Ok, so im new

[S.Doyle]

So yeah, im new to the trading game and was wondering if some people could give me some pointers. I was wondering about things such as:

1) where is best to buy and sell online?
2) how much would be a good first time investment?
3) general pointers on what to look out for etc?

Anything else you wish to tell a beginner like me would be great,

Thanks S.Doyle

 

[Magos]

Hey man happy to help but first you have to answer the following questions

(1) what do you want to trade?
(2) have ever tried a demo, or paper trade an instrument?
(3) do you read FT, Economist, or know about TA?

D

 

[cr6196]

Welcome S. Doyle,

The way that I started was by reading from the articles and tutorials on investopedia.com, reading post on this site and reading anything related to trading. After I had built up a basic knowledge of trading, I began to follow prices on quotetracker using advfn and money am for price quotes and backfill, this allows a beginner to follow intraday for free. This has been most helpful to see how a stock moves during the day. Demos and paper trading are also helpful as I found until I actually saw a trading platform in front of me some elements i had learned didnt come together. I am now 2/3 months in and am still a huge novice in the area with a lot left to learn.

The way that I am entering trading is by building up a base of knowledge combined with practical experience e.g through demos and paper trading and then at this point deciding where to put my money if at all. I hope by telling you about how I am starting this helps If you have any further questions, ask away.
CR

 

[S.Doyle]

I am more interested in trading shares, IM fairly new to it all, i mean ive tried Thotmarket, A marketplace of ideas. but didnt really find it too good.

Could you point me in the direction or some good demos? And explain what paper trade and instrument are?

I guess another thing i'd like to know is What is the minimum i could invest in anything? I mean i know it all depends on the price of the shares at that time, but i really dont earn that much.

 

[cr6196]

I am under similar restrictions Doyle, being a student and all The maximum I am planning to use is £2000 but the minimum depends on what you are planning to trade and how.

From what I know I would suggest looking at UK shares, if you are looking to do multiple trades in one day as there is a limit to the amount of trades that can be done in the US with a account size under $25 000, or so i understand.

I would suggest Welcome to Investopedia.com - Your Source for Investing Education again as the tutorial section of the site provides the level of basic knowledge required. When I started I had no idea at all and this provided with essential knowledge.

In terms of demos, most of the brokers offer demos, the only ones i used were saxobank and e*trade both of which use the same trading platform.

CR

 

[S.Doyle]

Thanks for the swift replies. I will check out those websites and have alook at the demos. Thanks

 

[Magos]

I am more interested in trading shares, IM fairly new to it all, i mean ive tried Thotmarket, A marketplace of ideas. but didnt really find it too good.

Could you point me in the direction or some good demos? And explain what paper trade and instrument are?

I guess another thing i'd like to know is What is the minimum i could invest in anything? I mean i know it all depends on the price of the shares at that time, but i really dont earn that much.

If you are interest in trading shares try e*trade, ameritrade platform. Both are oky
Try reading a book like, trading in the zone, or trading athlete.
An instrument can be either: stocks, fx, options, cfd's, etc.. all of them are instruments
Paper-trade is when you trade on paper. For instance you make a log and say you bought a stock at 600, and you are going to sell at 650 or stop-loss at 500. Then you log it down in a paper. If your strategy is right, you use it in real life.
At the moment the only demo I would really suggest is MetaTrader 4, which I am using for FX, since I find it alright. You can program it, that’s nice 

Since is your first investment, try trade a demo, and then start small and go big.
Stocks require commissions, forex does not.
Forex is more risky though!

In my opinion to start trading stocks, companies like e*trade, saxo, ameritrade unfortunately will require money, and also they will give you a limitation in products / countires /regions. Unless you want to trade indices?

Why don’t you try this first! A suggestion
I would go to Alpari or Odl and download MetaTrader 4. Have a bit of fun first of all.
And if you like trading I will then consider how to proceed? Since you have to think also if you want to be a day trader or take long term positions

Finally let me know how it will go

 

[S.Doyle]

If you are interest in trading shares try e*trade, ameritrade platform. Both are oky
Try reading a book like, trading in the zone, or trading athlete.
An instrument can be either: stocks, fx, options, cfd's, etc.. all of them are instruments
Paper-trade is when you trade on paper. For instance you make a log and say you bought a stock at 600, and you are going to sell at 650 or stop-loss at 500. Then you log it down in a paper. If your strategy is right, you use it in real life.
At the moment the only demo I would really suggest is MetaTrader 4, which I am using for FX, since I find it alright. You can program it, that’s nice 

Since is your first investment, try trade a demo, and then start small and go big.
Stocks require commissions, forex does not.
Forex is more risky though!

