Hi, I just joined

[trevzilla]

hey guys. I've been mulling over trying my hand at day trading. Here's my situation, I went back to school for two years as a mature student and graduated with a Diploma in computer networking. Unfortunately the IT market is really lousy right now and to get a job I'm going to have to take a job that offers pretty insulting pay, like 14 or 15 an hour (I'd probably be able to get up to 20 to 25 within a year or two). I wasn't one of the more talented students and I'm not even sure if I'm cut out for a career in it.

When I was in school my mom passed away and I had to shelter some of her government pension from the tax man, that money comes due in march. I'm very good with numbers and I'm intelligent and fairly logical. What would my prospects be for making a career out of this if I throw myself into it? I'm going to have a good chunk of money to play with and I can start using simulators to get a feel for it while I wait for the stocks to mature in March. I was wondering what some good books are. I purchased The Beginners Guide to Day Trading and that's all I've got so far. Also, my place is payed for as well as my new car, so I can get by on a pretty small amount of money while I'm learning the ropes. I just don't want to lose my shirt getting into this, and I've known some people who've been destroyed on the stock market, like two guys who went from 3/4 of a million. One in the .com meltdown and the other in October 2008.

This is a big turning point in my life and I want to weigh the options.

 

[stuart72]

try 12fxsignals dot com, they helped me. Pierre is really good at getting you started.

 

[Hoggums]

Don't listen to the charlatans like above trying to get money out of you. You can learn the basics from books and this site but there is no greater teacher than experience.

However, this is a brutal game and takes no prisoners and shows no mercy. Beginners venturing into the markets routinely lose their accounts as they fail to understand and properly grasp risk and money management.

It simply is far too early to think about a career in trading, you have no track record and do not know if you are cut out for it and it will probably take you 2-3 years before you fully understand what you are doing and how the markets work.

Carry on with your career and play with pocket money you can afford to lose. Most people never make it, chances are you won't either. If you make enough money in a year to think about it full time - then great - but it's a long road before that happens.

 

[timsk]

Welcome to T2W trevzilla.

I would suggest you don't hunt around for a signal service to start with - no matter how good it might be. Learn the ropes first, so at least you know what you're getting yourself into. To do that, start with the links in my signature.
Enjoy!
Tim.

 

[trevzilla]

alright thanks guys.

 

[David99]

Hi, I've just joined here and I'm just starting my Day Trading journey too. The vast majority of traders fail as mentioned, but once you learn more about trading you'll realise why. There are so many traps to fall into, you've got to do your homework before every trade because the market is unpredictable (if it wasn't, everyone would be doing it and being successful, and hence no money to go around). Rule 1 is manage your risk, write that under your screen now : )
Good luck.

 

[ritzn75]

Very rightly said @David99

I entered the glorious world of Forex Trading in July 2010 by learning from a professional trader (not someone who is looking for money). After about 6 months of tweaks, learning from this forum and babypips I started with a demo account of 10,000, because I wanted to be realistic. You can start with 100,000 but that is unrealistic.

I also purchased some Clickbank products as they have 60 days money back guarantee, I refunded all of them as I realised they are just Marketing Hype, but you do get to learn something out of each product.

Now I am making a small sum of amount (2 % of my tiny balance every day) using some well tried strategies and minimising risk. My mentor told me the importance of Trade Journal and sharing with fellow traders. By writing you are committed to what are you doing, you can go back and see what mistakes you did and worked in your favour.

And by sharing this info you feel accountable to others. Most people trade from home and start on their own which means they can do whatever they want without anybody questioning them. Thats when you start making mistakes as you know no one is looking at your trades and you can open a trade without StopLoss or no Entry-Exit plan.

If you happen to live near Reading, we can plan to meet up or follow me at IOwnATM dot com

Happy Trading!!