Complete Newbie looking to start

[Paul71]

Well Paul, you seem to have done well for yourself ..... if I recall 70k from one trade!!!

Pray tell us, are we all missing something?? Perhaps you can teach us a trick or 2? or does this take unprecendented intellect

...Unprecedented intellect to set up your own business? It's all about merit, ability and conduct, something you're casual SBer knows nothing about. As i've said before, legitamacy brings credability....is this the right site? Probably not.

 

[Seanyboy123]

Thanks for your input!

I’ll have a look at trade sizes and the amount I’m willing to risk this early on and keep it realistic.

Does anyone have any viable views on the combination of technical indicators used and also writing a trading system/ plan?

So much to learn….!

Oh and I checked out that babypips.com website, looks insightful, albeit in a school like manor! Oh well… 

 

[Black Swan]

You are right money isn't selective or discriminatory - but your brain is and this will be the largest hurdle you will have to face.

Sadly this statement is false -



It's simply not true that anyone can make it - there are individuals who have an aptitude for trading and those with impatience, arrogance and strong emotions that will always prevent them from being a long term success.

I think most people fall into the 2nd category, you have to find out if you are one of the lucky ones that fit into the 1st.

Good luck!

Agree with Hoggums, drive and determination will only take you/get you so far in this business. However, without it, and the resiliance to pick yourself up time after time after you've got bruised knees clattering into the next hurdle, you mightn't have the stamina to succeed.
Folk also confuse discipline with the singular discipline in the trade and trading plan, but you also need the personal discipline to do the job day after day, hour after hour in the set times, under all conditions.
Without a doubt those that treat trading as a profession increase their chances of success exponentially.

 

[Black Swan]

...Unprecedented intellect to set up your own business? It's all about merit, ability and conduct, something you're casual SBer knows nothing about. As i've said before, legitamacy brings credability....is this the right site? Probably not.

 

[spreader_legger]

Thought you were having a dig at TW2 members.....

Although I agree with you that a professional attitude is indispensable, setting up a limited company is not top of my list when it comes to trading priorities. Most traders at the prop shop I used to work for were self-employed with LLP arrangements.
If setting up a formal structure helps in your discipline and approach then great. I think it then comes down to personal preference (and possibly tax advantages).

...Unprecedented intellect to set up your own business? It's all about merit, ability and conduct, something you're casual SBer knows nothing about. As i've said before, legitamacy brings credability....is this the right site? Probably not.

 

[Black Swan]

Thought you were having a dig at TW2 members.....

Although I agree with you that a professional attitude is indispensable, setting up a limited company is not top of my list when it comes to trading priorities. Most traders at the prop shop I used to work for were self-employed with LLP arrangements.
If setting up a formal structure helps in your discipline and approach then great. I think it then comes down to personal preference (and possibly tax advantages).

Well, if you're Paul you need £7K a month just to pay the bills, it's therefore understandable that the stress gets to him, with increasing regularity it seems...

 

[Paul71]

How a person can even think of classing themselves as a professional anything without being legit is beyond me. The thread starter is asking strangers on a site that condones system selling what to do with his 20k....this site is nuttier than squirrel sh!t....funny though...very funny.

 

[investme]

Good job i'm not asking you to sell me a system then isn't it

I'm simply asking for advice and opinions - and there are lots, good and bad which i'll take into consideration. I'm not stupid and naive enough to think i can stumble onto a good strategy that'll never fail and become an instant millionaire. I'm well aware this is going to take a lot of hard work, determination, learning and more before i get anywhere

However, not everyone gets a chance to have that money to invest and i want to learn to do something worthwhile with it, i'm not saying i'm going to shove it all into a trading account when i get it just because i managed to double the demo one i used for two weeks a few months before, what i am saying however is that i'd like to be confident to at least invest some of it into an account and see how things go when i get it

 

[virtuos0]

An erect ***** in this field is very hard to come by. You are extremely fortunate indeed if you are taken in hand and shown everything correctly by one of the few who are truly proficient.

