Here is what I have learnt from the perspective of a relative newbie...hope it will be useful to someone out there in a similar boat - take it or leave it as trading is a personal endeavour;
1) Don't rush into buying a library of trading books to start with - most info is free on the net - make the effort to find it.
2) Find a market that you are comfortable with and interested in - only trade one market to start - learn it then earn it.
3) Keep your trading simple, look for the obvious (eg support and resistance in price) and trade on the higher timeframes - this requires patience - unfortunately this has to be learnt and can be a painful process.
4) In relation to the above I don't use indicators - why? because I don't understand them - only use indicators if you can deconstruct them and apply them to your market.
5) Money management will make or break you - but make sure you know your markets foibles and apply an appropriate stop that tells you your trade was wrong, this means you have to be adequately capitalised due to the law of probabilities (there are no certainties in trading).
6) Be persistent - you will know soon enough (gut feeling) whether trading is for you or a fad - trading requires you to be attuned to the market - to do that you have to be thinking about it all the time, running scenarios in your head, thirsting to improve your perfomance and knowledge ie you have to be interested in it verging on obsessive.
Unfortunately I have had to learn the above the hard way - by experience, but I finally have turned the corner and it is possible to do it (though I have doubted myself numerous times). Finally the jigsaw starts to fall in place - albeit a gradual process - almost imperceptible even and you start to become more "skilled" in your trading.
If it is what you really want to do, stick at it and good luck.
Best,
Swiss
1) Don't rush into buying a library of trading books to start with - most info is free on the net - make the effort to find it.
2) Find a market that you are comfortable with and interested in - only trade one market to start - learn it then earn it.
3) Keep your trading simple, look for the obvious (eg support and resistance in price) and trade on the higher timeframes - this requires patience - unfortunately this has to be learnt and can be a painful process.
4) In relation to the above I don't use indicators - why? because I don't understand them - only use indicators if you can deconstruct them and apply them to your market.
5) Money management will make or break you - but make sure you know your markets foibles and apply an appropriate stop that tells you your trade was wrong, this means you have to be adequately capitalised due to the law of probabilities (there are no certainties in trading).
6) Be persistent - you will know soon enough (gut feeling) whether trading is for you or a fad - trading requires you to be attuned to the market - to do that you have to be thinking about it all the time, running scenarios in your head, thirsting to improve your perfomance and knowledge ie you have to be interested in it verging on obsessive.
Unfortunately I have had to learn the above the hard way - by experience, but I finally have turned the corner and it is possible to do it (though I have doubted myself numerous times). Finally the jigsaw starts to fall in place - albeit a gradual process - almost imperceptible even and you start to become more "skilled" in your trading.
If it is what you really want to do, stick at it and good luck.
Best,
Swiss
