Seeking advice to start trading

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46robbie46

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Hi All,

This is my first post having milled around the forum for some time now. I am looking to enter into the world of trading from home with some small amounts to start with, to build a larger amount of money that I can trade with in the future. I am a complete novice however and wanted to ask a few questions to you guys as you seem to know what you're doing.

I'm from the UK and have a full time job, so day trading is not going to be appropriate for me. I am looking for a way to start of trading with amounts of $50 or so during the evenings. I have looked into Forex trading and it seems to be my best option at the moment I think.

Could anyone give me any advice on what I should do to start off in the world of Forex? Any trustworthy articles, videos etc?

Also, is anyone able to recommend any trading websites or software that I will be able to use as a beginner? I would like to start off with a demo account until I am comfortable to start trading with my own money.

Thanks, I appreciate any help that you may be able to give me.

Rob :)
 
Hiya Rob,
Trading while working full time is perfectly possible. Simply look at 4 hour charts, and get confirmation from the daily.
My best advice to a newbee is keep it simple.
Buy into a rising market and sell into a falling market.
Learn how to spot a trend. Look for a series of higher highs and high lows and wait for the market to retrace, then join the party.
Good luck
 
Two books you should read - How to Trade in Stocks (Jesse Livermore) and Reminiscences of a Stock Operator (Edwin Lefevre).

Good luck, you've got a long road ahead.
 
Thank you all for the replies so far, I have had a further look on this forum and have come across some threads which I will read in time to give myself more of an insight into trading.

TTTC - I understand your point, I need to get to understand the markets better than I do at the moment and learn to spot the right time to buy and sell! I guess it's all part of the learning process.

The Leopard - Thank you for the book suggestions, I'll have a look into buying them asap.

aster2 - Do you have any links to these free lessons?

Cheers :cheesy:
 
You can trade low stakes with spreadbet companies (IG Index is probably the best for starting out in my opinion) or for pennies with Alpari (I think).

If you're not day trading, you might want to look at as many markets as you can. There are over 30 tradeable forex pairs, 10 or so indices, about 15 commodities, and in addition you can look at major and actively-traded shares in the US, UK and Europe.
 
and Robbie, (I hope the 46 is for Vale ?)

seriously, please, whatever you do, ignore everything you ever read from Aster

he is a prize tw@t of the highest order
 
4 4 4 4 4 4 4 4 4 4 !!!!!!!!!!!
Dovi all the way !!!!!!!!!!!!!!!!!!!

but i used to love 58, RIP :-(


As a Ducati rider I should be in ecstasy to see Vale on a Ducati, but it just ain't happening is it ?
 
rathcoole_exile said:
4 4 4 4 4 4 4 4 4 4 !!!!!!!!!!!
Dovi all the way !!!!!!!!!!!!!!!!!!!

but i used to love 58, RIP :-(


As a Ducati rider I should be in ecstasy to see Vale on a Ducati, but it just ain't happening is it ?
Click to expand...

Haha, I like Dovi, he's definitely an up an coming rider, I think we will see a lot more of him in the future! Same, RIP Marco, it was a sad day that he died :-(

I thought that the Ducati-Rossi partnership would be great too but I think Ducati won't let Rossi have his way with the bike. I've always been a Rossi fan, its a shame he's doing so badly at the moment! I hear there's a rumor that he may Start his own Yamaha team next year with Bradley Smith as a second rider- that could be very interesting!
 
46robbie46 said:
My thoughts exactly! To get me started, can you recommend any US markets for me to look at?
Click to expand...

take a look at the S&P500 mini contract, the ES

as a correlation, you can look at the Nasdaq mini contract, the NQ as an early warning/confirmation

I'm really against new traders going straight into Forex.
It's what 10,000s of newbies do, and it just doesn't seem right somehow,
I can't explain it, it just seems from looking outside in, that it's a pit of charlatans, instant experts, dodgy gurus, holy grail systems etc.
Take a look at forex factory web board, and you'll see what I mean ....
 
46robbie46 said:
I hear there's a rumor that he may Start his own Yamaha team next year with Bradley Smith as a second rider- that could be very interesting!
Click to expand...

I've just sent a FB message to my mate who is a motorcyle journalist to ask him about that rumour.


and this is his response:

"The Rossi rumour mill has gone nuts in the last week. Smith is contracted to go into MotoGP with Tech 3. Yamaha are pulling their horns in globally, but if Rossi does start a team my money would be on Andrea Iannone as the second rider. Let's just keep a look out, eh?!"
 
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rathcoole_exile said:
take a look at the S&P500 mini contract, the ES

as a correlation, you can look at the Nasdaq mini contract, the NQ as an early warning/confirmation

I'm really against new traders going straight into Forex.
It's what 10,000s of newbies do, and it just doesn't seem right somehow,
I can't explain it, it just seems from looking outside in, that it's a pit of charlatans, instant experts, dodgy gurus, holy grail systems etc.
Take a look at forex factory web board, and you'll see what I mean ....
Click to expand...

Thanks for the info, I will take a look at those markets.

Hey, I'm no expert at all - a complete novice I'm fact. The only reason that I mentioned forex is that I have done a bit of research and it seemed to crop up a lot. What would you recommend a new trader to start off in if not forex? I came here looking for advice and this is the kind of stuff that can really help, so thank you.

As for the rumor, I heard it from my dad but I guess he must have picked it up from somewhere!

Edit- Good response! I think your friend is correct, the Rossi rumor mill is going to go haywire during the coming months...

Cheers :)
 
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have a look at someone like Infinity Futures or Global Futures
(I have no connection with them apart from being a happy customer)
They should be able to set you up with a Demo account to get a feel for how a trading platform works

(many people will recommend that you start practice trading from a Demo account. That's ok for the short-term to get to learn how the Platform operates, but I seriously recommend switching to trading small amounts of real money as soon as you can.
There are hundreds of books, threads etc about the psychology of it, but in short, you'll learn more in 5 minutes of having your **** on the block for real than in any number of weeks spent on Demo)
 
I'll definitely check that all out later, thanks again for your help, I will let you know how I get on shortly :)
 
many people will recommend that you start practice trading from a Demo account. That's ok for the short-term to get to learn how the Platform operates, but I seriously recommend switching to trading small amounts of real money as soon as you can.
There are hundreds of books, threads etc about the psychology of it, but in short, you'll learn more in 5 minutes of having your **** on the block for real than in any number of weeks spent on Demo
Click to expand...

I'm sort of in the same position as the TS, but over here we pay 10 euro's min in transaction costs which seems like quite a lot to me. I have a poker background, but quit and got a dayjob now. I got like 20k I could trade with, but of course I'd like to put as little as possible on the line until I'm a profitable trader.

What would be your suggestion then? The way I see it the only thing that can be day traded for small amounts, without comission raping your profit margin, is forex.
 
kabouter said:
I'm sort of in the same position as the TS, but over here we pay 10 euro's min in transaction costs which seems like quite a lot to me. I have a poker background, but quit and got a dayjob now. I got like 20k I could trade with, but of course I'd like to put as little as possible on the line until I'm a profitable trader.

What would be your suggestion then? The way I see it the only thing that can be day traded for small amounts, without comission raping your profit margin, is forex.
Click to expand...

it's not something I know much about, in fact I was only researching this morning as an idle diversion.
but you could look at Binary Options.
Someone like optionfire dot com, you can trade for small amounts from what I can see ......
 
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