It is possible to come without such assistance of course, but it is a route open to the very special few. I am sorry to have to tell you that you are unlikely to have the levels of awareness required to self generate the correct motion to progress. It will become clearer to you when you have more wrist strength.

It is unlikely that a truly proficient Vicar would wish to slip it to someone of your age. If you are truly interested in this profession, I suggest that you look for jobs within the industry which will give you exposure. Think of Catholicism rather than CofE at this stage. In the future you may find a Bishop - focus on finding work within the industry and learning all you can.

I do not recommend that you think of actively selling your semen. You have an opportunity to save and invest it wisely so it is available to you when the right circumstances present. When I started selling semen I supported myself from savings for almost three years before I was ready to spunk live. During this time I wanked almost all day every day developing my understanding of the porn industry.

If you are fortunate enough to find a ladyboy later you will be very pleased to have £20,000 or more to support yourself when you are having the op yourself, and through your hormone replacement also.

I recommend that you do not take any heed of the recommendations made to you on this thread which involve treating sex as a hobby, opening your cheeks, "starting small" when you should not be starting at all, etc. If you wish to have a hobby this is a poor one to pick. More or less all hobbies will cost you money, but you will receive nothing enriching by losing money in a brothel as a hobby.

I am sorry that this is not the response you would like to hear, but it is an honest one given with the benefit of experience (and dare I say from someone older and perhaps wiser). If you wish to succeed in this profession you have been given a frank and honest start.

I trust this assists you, to your benefit and my satisfaction.

Very kind regards

 

[wprins]

If you're interested in Forex, I have one other suggestion for you, get a mentorship with DayForex capital (Dirk Du Toit.) His students have now won the “FX STREET Real Money Forex Trading Competition” several times (2007 and 2009). He appears to be one of the rare "real deals" in this business. The cost of the mentorship will probably pay for itself and save you a lot of time if you're serious about this goal. See here for more.

(For the record, this is simply my bona-fide opinion offerred in the hope that it might be useful. I have no direct (financial or other) incentive or relationship with Dirk Du Toit or Dayforex, and have not [yet] taken his mentorship classes myself. I have however spoken with one of the FXStreet winning traders who was mentored by Dirk. I'll also note that I have purchased his book called "Bird Watching in Lion Country".)

 

[virtuos0]

If you're interested in Forex, I have one other suggestion for you, get a mentorship with DayForex capital (Dirk Du Toit.) His students have now won the “FX STREET Real Money Forex Trading Competition” several times (2007 and 2009). He appears to be one of the rare "real deals" in this business. The cost of the mentorship will probably pay for itself and save you a lot of time if you're serious about this goal. See here for more.

(For the record, this is simply my bona-fide opinion offerred in the hope that it might be useful. I have no direct (financial or other) incentive or relationship with Dirk Du Toit or Dayforex, and have not [yet] taken his mentorship classes myself. I have however spoken with one of the FXStreet winning traders who was mentored by Dirk. I'll also note that I have purchased his book called "Bird Watching in Lion Country".)

Bird Watching in Lion Country is definitely worth reading, good call.

 

[LittleKnown]

An erect ***** in this field is very hard to come by. You are extremely fortunate indeed if you are taken in hand and shown everything correctly by one of the few who are truly proficient.

It is possible to come without such assistance of course, but it is a route open to the very special few. I am sorry to have to tell you that you are unlikely to have the levels of awareness required to self generate the correct motion to progress. It will become clearer to you when you have more wrist strength.

It is unlikely that a truly proficient Vicar would wish to slip it to someone of your age. If you are truly interested in this profession, I suggest that you look for jobs within the industry which will give you exposure. Think of Catholicism rather than CofE at this stage. In the future you may find a Bishop - focus on finding work within the industry and learning all you can.

I do not recommend that you think of actively selling your semen. You have an opportunity to save and invest it wisely so it is available to you when the right circumstances present. When I started selling semen I supported myself from savings for almost three years before I was ready to spunk live. During this time I wanked almost all day every day developing my understanding of the porn industry.

