i want to learn how to trade please help

[TheBramble]

You are responding to a post from over 6 years ago. He doesn't have any money left by now.

 

[thelazytrader]

I recommend you read 'Trading in the zone' by Mark Douglas - that' is a very illuminating book for any beginner

 

[adilfx]

i have been in the market since nov 2006, working in spread betting, then fx and cfd firms, my clients who are extremely dedicated, keep up to date with news, have two or three different strategies, have a rsik based model and trade in proportion to their total balance succeed, most of the traders will start to see their strategy kicking in after 2 years

 

[fxrookie24]

I'd be very careful where you get your information from as, unfortunately, learning to trade is very much like the wild west these days! There are alot of people out there misrepresenting how easy and lucrative the art of trading is and a real shortage of people to say it how it is. I do recommend people like Nial Fuller who writes a lot of aricles on trading forex... or this website here has a learn to trade section with no real hard sell. http://thelazytrader.com/articles/learn-to-trade/

If you do go online and look for courses or seminars, I would ask to see real testimonials and seek a money back guarantee... Also, I would like to recommend the following books: "Trading in The Zone" by Mark Douglas is a fantastic one!

Goodluck

 

[Tyger]

I estimate that, as of Sept 2013, Algorithmic trading (see Wiki article) comprises around 75 - 80% of all trades. These computer programs are written by guys with Maths or Physics doctorates.

So how are you going to compete?

Option 1. Insider knowledge/other illegal means

Option 2. Practice discretionary/intuitive trading until you develop sufficient expertise to be able to compete (est 10,000 – 15,000 hours work – see Matthew Syed’s book, Bounce). I actually think it would be quicker to become a golf pro or tennis pro.

Option 3. Develop your own trading ideas and test them (I use Excel). Creativity and original thought are already there as part of the brain's toolbox. Using these tools you can compete without getting a science PhD or spending 15,000 hours watching charts.


Beware snake oil salesmen. There are myriad websites and companies offering trading systems with seemingly fantastic profit opportunities. None of these are real. The big Banks and trading companies make huge profits every year. So who do they make these profits from? Answer: The people who lose money trading - ie the estimated 1 million people in the UK who trade or spreadbet. I estimate that 0.1% of these individuals consistently make profits - the rest lose money. Why? Two main reasons - either they don't have the expertise to compete with the Maths and Physics PhD graduates working for the banks, or they buy a system that promises huge returns but is in fact a scam.


My suggestions:

1. Think of a novel idea.

2. Test it to see if it works. If it doesn't, go back to step 1.

3. Paper trade it to check you haven’t made a mistake.

4. Start live trading small amounts to check it works in real life.

5. Gradually increase your position size.

6. Provided that your position size remains a tiny portion of total market volume, then you can avoid the feedback loops inherent in Complex Adaptive Systems. So, keep it small – trade multiple stocks/futures (which will provide some robustness anyway) and don’t tell anyone else what you’re doing!

 

[timsk]

My suggestions:
1. Think of a novel idea. . .

Hi Tyger,
I fear most people will struggle to get beyond your first suggestion. It's a bit like saying, 'think of a novel idea for a book, write it, get it published, sell millions of copies, sell the film rights too - and then retire rich.' If you've got any ideas about how we can get around that wee little problem - then you'll definitely be on to something!

Tim.

 

[Tyger]

Hi Tyger,
I fear most people will struggle to get beyond your first suggestion. It's a bit like saying, 'think of a novel idea for a book, write it, get it published, sell millions of copies, sell the film rights too - and then retire rich.' If you've got any ideas about how we can get around that wee little problem - then you'll definitely be on to something!

Tim.

That's exactly what I am saying! Lots of people have written novel books and some of them have got rich in the process. I see trading as a very similar endeavour - and the likelihood of success is probably similar too.

 

[numbertea]

I have personally known 3 people who have made a living, during at least a couple of years, trading. One of them retired rich after 4 years of trading all in. The other 2 have up and returned to a regular job. I was only inspired by the one who became rich. There is something about a successful person that separates them from the rest. A quality that you can't quite put your finger on but makes them stand out. It is a rare quality for sure, inspirational. It rare for any person to go to the top of their field be it trading or anything else. I wish us all such a situation but the truth is that only a few will achieve greatness.

