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

MasterOfCoin

Experienced member
1,228 478
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.

;)
 

maby8

Junior member
49 8
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.
 

drcruz

Junior member
38 12
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
20 0
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
38 12
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
 

hedleyhowarth

Junior member
31 5
@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.
 

IceThor

Active member
116 27
Until you are profitable all the time on demo then you should never go live
 

NVP

Legendary member
37,760 2,100
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

Member
52 8
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

Member
87 21
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!
 
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