If you are fortunate enough to find a ladyboy later you will be very pleased to have £20,000 or more to support yourself when you are having the op yourself, and through your hormone replacement also.

I recommend that you do not take any heed of the recommendations made to you on this thread which involve treating sex as a hobby, opening your cheeks, "starting small" when you should not be starting at all, etc. If you wish to have a hobby this is a poor one to pick. More or less all hobbies will cost you money, but you will receive nothing enriching by losing money in a brothel as a hobby.

I am sorry that this is not the response you would like to hear, but it is an honest one given with the benefit of experience (and dare I say from someone older and perhaps wiser). If you wish to succeed in this profession you have been given a frank and honest start.

I trust this assists you, to your benefit and my satisfaction.

Very kind regards

Nicely reworded

 

[LoveToTrade]

£500 @ £5 a pip. Account will be blown in no time. Try to learn a bit more first. Take a look here. http://www.babypips.com/school/

This babypips site is excellent for someone new.

 

[LoveToTrade]

With regards to indicators I would say use them very very sparingly. It is a cliche but the newer the trader the more they seem to reply on indicators. Experienced and successful traders will frequently only use a moving average or even no indicators. Certainly i would forget Stochastics completely. i have never seen a profitable strategy that uses them. For RSI and MACD is it possible to use them but in my experience only for divergences and then only if price action confirms the trade.

Personally i would strongly recommend that you spend you efforts learning to trade a trend following system that buys pullbacks. Trading with the trend is almost always the easiest thing to do. And learn what people say when they talk about "price action". Lookfor a specific trigger to enter trades when the prices is doing what you want. For example only entering long trades when the price is above the prior bar high. I can't emphasis enough how important this is.

And finally backtest (a lot). Not necessarily on computer but use charts and do it manually one bar at a time. It is time consuming but it is the only way to develop a feel for the tough decisons that the market gives you.

Good luck.

PA. Nice.

 

[LoveToTrade]

Thanks for your input!

I’ll have a look at trade sizes and the amount I’m willing to risk this early on and keep it realistic.

Does anyone have any viable views on the combination of technical indicators used and also writing a trading system/ plan?

So much to learn….!

Oh and I checked out that babypips.com website, looks insightful, albeit in a school like manor! Oh well… 

It is done in a school like manner, but there is plenty of good info in there for someone starting out, and not just for Forex either, a lot of it can be carried over. Read it start to finish, gives a good grounding.

www.cmegroup.com has some great stuff too, and is completely the opposite of "school like manner"

 

[chloe_wong]

I'm new here. Oh, you are just 19, but will have around 20k soon? wow, so good ...

 

[Tenapenny]

I'm new here. Oh, you are just 19, but will have around 20k soon? wow, so good ...

It could be a lot less now, although I hope he's done the wise thing. Two posts and he's gone.

 

[kaciara]

Hello

This is my first post, just looking to get some advice. In the near future (within this year) i will be coming into some money, approximately 20k but maybe more.

A bit about me, i'm 19, currently an IT student and i finish my course this year around Easter time.

I've always found ways of making money and had a business / investment side to me and now i'm finally coming into some money i want to do something with it unlike most people my age who'd simply blow it!

Someone i know left work to start as a forex trader and is doing relatively well for themselves - but they had a lot of help from someone with a huge amount of experience.

My thought is this, I'd like to learn as much as i can about forex trading and practice using demo accounts till around easter time, then hopefully i will have learned enough to invest a small amount of money in and see what happens. I'm not going to shove 20k in an account and hope for the best - before anyone tries to accuse me of that

I'm just looking for some advice, where to start, what options are good, good platforms etc. I did try a demo account on IG markets for two weeks and managed to double my starting money but that was mostly due to sheer luck and guesswork if i'm honest.

I did read a thread about books / articles to read and whilst i will definitely have a look through those, there were just such a vast number to choose from, so if anyone could maybe advise on something a bit more specific then that would be helpful.

Thanks

... also check this educational site

www.tradingline.co.uk