I am new to trading...any advice would be greatly welcomed!

MasterOfCoin

Experienced member
Good afternoon...My name is Eldon and I am new to trading. I want to learn how to effectively day trade and it would be good to have a mentor?
Any advice where to start would be greatly welcomed.
Welcome to T2W.

Suggest you quietly follow a few threads to find one posting frequently.

Remembering, of course, there's probably a difference between 'quality' and 'frequency' to some prolific posters content.

;)
 

drcruz

Junior member
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"
 

Elsa50Pounder

Junior member
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.
 

drcruz

Junior member
ONE MORE THING:
Free YouTube videos for day trading may also be a good start - Shay the "Humble Trader" seems to know what she's talking about
 

IceThor

Active member
Until you are profitable all the time on demo then you should never go live
 

NVP

Legendary member
Demo Demo Demo
Learn Learn Learn
wise words from Thor.....get 6 months of demo and Free learning under your belt....then start to specialise and learn learn learn

dont pay for any garbage out there ....you can learn it for free
 

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tradingout

Junior member
Welcome to the forum!
Make sure to check out the pinned threads in here, they are very useful to help you out when you are stumbling while trading.
 

HeavLeighGill

Active member
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!
 

IceThor

Active member
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!
Good advice this.
 

Jim B

Junior member
Good afternoon...My name is Eldon and I am new to trading. I want to learn how to effectively day trade and it would be good to have a mentor?
Any advice where to start would be greatly welcomed.
Just take your time and don’t rush it bud, only focus on one of the major currency pairs to begin with and start with a small trading account.
 

IceThor

Active member
Just take your time and don’t rush it bud, only focus on one of the major currency pairs to begin with and start with a small trading account.
Start with a demo account surely
 

Farm Yard Forex

Well-known member
Hi and welcome. My advice would be leave your expectations formed by social media influencers at the door. This is hard to get into and many never make money before they jack it in. It should be approached like you would a degree or apprenticeship. Only learning, hard work and practice long term will get your places.
 

momo3HC

Well-known member
It’s very natural for a new trader to fall trap to different schemes that promise you 100% success or huge profits very easily. I would suggest you to be aware of any scam. There isn’t any shortcut to success. In fact any shortcut will cost you more time and money in the end. Learn slowly at your own pace but don’t rely on any other method. You’ll slowly get there. Good luck!
And also don`t rely on any IG or whatever fake mentors.
 
 
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