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[steveb1]

I am as wet behind the ears as you can get in this industry,however in these days of pensions woth nothing, i see trading as a posible activity to help me keep my marbles as i grow old disgracefully.
I am 42 yrs old and from the north of England and havent got a clue where to start to learn the business, do i need a softwear to trade or not,which markets who to learn from, it seems a few of you have found some pretty poor teachers in your time.
It would seem a good idea on my part to be able to sit down with someone who trades successfully and try to find a place to start.
Maybe someone is willing to be my mentor, I am more than willing to act as the apprentice (tea boy) and help this peson with his business.
Any other helpful start points would be greatfully accepted.
Thanks in anticipation
Steve

 

[RogerM]

Steve - start off with the first steps thread, and read the T2W guide to trading for each of the main areas. This is very much a self help business!

 

[rog1111]

I am as wet behind the ears as you can get in this industry,however in these days of pensions woth nothing, i see trading as a posible activity to help me keep my marbles as i grow old disgracefully.
I am 42 yrs old and from the north of England and havent got a clue where to start to learn the business, do i need a softwear to trade or not,which markets who to learn from, it seems a few of you have found some pretty poor teachers in your time.
It would seem a good idea on my part to be able to sit down with someone who trades successfully and try to find a place to start.
Maybe someone is willing to be my mentor, I am more than willing to act as the apprentice (tea boy) and help this peson with his business.
Any other helpful start points would be greatfully accepted.
Thanks in anticipation
Steve

Steve

One small piece of advice & sorry if I'm stating the obvious ! Dont be in a rush to hand over any of your cash to someone who will "trade on your behalf", without doing a full and proper investigation first. There are plenty of chancers out there in the world of trading, offering the most fantastic (fictional) returns !

Good luck
rog1111

 

[wellshot]

books

buy these books
they're all you probably need ifyou take the chart/technical analysis route
thomas n bulkowski "encyclopedia of chart patterns"
tecnical analysis plain and simple" by michael n kahn
isbn 0273639870
either through this book shop on home page
or try
www.global-investor.com

 

[rossored]

If people have links, references to good books they've read - anything useful really - it would be most useful to let me know via PM or by replying to the T2W Guide in order that I might put them in the guide, and help others / future reference.

 

[Skimbleshanks]

If you're as wet behind the ears as you say, then I would suggest that you spend at least a year finding out about the markets, the terminology and what it means, charts and software, brokers and spreadbet companies, etc. In other words, get your feet well and truly under the table.

There's a huge amount of knowledge and experience and opinions which have been expressed on these boards, which you should find invaluable in starting you off.

Then once you know the difference between a bid and a bet, and an ask and an axe, that would be the time to consider whether looking for outside help is the way to go. Without knowing the basics you would just be wasting your own time and money at this stage.

Most seem to start with UK stocks because they think that it's 'safer' because they are companies whose names they have heard of, certainly in the FTSE100. But if you're working full-time, then you may wish to trade the afternoon session of the US markets as you can do this from 19:00 to 21:00 each weekday. There are pros and cons in all aspects of trading.

And don't be in a rush to part with any money to anyone - avoid any system sellers, and just keep an open mind as to what type of trading you end up doing.

 

[BBB]

If you're as wet behind the ears as you say, then I would suggest that you spend at least a year finding out about the markets, the terminology and what it means, charts and software, brokers and spreadbet companies, etc. In other words, get your feet well and truly under the table.

Not what you want to hear - but so true! No newbie will ever listen to this though - shame.

 

[donaldduke]

steveb1,

Like you suggest, the best way to learn is to get a good mentor.

If you cant find a good mentor then second best way is to just do it..
Open a spread bet account with say 500 or a 1000 pounds
and place £1 pound per point bets, it will take you a few months
to lose all your money but you will learn a hell of a lot in the
proccess.

Buy lots of trading books and read about
the psycology of trading and money management

This will be a much better tuition than handing your 1000 to
some charlatan..

Then stick with it for a year or three .. Youll get there in the
end but it will long hard and expensive slog..

If you plan to trade in your retirement then you have plenty of
time in which to learn.

 

[chump]

Most of it has been said,but I will expand on it.

What do you have the most of , patience or money?. The less patience you have the more this learning process is going to cost you.

- do not spend one penny. Not on a book,fee or a bet especially not a bet.Understand this if nothing else,you know absolutely nothing and this is the most vunerable time for you.This is the easiest part of the process in which to lose or spend money without benefit. You do not need to learn by making your own mistakes. You can learn from the mistakes made by others.If you start betting now I promise you you will lose more than you benefit.

- at this point everything you need can be found on the web in forums like this and by following up links posted. Start a file and make notes as you read threads. Ask questions ,but be aware you will get answers sometimes from people with almost as little experience as you so always ask how much experience someone replying has.

-if you want to keep the learning process short then stick to learning about issues that can be applied to spreadbetting and don't get involved learning bout options/warrants etc.

- after a few months you might start to feel you know enough to open an account. You don't, at this point you just know enough to start losing money.

- depending how much time you have to devote to the learning process then in about 12 months you might be ready to ask around for a mentor. You will be lucky to get one.Most if they are good enough will be too busy and too savvy to give away their time and skill. Would you ! You might now think about opening an account,but if you do so then make sure that you have learned chapter and verse about money management otherwise even at this point you will not survive long enough to become a long term trader.

- from the start understand this is a business and don't forget it.
As a business it is different to most other businesses. Here you focus on losses ,not profit. Psychologically this is different from the norm. I won't expand on that here,but it is a vital part of your learning process.

Good luck and remember the relationship
Patience : Money


Cheers

 

[rossored]

Good post chump.