I’m New To TRADING – Where Do I Start?

Ezra_C

Junior member
12 1
Hi everyone!

I'm new to trading so I would really appreciate if you could give me some advise! I have a busy life with a 9 to 5 job but I'd like to learn how to trade. Is it possible to make profits without trading every day? What if I can only trade on the weekends?
 

FXX

Experienced member
1,140 192
Hi everyone!

I'm new to trading so I would really appreciate if you could give me some advise! I have a busy life with a 9 to 5 job but I'd like to learn how to trade. Is it possible to make profits without trading every day? What if I can only trade on the weekends?
I trade around a job every day without much problem. I do all my trading on my mobile with some news feeds running in a browser on my work pc. It can be done

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Ezra_C

Junior member
12 1
I trade around a job every day without much problem. I do all my trading on my mobile with some news feeds running in a browser on my work pc. It can be done

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How much time do you spend with trading on a day?
 

divyanshisharma

Junior member
25 0
If you can trade 1-2 times in your workplace, then its better to do. But if you are more focused n your trading then be a full time trader. Better For You!
 

FXX

Experienced member
1,140 192
How much time do you spend with trading on a day?
A lot of research outside of work but very little at work as I trade off the economic calendar as my schedule. So if there are opportunities I alert myself 5 mins before to catch up on sentiment and then if the data offers a trade I am in else I just carry on working. You can only do this trading fundamentals. If you traded using only technicals then your only options are automation or sitting in front of charts all day.
 

new_trader

Legendary member
6,192 1,259
technical Analysis

Hi everyone!

I'm new to trading so I would really appreciate if you could give me some advise! I have a busy life with a 9 to 5 job but I'd like to learn how to trade. Is it possible to make profits without trading every day? What if I can only trade on the weekends?
Most major market are closed on the weekend. Yes, it is possible to make profits without trading every day. Despite what some inexperienced newbie says, you don't need to sit in front of your computer all day to trade technicals. You can study and trade technicals successfully on a higher timeframe, like daily and weekly.
 

FXX

Experienced member
1,140 192
Most major market are closed on the weekend. Yes, it is possible to make profits without trading every day. Despite what some inexperienced newbie says, you don't need to sit in front of your computer all day to trade technicals. You can study and trade technicals successfully on a higher timeframe, like daily and weekly.
Sure you can do that but how many trades are you able to take in any given month. If someone is trying to learn trading they aren't going to find much success and lose patience if they only placing a couple of trades a month. Be realistic here, sure you could do this if you know what you are doing but would you honestly spend years learning to trade like this?



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NVP

Legendary member
36,423 1,815
as fxx says it’s all about volume of trades .......both from proof of concept in your system and profitability

the more trades you make the more you can prove your systems ...and if profitable the more you trade the more money you make ....and the more you trade the more sample size allows your profits to be guaranteed

a casino with a 3% edge cannot guarantee profits to its owners unless it is hitting certain levels of volume per annum.....similarly a trader with a good system cannot guarantee annual profits unless they make a minimum number of trades ...assuming all are taken following the system of course

low sample size means skewed results .....you need large sample sizes to get to expected result

n
 

dbphoenix

Legendary member
6,927 1,233
Hi everyone!

I'm new to trading so I would really appreciate if you could give me some advise! I have a busy life with a 9 to 5 job but I'd like to learn how to trade. Is it possible to make profits without trading every day? What if I can only trade on the weekends?
The advice you're getting isn't entirely accurate. It isn't the quantity of your trades that will make you money but the quality of those trades. To begin with, the ordinary retail trader wasn't in a position to trade intraday until about twenty years ago, so the proposition that one must sit in front of one's computer all day staring at charts in order to make money is an opinion, not a fact. Traders focused on daily and weekly charts were making money -- if they were competent -- long before 1997. As for number of trades, there are, of course, 500 stocks in the S&P500 and over 3000 on the Nasdaq. There are several ways to develop a universe of stocks and criteria to employ to narrow that universe down to a reasonable number of trading opportunities which occur frequently enough to not only develop a sound trading plan but to employ it profitably.

Trade what you know. If you know currencies, crypto or otherwise, trade them. If you don't, look elsewhere. Same goes for options or commodities or indices or ETFs. Just trading a lot isn't going to get you very far. If it did, the success rate would be far higher than it is. And has been. Learn how to put together a robust trading plan. Otherwise you're wasting your time and your money.
 

Sussex

Newbie
1 0
Hi everyone I've been reading and watching for a while. I want to take some positive steps now to find out whether trading is right for me. I've been offered some free training (which seems to be good quality) on condition that I use City Index as my broker. But I've seen conflicting reviews of them - some indicating that money was withheld https://uk.trustpilot.com/review/www.cityindex.co.uk. Has anyone used them CityIndex at all please?
 

