Newbie after some advice

[freshman111]

Hi Guys,

Firstly I'd like to say hello to everyone. I've just joint the forum after spending a few hours reading various threads. It seems there is a wealth of knowledge on here!

First of all I thought that I'd give a little background about myself, I'm in my very early 20's and right now my life is pushing towards a career. This is all good and well but I don't want to be stuck working for someone else for the rest of my life. Ideally I'd like to start trading and eventually have the ability and confidence to pursue trading from home as my career. My family background is business orientated and I understand the concepts of risk, but most importantly I understand the risk of not having a 'regular' income every month.

I've dabbled in some shares in my past, and on one occasion I have made some money and on another I've lost some. These were major well known companies that I bought shares in. I want to be able to, well be a trader! I'd love to gain the knowledge to be able to read trends and make some real money.

I understand that probably almost everyone says things like this, but I really want to learn. I'd rather take baby steps and understand what I'm doing then enter the area blind and hope I can pull it off.

I've been looking into some books and so far this one seems the best to me:

Come into my trading room by Dr Alexander Elder
http://www.amazon.co.uk/Come-into-My-Trading-Room/dp/0471225347/ref=cm_cr_pr_pb_t

Would there be any others you guys would advise to read? I'd love some recommendations from seasoned traders.

Another issue I have is the amount of cash I have. It's quite small, would there be an optimal amount that a trader should start with? As I plan to do a lot of understanding before I undertake trades I can probably accumulate some more money.

Also what trading platforms/companies do you guys use? And does anyone have the issue of the day job getting in the way of trades? I've seen many companies have iPhone app's, anybody find this is a way of getting around being at work and trading?

I know this post is quite long so thank you to anyone who's made it this far!

In general would you guys have any tips for me? Any things I should start doing right away?

Many thanks, I look forward to becoming a very active member of this site, and hopefully a successful day trader in the future!

 

[Pat494]

Hi Guys,

Firstly I'd like to say hello to everyone. I've just joint the forum after spending a few hours reading various threads. It seems there is a wealth of knowledge on here!

First of all I thought that I'd give a little background about myself, I'm in my very early 20's and right now my life is pushing towards a career. This is all good and well but I don't want to be stuck working for someone else for the rest of my life. Ideally I'd like to start trading and eventually have the ability and confidence to pursue trading from home as my career. My family background is business orientated and I understand the concepts of risk, but most importantly I understand the risk of not having a 'regular' income every month.

I've dabbled in some shares in my past, and on one occasion I have made some money and on another I've lost some. These were major well known companies that I bought shares in. I want to be able to, well be a trader! I'd love to gain the knowledge to be able to read trends and make some real money.

I understand that probably almost everyone says things like this, but I really want to learn. I'd rather take baby steps and understand what I'm doing then enter the area blind and hope I can pull it off.

I've been looking into some books and so far this one seems the best to me:

Come into my trading room by Dr Alexander Elder
http://www.amazon.co.uk/Come-into-My-Trading-Room/dp/0471225347/ref=cm_cr_pr_pb_t

Would there be any others you guys would advise to read? I'd love some recommendations from seasoned traders.

Another issue I have is the amount of cash I have. It's quite small, would there be an optimal amount that a trader should start with? As I plan to do a lot of understanding before I undertake trades I can probably accumulate some more money.

Also what trading platforms/companies do you guys use? And does anyone have the issue of the day job getting in the way of trades? I've seen many companies have iPhone app's, anybody find this is a way of getting around being at work and trading?

I know this post is quite long so thank you to anyone who's made it this far!

In general would you guys have any tips for me? Any things I should start doing right away?

Many thanks, I look forward to becoming a very active member of this site, and hopefully a successful day trader in the future!

There have been loads of newbie threads over the years, many of which offer excellent advice which is still relevent. Have a read of those imho

 

[NVP]

read everything and anything on Trading......there is learning to be had in all articles... both good and bad........and the more you read the faster you will learn and the faster you will form your own view of how to trade..........

regards
N

 

[Brumby]

Hi Guys,

Firstly I'd like to say hello to everyone. I've just joint the forum after spending a few hours reading various threads. It seems there is a wealth of knowledge on here!

First of all I thought that I'd give a little background about myself, I'm in my very early 20's and right now my life is pushing towards a career. This is all good and well but I don't want to be stuck working for someone else for the rest of my life. Ideally I'd like to start trading and eventually have the ability and confidence to pursue trading from home as my career. My family background is business orientated and I understand the concepts of risk, but most importantly I understand the risk of not having a 'regular' income every month.

I've dabbled in some shares in my past, and on one occasion I have made some money and on another I've lost some. These were major well known companies that I bought shares in. I want to be able to, well be a trader! I'd love to gain the knowledge to be able to read trends and make some real money.

I understand that probably almost everyone says things like this, but I really want to learn. I'd rather take baby steps and understand what I'm doing then enter the area blind and hope I can pull it off.

I've been looking into some books and so far this one seems the best to me:

Come into my trading room by Dr Alexander Elder
Come into My Trading Room: A Complete Guide to Trading Wiley Trading: Amazon.co.uk: Alexander Elder: Books

Would there be any others you guys would advise to read? I'd love some recommendations from seasoned traders.

Another issue I have is the amount of cash I have. It's quite small, would there be an optimal amount that a trader should start with? As I plan to do a lot of understanding before I undertake trades I can probably accumulate some more money.

