I'm new, need help please?

[oatman]

Glad someone agrees with me on that one. I see a lot of advice in favour of paper trading but try not to bite :cheesy:
If you paper trade for a year, you're more likely to see a market move through different phases of volatility and liquidity without gaining anything. Your chosen method might be OK for a few months but then you may have to adapt it. "Looking" at a market doesn't give you a feel. The longer you look, the less comfortable you'll feel when you have to hit that button. Get it over with and it becomes easier. This would apply to trading shorter time frames, rather than position taking.
That's better :cheesy:

 

[alanb41252]

It is also amazing how consistent success at paper trading converts into immediate failure when starting the real thing.

It's all down to behaviour.

 

[oatman]

It's OK to get you into your trading platform/chart system and some sort of rhythm, test your method and feel comfortable, but after that I think it's pointless to pursue.
You will definitely learn more by "doing" it. :cheesy:

 

[tekker]

I have to chip in here and agree with you. As someone who has progressed through paper trading to spending real money I can attest to Oatman's comment, above, about the sickening feeling you get seeing your (real) money disappear!

 

[oatman]

Well done mate, you've passed the first hurdle. That's the hardest part.

 

[peedee]

What i forgot to mention was that it really pisses you off making paper profit! But, if you are only just starting out...the choice is yours.

 

[alanb41252]

Trade International Paper for real and get the best of both worlds

 

[Quercus]

You've just highlighted another BIG problem there peedee.
Lamenting missed profits is perhaps as big a problem as coming to terms with your losses!
It's down to those two four letter words again - Fear and Hope!
Cheers
Quercus

 

[peedee]

I agree with oatman and tekker ( in a way ), but when somebody starts trading with real money too soon they are probably getting a feel for thier own disposition rather than the market. Saying that the two seem one anyway. Who knows!

 

[kevin546]

Could not agree more with you all about paper trading, it must only be as a short starting point. The reason why people appear to do well paper trading is they do not have to deal with the emotional side when it is for real. Only then do you test your set-up but more importantly yourself. You may find you have to adapt some part of your original plan so that it actually forces you to deal with discipline and rub out emotional thoughts.

I also agree with the comments concerning missed profit etc you will do much better if your mind is focused on getting something from the market. You should also not worry about taking losses because that is probably the most important part. Being able to close for a loss means you can pull the trigger and follow your stop policy ensuring your losses are kept small and your winners are allowed to run. If you cannot pull the trigger when you need to then your losses will mount up crushing your profits.

Whatever time-frame or style you apply just be satisfied in taking something that way YOU WILL make a profit and as you get better you will get more of the price move. Worrying about what might have been is your emotional side working against you and will undoubtedly cause you to remain in a deal longer than you should hoping for a better gain or to turn a loss into a win but will just cause you pain and a greater loss or smaller profit.

 

[peedee]

Ok, lets go back to the original thread/post. Is MeNewTrader best going IB or SB, or will that depend on his/her style of trading and what he/her is trading.

 

[peedee]

MeNewTrader, what are you thinking of using as a trading vehicle.

 

[peedee]

Which came first the strategy or the market?

 

[kevin546]

For anyone starting out I would suggest SB because you can enter smaller deals. I appreciate you could have sufficient funds to open a direct access account and only risk 1 - 2 % per deal but until a novice trader has established his/her proven set-up you risk losing more on the direct access because of the minimum size.

However if you were considering scalping as a daytrader then you need a really good set-up to deal with the SB wider spreads and the direct access would be easier. If your trades are for more than a day then provided the spread offered by the SB company is not to far from the market price then I would recommend starting with SB. Once you have got off and running then you will know if you can adapt to the SB companies idiosyncrasies or move over to direct exchange trading.

 

[peedee]

MeNewTrader, will you be trading for a living or will you have a job to go to?

 

[peedee]

Can a trader day trade ( efficiently ), whilst holding down a 9-5?

 

[bisto]

Which came first the strategy or the market?

the chicken?

 

[peedee]

That's about right bisto!

 

[ChartMan]

Can a trader day trade ( efficiently ), whilst holding down a 9-5?

Two answers.
a) Yes, IF you're the boss and an idle B******d
b) The boss is away for two weeks holiday.

 

[alanb41252]

My own personal question is , "Can I trade efficiently even though not having a 9 to 5 ?"

I am still trying to work out the answer which suggests I am not trading efficiently.

But I am working on it !!!