Eager Beaver - Any Advice

[sawyerbeanz]

Hi,

This is my first post and I'm impressed with what I've read so far in many of the threads.
There is a lot of expertise and common sense being explained.

To be honest, I have no idea where to start in terms of trading (style? - what style?). I have no capital to play with and no experience in trading. What I do have is an eagerness to learn and an ability (albeit a mental approach) to remain diligent and patient for opportunities. If these qualities are a good enough starting point then I'm open to anyone who can offer advice, reference training manuals or articles, that will help me move from one step to another, including the relevant tools.

My initial idea is to make some capital with small trades based on a slice of my monthly salary. Any profit goes back to my personal account and I use the remainder to trade with.

I look forward to any response and hope I can eventually contribute to the site.

Many thanks.

 

[cogitoergosum]

Hello there,

I've been in the markets since 1985 and I make a living out of it. The first think to say is that if trading was as easy as it looked everybody would be making money, but since one man's loss is another man's gain, this wouldn't add up! Trading is very, very hard. One problem is that because it LOOKS easy, people imagine that is IS easy, so they throw themselves in at the deep end and lose money. You wouldn't learn how to fly an aeroplane without instruction; don't try and learn trading on your own - or at any rate without reading the right books for a start. The trouble with the books is that there are so many rubbish ones out there. But I can recommend a couple to start with: The Disciplined Trader by Mark Douglas, and The Elliott Wave principle by Frost and Prechter. Also, look at the website tradingforwealth.co.uk. The guy offers courses and also publishes his view for the day nearly every day, and he's usually right on. I subscribe to his service (which is free) and he sends me his morning email which contains his trading signal for the day. He hasn't been wrong yet.
I hope this helps, just be careful out there!

 

[sawyerbeanz]

Hi Cogitoergosum,

Thanks for your reply and advice. Seeking out those before us who have maintained a profitable approach is always a good start. I'll start with your recommendations and go from there.

Thanks again. :smart:

 

[neil]

Try Trader Dante's threads. Do not be seduced by loads of indicators at the expense of price action. Look at ideas about Support and Resistance areas. Captain Currency has athread that might give you ideas. Sawyer is right about Mark Douglas' book - Psychology is the key trait in trading hence the cliche, " the biggest obstacle to successful trading is you"
Try and find one style to suit you - this means trying many approaches. Eventually you find a medium to suit you; if you do - don't continue to hop from one approach to another like a butterfly, Yes, it's discipline again.
Good luck

 

[chilltrader]

Don't be too eager while trading. You'll blow your account much sooner than anticipated (and again...)