I Started Up a Trading Account... now what?

[krai]

Hi, I'm 18, looking for a career in trading. I started a spread betting account a month or two ago before reading anything on T2W, with 2 Strong A's for Mathematics and Economics for A-Level, a 98% in my Statistics module, but unfortunately a D in Physics which i fear may let me down.

I have two questions?......1) I have a trading account, and i have a rough idea on articles and information i'm looking out for, but can't seem to find a trade i'm comfortable with...where shall i look?

2) Are my chances in a career of trading down the drain?

 

[timsk]

Hi krai,
Welcome to the site.
Click on the first two links in my signature and then check out the Trading FAQ forum. All your questions are answered there, including 'How do I get a Job Trading?'
Enjoy!
Tim.

 

[HowardCohodas]

I have two questions?......1) I have a trading account, and i have a rough idea on articles and information i'm looking out for, but can't seem to find a trade i'm comfortable with...where shall i look?

2) Are my chances in a career of trading down the drain?

If you have an account that permits paper trading, begin learning the mechanics of doing trades in your platform. When you are getting started, paper trading is a place to experiment and loosen you criteria so that you begin to absorb the dynamics of trading. What to do every day, when to make decisions, how long does it take for your orders to be filled, what kind of draw-downs can you tolerate, and a lot more.

With respect to your second question, you are far too young to give up hope. I've been an investor for over 40 years but became a consistently active trader starting the beginning of this year. Keep the faith. Your patience will be rewarded.

 

[krai]

much appreciated HowardCohodas.....i've spent a HUGE amount of time reading into alot of the forums mention by t2w...and learnt so much already....however i can't seem to find much on the technical analysis side of trading? Does it play a large part in trading or can i be successful with the fundamental side?

 

[counter_violent]

much appreciated HowardCohodas.....i've spent a HUGE amount of time reading into alot of the forums mention by t2w...and learnt so much already....however i can't seem to find much on the technical analysis side of trading? Does it play a large part in trading or can i be successful with the fundamental side?

This is what you have to discover. It's all part of the trading journey and can take many years to figure out. Don't be put off that you will need to sacrifice so much time and be committed to the cause. This is a game of survival of the fittest, so if you are not fit, the market will eat you up and spit you out. No prisoners !!

 

[HowardCohodas]

much appreciated HowardCohodas.....i've spent a HUGE amount of time reading into alot of the forums mention by t2w...and learnt so much already....however i can't seem to find much on the technical analysis side of trading? Does it play a large part in trading or can i be successful with the fundamental side?

There are lots of trading strategies that can be successful. However, much depends on the trading system, and you, the trader, are a key element of that system. So your choice of tools are highly dependent on your capabilities and personality.

I know of no easy way to this self-discovery than to experiment. Try something out. Try anything out. Have enough self-awareness to evaluate your feelings on whether you like it or not. Identify what you did not like about it and explore strategies that have less of the stuff you don't like.

Systems that cause others to wax lyrical may contain elements that you just hate. That does not necessarily mean you are not cut out to be a trader. It may mean that another strategy better fits your personality.

I happen to prefer technical analysis, but that is my personality. If you are interested in this approach, I would recommend anything by Dr. Alexander Elder, a very successful trader and a psychiatrist. He can justify his choices of TA methods based on his understanding of human psychology.

Another good resource is Trading Systems and Methods by Perry Kaufman.

I know this sounds more like an assignment than an answer. None-the-less, I hope I've been helpful.