Need help to start learning

[FLXA]

Hey guys. I am 18 years old and i have always been interested in economics and the concept of money itself. I am planning to go and study economics in an university after I graduate from my current school this year. I have always had interest in investing, and quite recently i have found, and fell in love with trading. My dream would be to become an independent trader in 5-10 years or so. I think I have a healthy and realistic mindset with my goal, and i would be fine with it never working out for me, since with my career path (working in economics) time invested in learning to trade wouldnt be completely wasted.

Trading seems to be a really different skill from pretty much anything else, and I have no idea how it will work for me in the end. But I love a challenge, and so far in my life, anything I have had such motivation to invest to, I have had great results in.

My current problem is that, even with the information i gain daily about the subject, I still feel completely clueless about the complete package, the pieces just havent clicked together, apart from some mid term stock investments I havent done any real trading yet, and I'm not planning to anytime soon. I'm not really sure what kind of help I'm looking for or maybe I'm just speaking out what's on my mind. But with longer projects like this, I like to make myself a step by step plan to follow and I'm not really sure what is the next step for me, apart from seeking out more information.

Sorry for such a long, kind of pointless wall of text. But I guess it works as an introducion if i'm planning to stay in the community for years and see if I sink or swim with my goal.

 

[J_C_Anderson]

Hi,


The general university education is also very important for trading. It will give you background and understanding of the financial sphere. Trading is not only the knowledge of patterns and something like that, but it is also the ability to analyse market information. That is why any education will be important. Bachelor degree in economics could help you to get a position in a prop-trading company, that could be very important step in trading career.

You can start with reading something about market fundamentals. Pay attention to books written by market veterans, not the Forex "gurus". Most of such books are from XX century but the information mentioned there creates perfect understanding of financial markets.

 

[FLXA]

Hi,


The general university education is also very important for trading. It will give you background and understanding of the financial sphere. Trading is not only the knowledge of patterns and something like that, but it is also the ability to analyse market information. That is why any education will be important. Bachelor degree in economics could help you to get a position in a prop-trading company, that could be very important step in trading career.

You can start with reading something about market fundamentals. Pay attention to books written by market veterans, not the Forex "gurus". Most of such books are from XX century but the information mentioned there creates perfect understanding of financial markets.

Thanks a lot for your reply! Yeah I figured my future education would support my trading, and my trading knowledge could possibly support my studies or career if I decide to go down that path. As for books, I am currently reading "Trading in the zone" by Mark Douglas covering the psychological aspect of trading. Do you happen to have any recommendation on a book that would help me learn the markets?

 

[NVP]

Hi F

I cannot emphasise enough the need to read widely and look at the whole bredth of trading ideas and approaches

this will help you find your way ....no rush at all believe me .....you have all the time in the world to learn but not all the money in the world to lose in the process .....many go skint before they get it ...

i've been involved in gambling since i was about 11 and trading since i was 18 .....thats nearly 50 years in the game and i learn something new every day ....

meanwhile a few ideas below if this helps

good luck
N

 

[FLXA]

Hey guys, and thanks for your replies. I'll just focus on education and working & saving money, while studying trading on a daily basis. I've always had a good work ethic towards the stuff I'm interested in, so rushing things now, and setting myself up for failure would not only be a hit on my bank account, but also on my ego. So my plan towards trading full time is really long term.

As for my niche, I think I'm most interested in equities, I can't help myself to care about FX (sorry NVP ) And since I'm graduating to be a accountant in a couple of months, I've had some basic education towards analyzing financial statements for example, which should help me with fundamental analysis.

But like i stated in my first post, I've plans to stay in the community for a long time, so I hope to learn a lot of new stuff with you. Thanks again, appreciate it.

 

[NVP]

Hey guys, and thanks for your replies. I'll just focus on education and working & saving money, while studying trading on a daily basis. I've always had a good work ethic towards the stuff I'm interested in, so rushing things now, and setting myself up for failure would not only be a hit on my bank account, but also on my ego. So my plan towards trading full time is really long term.

As for my niche, I think I'm most interested in equities, I can't help myself to care about FX (sorry NVP ) And since I'm graduating to be a accountant in a couple of months, I've had some basic education towards analyzing financial statements for example, which should help me with fundamental analysis.

But like i stated in my first post, I've plans to stay in the community for a long time, so I hope to learn a lot of new stuff with you. Thanks again, appreciate it.

hey there....

hey I traded oil and equities for nearly 20 years before i got into Forex in the year 2000 ....so no worries !

good luck on the accounting .....i qualified as a certified accountant back in 1987 (ACCA) and its always paid me well alongside my trading ......i have always tried to have at least 2-3 income streams .....it helps to balance out the needs

remember whilst the fundamentals of all Stocks are based on the balance sheet and p&Ls trading is not about that ................its about market sentiment , rumour and emotions ..........my best strategy back in the 80's and 90's was around identifying good fundamental companies that had temporary hits to Shae price based on short term profit targets or other bad news ......they generally came back over time as the fundamentals were strong ..........it did ok .......and still does if you do your homework ...........retail sector is easy to trade like this .........xmas was a risky time but some companies did ok ......

anyway good luck and always happy to help

N

 

[NVP]

For the basics Babypips
For the mindset Mark Douglas
For advanced techniques..demo accounts.

mark douglas is good

also try Steve ward and yvan byeajee for mindset and psychology .......very very important ....Steve is one of the best coaches in the world and he was fascinating to talk to a few years back ......meanwhile Yvan is more new to the scene but has a cracking free blog running with good insights and ideas ......


remember - anyone can construct a simple winning strategy ...its the mindset and associated discplines that make 95%+ of traders fail

N

 

[Maverick_]

My only suggestion would be to not spend time with technical analysis nor indicator. Just open a graph and train yourself.
It is like a video game where you have to control your emotions, so you can clearly see what is happening and take the best decision at any given time.

