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

pdigio87

Newbie
7 0
I would like to suggest my playlist of youtube videos on trading. These videos are made by various professional traders and they were reviewed and organized into 4 chapters by me.

You can see the the first part of Chapter 1 called, "Why Do You Want To Trade?" at The Trading Video Guide

thanks and let me know what you guys think about the site! Also send me your video suggestions...
 
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MorganatDTI

Junior member
10 0
Honestly, something I tell people starting out is to put your trade on and use whatever stop you use for your target and see which gets hit (this helps to determine whether your analysis is good). Work on finetuning analysis and then you can focus on order management. Too many new traders take profits very fast and let losers run which ends up being a bad thing for your account value over time. Also don't feel like you have to get started trading live too soon. Learn, practice and take time analyzing before just jumping into the market. Too many new traders start trading live, lose money on click errors or mental mistakes that they would never make after a few months experience so take it slow.
 

Stirf

Active member
109 7
Start by reading the attachment. You don't have to agree, but I trust it will at least open your eyes :eek:! If it looks to good to be true, then it is!

I wish you heaps of mental strength(y)!

Shaka:cool:,


Frits
 

Attachments

GSTLj

Newbie
6 0
Hey am new here but was just wondering where I am wrong on this strategy. Find a big market/share moving event. Put £50 on short shares with a stop loss of -3% and put £50 on long shares with a stop loss of -3%. Then when the share moves 10% u make 10% on the long shares and -3% on the short shares = Profit of 7%
Thks guys!
There are MANY ways to make money in the stock market. Can you make money with a straddle like strategy? Sure. Could you just as easily lose money doing it? Sure. Give it a shot. The biggest problem is someone tries a strategy that's not for them and their psychological make up. That's where you have problems.

Like some traders like to jump around like a jackal. Some guy comes along and tells them they should swing trade and so they try it and blow up at it. There a jackal. Trying to be a swing trading monkey doesn't work for them. It's not that the strategy is bad, it's more that it doesn't match their temperament.

So know thyself as the old Buddhist cliche goes. Try different strategies until you find one that matches your temperament and lifestyle and then stick with it until you become a master of it. Absolutely you can make money with hedging like strategies.
 

StockOpSys

Newbie
5 0
Re: Basically yes.

The most important tip you could never get if really want to start trading is PATIENCE, go steady.
I just wanted to comment that fayalack is completely correct in being patient on developing the skill to be a successful trader.

Patience is essential because when you're starting out you don't know what you don't know. And, not knowing what you don't know can get set you back in being a trader and patience can help you avoid all that.


Best of luck and good trading.
 
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AuthenticFX

Junior member
18 0
I feel there are 3 things you need to make it as a trader:

1. A sound education in the fundamentals of the market you will trade
2. A genuine and honest handle on your unique personal psychology
3. An approach to trading your chosen market based on and tailored to the preceding point

There are many places to learn the above, and these forums are a great place to start. One other thing that you will need to learn ABOUT this learning is to be a bit discriminatory: there's a lot of crap and a lot of dishonesty out there. Keep your antennae up, keep the above three points in mind and good luck!

Erron
 

mwtzzz

Newbie
4 0
At the end of the day it all comes down to price, and price is where you need to start. Pick your market, pick your product and start observing the price movements. Start picking out patterns. Count how many times the price behaves in a manner you expect. Count how many times it behaves contrary to your expectation. Create a trading plan based on the probabilities you have observed, accounting for profit targets (exiting with profit) and for cutting losses (exiting with loss). Test your trading plan with market data. The more test trades you do, the more accurate your results will be. Doing five or ten trades tells you nothing. If you are showing a net profit at the end of a sufficient test, you are ready to trade with real money. If you are showing a net loss you need to tweak your method and test again.

You may use other people's methods to get ideas, but ultimately you must create your own method and do your own testing.

Any method you choose must always account for many, many times the market will move against you. Trading is the art of balancing the losses against the wins so that over time you are net positive. The unexpected can and will happen many times. You cannot let such events take big hits on your trading capital. You must take your losses as soon as you realize the price movement is unexpected. On the opposite side, you must identify high-probability winning scenarios and let them run their course - these are the trades that make up your losses and additionally add profit to the table.
 

Gavroche

Junior member
21 0
An opinion regarding where to start:
- decide what you will trade:
- stocks
- futures
- stock options
-futures options,
- ETFS,
- FOREX, etc,

- decide if you will trade full time or part time;

- decide what type of trader you want to be:

- scalping
- swing
- position

- decide which markets will trade - US, UK, etc (you can trade almost any US market without living in US or UK, etc.);

- decide on what exchanges will trade (example: CME/GLOBEX).

- become familiar with the markets you will trade, for example if you decide to trade NQ, learn the contract specifications (symbol, tick value, trading hours, expiration date, last trading day, rollover, etc).

- become familiar with the types of trading orders;

- decide what trading platform you will use, for example the well known Ninja Trader;

- decide what broker will use;

- learn a trading strategy, test it, trade on a demo account and only after that start trading a live account;


- do not depend blindly on a software because most indicators are lagging; the most important are:
- the price and the trend
- support/resistance areas
- chart patterns and formations

- avoid low volume markets or markets with daily limits;

- forget the old and wrong idea that price and time must be together on a chat because what we trade is THE PRICE, use Mean Ranko or Haiken Ashi charts to eliminate some of the market noise, just test for yourself to see the difference;

- must have a trading plan which will include risk management and trade management

Have a successful trading.
 

The Leopard

Experienced member
1,877 1,020
A good place to start might be Edwards and Magee. Probably not the kind of thing you want to do, but well worth reading nonetheless.
 

FringFX

Active member
244 6
Is making up your own strategy of trading more important than adopting one?
Making your own strategy would entail reading and learning from the established methods and strategies. So essentially, you will be adopting and absorbing a portion of one or more strategies here and there.
 

ForexProdigee

Junior member
47 0
Making your own strategy would entail reading and learning from the established methods and strategies. So essentially, you will be adopting and absorbing a portion of one or more strategies here and there.
OK Great. I came across a couple strategies that are rewiring the way I trade. I didn't know if successful traders did that. Maybe I'm over-thinking it, as long as I become profitable I guess.
 

Futex_Live_Analysis

Junior member
14 5
After you pick a market to trade then I advise you get active on Twitter, use a piece of software called Tweet Deck you can get it free if you search on Google. Reason Twitter is handy for new traders is that you can follow specific people who are doing the same things as yourself. For instance, if you a trading the Bund follow Bund traders, if you trade FX follow FX traders, you will see them tweet throughout the day what they are looking at and it will help you as you are watching the markets simultaneously.....you can also interact with them in a FAST manner unlike the forums.

Forums are good to an extent, you can look through these after the market closes and get links/leads to do further research but stopping short of having someone sit next to you as you trade Twitter is an excellent tool I think if you are just getting into trading and not working at a prop firm.

We are a prop firm in London and we just started a little twitter feed, feel free to follow us, we tweet throughout the day on everything and anything market related. If you click our followers/following tab you will get a good list of like minded traders that you guys can then start following and see what they are looking at during the trading day which should definitely help you get started and guide you on the correct path.

Needless to say doing the usual reading books/researching is an obvious answer but as for help during market hours twitter is the way forward for new guys.

@Futex_Live
 

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