Sticky I'm New To TRADING - Where Do I Start?

aag100 said:
Sorry that was my idea of a joke.
Open up a live chart of one commodity and watch that not for just hours or days or weeks but for months and even years and then think if you have learned anything from your observations to be able to place a trade.
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And also do some paper trading.
 
New job

I recently applied to a stockbrocking company and after an extended interview process was successful in getting the job, which I was thrilled about. My only issue is that they require a training fee of over £1000 for the two week course that is part of their process. From this the company will then give me funds to invest. My worries are about such a large amount charged for training and no base salary, all commission. Is this standard for the stockbrocking sector?
Thanks
 
Tommo93 said:
I recently applied to a stockbrocking company and after an extended interview process was successful in getting the job, which I was thrilled about. My only issue is that they require a training fee of over £1000 for the two week course that is part of their process. From this the company will then give me funds to invest. My worries are about such a large amount charged for training and no base salary, all commission. Is this standard for the stockbrocking sector?
Thanks
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They are not giving you a job.you are paying for their jobs.
I hope you haven't parted with your 1k yet.
 
Most of the issues are answered. However, I want to summaries with:

1. 90% people lose in FX not because they don't know how to trade. 71% of their trades ( among those 90% loosers) are closed in profit! So, they are good in trade but still lose money due to proper Money Management.

2. There is no right and wrong, a good trade could hit SL , Bad one could hit TP but those are rare. Your luck won't help you always. Do not get fond of any particular trade, Traders lose most where they were over confident! Treat every entry as same.

3. Go against the crowd. You are only making profit where someone is losing it and majority of the traders lose. So, stop following other people. Be an independent thinker. Focus only chart, stop listening rumors by news agencies. They would have invest time trading instead of publishing bullshi*.

4. Being wrong is very normal but keeping those wrong is stupidity. There is no keep running your profit and cut short your loses. These are bullshi*. No body knows the future. You should close your profit while reach the target and Never ever put away your SL. All the decision should be pre made. Never changed it.

5. Those who trade news (I do trade them only if I found a technical indication) , Don't trade the news that traders are waiting for. try to trade against the expectation. EG. If market except a positive NFP and news actually get positive - There are two scenario (a) market mostly give up that move sooner (unless a key technical breakout) (b) market move a little! But market would move massive if go against expectation. we have seen two 400+ pips move last year.

6. Trading is like running a normal business. There is no shortcut or holy grail. Don't ever imagine making $10,000 from $500 a month. Warren buffet could have own the planet earth if that happens. There is no algorithm/robot so far that works. Our computing system is far behind from that. Every single day is different.

7. If you are not confident enough with major pairs or pairs that getting too much attention choose some similar affection currency pairs that has less impact on fundamentals like AUDNZD, EURCHF

Hope these will help you if you are a new trader.
 
Forex trading has a great profit potential and meets different trading requirements. But it's not the hard work that works in forex trading but the smart work that matters. That is why 90% traders lose. If you are smart enough then you can definitely make money with time. Before stepping into the real market, you need to follow some rules:
Market psychology: Try to understand market psychology and reasons behind how it is reacting that way. More you understand the market fundamentals; more will be chances to gain in the long run.
Get to know forex market: Before making an investment tries to understand every single aspect of forex market and how it works.
Clear your goal: People are fascinated for forex trading due to its profit making potential but you need to clear your goal whether it's a hobby or you want to opt as a profession and trade accordingly.
Try demo account: Before making real investment, practice at least for 3-4 months. Don't think that you are wasting your time because it is the time you can improve your trading skills, build your confidence.
Accept reality: Most of the traders expect higher returns in a couple of months which is not a realistic approach. You should have realistic expectations and only then you can succeed in this forex world.
Avoid emotional trading: - when we lose money we become more emotional and invest more money in order to get the lost money back. But it is the time we need to be more careful and should act as a disciplined forex trader to avoid such type of emotional trading.
 
First thing you need to keep in mind is you will not always win and it is not easy as it seems. And start with opening a demo account and start practicing trade and then see is it something you can do or you want to do? If yes be determined be patient and keen to learn. Practice as much you can in different situation and platforms. Plan your strategies and try to execute them accordingly.
 
