Here goes....

[YoungGunner]

So I'm becoming very interested in trading and the stock market, however I practically know nothing. Now don't get my lack of stock knowlegde confused with me being an idiot, because that I am not.

Now with that said, I am here on this forum looking for some enlightenment and guidance into my new venture. I would like to know what options are available to me as a starting foundation with the least amount of risk? Should I use a broker? What percentage of my annual income should I devote to trading? What are some basic do's and don't's for a beginner like myself?

I'm sure several more questions will emerge as this thread grows, but like I said I'm just looking to open the right doors. Any help, advice, or suggestions will be greatly appriciated.

 

[YoungGunner]

Reading the "Essentials of First Step" now :smart:

 

[Hotch]

Now don't get my lack of stock knowlegde confused with me being an idiot, because that I am not.

Well that's me convinced!

 

[timsk]

Now with that said, I am here on this forum looking for some enlightenment and guidance into my new venture. I would like to know what options are available to me as a starting foundation with the least amount of risk? Should I use a broker? What percentage of my annual income should I devote to trading? What are some basic do's and don't's for a beginner like myself?

Hi YoungGunner,
Welcome to T2W.

1. I would like to know what options are available to me as a starting foundation with the least amount of risk?
To a greater or lesser degree, risk is something that the individual trader controls by applying risk and money management strategies. Individual markets and trading styles tend not to be inherently more or less risky than one another. In other words - all other things being equal - someone who day trades equities isn't exposing themselves to more or less risk than someone who swing trades forex. And visa versa.

2. What percentage of my annual income should I devote to trading? That's a personal decision. Most people would advise the bare minimum until you know what you're doing and have experience and a track record of success. Once these are in place, you can gradually ramp up your trade size. The oft' quoted maxim is to only devote to trading money that you can afford to lose. It's an odd expression as, presumably, only a halfwit would throw money at trading with the expectation of losing it! But, whatever you do, don't borrow money or use any that's needed for day to day expenses, mortgage and family holidays etc.

3. What are some basic do's and don't's for a beginner like myself? Too numerous to mention - but you'll pick up a good selection from the Essentials Sticky and the Trading FAQ forum. Doubtless, some smart a$$ will post that best thing you can do is to run a mile from forums like T2W. Certainly, you would be wise to take everything you read on here (and elsewhere) with a pinch of salt and, as far as you're able, verify any ideas or beliefs that you wish to adopt about the markets from several independent sources. But that's very tricky - especially in the beginning. So, take your time and don't be in too much of a hurry to throw your hard earned wonga at the market. If you do, chances are it'll say "Thanks very much YoungGunner" - and you'll never see it again. Actually, it won't even thank you for it!

Tim.

 

[TheBramble]

Yeah, come on Timsk, what's yer angle? Wot you selling then?

Every time a newbie posts you’re all over them like a rash.

Try this. Have a look here and what have you…

Bet it’s only a few minutes later they get hit with THE PM.

Fuggin closet vendors.

 

[timsk]

Yeah, come on Timsk, what's yer angle? Wot you selling then?

I'm selling T2W - well, I'm trying to at least!
:cheesy:

 

[TheBramble]

I'm selling T2W - well, I'm trying to at least!
:cheesy:

Don't let Sharky find out.

 

[NVP]

Reading the "Essentials of First Step" now :smart:

and Beware of all wise men bearing gifts ....:whistling

 

[YoungGunner]

Well, thank you all for the warm welcome, I think.

 

[Jason101]

I'm selling T2W - well, I'm trying to at least!

Tim -I don't trust anyone unless I see a statement.
Let's see a broker statement showing your so called T2W thingy.

 

[Jason101]

YG, The canslim system would be an easy way to dip your toes in the water.

 

[wackypete2]

Tim -I don't trust anyone unless I see a statement.
Let's see a broker statement showing your so called T2W thingy.

Are you changing your nic to BeginnerJason?

Peter

 

[Jason101]

Are you changing your nic to BeginnerJason?

Peter

I was convinced BJ was a wind up, but now I think he is actually for real.
Pete, if you are going to continue in this thread can we see your broker statement.

 

[wackypete2]

I was convinced BJ was a wind up, but now I think he is actually for real.
Pete, if you are going to continue in this thread can we see your broker statement.

OK, here's my broker statement

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
THE RISK OF LOSS IN TRADING COMMODITIES CAN BE SUBSTANTIAL. YOU SHOULD THEREFORE CAREFULLY CONSIDER WHETHER SUCH TRADING IS SUITABLE FOR YOU IN LIGHT OF YOUR FINANCIAL CONDITION. THE HIGH DEGREE OF LEVERAGE THAT IS OFTEN OBTAINABLE IN COMMODITY TRADING CAN WORK AGAINST YOU AS WELL AS FOR YOU

Peter

 

[BeginnerJoe]

What percentage of my annual income should I devote to trading?

I recommend going all in. Losing it all while young is cheaper than when you are older and have more. Enlightenement will hit you once it's gone.

 

[YoungGunner]

YG, The canslim system would be an easy way to dip your toes in the water.

Just did some research, seems like a good method.

 

[wackypete2]

So I'm becoming very interested in trading and the stock market, however I practically know nothing. Now don't get my lack of stock knowlegde confused with me being an idiot, because that I am not.

Now with that said, I am here on this forum looking for some enlightenment and guidance into my new venture. I would like to know what options are available to me as a starting foundation with the least amount of risk? Should I use a broker? What percentage of my annual income should I devote to trading? What are some basic do's and don't's for a beginner like myself?

I'm sure several more questions will emerge as this thread grows, but like I said I'm just looking to open the right doors. Any help, advice, or suggestions will be greatly appriciated.

Welcome to T2W

Peter

 

[Jason101]

Just did some research, seems like a good method.

Sounds obvious but if you do use it, research and learn but don’t trade it, until we are in a bull market. Or alternatively reverse most of the screening criteria for a bear market and short the stocks.

For timing the entry, something simple like Darvos boxes would work well with canslim.

Oh yes and welcome to T2W.

Ps. Being new to trading and new to T2W, just be very careful not to go on to many wild goose chasses here, there are lots of dead ends. The amount of varying styles here can easily take you away from your natural inclinations and ideas on trading. Try to stay focussed on what type of trading you want to do before throwing yourself into anything and everything here.