recommendations

[suggy]

ok just starting out, picked up a lot of stuff from this site, but a lot went straight over my head. Would like to get into it 'on the side' with a view to goign fulltime if im any good. If u guys were starting again what would be your plan of attack? would u just sit out and watch for 6 months, reading books etc, or would u start using a simulator, or paper trading or what? thanks for the advice

 

[oatman]

Hello mate, try this for starters, no doubt others will tell you different, but this won't kill you.

Start small and keep close stops. You'll learn more using your own money than p*ssing around on a simulator. When you've traded and felt the highs and lows emotionally, put your trades through the mill and have a good look at what you did, why you did it, and what you'd do differently next time. If you do well after a few trades, try increasing your volume. If it goes wrong, decrease your volume until you get a few right and feel more comfortable ie. confident.
Remember, you might think YOU are right but the market is ALWAYS right.
Timing is most important and as they say "the trend is your friend".
Your analysis is as good as anyone else's. Be confident but not blind.

Good luck,

 

[FTSE Beater]

Hi Oatman

I'm sorry, but I have to disagree with you on this one


Hi Suggy

Yes it is a complete mind field when your starting out. The best thing to do is to start looking at trading shares. They are pretty basic and a great place to learn the very basics of trading with lots of free information avaliable.

The best thing to do is use the T2W share competition. If you can make money doing that, then that's the time to start looking into real trading with very very small skates.

Oatman is right in that emotions will play a large part in your trading, but that is a concern for later in your trading development.

Hope this helps

 

[oatman]

Hi FTSE B.

We're not that far apart. I'm only suggesting a little bit of money.
But it is "real" and I'm sure it helps to pick up the threads quicker.

Be lucky,

 

[PhilN17]

Beginners course

Hi Suggy,

I'm pretty much in the same position as you so what I did was booka course - I went for Naz's beginners one day course and it was brilliant. He started off by wiping me out just to show me how vulnerable I was and then coached me from not knowing what 'going long' meant to doing three live NASDAQ paper trades - I showed a profit (with his help of course).

From having zero confidence I now feel I've got more than enough to start paper trading using Naz's techniques which are in my view very sound. I feel I could go real now but I am cautious by nature and I'm going to prove myself on paper first.

Paper trading live was an eyeopener for me because it brought up real issues - eg. there was a short sharp run but Naz immediately checked it out to see if it was futures driven - it was and so avoided getting sucked into a red herring. These sort of incidents can only be avoided by experience and going on a course can help step over these pitfalls. This is stuff I was completely ignorent about a few hours earlier- I really recommend you invest in a course first - it'll save you a lot of money and heartache in the long run.

Happy learning

Phil