Cheers

 

[neil]

Why are you different ?

I have personally known 3 people who have made a living, during at least a couple of years, trading. One of them retired rich after 4 years of trading all in. The other 2 have up and returned to a regular job. I was only inspired by the one who became rich. There is something about a successful person that separates them from the rest. A quality that you can't quite put your finger on but makes them stand out. It is a rare quality for sure, inspirational. It rare for any person to go to the top of their field be it trading or anything else. I wish us all such a situation but the truth is that only a few will achieve greatness.

Cheers

You have to remember that you are more likely to earn more by studying and becoming qualified in a trade or profession. Very FEW make it in trading -for every success there are thousands of losers, a point often overlooked by those who point to people who become "rich" through trading. Envy of people who became rich (even if this is true and verifiable) is not a path to success. Being successful is often the result of years of failure, almost making it; and-for the few,success. More importantly, you need to enjoy what you are doing for its' own sake -not for some dream of a lazy mans route to riches.
Can you give it your all, knowing that failure is a very likely outcome and success, a slim, even remote, possibility?
Someone (Hedge Fund Manager) said 90% of people lose 90% of their capital within 90 days. There is a high possibility (statistically) that you will be one of them. Think on it.

 

[wilczek]

Should be at least useful to some - Just spotted this on the Forex Useful Facebook page, mostly stuff from the website but convenient to have it in book format...

FREE all weekend - Ranked Number 5 in the Foreign Exchange section
Forex Useful Infographics 2013 – The ultimate beginners guide to Forex.
We Show You What Others Try And Tell You. Please download, enjoy and use as a reference any time you need.
http://amzn.to/1bd00Fb

 

[Forexmospherian]

I estimate that, as of Sept 2013, Algorithmic trading (see Wiki article) comprises around 75 - 80% of all trades. These computer programs are written by guys with Maths or Physics doctorates.

So how are you going to compete?

Option 1. Insider knowledge/other illegal means

Option 2. Practice discretionary/intuitive trading until you develop sufficient expertise to be able to compete (est 10,000 – 15,000 hours work – see Matthew Syed’s book, Bounce). I actually think it would be quicker to become a golf pro or tennis pro.

Option 3. Develop your own trading ideas and test them (I use Excel). Creativity and original thought are already there as part of the brain's toolbox. Using these tools you can compete without getting a science PhD or spending 15,000 hours watching charts.


Beware snake oil salesmen. There are myriad websites and companies offering trading systems with seemingly fantastic profit opportunities. None of these are real. The big Banks and trading companies make huge profits every year. So who do they make these profits from? Answer: The people who lose money trading - ie the estimated 1 million people in the UK who trade or spreadbet. I estimate that 0.1% of these individuals consistently make profits - the rest lose money. Why? Two main reasons - either they don't have the expertise to compete with the Maths and Physics PhD graduates working for the banks, or they buy a system that promises huge returns but is in fact a scam.


My suggestions:

1. Think of a novel idea.

2. Test it to see if it works. If it doesn't, go back to step 1.

3. Paper trade it to check you haven’t made a mistake.

4. Start live trading small amounts to check it works in real life.

5. Gradually increase your position size.

6. Provided that your position size remains a tiny portion of total market volume, then you can avoid the feedback loops inherent in Complex Adaptive Systems. So, keep it small – trade multiple stocks/futures (which will provide some robustness anyway) and don’t tell anyone else what you’re doing!

See Post - 563 - on this thread
http://www.trade2win.com/boards/home-trader/146016-mr-spread-betting-back-careful-everyone-71.html

Regards

Forexmospherian

 

[NVP]

You have to remember that you are more likely to earn more by studying and becoming qualified in a trade or profession. Very FEW make it in trading -for every success there are thousands of losers, a point often overlooked by those who point to people who become "rich" through trading. Envy of people who became rich (even if this is true and verifiable) is not a path to success. Being successful is often the result of years of failure, almost making it; and-for the few,success. More importantly, you need to enjoy what you are doing for its' own sake -not for some dream of a lazy mans route to riches.
Can you give it your all, knowing that failure is a very likely outcome and success, a slim, even remote, possibility?
Someone (Hedge Fund Manager) said 90% of people lose 90% of their capital within 90 days. There is a high possibility (statistically) that you will be one of them. Think on it.