In my opinion to start trading stocks, companies like e*trade, saxo, ameritrade unfortunately will require money, and also they will give you a limitation in products / countires /regions. Unless you want to trade indices?

Why don’t you try this first! A suggestion
I would go to Alpari or Odl and download MetaTrader 4. Have a bit of fun first of all.
And if you like trading I will then consider how to proceed? Since you have to think also if you want to be a day trader or take long term positions

Finally let me know how it will go

Ahh i think i will try paper trading for a while, see how i take to it. Learn it abit more before i invest any money

Thanks.

 

[Magos]

Ahh i think i will try paper trading for a while, see how i take to it. Learn it abit more before i invest any money

Thanks.

thats a good idea :idea:

 

[martscan]

Doyle: I've trained a lot of dumb guys first getting into futures over the years. Forget the books, paper trades, theories, programs, seminars, webinairs, etc. Open an account with 4-5K and buy 1 contract of Dec corn at the market. You'll understand the mechanics of futures mkts in 2 days, max. Timid? Put on a cheap bull spread...long the front month...short a distant month... 112,000# sugar contracts can't be more than $300 a spread. If you can't handle the action, future trading may not be for you.

 

[Trading2k]

Yeah I would second the comments above about trying a demo first. When I first started out I said I wasnt going to invest money until I doubled my demo account. Two accounts later I started trading. If I had of jumped in I would we well out of pocket now, instead I'm doing quite nicely.

 

[martscan]

Yeah I would second the comments above about trying a demo first. When I first started out I said I wasnt going to invest money until I doubled my demo account. Two accounts later I started trading. If I had of jumped in I would we well out of pocket now, instead I'm doing quite nicely.

You can't learn to swim if you're not in the water.

 

[Jigs]

I have done this, straight in the deep end.. well almost, at the moment I am just trading FTSE straightforward shares, not futures, SB, or CFD, but i am on my way to opening a CFD account.. IG is good, i heard from Mr. Magos.

 

[Magos]

I have done this, straight in the deep end.. well almost, at the moment I am just trading FTSE straightforward shares, not futures, SB, or CFD, but i am on my way to opening a CFD account.. IG is good, i heard from Mr. Magos.

is good Jigs
don’t believe though the guarantee stops non sense.

 

[BJ21]

If your starting from scratch the best thing to do is open up a spread betting account.....it will introduce you to placing orders, charts settings, watching charts, risk management and all sorts of stuff ……. at very little cost .... (IG index are very good at introducing new clients you can place very small bets, I think 10p on something like GBP/USD for 2 weeks) ....and then you can also do what every 1 else says and study lit.

I personally think a spread betting account where you actually place your money down is a better way of "learning" rather than paper/demo trading, where your mistakes will be pushed aside. It will teach you discipline and plus I would get bored of demo trading.




Its very hard to want to trade but not actually trade and just learn about trading .............
(If that makes sense ...I read it twice myself and I’m still not sure its right!!)

What ever you do Good Luck with that !!

 

[S.Doyle]

If your starting from scratch the best thing to do is open up a spread betting account.....it will introduce you to placing orders, charts settings, watching charts, risk management and all sorts of stuff ……. at very little cost .... (IG index are very good at introducing new clients you can place very small bets, I think 10p on something like GBP/USD for 2 weeks) ....and then you can also do what every 1 else says and study lit.

I personally think a spread betting account where you actually place your money down is a better way of "learning" rather than paper/demo trading, where your mistakes will be pushed aside. It will teach you discipline and plus I would get bored of demo trading.




Its very hard to want to trade but not actually trade and just learn about trading .............
(If that makes sense ...I read it twice myself and I’m still not sure its right!!)

What ever you do Good Luck with that !!

Yeah i understand what your saying. Its just with me not being on alot of money i dont wanna waste it if y **** up, ya get me?

My dad said he would be willing to "invest" some in me once i pick things up a little.

 

[BJ21]

Yeah i understand what your saying. Its just with me not being on alot of money i dont wanna waste it if y **** up, ya get me?

My dad said he would be willing to "invest" some in me once i pick things up a little.

For an SB account you dont need a lot of money ...Start to learn from as little as £100 ...treat it as if you are buying an expensive book.

Not a waste ....if you learn from it ...... a waste....... if you start to gamble with it.

maybe worse if you do have a lot of money ....then you have more to lose.

 

[Vrothdar]

You can't learn to swim if you're not in the water.

But you can reduce the chance that you'll drown by learning a bit about swimming before you get in.

 

[BJ21]

But you can reduce the chance that you'll drown by learning a bit about swimming before you get in.

LOL read a book

 

[Vrothdar]

I've read several in my time. I think my favourite is probably the very hungry caterpillar.