I am not rich ! do I have a place in trading?

shirkan

Junior member
32 0
I am just thinking I dont have that much to spend in trading yet I have the courage to try. I am just afraid I'd fail.
 

wino59

Active member
126 12
I am just thinking I dont have that much to spend in trading yet I have the courage to try. I am just afraid I'd fail.

No having much money to start is one thing, but your last statement concerns me the most... "I am just afraid I'd fail"... with that mindset you won't make it.

If you are afraid to fail, then you will be afraid to place trades, whether or not your first couple of trades are winners or losers doesn't really matter, if you place a couple of winning trades, you will be afraid to lose the profit, and still have the fear of failure hanging over you.

This game is mostly psychological, how you deal with losses, minimizing loses, and maximizing winners, though it sounds pretty simple, it will take a lot of time, money, anguish and perseverance to get to where you want to be.

My suggestion is take a different approach. Figure out how much money you are willing to lose, then don't look at it like a failure or non failure, but an education and learning experience...That money is investment in yourself, every trade you make, you should learn something from, and gain experience. Figure out what you doing wrong, right, and how your emotions affect your trading.

Spend enough time at doing something you are bound to get better at, just depends how much time and money you want to invest in it.

Good Luck.
 
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NVP

Legendary member
37,622 2,032
I am just thinking I dont have that much to spend in trading yet I have the courage to try. I am just afraid I'd fail.

hey Shirkan

well save up and trade with whatever you can afford to lose .......the Market will be happy to take it from you very very quickly with this attitude ;)

sorry - steer clear and find another avenue for your dreams :smart:


N
 

yellowfloyd

Active member
109 2
I am just thinking I dont have that much to spend in trading yet I have the courage to try. I am just afraid I'd fail.

A couple of points

1. You don’t need lots of cash to start trading, profits and losses are all relative to what you start with.
2. You will lose trades, no-one ever wins every trade – fact! The idea is you win more than you lose, which will be helped by your risk/reward strategy
3. If you don’t try you will never know how good/bad you are.
4. Don’t risk cash you can’t afford to lose. I.e. don’t go hungry for the sake of a trade!

Good luck
 

numbertea

Well-known member
257 9
Learn and practice before you risk money. Paper trade and figure things out yourself.

Cheers
 

shirkan

Junior member
32 0
hey Shirkan

well save up and trade with whatever you can afford to lose .......the Market will be happy to take it from you very very quickly with this attitude ;)

sorry - steer clear and find another avenue for your dreams :smart:


N

Thanks for letting me down ! haha bet yah will go far from here (y)
 

0007

Senior member
2,376 660
I am just thinking I dont have that much to spend in trading yet I have the courage to try. I am just afraid I'd fail.

Contradictory statements? The only way to find out if you have the balls is to try -- so give it a go.
 

shirkan

Junior member
32 0
No having much money to start is one thing, but your last statement concerns me the most... "I am just afraid I'd fail"... with that mindset you won't make it.

If you are afraid to fail, then you will be afraid to place trades, whether or not your first couple of trades are winners or losers doesn't really matter, if you place a couple of winning trades, you will be afraid to lose the profit, and still have the fear of failure hanging over you.

This game is mostly psychological, how you deal with losses, minimizing loses, and maximizing winners, though it sounds pretty simple, it will take a lot of time, money, anguish and perseverance to get to where you want to be.

My suggestion is take a different approach. Figure out how much money you are willing to lose, then don't look at it like a failure or non failure, but an education and learning experience...That money is investment in yourself, every trade you make, you should learn something from, and gain experience. Figure out what you doing wrong, right, and how your emotions affect your trading.

Spend enough time at doing something you are bound to get better at, just depends how much time and money you want to invest in it.

Good Luck.

The willingness to learn is my top priority. Been thinking quite enough if I get to loose even in my first try. I've had read this one and make me think http://thelazytrader.com/articles/l...t-youre-trading-like-an-amateur-forex-trader/ (y)
 

neil

Legendary member
5,167 747
Fools and their money...etc.

The willingness to learn is my top priority. Been thinking quite enough if I get to loose even in my first try. I've had read this one and make me think http://thelazytrader.com/articles/l...t-youre-trading-like-an-amateur-forex-trader/ (y)

You will not do it in "ten minutes a day" as his web site states. If he could then why would he give away his "secret " to you.
But you go ahead since it seems that common sense is a realative stranger to you despite cautionary comments from others, on your other threads, relating to trading.
New to trading - then read the "First Steps" thread. Might save you some tears and cash plus inject a dose of reality into your musings.

http://www.trade2win.com/boards/first-steps/80692-best-threads-first-steps-forum.html

And forget the "10 minutes" bollox.
 
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0007

Senior member
2,376 660
:smart: Thank you :) How long have you been in this industry?

A long time -- But not in a professional capacity! I'd suggest that you paper trade at first (Others will tell you to jump in live, but that's the easiest and quickest way to lose all your money IMHO) -- if you can't make a success of trading paper then you certainly won't do so in the live scenario. Tread very carefully -- there's loads of good starting advice on this website.

Good luck, nobody (well, not me anyway) said it would be easy !
 
Last edited:

mike.

Senior member
2,099 706
Hi Shirkan, just reading through your thread, What other members have said about failing is basically true. If you want to learn to trade to become rich then sadly, it aint gunna happen..On the other hand, if you want to trade because you have a vested interest in the markets and would like to get involved then youre in the right place.

My advice (as a newbie trader myself) would be : open a demo spreadbet account, This may feel quite a big step in its self at the start, But it will get you trading in the live markets (you may get a welcome call from youre demo broker.)

Pick a instrument or currency to study and trade on, most newbies go for forex or indices trading due to their volatility. Forget about making big bets and big returns,this is totally irrelevant, you must simply focus on a strategy that gives you the most consistent return,( however small,) so only bet £1 per pip, its the amount of pips/points you are trying to accrue not £'s. What makes a good trader is money management, period !

your goal is to make more than you loose, and you will loose !

You get about 20k in a demo account, that will keep you trading for a while at £1 per pip. After approx 8 month to a year constantly studying and trading you may be ready to open a live account. But as for the "get rich quick", its more like " how long can you survive" ?
 

Dick Lexic

Veteren member
4,954 124
I am just thinking I dont have that much to spend in trading yet I have the courage to try. I am just afraid I'd fail.

what market do you intend to trade? they can all knock u'r socks off but some are a bit more gentle

i wonder how many people will slate me when i say this but here goes...

forget rigid money management

set a stop and they will hit it, maybe not this time but they will and they will keep doing it until you are gone and they have all your money.

how to avoid? well imo you need to get the market trend right, have a good entry setup then set your stop at a reDICKulose level lets say 300 points on indices, if they hit this level you are reading the markets wrong and you should go back to the drawing board, i know this is easy said but that's it . " they " can see where your stop is. if u are trading intraday then set your stop to a silly level like before but of course if it starts to move to an uncomfortable level close the trade. this i call a finger stop. in other words don't show u'r cards keep them close to u'r chest and best to stay out on big news days as well .

could all go tit's up tho....no easy answer :(
 
 
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