Donwealt

Newbie
5 0
Hi. I'm Donwealt. I have been practicing for months. Just went live as a daytrader. But I found out that I loose concentration a lot making me to miss a lot of trades and with that comes trying to play catchup and entering late with its inevitable losses.
Another related problem is what i call the fear/greed cycle. Being afraid to enter a trade fearing that it won't work. Then when it zooms off, I feel bad and try to enter at any slightest pullback only to get stopped out. (Fearing to enter at the beginning and being greedy to enter at the end.
I'm hoping someone will guide me out of this and that I will also get an alerting system to my setup. Thanks great people.
 

timsk

Legendary member
6,921 1,799
Hi. I'm Donwealt. I have been practicing for months. Just went live as a daytrader. But I found out that I loose concentration a lot making me to miss a lot of trades and with that comes trying to play catchup and entering late with its inevitable losses.
Another related problem is what i call the fear/greed cycle. Being afraid to enter a trade fearing that it won't work. Then when it zooms off, I feel bad and try to enter at any slightest pullback only to get stopped out. (Fearing to enter at the beginning and being greedy to enter at the end.
I'm hoping someone will guide me out of this and that I will also get an alerting system to my setup. Thanks great people.
Hi Donwealt,
Welcome to T2W.

You have two clear issues that you need to address and I recommend that you stop trading until they're sorted. If you carry on without addressing them - the situation will only get worse and you'll continue to lose money.

First, you need a clearly defined trading plan. One that's properly back tested and then forward tested on a demo account. If - and only if - this is working and making consistent profits should you then go live and trade using real money. And, even then, only use the smallest amounts your broker permits. Once you have a real plan in place, there'll be no chasing trades and entering/exiting them based on fear and greed, as your plan will stipulate exactly - and I mean precisely - when and where to open and close them.

Second, if you've done all of the above and are failing to stick to your plan - you've gotta ask why? Why deviate from a plan that you know is profitable - only to take unplanned trades that lose you money? Why do that, indeed, why would anyone do that?! My guess is that even though you might think you have a plan, you've not arrived at it in the way I've outlined above and it's nowhere near robust enough. Consequently, you don't have total faith in it and your ego thinks it knows better and gives you carte-blanche to deviate from it. If your plan really is properly watertight and you just can't stick to it, then you're not cut out to be a day trader. In which case, your choice is to pan out to become a swing or position trading or, if you absolutely insist on day trading, get yourself professional help from someone who specializes in trader psychology.
Tim.
 

Donwealt

Newbie
5 0
Hi Donwealt,
Welcome to T2W.

You have two clear issues that you need to address and I recommend that you stop trading until they're sorted. If you carry on without addressing them - the situation will only get worse and you'll continue to lose money.

First, you need a clearly defined trading plan. One that's properly back tested and then forward tested on a demo account. If - and only if - this is working and making consistent profits should you then go live and trade using real money. And, even then, only use the smallest amounts your broker permits. Once you have a real plan in place, there'll be no chasing trades and entering/exiting them based on fear and greed, as your plan will stipulate exactly - and I mean precisely - when and where to open and close them.

Second, if you've done all of the above and are failing to stick to your plan - you've gotta ask why? Why deviate from a plan that you know is profitable - only to take unplanned trades that lose you money? Why do that, indeed, why would anyone do that?! My guess is that even though you might think you have a plan, you've not arrived at it in the way I've outlined above and it's nowhere near robust enough. Consequently, you don't have total faith in it and your ego thinks it knows better and gives you carte-blanche to deviate from it. If your plan really is properly watertight and you just can't stick to it, then you're not cut out to be a day trader. In which case, your choice is to pan out to become a swing or position trading or, if you absolutely insist on day trading, get yourself professional help from someone who specializes in trader psychology.
Tim.
Thanks Tim. I already got a plan but I miss a lot of my trades out of lack of concentration or fear. Then seeing it 5 to 10 mins later vehemently moving as expected, I try to do catch up which means I don't enter at the precise entry point though the setup is still valid. This messes up my SL position(as I used fixed amount of pips) and break even point. Thus I get frequently spiked out. I think I need a sort of alert system to get me alerted once my setup occurs to ensure early entry. I will sort out the fear issue.
Thanks once again.
 

NVP

Legendary member
36,423 1,815
hey D

you have to be confident in your system ....and trade it with 100% dedication

if not change the system until you can be confident in it

N
 

Donwealt

Newbie
5 0
Happy new week guys.
Please what's the best way to trail a trade strategy on 5mins TF that has 10pips SL and 20pips TP.
Secondly at what point is should be breakeven.
It's has been frustrating so far getting stopped out and watching trade move as anticipated and on the other hand, getting over 12 pips and only getting 1 pip out of it. Please help a newbie.
Thanks and happy trading.