...........agreed ....perhaps run Trading as a sideline alongside other work and income streams ............?

I would never recommend anyone focus on it solely ...especially from a standing start ............aside from the massive losses during the (long) learning phase the solitude and associated frustrations will kill you

I still work long hours in the corporate world and trade when I can outside of those hours when possible .......sure I can ramp Trading up if needed but it is not a pension plan .......

N

 

[priceactiontrader]

I understand your defensive comment, I meant no harm. Promoting a dodgy website is a little harsh. If you took the time to take a look. You may find out that I am just a sound, honest trader like yourself, who has managed to find a way to trade and wants to help others.
I'm probably the most pessimistic trader out there and yes there are many websites promising things they clearly can't deliver. I have no gimmicks or tricks up my sleeve, trading has to be the most challenging and frustrating business out there.
Again appologies

Another 1 post wonder promoting his dodgy website.

 

[fxrookie24]

When you start out with this, its hard to know what you dont know. From my own experience, I would start on bigger timeframes like the Daily and Monthly charts so that you can leave your trades to do their thing rather than being sucked into them

 

[fxrookie24]

Also, get an idea of what you can achieve realistically...I had grossly unrealistic ambitions in trading to begin with and made so many mistakes. But I learned the hard way. I would also advise you to educate yourself about the various forex / trading scams out there...unfortunarely there are just too many to list but this articles a good one in educating yourself against it!!
http://thelazytrader.com/articles/learn-to-trade/forex-scams-101-five-ways-how-to-spot-a-forex-scam/

 

[tradelink-opensource]

trading concepts and learning

if you would like a broad overview of how to approach learning trading and some ideas to get started, you may want to check out :

http://gleanusers.vanillaforums.com/discussion/164/gleaning-for-groceries-trading-in-everyday-life

also if you are serious about becoming a professional trader, some find it useful to join a proprietary trading firm and access their training programs, here is some information and advice on doing so :

http://gleanusers.vanillaforums.com/discussion/151/how-to-pick-a-proprietary-trading-firm

 

[IC00]

Starting to Trade

Hi,

The best advice I can give when it comes to trading is just to start!! I personally started with a practice account (which I think is most useful when you're trying to work out how the platform you've chosen works).

When you know the mechanics of the platform, I would then recommend depositing the minimum account balance - you could continue with the practice account but I don't think this is as helpful as it may first seem; (i) the practice balance often far exceeds what you actually have to trade with when you get started. This means that the figures you deal with will be unrealistic and you'll get used to working with large trade sizes. (ii) Even if you try really hard, in the back of your mind you will always know that it isn't real money you are dealing with and so you will not act in the same way as you will when it comes to trading with your own money.

I also think that are a lot of really great online resources that are available for free. Read anything and everything that you can about it, find a trading style that suits you and then go for it!!

Also bear in mind that when trading is done right it should be a very boring process, you should know your entry and exit points before you've even opened your order and, although it is difficult - stick to those points

Good Luck and Enjoy!!

 

[tomorton]

Gosh it must be good because golniukuli is doing the same thing as well. And we all know we can trust him.

 

[gerryg]

When you start out with this, its hard to know what you dont know. From my own experience, I would start on bigger timeframes like the Daily and Monthly charts so that you can leave your trades to do their thing rather than being sucked into them

Quite good advice. Lower timeframes contain a lot of unreadable noise, S&R levels there are likely to easily get through, that's why scalpers is definitely advanced level.
Pick small lot and enter some 1-3 day good position. IF your pair has positive swap you can earn on it too. Good luck.

 

[Atilla]

i am 20 yrs old and am interested in trading and am willing to learn how to become a trader and be successful at it. can anyone help me out please?

If you are prepared to send £50,000 to my uncle in Nigeria I'd be happy to oblige.