Hi everyone. I am new to trading and the market in general. I am interested in forex, options, and stocks. Where do you guys/gals recommend a total newb start? I figure it is probably best to focus on one aspect and go from there. Any good book recommendations? I figure I should probably start with a good book on technical analysis? I look forward to getting to know some of you, and learning a lot along the way.
madmentrade
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Best way to learn how to trade the right way is to learn from a coach/mentor.
Check out my coach's blog for some good tips: Day Trading Blog
KillPhil08
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I've been reading through all those threads. I made my post because as a new member there was a header that said to make a thread in this forum. Just looking for feedback as to where a total newb should start or what is easiest for a complete newb to understand?
KillPhil08
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Sorry for the bog standard answer. A lot of people looking for answers but never come back...
I recommend sticking with 1-3 markets first to get a good idea of their price activity. Perhaps, EUR/USD, GBP/USD + GOOG? Or the DOW? What interests you? (Indices tend to be easier to understand than forex).
Read the potential setups thread from the start, it is incredibly useful read about price levels and highlights past turning points or predictions well.
I must say, make sure you use a demo account first to try a few things out if your going to spreadbet / cfd.
What do you want to know!!?
Phil.
I recommend sticking with 1-3 markets first to get a good idea of their price activity. Perhaps, EUR/USD, GBP/USD + GOOG? Or the DOW? What interests you? (Indices tend to be easier to understand than forex).
Read the potential setups thread from the start, it is incredibly useful read about price levels and highlights past turning points or predictions well.
I must say, make sure you use a demo account first to try a few things out if your going to spreadbet / cfd.
What do you want to know!!?
Phil.
I know I need to learn Technical analysis - good book recommendations for this? There are about 1000 of them.
Any recommendations on a beginners guide to options? Or should I wait to try options after I have a better understanding of how things work?
In general were did you start and if you had to do it again would you do it differently?
Friend,
Everyone goes through the same process, one way or another. It's all the same when all roads lead to...you know where. Jesus was the only exception but that's only cuz posh boy's father was slipping him tomorrow's trends today. This here is the normal rite to initiation. If by the end you can't find a working system that'll fit your style, then at least it'll take you one step closer to your true vocation. So here's what to do:
1. Skim the forums on the web to see and hear what others are doing. Use some judgment to determine which opinions are respectable and separate them from the sea of bullsh!t floating out there.
2. Self-education. There are many concepts out there - MM, scalp, swing-trade, hold n fold etc. Each has a system which branches off into infinite sets of sub-systems proclaimed by their creators as being "THE" system. Read about them. If they don't make sense, move on. Don't stall yourself.
3. People recommend at least 1 yr in demo mode to get the hang of things before spending another year in preliminary "pocket change" trading mode to feel out the actual market. That's boring. You're into this forex stuff cuz it's exhilirating. You need to jump in now. Myself - I spent 3 weeks and then drew out 6k (AUD) to get the ball rolling. In order to taste test all the different techniques, I wouldn't recommend starting with anything less than $1000 USD.
4. See your account grow to 8k in little under a week and start preparing your world "financial market" domination speech.
5. Notice DD climbing, equity falling, volatility expanding and pride bruising. But remember, keeping lying to yourself and ignore the obvious. You ARE still the man!
6. Lose half your net worth. No matter - you'll make it back RIGHT NOW. Double, triple, quadriple your leverage, say "STFU" to MM and say hello to Mr. MC.
7. It's gone. Waahhhhhhhh! It's alllllllllll gonnneeeeeeeeee!!! Booohoohoohoohooohoooooooo...Take your time, you'll get over it...eventually. After reclaiming your sanity determine whether your forex appetite is still there. Hopefully, we'll see you back on the floor (trading floor that is). Otherwise, best of luck with your future endeavours.
8. Not everything that could go wrong went wrong but nevertheless, there were enough screw ups to cost me 8k aggregate in under 3 weeks. Glorious. The one and only thing I did do RIGHT was: the 6k I put up was money I could AFFORD to lose. It didn't put me in any form of indebtedness and the bills still got paid A-Okay. The only thing bruised was my ego but that heals...eventually. Wouldn't have minded a new flatscreen though.
Bottom line. You need to make mistakes. You need to err with real money - the pain will waken you proper! Mentoring/coaching is good for many things. In forex, personal experience, and cash, is king. I'd rather cost myself my money than to lose it listening to bullsh!t from who may or may not be more successful than you'll be.
