new trader

[bustergrey]

Hi Guys,
i need some help from people that know what they are doing. I am completly new to trading. Put some money on spread trading but soon lost. I was looking on the net the other day and come across software called intelli trend 250, it is 5k but i am asured it reads trends and will help me win on the markets. This seems to good to be true, doe anyone else use it???? I have a few books and have booked free seminar with win investing, is there any somftware that will help a beginer???

Any advice would be great..


cheers

 

[hampy]

Hi Guys,
i need some help from people that know what they are doing. I am completly new to trading. Put some money on spread trading but soon lost. I was looking on the net the other day and come across software called intelli trend 250, it is 5k but i am asured it reads trends and will help me win on the markets. This seems to good to be true, doe anyone else use it???? I have a few books and have booked free seminar with win investing, is there any somftware that will help a beginer???

Any advice would be great..


cheers

'This seems too good to be true' . Dont know that software but I suspect you have answered your own question. A few more google searches and no doubt you could find endless courses/software claiming to make your fortune for you the easy way. If software was available that worked how much should it sell for? 100K, 500K, 1 mill?, Certainly more than 5K!

Use the search facility on this site and look up Win Investing, Darren Winters. The stuff they will try to flog you for a few grand is available here for free, you just need to put the time in and start reading.

Good luck!

 

[options]

You can get all you need to learn trading from this site. Take the time and trouble to go through parts of the site that are relevent to you. Under the discussion tab. view the first listed.

Don't waste your five grand on stupid software or on courses by the likes of Winters. Him and his sort are well documented on here. Just do a search and start reading. Yes you have to start somewhere, but you will be paying a lot of money for information you can pick up for free on here.
Winters is not a trader. Few of them are. They are slick salesmen who peddle other peoples work.

Don't even bother going on the free course, they will try to part you from your money for the second part of the course. It all looks nice and neat and a fantastic presentation that will have you eager to throw your money away.

Trading software: If it worked, wouldn't we all have it and be making fortunes on a daily basis?
And if it was out there. The likes of you and me would have no chance of getting it.

You'll find trading related things on the net from 10 quid up to 15 grand plus. All 'guaranteed' to make you anything from 250 a day to becoming a zillionaire in 2 months. Everything out there is a rehash, and it all looks great until you try to trade it for real and make money.

Why did you put some money on spread trading? What knowledge have you got of trading?

I don't know what job you have, but could I walk in off the street and do it as well as you?

Of course not. Well starting from where you are; trading is a hundred times harder than that.

Make use of this site. It is all free. All it will cost you is your time.

Don't be in a rush.

 

[grantx]

Bustergrey,

To add to Options reply, don't pay to go to any seminars. Even free seminars are suspect in that they are a bait to sell you a system. But you don't need to buy any system - create your own with a basic charting programme. Read everything here and on other forums, experiment, modify and adapt to find your own preferences and style.

Grant.

 

[neil]

And beware of people posting similar queries on a thread under the guise of "Hi, I am new to trading and saw this system for sale...blah...blah...for £5000...99% winners...blah...anyone tried it...blah..blah?"
Options and GrantX have given you the best advice and it's free.
Good luck

 

[fibonelli]

Bustergrey,
Just adding what the others have said and as a newbie.
1. Go through this website as it is packed full of free info.
2. Buy the Market Wizards books and at least one book on chart analysis.
3. Go to as many free seminars (see the homepage) as possible.
4. Create your own trading plan and backtest throughly. I can recommend ProRealTime charting system which is free for EOD data.
5. Demo trade for at least three months on a variety of platforms and in trading competitions and see how you go and learn from any mistakes.
6. Decide on what timeframe you want to trade and what kind of trader you want to be (ideally to fit within your personality).
7. Trade very small (1%) when you're starting for real.
Cheers and good luck
Fibonelli

 

[nickdd]

This is an excellent thread. More please

 

[bustergrey]

cheers

thanks for all the advice, this site seems to be the best option for me to learn.

cheers again

 

[rwg24y]

Hi ,
just a quick question, what is a realistic starting sum?
Ive seen people advertising massive profits from a start of £250, it seems unlikely to me but im probably pessimisitc ,
second spread betting or day trading? Ive got all day ,so can get to a computer easily
Ok thanks all time to walk the dog

 

[Charlton]

Hi Guys,
i need some help from people that know what they are doing. I am completly new to trading. Put some money on spread trading but soon lost. I was looking on the net the other day and come across software called intelli trend 250, it is 5k but i am asured it reads trends and will help me win on the markets. This seems to good to be true, doe anyone else use it???? I have a few books and have booked free seminar with win investing, is there any somftware that will help a beginer???

Any advice would be great..


cheers

Bustergrey

I would concur with the other posters. Do not waste your money on courses/expensive software at this stage. Later when you have more experience you will be in a better position to evaluate courses and software and to determine if you still need them. I am not saying that all courses/software are a waste of time/money, but you need to be able to sort out the wheat from the chaff.

There are plenty of sources of free information, free demo systems from brokers and software supplies, free charting and so on that you can start with. Look at the "stickys" at the top of the first steps forum and other postings in that area for ideas.

Beware of free courses. They will give certainly give you ideas of areas to look at, but very few free courses impart a lot of useful information. That is why they are free - they are in reality sales and marketing exercises to draw you into purchasing the paid courses or educational materials. They sound convincing - indeed they are designed to be inspirational, to wow you and to make you lower your guard. There are of course exceptions - brokers' courses can be instructive.

It's worth buying a few good books - ones often quoted on this site.

It's worth scanning this site, brokers, exchanges (LSE, NYSE, NASDAQ, CBOT) as they often have free educational material.

The best teacher of all is the market itself.

