newbie

Status
Not open for further replies.

bildonone

Junior member
17 0
hello everyone.

I have just joined today and i have no knowledge at all about share dealing. I look afer my wife at home now and find myself with time on my hands and need to earn some money, i have tried all the work from home sites to no avail and someone suggested going into shares so here i am. All i know about shares is that i have 500 in Alliance & leicester that i received when they converted. If anyone could give me a kick in the right direction i would appreciate it.

Bill
 

dsmodi

Established member
509 2
hi newbie

welcome to t2w!

first of all, i would suggest you look around this site thoroughly... there are plenty of posts already made that would be of use to peeps at every level, from raw beginnner to experienced expert.... fortunately, in my opinion you've come to one of the best web sites on the net for what you would like to do....
 

genti

Active member
152 0
newbie

that's really great you would like to be a trader however please let me ask one quest:

if you had enough money what would you do? (trading or something else )

Good luck
Genti
 

dsmodi

Established member
509 2
excellent question genti! ;)

However, IMHO, i reckon he would be better placed to answer this question once he has looked in to trading a lot more. at the moment, he doesn't know what its all about, which doesn't mean he wouldn't want to do it passionately anwyay....
 
Last edited:

genti

Active member
152 0
dsmodi

exell.. quest but what the zero stands for?
 

Skimbleshanks

1
2,325 16
Hi bildonone - and welcome to the wonderful world of trading.

I've just written a long post for someone else who is just starting out, so to save me duplicating myself, the post is here:
http://www.trade2win.co.uk/boards/showthread.php?s=&postid=35366#post35366

I would suggest that you learn all about trading with a spreadbetting account, which you'll need £250 or so to set up. Please take the time to learn properly by betting just 1p or 2p per point - there are lots of things to learn, and you'll probably find that trading turns into the most fascinating hobby that you've ever had.

The vast majority lose, so take your time, start small, and ask questions all the way - everyone here will, I'm sure, be happy to answer them. The most interesting answers often come from other newbies because they have first hand experience of what you're about to go through.
 

bildonone

Junior member
17 0
many thanks for all the replies, i will certainly give spreadbetting a go as you suggest Skimbleshanks as i am willing to learn from all of your experiences and with all your help who knows, and if i do make any money i am certain that i would carry on trying to improve my self. Looking forward to talking again.

Bill
 

Car Key Boi

Well-known member
396 8
hi bildonone

if yuo lose that initial $250 - and yuo probably will - yuo should also still carry on trying to improve yuor skills/discipline/strategy/blah

if/when yuo wipe out that opening account, don't be deterred from trading. It's normal. Think of it as a business start up cost

a lot of newbies think that trading is an easy way to make a fast buck. I'm afraid it just doesn't work like that. Yuo're at the beginning of a very steep learning curve and it's gonna cost yuo some bucks to learn the business

welcome to the board and i wish yuo the best

- Car Key Boi
 

Skimbleshanks

1
2,325 16
Great to hear Bill. Just make sure that you go into trading with an open mind and with the objective of learning a new profession, and to converse with like-minded people, and generally have a nice time. Please don't go into trading expecting to make money - you've got a long way to go before you can hope to do that.

Do make sure you open a cash account with a spreadbetting company, such as www.finspreads.co.uk not a margin account. A cash account is one where you are limited to trading within the funds you have available in your account. If you do not have the funds, you cannot open a trade. A margin account is one where you put up a very small percentage of the cost of the trade, and the spreadbetting company or broker lends you the rest. The downside is that when you lose your losses can be HUGE. So when you are learning, never ever put yourself into that situation. So go for a cash account with £250 in it, and if you blow the lot (although if you follow the guidance on these boards and use money management strategies, then there's no reason for you to blow your account), then you sleep soundly in your bed.

There are nightmare stories about newbies who have traded on margin, lost heavily, and then have not been able to sleep soundly at night for fear of how they are going to meet their margin calls (where you have to stump up the cash to meet your debts).

When you get further experience, and hundreds of 1p and 50p per point trades under your belt, you will understand the dangers of using margin, but be in a position to safeguard yourself by sticking to a pre-determined risk on each trade you enter.

But before you get to open an account, you will need to read these boards, particularly the newbie threads, and decide what sort of trading will suit you best.

In the UK the London Stock Exchange trades between 8am and 4pm (or is it 4:30, I've forgotten!), and the US markets trade between 2:30pm and 9:00pm UK time. So depending on your wife's needs, you can fit trading in. There's intraday trading where you are in and out in a day and don't hold any positions open overnight, or EOD (end of day) trading.

You'll need to use some software to look at charts - you can start by using some free ones on the Internet, BUT it is always better to go for proper software with a paid datafeed for numerous reasons. You can set them up how you want, personalise the settings, flip through them off-line, make notes on the charts, etc. If you want to do the job properly, you need proper tools.

You will naturally want to trade UK, because you probably feel that it is safer, and you will feel comfy trading London quoted stocks and indices. However, US stocks are much easier to trade, so don't ignore them just because there's a whopping expanse of sea between us and them!

Have a root around for the links to software and Internet charting sites - they're all on the threads and in the knowledge section of this BB.

Phew! That's given you a lot of things to do before you open a trading account, and you've got a lot of reading to do as well!
 

bildonone

Junior member
17 0
Have ordered a free cd from click events re spreadbetting anyone know of any other free software, also cannot connect with finspreads site.

Bill
 

FTSE Beater

Experienced member
1,518 4
Hi bildonone

I just want to back-up everything that Skim has said.

I believe it is also very useful to look at this thread. http://www.trade2win.co.uk/boards/showthread.php?s=&threadid=4629&highlight=Basi* It's a basic intro to trading, and discusses the core skills, needed in trading.

One thing I think it is important to mention is that it takes roughly 3 years of hard work to become profitable in this game - It obviously varies from person to person, but very few do it in less than 3 years.

HTH :)
 

bildonone

Junior member
17 0
thanks again for replies. Looked at FTSE Beaters previous thread and if this is basic intro for traders then i need basic intro for 2 year olds into trading. Back in a few years when ive worked it out.
Have joined finspreads Skim. Thanks
 
Status
Not open for further replies.
 
AdBlock Detected

We get it, advertisements are annoying!

But it's thanks to our sponsors that access to Trade2Win remains free for all. By viewing our ads you help us pay our bills, so please support the site and disable your AdBlocker.

I've Disabled AdBlock