I am also a newbie so I cannot really give you expert advice. However I can share with you what I am doing: I am getting more acquainted with the intricacies of trading by reading several posts, and understanding what other traders are sharing and discussing. Luckily there are many helpful posts in forums and they are helping me by teaching me some insider knowledge, or at least that is how I feel. I am also trying to look out for good platforms that can help me with tools and forex news, as in this way I can feel more confident in my trading decisions.
My advice, read, read, and read. Find out what interests you and start. Max loss per trade should only be about 1 to 5% of available capital. You will blow up an account, but that's expected. 3 to 5 years before becoming profitable is a realistic expectation.
Authors I like for beginners:
- Mark Douglas Trading in the Zone (The Disciplined Trader and Trading in the Zone can be counted as Vol. 1 and 2)
- Van Tharp Super Trader is pretty good
- Favorite TA book the Edwards and Macgee book (even for day trading and clean chart watching price action this book still works)
Also for day trading watch the SMB Capital videos on YouTube, try to understand "Stocks in Play"
It’s your own choice to get a mentor, but trust me you can do well in the trading market without having one. You just have to learn all the basic things and the rest of the learning can be done while actually trading.
@Brit trader A warm welcome to the community! Yes, the idea of having a good mentor at the beginning would prove to be quite beneficial. You can get the right guidance from the mentor and the trading would be better.
Hi Eldon! I've been trading around a year so I'm no expert and completely new to this forum.
I think that it's important to be well-educated before opening a live account. I also think its crucial to practice with a demo, even though a lot of people skip that step. Keep in mind that demo accounts are good for practicing skills and strategy, but they don't really cover the money management or psychological aspect of trading. Still, it's worth it to start out and to potentially learn some lessons that will save you from losing money. Good luck!