Look at charts, particularly in real-time if possible, to look for patterns, trends, areas of resistance and support. If you have access to level II look at the orders, how these are spread between the various price levels, how quickly they change and whether they are stalling. All these things will give you a feel for the market and particular trading instruments.

Observe, develop your analytical powers and put them into practice to determine the most probable direction of the market. Work out the conditions that must exist for you to enter a trade (think of levels of risk compared to levels of expected gains). More importantly think of the conditions that would exist that would tell you that you have got the analysis wrong and would have to exit.

Read chapters 6 and 7 of Douglas's Trading in the zone - all about thinking in probabilities

That should keep you going for a bit

Charlton

 

[new_trader]

7. Trade very small (1%) when you're starting for real.
Cheers and good luck
Fibonelli

I wish you would stop writing this.

 

[new_trader]

Hi ,
just a quick question, what is a realistic starting sum?
Ive seen people advertising massive profits from a start of £250, it seems unlikely to me but im probably pessimisitc ,
second spread betting or day trading? Ive got all day ,so can get to a computer easily
Ok thanks all time to walk the dog

There isn't any such thing as a "realistic" starting sum. The aim is to improve your proficiency as a trader. There are minimum amounts to open direct access accounts and margins that must be maintained, but I think a newbie should start with spread betting. If you are not planning to quit your job then all you need is enough to place a trade. Don't borrow money and only use money you can afford to lose. Stick to those rules and you will be OK. When I started I used IG index and traded the S&P500 index. I set aside an amount each week for trading which was no more than around £50/week. The minimum stop size for a controlled risk bet was 3.3 points and the minimum amount was £10/point. So it cost me £33 to trade but sometimes I used larger stops, but only when I could afford to do it. I stuck to this philosophy like glue until I was confident enough to move to a direct access broker. I learned a great deal in the process.

 

[Lightning McQueen]

Hi ,
just a quick question, what is a realistic starting sum?
Ive seen people advertising massive profits from a start of £250, it seems unlikely to me but im probably pessimisitc ,
second spread betting or day trading? Ive got all day ,so can get to a computer easily
Ok thanks all time to walk the dog

Hi rwg

For a start its highly improbable that massive profits will be forthcoming from such a low amount, but as they say, anything is possible with lots of luck and chucking the lot on every trade......not advisable by the way

Having said that it is possible to start very small scale to try things out, Spread Betting accounts are available with either free demo platforms, capital spreads and tradindex spring to mind there, or you can bet as low as 1p per point on finspreads and now I believe IG index also, Fins minimum funding is £100, so you can start low, try things out and see if its all for you. at no expense or very little.

As for your second point, Spread Betting is a platform, day trading is a style of trading so im not sure what your getting at., but I think you probably mean direct access such as interactive brokers perhaps?

Also dont forget to read and heed charltons good stuff above. and I see Fibo and n_t are off on one again

Good luck

don

 

[rwg24y]

Hi rwg

For a start its highly improbable that massive profits will be forthcoming from such a low amount, but as they say, anything is possible with lots of luck and chucking the lot on every trade......not advisable by the way

Having said that it is possible to start very small scale to try things out, Spread Betting accounts are available with either free demo platforms, capital spreads and tradindex spring to mind there, or you can bet as low as 1p per point on finspreads and now I believe IG index also, Fins minimum funding is £100, so you can start low, try things out and see if its all for you. at no expense or very little.

As for your second point, Spread Betting is a platform, day trading is a style of trading so im not sure what your getting at., but I think you probably mean direct access such as interactive brokers perhaps?

Also dont forget to read and heed charltons good stuff above. and I see Fibo and n_t are off on one again

Good luck

don

Cheers Don,
Now, demo accounts.
what relation do they have to the actual market ,
are they accurate with relation to real world prices on the same spread betting companys sites? or are they manipulated in any way,The reason is on one demo account Im up 3k
but in real life im £200 down same trades and stops used. odd I think

 

[Lightning McQueen]

Cheers Don,
Now, demo accounts.
what relation do they have to the actual market ,
are they accurate with relation to real world prices on the same spread betting companys sites? or are they manipulated in any way,The reason is on one demo account Im up 3k
but in real life im £200 down same trades and stops used. odd I think

Hi rwg
Well, its my understanding that demo account prices and charts are the SB's real market delayed 15 minutes and the quote and fill is instant, with no bias. On the real account the quotes are most likely biased against you every time, so getting it right is most likely more difficult, although I haven't noticed this yet on Fins. Its not really a "first steps" issue but something that noobs should be aware of as they progress I think. Its all been discussed on here at great length, go search, it may help you, if you can understand why its happening you can alter the strategy and turn your loss around maybe.

The point im trying to make is that noobs shouldn't move on to bigger boys toys until the demo is making money with a sound strategy / method. After that be careful.

Glad to see you can make money on a demo, I couldn't seem to be able to

cheers

don

 

[rwg24y]

Hi rwg
Well, its my understanding that demo account prices and charts are the SB's real market delayed 15 minutes and the quote and fill is instant, with no bias. On the real account the quotes are most likely biased against you every time, so getting it right is most likely more difficult, although I haven't noticed this yet on Fins. Its not really a "first steps" issue but something that noobs should be aware of as they progress I think. Its all been discussed on here at great length, go search, it may help you, if you can understand why its happening you can alter the strategy and turn your loss around maybe.

The point im trying to make is that noobs shouldn't move on to bigger boys toys until the demo is making money with a sound strategy / method. After that be careful.

Glad to see you can make money on a demo, I couldn't seem to be able to

cheers

don

Hi Don,
Cheers for that, but my concern was that it was a way of drawing you in but if its just a delay thing then it must be my timing. Still onwards and upwards.
thanks again