I'll try to give you a few pointers.
I would forget options, I think they are totally inappropriate for a beginner. My personal choice would be futures.
You need to do a lot of research. There is a lot of good stuff on forums such as this one and forex factory, but there is also a lot of crap. You simply need to put the hours in.
You also need to get a lot of screen time - just hours and hours of watching how price moves. Again, this is just effort and commitment. The aim is to gain an understanding of how the market works. This isn't hard necessarily, it is just something that we're not really programmed to do.
Take notes of anything that interests you and investigate it. This will seem pointless at first, but over time your observations
will bear fruit.
You must design your own trading method. This does not require the re-invention of the wheel, far from it, but you will not succeed with a system bought from somebody else.
Experience is critical, you simply have to have it. The important thing is that you gain it as cheaply as possible, so demo until you see at least reasonable progress. Then trade as small as you can. You
will make horrendous, stupid mistakes (not just at the beginning, but all the way through) so make them cheap ones.
Trading is really about seeing things as they are, not how they ought to be,or how you want them to be. As an example, look at all the pundits who have spent two years muttering about double dips, the terrible state of the economy, it doesn't make sense etc etc etc. Meanwhile the S&P has more than doubled.
You will need to understand that the chief determinant of success or failure is you. Try to think through what this actually means. The psychology of trading is crucial, and it is difficult to short-cut this - it only improves through live experience. However, there are some good books that can help (my recommendation would be Reminiscences of a Stock Operator).
Finally, you need to accept that it is far more likely that you will fail than succeed. Try to work out why this is a positive thing, keep it always in your mind, and benefit from it.
Hey all out there.. Im new t this forum and ultimatly to trading! A good friend of mine has struck my interest with the trading of optons so here I am!!
I have so many questions and so little experience. Im puttng forth a the effort an time to learn before I jump out in the water with the sharks, although I have to say I am more than eager to make my first buck! However before I do I will start with my questions....
1) What broker would be best to set up an account with? I have a fidelity account will that be sufficient?
2) What would be a viable starting capital?
3) Any No-No's i sould avoid?
4) Last but not least are there any pointers that you can give me? Anything, ANYTHING will be more than appreciated!!
Thnx in advance traders!!