Also what trading platforms/companies do you guys use? And does anyone have the issue of the day job getting in the way of trades? I've seen many companies have iPhone app's, anybody find this is a way of getting around being at work and trading?

I know this post is quite long so thank you to anyone who's made it this far!

In general would you guys have any tips for me? Any things I should start doing right away?

Many thanks, I look forward to becoming a very active member of this site, and hopefully a successful day trader in the future!

Since you are starting off in your career, I would seriously suggest that you do not consider trading as a full time career unless you have the following options :

1)You can join one of the respectable prop. firms that will train you; or
2)You have a mentor who is a successful trader (not investor) who will teach you

The main reason is that proper trading skills is very hard to pick up in a self directed manner. There are just too much of B.S. and scams out there.

You should get a proper job while you continue to pursue trading as a part time career. At least you are getting regular income while you build up your skills because it will take considerable time. Trading part time is not an issue if you trade daily time frames and above.

 

[Shakone]

What is the problem with working for someone else? Do you think it is easier working for yourself?

If you're young, you can't have large gaps on your CV. So as Brumby says, get a job.

 

[freshman111]

It makes sense that you guys think I should stick to my day job. I will be going into developing related to major financial organisations. So although not directly related there is some link.

I noticed you mentioned trading part time is okay as long as you have daily time frames, what do you mean by this?

Also seeing as there are a lot of scams where would you guys recommend I start looking for resources?
Any good books?

Thanks.

 

[Brumby]

I noticed you mentioned trading part time is okay as long as you have daily time frames, what do you mean by this?

Signals on a daily timeframe by nature is given once the day session is complete and so you have the luxury to consider it in the evening for probable action the following day. In this way it doesn't interfere with your day job and you do not need to monitor market movements during the day.

 

[timsk]

It makes sense that you guys think I should stick to my day job. I will be going into developing related to major financial organisations. So although not directly related there is some link.

I noticed you mentioned trading part time is okay as long as you have daily time frames, what do you mean by this?

Also seeing as there are a lot of scams where would you guys recommend I start looking for resources?
Any good books?

Thanks.

Hi freshman111,
Welcome to T2W.

Check out the Trading FAQs forum as there are bespoke threads in there dedicated to most of the questions you asked in your OP. With regard to trading a daily timeframe, this simply means that if you're planning on an approach that utilises technical analysis (TA), then only analyse daily charts or longer, i.e. weekly or monthly charts. As for resources, start with the first two threads in my signature (below), then follow your nose from there. By the time you've worked your way through everything in the First Steps forum, the Essentials Stickies and the Articles section - you'll have a good idea about what's involved to become a successful a trader and whether or not it's the right path for you.
Enjoy!
Tim.

 

[freshman111]

Hi freshman111,
Welcome to T2W.

Check out the Trading FAQs forum as there are bespoke threads in there dedicated to most of the questions you asked in your OP. With regard to trading a daily timeframe, this simply means that if you're planning on an approach that utilises technical analysis (TA), then only analyse daily charts or longer, i.e. weekly or monthly charts. As for resources, start with the first two threads in my signature (below), then follow your nose from there. By the time you've worked your way through everything in the First Steps forum, the Essentials Stickies and the Articles section - you'll have a good idea about what's involved to become a successful a trader and whether or not it's the right path for you.
Enjoy!
Tim.

Hi Tim,

Thanks for the advice, that's my reading for the evening sorted! I will thoroughly check all of that out.

What trading platform would you recommend? I noticed some articles mentioned I would be credited some money into my account with certain platforms but I'm yet to find this. Any thoughts?

 

[timsk]

What trading platform would you recommend? I noticed some articles mentioned I would be credited some money into my account with certain platforms but I'm yet to find this. Any thoughts?

Hi freshman111,
Recommending a data feed, charting software or broker is fraught with problems for reasons explained in this FAQ: Can You Recommend a Data Feed, Charting Software & Broker? Regarding brokers offering a 'golden hello', again, I can't comment as these offers change more frequently than banks and building societies change their interest rates and T&Cs. Your best bet is to look through each one - I'm sure they'll shout out their promotional offers loud and clear! Typically, they agree to match whatever you deposit in your account - up to a specified limit, or refund any losses up a £100 - that sort of thing.
Tim.

 

[bigboyfx]

There are many ways to learn the basics of investment and trading. Just like you've found this forum, you can visit other forums or site that offers useful materials. When you continue to gather pieces of information online, with time you learn something.

 

[TheLastBear]

What is the problem with working for someone else? Do you think it is easier working for yourself?

If you're young, you can't have large gaps on your CV. So as Brumby says, get a job.

I think one of the main problem is that too many fall for the hype and myths out there and think they can take $500, open an account and six months later earn the money they need to live the luxury live style they seek.

Then they fall hard. They don't bother thinking that those who have accomplished that have been working at it for a long time, usually over a decade. I mean there is a reason so many traders fail horribly at it.

 

[AliForexTalks]

There are numerous methods for learning the fundamentals of investment and trading. You can visit other forums or websites that provide beneficial information, just as you did with this one. When you keep gathering bits of information online, you will eventually learn something.

 

[Inquisitor]

There are numerous methods for learning the fundamentals of investment and trading. You can visit other forums or websites that provide beneficial information, just as you did with this one. When you keep gathering bits of information online, you will eventually learn something.

9th thread with no replies for 8 years that you have replied to today.................... Losing the will to live now.