First steps into the trading world.

[toddytheguv]

Hi all,
Well it is my first venture into stock market trading,I am trying a simulation scenario first, i then have some funds at my disposal which i would like to use to start trading for real.
My intrest in this field is very limited but i see from beinnerd luck i have done something right,so fellow traders,what is the best thing to do as a novice, i want to start trading real money, i have set aside a initial £5000 pounds which i can afford to lose, i understand risk,what is a few basic tips to keep me from losing it,all advice is taken in good faith, should i buy take profit,should i buy long term,trade to daily target ie sell for a minute say 1 % profit,any advice would be gratefull as i say i am a total beginner, i have bought plenty of regular funds like m and g index tracker fund,i cashed in and made a hefty profit of £5000 pounds, that is the money i want to play with as it is profit,so i can afford to lose it,i notice there is a good market run around the world and this will pepper out by the end of the week as the profit takers will move in,.
i was thinking of trading in 10 blocks of £500 pound trades and aiming to achieve a minimum 2 to 3 % profit before i sell, is this realistic.
thanks for taking time to read and reply, thanks......roland (toddytheguv)

 

[Dave1971]

My personal view is daytrading is the safest way of making regular money without risking large proportions of your capital, you never know what events around the world could have a significant effect on your position overnight.

I would strongly recommend picking something that interests you and suits your circumstances. By that I mean your risk profile and available time, daytrading may suit me but it would be no good to you if you can't screen watch all day.

Once you have decided what markets you want to trade in follow every thread on here you can find on those markets and read them carefully, you will pick up a wealth of knowledge and hopefully avoid some costly mistakes, with the benefit of other members experiences.

Good Luck

Dave1971