Trading is a big subject you would not be able to understand totally until you gain some amount of experience. A lot of hardwork and discipline goes into gaining success. A simple plan can enable you in cutting a path through the trading jungle and accelerate your learning curve. Read the “Essentials Of New To Trading” which has specifically been written for the virgin traders:

• Trading Foundations
• Trading Attributes
• Trading Jargon And Mistakes
• Get Tooled Up And Hone Your Skills
• It Is A Business
• Supply & Demand
The “Essentials Of New To Trading” will help you start off in the trading business but it is only the “Essentials Of Risk & Money Management” which is the key to success or failure of every trader.
 
My advice is not to stop at only one currency pair. It's better to look for and try new things. And the main thing, for newbies especially, is to do it on a cent account.
 
are you still trading ?.is there a way you can mentor me to trade please?. i am at cross road and I would like this to work.


jansher21 said:
Guys,

Having been through this and eventually made it through to being profitable, I really would say that the best way to learn how to trade - is to find a successful mentor.

For me, this was finding a very good signals service - which gave profitable signals while I was learning the skills associated with trading .. from the providers.

Do not pay for trading courses, unfortunately they are only designed to make money for those selling them. If the author is that good, then they should be able to list their recent trades for you.

Vince Stanzione is a very good example, of someone who pretends to be a really good guy who actually trades. It's all crap - he trades a little bit, if you ask him for his precise entries and exits ... "I don't release such information". Vince though, does make alot of money from some very slick marketing. Don't be sucked into it like I was !!!

As above, I would really urge people not to pay $1k for any course - they are all recycled versions of the same thing.

Best of luck to you all.
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jansher21 said:
I would really suggest taking a step back from some of the detail mentioned above. Not wishing to take anything away from the relevance or correctness of the advice - I would say that a beginner needs a guiding hand and mentor.

This may attract flaming, but I would suggest that you do not pay money for courses as pretty much everything is regenerated from a bunch of similar themes - all of these are available on the internet in various places for free.

Find someone who is demonstrably a good trader, that means find someone actually making money from trading - and not making money charging you for courses/"special consultation time".

How do you judge this :

1) - Look at their track record, have they been trading profitably for longer than 2 years. Even better - have then been trading profitably for longer than 5 years.

2) - What are their results. Check this, by looking for precise trades - entries and exits.

Anyone not able to show this - does not fit the bill

3) - Look for people managing significant account sizes, preferably > $10m - but this isn't always as important as the (1) and (2) - although after 5 years of trading well most are trading larger sized accounts.

If anyone is trying to help you, they need to know what they are talking about themselves first.

In my humble opinion : In trading, you can talk about whatever you want - but in the end it's cold hard cash that we are here to earn.

As will all of my posts, people can get in touch with me if they want to know how I do it.

Take care and good luck guys,
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Hello! I'm a new guy here. Just want to know: can I start forex trading with some $50? Or do I need to deposit more money?
 
sageon said:
are you still trading ?.is there a way you can mentor me to trade please?. i am at cross road and I would like this to work.
Click to expand...

Here are "5 Successful Short-Term Trading Rules

1) The odds are in your favor when you trade with the major trend.
2) Always trade using stops. Never cancel a stop.(Keep in mind that
STOPS don't always work)
3) Plan your trade and trade your plan.
4) Never try to pick tops or bottoms, the market may surprise you.
5) Go with the flow. Don’t fight the markets.
:smart:
 
Penny Picks said:
Here are "5 Successful Short-Term Trading Rules

1) The odds are in your favor when you trade with the major trend.
2) Always trade using stops. Never cancel a stop.(Keep in mind that
STOPS don't always work)
3) Plan your trade and trade your plan.
4) Never try to pick tops or bottoms, the market may surprise you.
5) Go with the flow. Don’t fight the markets.
:smart:
Click to expand...

Oh, wise words! Thank you.
 
Luckiest Luke said:
Oh, wise words! Thank you.
Click to expand...

Just an explanation of why S/L doesn't always work. This applies to a lot of the other markets as well
1.Commodities
2.FX
3. The energy markets.

This started out as a pretty good 'Penny Trade' but as with a lot of things there might be some "Walking Dead" hiding in the closet.:rolleyes:

I could have bailed, or at least saved some of the investment. Oh well. :whistling It might just come back when the trader of traders smiles down on a dumb trade plan. (y)
 

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