Everyone goes through the same process, one way or another. It's all the same when all roads lead to...you know where. Jesus was the only exception but that's only cuz posh boy's father was slipping him tomorrow's trends today. This here is the normal rite to initiation. If by the end you can't find a working system that'll fit your style, then at least it'll take you one step closer to your true vocation. So here's what to do:
1. Skim the forums on the web to see and hear what others are doing. Use some judgment to determine which opinions are respectable and separate them from the sea of bullsh!t floating out there.
2. Self-education. There are many concepts out there - MM, scalp, swing-trade, hold n fold etc. Each has a system which branches off into infinite sets of sub-systems proclaimed by their creators as being "THE" system. Read about them. If they don't make sense, move on. Don't stall yourself.
3. People recommend at least 1 yr in demo mode to get the hang of things before spending another year in preliminary "pocket change" trading mode to feel out the actual market. That's boring. You're into this forex stuff cuz it's exhilirating. You need to jump in now. Myself - I spent 3 weeks and then drew out 6k (AUD) to get the ball rolling. In order to taste test all the different techniques, I wouldn't recommend starting with anything less than $1000 USD.
4. See your account grow to 8k in little under a week and start preparing your world "financial market" domination speech.
5. Notice DD climbing, equity falling, volatility expanding and pride bruising. But remember, keeping lying to yourself and ignore the obvious. You ARE still the man!
6. Lose half your net worth. No matter - you'll make it back RIGHT NOW. Double, triple, quadriple your leverage, say "STFU" to MM and say hello to Mr. MC.
7. It's gone. Waahhhhhhhh! It's alllllllllll gonnneeeeeeeeee!!! Booohoohoohoohooohoooooooo...Take your time, you'll get over it...eventually. After reclaiming your sanity determine whether your forex appetite is still there. Hopefully, we'll see you back on the floor (trading floor that is). Otherwise, best of luck with your future endeavours.
8. Not everything that could go wrong went wrong but nevertheless, there were enough screw ups to cost me 8k aggregate in under 3 weeks. Glorious. The one and only thing I did do RIGHT was: the 6k I put up was money I could AFFORD to lose. It didn't put me in any form of indebtedness and the bills still got paid A-Okay. The only thing bruised was my ego but that heals...eventually. Wouldn't have minded a new flatscreen though.
Bottom line. You need to make mistakes. You need to err with real money - the pain will waken you proper! Mentoring/coaching is good for many things. In forex, personal experience, and cash, is king. I'd rather cost myself my money than to lose it listening to bullsh!t from who may or may not be more successful than you'll be.
Well I ordered a couple of books from amazon.
Candlestick Charting Explained by Morris
Technical Analysis of the Financial Markets: A Comprehensive Guide to Trading Methods and Applications by Murphy
and:
The Rookie's Guide to Options: The Beginner's Handbook of Trading Equity Options by Wolfinger
I figure I will start with Candlestick charting expained and work my way down. Also to ensure I am getting it, I figure I will pick 10-12 stocks and follow their charts and post them here (in a new thread) with my analysis to ensure that I am seeing them correctly and to get feed back. Sound like a winning plan?
Candlestick Charting Explained by Morris
Technical Analysis of the Financial Markets: A Comprehensive Guide to Trading Methods and Applications by Murphy
and:
The Rookie's Guide to Options: The Beginner's Handbook of Trading Equity Options by Wolfinger
I figure I will start with Candlestick charting expained and work my way down. Also to ensure I am getting it, I figure I will pick 10-12 stocks and follow their charts and post them here (in a new thread) with my analysis to ensure that I am seeing them correctly and to get feed back. Sound like a winning plan?
KillPhil08
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options futures and other deriviatives
JTrader
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Definately the right threads for a complete newbie.
Hello buddy.
http://www.trade2win.com/boards/gen...ays-where-you-should-have-made-lots-pips.html
http://www.trade2win.com/boards/gen...tent-trading-profits-r-u-even-net-winner.html
http://www.trade2win.com/boards/gen...-timsk-throws-towel-but-clings-facecloth.html
Hello buddy.
http://www.trade2win.com/boards/gen...ays-where-you-should-have-made-lots-pips.html
http://www.trade2win.com/boards/gen...tent-trading-profits-r-u-even-net-winner.html
http://www.trade2win.com/boards/gen...-timsk-throws-towel-but-clings-facecloth.html