 

[Mabdelazeem]

Hello,

I think that if you want to trade & Invest then an Economics degree, or even finance, will give you a solid set of skills. I'm in my early 30s and have gone back to a UK Uni' studying Economics and it helps to gain a wider picture of, plus being able to apply macro-economic analysis to trading and investing has helped me become a better trader.

I think if you study Economics, you will have a wide range of job opportunities.

When it comes to trading, it will depend on what you actually want to trade, and what you have actually learned to-date.

There are several areas that are important no matter what asset you trade. You have stated that you are reading: 'Trading in the zone by Mark Douglas', well, trading psychology, risk management and developing a trading plan and having the discipline to stick to it are areas that you will need to master regardless of what asset you trade. These really are areas that you will need to learn, develop, and keep re-learning to maintain success in trading.

When it comes to learning, you are at the stage where you are taking in a lot of information, This, not clicking will disappear after a while, and once you start studying economics this will not be a problem, and you will start to see how everything fits together.

Obviously, you will want to know as much as you can about the different asset classes that you want to trade, how they work, and how they are interrelated, or correlate with other asset classes. So, it's easier to start with one, for, example FOREX trading, and learn as much about that assets and progress from there.

Also, you will want to learn about technical analysis, reading charts and fundamental analysis.

I have over 50 Trading Courses, and over 1500 ebooks, if you add your email, I'll send you some details over.

I would love to receive some information about online course [email protected]

 

[TheUnknowTrader]

In order for you to have the best chance in the markets you have to really focus on educating yourself. off course, There are many books you can read, but I would stay away from that method of education as it can get outdated very quickly as day trading is very dynamic. There is so much information on the web, so be prepared to digest it all over a two year period before you ever start seeing serious results from trading.

Some points to start you off, is that all trading strategies fit under two umbrellas, technical or fundamental analysis. Technical analysis (harmonic patterns) can be helpful when making trading decisions. But I would advise you learn more about the fundamentals. Fundamentals are the reasons why a certain asset such as stock or indices are moving. A company may be reporting negative returns for a quarter which may cause their stock to lose value, or GDP is increasing so the S&P500 is on the increase. The Technical analysis may differ slightly between forex and stocks, but the fundamentals is a whole different story. That’s why its very important to study as much as you can on fundamentals on stocks.

The best way to learn is to copy the ways investment banks make money. There are many good courses out there but I've linked my favourite Youtube trading series. It’ll really help you understand the fundamentals of trading as a beginner. you’ll learn so many valuable truths. You don’t want to listen to other retail traders and their strategies, this will just mislead you. If you can find yourself a mentor, then so be it. trading is a slow process, its all about building a portfolio into retirement, not a get rich quick scheme. good luck out there

 

[hatemypips]

Hey guys. I am 18 years old and i have always been interested in economics and the concept of money itself. I am planning to go and study economics in an university after I graduate from my current school this year. I have always had interest in investing, and quite recently i have found, and fell in love with trading. My dream would be to become an independent trader in 5-10 years or so. I think I have a healthy and realistic mindset with my goal, and i would be fine with it never working out for me, since with my career path (working in economics) time invested in learning to trade wouldnt be completely wasted.

Trading seems to be a really different skill from pretty much anything else, and I have no idea how it will work for me in the end. But I love a challenge, and so far in my life, anything I have had such motivation to invest to, I have had great results in.

My current problem is that, even with the information i gain daily about the subject, I still feel completely clueless about the complete package, the pieces just havent clicked together, apart from some mid term stock investments I havent done any real trading yet, and I'm not planning to anytime soon. I'm not really sure what kind of help I'm looking for or maybe I'm just speaking out what's on my mind. But with longer projects like this, I like to make myself a step by step plan to follow and I'm not really sure what is the next step for me, apart from seeking out more information.

Sorry for such a long, kind of pointless wall of text. But I guess it works as an introducion if i'm planning to stay in the community for years and see if I sink or swim with my goal.

Start from probability theory, then take course on stochastic processes, learn programming (preferably python). For stock market deep industry analysis and accounting is essential to understand company strengths and weaknesses, targets and decisions to accomplish them.

Basically trading job will require finding stable market inefficiency in some asset and then exploiting this weakness. This is how I make money trading on Tickmill, other approaches are probably random guesses in best case. After all if you earn money consistently, somebody is losing them (pay to you), this is how consistency is achieved.

 

[hatemypips]

I too was confused. What should I do when first in forex? is it easy or difficult?

I think ask you a question: Are you read for a hard work, money losses, constant stress, wasted time because of testing garbage strategies and continuous life-long learning process? If yes - welcome to trading.

90% of traders lose money in first 90 days of trading. Always keep that in mind.

 

[NVP]

you need resilience......i was talking earlier about it

https://www.trade2win.com/threads/c...s-and-strategies.71854/page-1485#post-3089844