VielGeld
Experienced member
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Hmm... I hate seeing newbies/people lose, so here's my best advice and what trading is, etc.:
Ok, so you want to trade to make money. But you also have to ask yourself what it means to extract money from the market. What is it about your activities that will allow you to make a profit in the long run? You might have heard that this is what we call an "edge". The edge can anything from behavior to particular repeating patterns that will leave you net positive at then end of a time period. In other words, it allows you to beat the competition.
Now, the thing is that you are starting out with NO EDGE, and you must develop this edge to first survive and ultimately profit.
So, first order of the day is pure survival. You need to survive the initial learning curve if you want to have a fighting chance.
As such, here's my prescription for your condition:
1) Forget about the money. It's about the trading.
2) I consign you to 6 months of demo trading to get your bearings.
3) Once you have gone beyond this trial, you will open an account and fund it with the absolute minimum necessary for your instrument.
4) You will trade on minimum stakes and you will not move up in size until you have something statistically meaningful on your hands. This may take years, but it's the only way to not lose your stake due to being a newbie.
Additionally, why the **** would you put money on something you were not positive would provide value? Too many see trading as free $$$ when they know dick about it. Never bet unless you have an edge. You WILL lose!
5) finally, while practicing everyday, you need to note your observations. How did price behave? Was there some pattern to it? Maybe another market influenced this move here? Etc.
Analyze the **** out of everything. Watch the price levels and reaction around there. Get in screentime everyday even if it bores the hell out of you. You will be developing your view of the market and become attuned to how it moves.
Eventually, you'll get to see recurring patterns and they'll end up behaving roughly the same every time. Note these and analyze them. What's your max risk? What's your target? Etc. After sufficient observation of these patterns, you will gain confidence in your betting ability.
But always start small. Bet small at first and build your stake gradually with your experience. Never, ever, go for the home run. The home run is the gambler's mentality. Avoid it.
6) Watch, learn, and plan. And especially, DO NOT BET until yu know wtf you're doing. You need to have a reason to bet, and a plan. The only way to get this is experience. Best to get that exp. cheap while you can and not blow the initial stake just learning the ropes.
Hope it helps, and good luck.
Ok, so you want to trade to make money. But you also have to ask yourself what it means to extract money from the market. What is it about your activities that will allow you to make a profit in the long run? You might have heard that this is what we call an "edge". The edge can anything from behavior to particular repeating patterns that will leave you net positive at then end of a time period. In other words, it allows you to beat the competition.
Now, the thing is that you are starting out with NO EDGE, and you must develop this edge to first survive and ultimately profit.
So, first order of the day is pure survival. You need to survive the initial learning curve if you want to have a fighting chance.
As such, here's my prescription for your condition:
1) Forget about the money. It's about the trading.
2) I consign you to 6 months of demo trading to get your bearings.
3) Once you have gone beyond this trial, you will open an account and fund it with the absolute minimum necessary for your instrument.
4) You will trade on minimum stakes and you will not move up in size until you have something statistically meaningful on your hands. This may take years, but it's the only way to not lose your stake due to being a newbie.
Additionally, why the **** would you put money on something you were not positive would provide value? Too many see trading as free $$$ when they know dick about it. Never bet unless you have an edge. You WILL lose!
5) finally, while practicing everyday, you need to note your observations. How did price behave? Was there some pattern to it? Maybe another market influenced this move here? Etc.
Analyze the **** out of everything. Watch the price levels and reaction around there. Get in screentime everyday even if it bores the hell out of you. You will be developing your view of the market and become attuned to how it moves.
Eventually, you'll get to see recurring patterns and they'll end up behaving roughly the same every time. Note these and analyze them. What's your max risk? What's your target? Etc. After sufficient observation of these patterns, you will gain confidence in your betting ability.
But always start small. Bet small at first and build your stake gradually with your experience. Never, ever, go for the home run. The home run is the gambler's mentality. Avoid it.
6) Watch, learn, and plan. And especially, DO NOT BET until yu know wtf you're doing. You need to have a reason to bet, and a plan. The only way to get this is experience. Best to get that exp. cheap while you can and not blow the initial stake just learning the ropes.
Hope it helps, and good luck.
