Eye opener

[tommofun]

I have recently come across the world of trading, and am very excited at the prospect of setting up my own business with a view to make a good living and a better quality of life and totally appreciate that it takes hard work and time and is not a get rich quick scheme. To this end am currently in research mode in this infinately vast field. I would like to hear general advice about systems, hardware and training available. I've come across John Bartlett and Netpick.com who both come across very well. Has anyone used these services and have any comments. I am very keen to get to day one of trading confident, well armed and mentally prepared. This is my first thread and am looking forward to the ball rolling forward in my first steps to being a trader. Any comments?

 

[Rhody Trader]

Have you determined yet what market you'll trade or your timeframe?

 

[tommofun]

I am very flexible as regards to time frames. I am quite drawn to the forex Market, but have seen the universal indicator that adopts the same rules to any Market anytime. You follow the action as it were which sounds appealing. I am ready for a good solid grounding.

 

[Rhody Trader]

As a beginning trader you definitely should first nail down a timeframe you can trade consistently. With that in hand, next pick your market. Nothing else matters until you get those two things sorted out. You absolutely do not want to be bouncing around between markets at this point. Your development will suffer.

 

[timsk]

Ho Tommofun,
I agree with John. Then again, I always do - it's policy! However, he may not agree with me when I say think VERY hard about trading forex - which you seem to be leaning towards. Doubtless you're familiar with the tech' boom and where that ended up. Well, the market equivalent in trading terms is the forex market. When I first joined T2W, not many people traded it. Now, it seems, everyone thinks it's the bees knees, it's the market to trade because, allegedly, it trends better or it's more liquid or it's this or it's that etc. Don't be fooled into thinking that any one market is easier than another - that's total poppycock. True enough, some markets (and timeframes) will, almost certainly, be better suited than others to your style, your skills and your objectives etc. Therefore, I would suggest, as soon as you find yourself leaning towards one particular avenue in preference to another, consciously ask yourself about the drawbacks. Actively try and find out the reasons for not going down that particular road. If, having done that, you're still convinced it's the way to go, then you will - hopefully - have made the right choice.
Welcome to T2W and good luck.
Tim.

 

[Rhody Trader]

I agree with John. Then again, I always do - it's policy!

And well you should! :cheesy:

However, he may not agree with me when I say think VERY hard about trading forex - which you seem to be leaning towards.

Actually I do agree with you. When I first started in forex there was viritually no individual participation on the spot side. Now it's ubiquitous thanks to the lowe barriers to entry. In my teaching I use forex because people can practice with it any time of day or night. That doesn't necessarily make it the best market for any given trader, though. The markets tend to suit people in different ways.

 

[tommofun]

John and Tim

Hi to both of you and thanks for the inputs, I can see this is going to be a very useful site for my future developments,advice and mutterings!

I am tending towards forex for the latter reasons John points out, ie flexibility for the hours I can practise. As to time frames I am a total novice and don't know what will suit me. Presently I am in a position for me to give this my full committment. I do appreciate that one Market is not easier than another. I am eventually wanting to be versatile and aware of all markets. As to styles again complete novice and am an open book. I am keen to start the ball rolling but have realised patince is a virtue in this business and one to be heeded. On a different note, John, I have read the part of your book that is a available on this site and found it very useful and indeed admire your style and would thank you and Tim for your valuable inputt

 

[ellieCAPRI]

I've come across John Bartlett and Netpick.com who both come across very well.

So, have you tested the system? I was sent an email today about Ultimate Swing Trader, also by Netpick. Any opinion?

Thanks.