amount you put in?

From reading the Threads in this Forum, there seems to be quite a few independent traders relying on trading as their sole income. What software do you use/ what are some popular softwares used by traders?

Thanks for reading.

David

The only type of leveraged trading I can think of where you can't lose more money than you put in is a controlled risk spread bet account. With a controlled risk bet you must deposit the total amount equal to your risk before you can even open a trade. ie/ You MUST have a stoploss in place and the money to cover it before you can open the position.

 

[fibonelli]

Hi David,

I'm a newbie too, so here's my input:

1. You can backtest your trading strategies using a free end of day charting system called ProRealTime. My understanding of trading strategies is that they need to fit around your own personality to be truly successful.

2. You could forward test your trading strategies using various demo accounts. Try this
http://www.tradertrainer.com/

3. Some spreadbetting firms allow you to bet with miniscule amounts eg 1p or 10p per point to start with. Alternatively, use controlled risk spread bets. My own view is that you shouldn't risk a penny unless you are comfortably demo trading your strategy and learning from any mistakes.

4. I'm currently figuring this out for myself, so I'll hope you get ideas from experienced traders! Please do not go for any black box systems which cost £5,000.

In addition, you need to consider (amongst many other things)
What products you will trade and why e.g. FX
The Timeframe(s) you be trading and why e.g. 15 min
The Period of Time e.g. evenings 'cos I work during the day
What type of trader e.g. Intra day Swing
Your personality e.g I am self disciplined to trade my strategy without emotion and don't need to automate it.

Good luck

Fibonelli

 

[ae589]

The only type of leveraged trading I can think of where you can't lose more money than you put in is a controlled risk spread bet account

How about covered warrants? SG have a virtual account here:
http://uk.warrants.com/

with live streaming prices - as a newbie I found it great for getting used to derivatives.