New to trading some general questions

[737ngx]

Hello All,

first post on this forum or on any trading related forums for that matter.

I am a 100% newbie, never traded before except for the company stock purchase program. It's a topic that always interested me but never had the time to invest into it. Now I decided to make the time, and I have been busy for the last week reading every single sticky there is (still busy with it), and any recommended links.

I know it will take a lot of time before I even think about placing a first trade.

Having said this, just list night I was reading about "Paper Trading" and the sticky provided a list of about 96 possible choices, many of them offer a trial period.

I wanted to ask if I can have one recommended to me that is fully free for as long as I need that some beginners have used and are happy with.

A second question, and I don't want to jump the gun here, I know I have light years ahead of me before I should start, but I have been wondering at how much money is generally needed from a beginner like me, beside the trading investment, for softwares and anything extra needed for trading?

Thank you in advance
Nic

 

[dbphoenix]

If you have access to paper and a pencil, you can not only get started but be well on your way without spending a dime, except possibly for the cost of the pencil: *click*.

 

[mackdan]

Need a couple of ideas of American companies to invest shares into. Any suggestion?

 

[timsk]

mate if you are new to Forex business but keen to learn it well to be successful then in my advise you should learn from Babypips.com

@FxTim
This is at least the fourth time today that you've plugged Babypips. Kindly stop. Babypips may be appropriate for some traders if and when they've decided that forex is the market for them. Even then, it has many downsides and novice traders like the member who started this thread won't get anything like such a good 'in the round' introduction to trading there as they will here. T2W is far and away a better place for newbies to learn about trading.

If you've not yet done so, familiarise yourself with our Community Constitution:
"1.05 Make sure you follow the posting guidelines. They are there for a reason and it gets annoying when posts appear all over the place and/or in the wrong place. This is not asking much so do your bit for everyone’s benefit."

"1.9 Don't post the same message more than once, in different forums."

2.1 You can mention, link to, or discuss other Web sites that are of interest to our members, as long as they don't violate any of our guidelines. Please don't use our community to generate traffic for another trading community. We'll delete posts that mention or link to our competitors for the sole purpose of encouraging our users to participate elsewhere.
Tim.

 

[userque]

@FxTim
This is at least the fourth time today that you've plugged Babypips. Kindly stop. Babypips may be appropriate for some traders if and when they've decided that forex is the market for them. Even then, it has many downsides and novice traders like the member who started this thread won't get anything like such a good 'in the round' introduction to trading there as they will here. T2W is far and away a better place for newbies to learn about trading.

If you've not yet done so, familiarise yourself with our Community Constitution:
"1.05 Make sure you follow the posting guidelines. They are there for a reason and it gets annoying when posts appear all over the place and/or in the wrong place. This is not asking much so do your bit for everyone’s benefit."

"1.9 Don't post the same message more than once, in different forums."

2.1 You can mention, link to, or discuss other Web sites that are of interest to our members, as long as they don't violate any of our guidelines. Please don't use our community to generate traffic for another trading community. We'll delete posts that mention or link to our competitors for the sole purpose of encouraging our users to participate elsewhere.
Tim.

Tim, I normally enjoy reading your posts.

I have no dog in this, and I can't speak as to the intentions of the OP--I just disagree with the suppression of information from those that need it most (you haven't done this, but you've hinted that it can/will be done, and that good information from any other site that also has a forum is disallowed/discouraged); but IMO:

"The Site" has a lot of good information for newbies regarding forex. (See below). The most I've seen so far in one location for free. Have you actually checked it out?

I understand that a site has to draw a line somewhere between suppressing good information and maintaining members.

I suspect that a site can do both as members are capable of joining, and maintaining membership in, more than one forum at a time.

This (T2W) is not my "top" trading site, but I still monitor it because I may find something interesting. I recently found babypips on my own...and I still visit this site. As a matter of fact, I didn't even notice they had a forum until I investigated, out of curiosity, why you would want to suppress it. It would have saved me some time if I'd found out about that site here first.

My point is, that suppressing information may actually have the opposite effect you intend.

Thanks

 

[timsk]

Hi userque,

Tim, I normally enjoy reading your posts.

Hey, I have a fan, yippee! Although I sense a 'but' coming on . . .

My point is, that suppressing information may actually have the opposite effect you intend.

. . . And there it is!

Thanks for your comments: I understand why you've made the points you have - based on my reply to FxTim. I didn't go into any detail why I think recommending Babypips was poor advice as I suspected FxTim is a multinick who may not be with us for very long. Indeed, I see that the Mods (not me) have since deleted his post. Anyway, back to your post: you raise two issues . . .

The first surrounds our Community Constitution and linking to other sites. If there is good reason to reference another site, then there is absolutely no problem in doing so; e.g. if it offers something that T2W doesn't. It makes sense to do that as it's helpful to members. I do this frequently (e.g. here last week), as do many other people without any complaint or interference from either staff or Mods. So, there really is no attempt (and never has been), to suppress information. Indeed, that would be contrary to the whole ethos of T2W.

The second issue concerns Babypips itself. IMO, this particular site is something of a grey area in terms of being a 'good' or 'bad' site that will help and support T2W members in their trading. In principle, I have no objection in recommending it if it's in the best interests of the member concerned. Sometimes it is and sometimes it isn't. I realize that's very subjective, but it's a call I'm happy to make. In the case of the OP, my judgement is that his interests are better served by T2W than they would be by Babypips - hence my comments to FxTim. If you're interested to know why I think that, I've detailed my reasons in this post. I don't say so specifically (in the linked post) but, all seven points that you'll see highlighted in brown italics are copied verbatim from Babypips.

I hope that shines a more favourable light on my last post and that you understand why I said what I did.
Tim.

 

[userque]

I hope that shines a more favourable light on my last post and that you understand why I said what I did.

It does...thank you!

 

[737ngx]

Thanks to everyone for participating in this conversation,
I am still trying to learn as much as I can, I haven’t even thought about
opening a trading account as I know for a fact I am still far away from being ready.

However I am still struggling to find a good method to paper trade and apply what
I am learning, I have been busy also writing up my trading strategy.

If you have access to paper and a pencil, you can not only get started but be well on your way without spending a dime, except possibly for the cost of the pencil: *click*.

I have not disregarded the above post, but I find it challenging to do it this way,
if somebody want to elaborate I would appreciate it, otherwise I have been looking
for a truly free or nearly free, simulator platform to paper trade.

I found the website of Warrior Trading, not sure if he is a competitor or what,
please understand me, I am googling as much as I can to bring information to me,
they sell a simulator platform at $249 for 3 months with charting, not sure if there is
also a stock scanner/screener.

I know I need to invest, just like in any study someone does, but if there is something
decent out there that is cheaper and that is recommended by you, I would obviously prefer it.

Thanks again for the support you are providing me in my earlier and scary phase of my new journey.

Regards
Nic

 

[timsk]

Thanks brother that you understood and found uselful

I think you'll find that userque was replying to my post - not yours.