new trader

[camy]

first time trader seeks advice . ive set up an account with ig index spread betting , and im doing 20p bets on ftse and dow .any advice ? ie whats best to trade for beginers and
what stop distance to use ?

 

[Joseff]

first time trader seeks advice . ive set up an account with ig index spread betting , and im doing 20p bets on ftse and dow .any advice ? ie whats best to trade for beginers and
what stop distance to use ?

The best teachers for beginners are mistakes, they will make you a pro.

 

[TheBramble]

first time trader seeks advice . ive set up an account with ig index spread betting , and im doing 20p bets on ftse and dow .any advice ? ie whats best to trade for beginers and
what stop distance to use ?

First part: Trends. Trade trends.

Second part: Stops. Wherever the last peak or trough wasn't.

 

[Martinghoul]

Preserve your capital at all costs. You've got a long road ahead of you and there is simply no substitute for experience. The trick is to stay in the game long enough to learn something useful. So demo or trade for pennies - make your mistakes as cheap as possible.

And never buy a system from anybody. It it wasn't a pile of gash they wouldn't be selling it.

+1

 

[new_trader]

Preserve your capital at all costs. You've got a long road ahead of you and there is simply no substitute for experience. The trick is to stay in the game long enough to learn something useful. So demo or trade for pennies - make your mistakes as cheap as possible.

And never buy a system from anybody. It it wasn't a pile of gash they wouldn't be selling it.

Absolutely excellent advice and reminds me of one of the most important and influential posts I've ever read in this forum. I thought it appropriate to post in a thread named in my honour.

OK, I will explain.

The single most important thing you have to concentrate on is limiting losses.
You do this by using stops.

As you become more procicient at picking winning moves you have to tighten your stop loss policy.

Limiting losses to the absolute minimum is the key. All else is peripheral.

Now that is a simple statement.

If everyone did this, everyone would survive long enough to eventually become proficient.

But very few have the self discipline to persist in this way.

I strongly suggest you follow the lead I have just given you.

 

[Joseff]

First part: Trends. Trade trends.

Second part: Stops. Wherever the last peak or trough wasn't.

Good advises.

 

[camy]

The best teachers for beginners are mistakes, they will make you a pro.

thanks for the reply .
i sure am making plenty mistakes should be a pro in no time .

 

[Bint_Crusher]

The best teachers for beginners are mistakes, they will make you a pro.

I have to disagree with this. Learn what you are doing before you risk any of your hard earned capital.

 

[camy]

I have to disagree with this. Learn what you are doing before you risk any of your hard earned capital.

thanks for the reply bint crusher , ive already made a few wee mistakes now im trying to learn before re-tipping my toe .