New Trader needing help where to start

[Dawi03]

Hi guys,

I am interested in doing some trading but I dont know where to start. I found this site after a search for Trading forums. I have around 5-8k on hand to start my trading as I am from Australia and have opened an ETrade account. I will open anything else that I need to.

Anyway I was wondering where I can start researching this area or if there is someone that can point me to a thread on where to start. I like the idea of day trading and/or short timeframe trades maybe 1-2 weeks. I dont mind Forex trading either.

What is your opinion on BetOnMarkets? is this any good for an Australian Trader?

Is there any particular trading software I could look at to give me chart info etc that is for the Novice Trader?

I have read up on some companies like Global Markets Australia sending me trades, but they wanted $10k for this, I am not going to give anyone my money, I would rather lose the 10k and learn a lesson than give it to someone else for me to lose and not get educated.

Any help would much be appreciated if you can point me in the right direction.

thanks
Jarrad

 

[Dawi03]

Thanks mate,

If Betonmarkets isnt the way to go, what other sites are there that are equivalent?

My plan, is a rough one, but to start with a bankroll of say $5000, and risk 1% each trade I do, with a stop gap if possible so lets say bet or trade to win $50, this minimises the risk for me. I am not sure if this is smart or not but at least it will give me a long term view instead of risking it all.

As I said it is rough but this is because I havent had much guidance yet about what to do. If someone could help it would be much appreciated.

 

[thepom]

Thanks mate,

If Betonmarkets isnt the way to go, what other sites are there that are equivalent?

My plan, is a rough one, but to start with a bankroll of say $5000, and risk 1% each trade I do, with a stop gap if possible so lets say bet or trade to win $50, this minimises the risk for me. I am not sure if this is smart or not but at least it will give me a long term view instead of risking it all.

As I said it is rough but this is because I havent had much guidance yet about what to do. If someone could help it would be much appreciated.

Check out Zulutrade.com. Also do a search here on Trade2win for zulutrade threads

Then open a zulutrade DEMO account for 3 months.

Then trade small.

Then trade bigger.

Then trade like a champion "Master of the Universe" trader.

Then go bust.

Then start again.

 

[Dawi03]

Check out Zulutrade.com. Also do a search here on Trade2win for zulutrade threads

Then open a zulutrade DEMO account for 3 months.

Then trade small.

Then trade bigger.

Then trade like a champion "Master of the Universe" trader.

Then go bust.

Then start again.

Whats so good about Zulu trade? I am looking at doing some Binary trading as this is quick and easy too. Is Zulu Trade aussie friendly?

 

[pboyles]

Thanks mate,

If Betonmarkets isnt the way to go, what other sites are there that are equivalent?

My plan, is a rough one, but to start with a bankroll of say $5000, and risk 1% each trade I do, with a stop gap if possible so lets say bet or trade to win $50, this minimises the risk for me. I am not sure if this is smart or not but at least it will give me a long term view instead of risking it all.

As I said it is rough but this is because I havent had much guidance yet about what to do. If someone could help it would be much appreciated.

Jarrad

Do not believe any of the crap you are being told. None of these signal providers are any use. The vast majority of them are scammers. Take your money out of that trading account and put it in the bank. Don't even attempt to trade until you know what you are doing. Stay well clear of people like Stone, they are only here to sell crap to people like you.

 

[Dawi03]

Jarrad

Do not believe any of the crap you are being told. None of these signal providers are any use. The vast majority of them are scammers. Take your money out of that trading account and put it in the bank. Don't even attempt to trade until you know what you are doing. Stay well clear of people like Stone, they are only here to sell crap to people like you.

I am not listening to any of it, I have done my own research, the only way to know what I am doing is by someone showing me or pointing me in the right direction. With all due respect, mate if you can point me to a website that is free or give me some tips on where to look it would be much appreciated, dont just tell me to not trade and put my money in a bank as this is no help to me at all. Dont worry I wont be paying anything for anyones trades as this is pointless to my education

 

[justtrader]

Only posting here as I do not have anything else to do.
First let me point you in the the direction of babypips, great site for learning the basics
everything on there is free.
Pay particular attention to price action.
Trade a small account keep an eye on the points you take rather than the actual amount.
Aim for 20-40 points a day and consistancy,
On another thread someone pointed out that you are successful when trading becomes boring.
this is very true.
Join us on the live thread some of the posters explain why they have taken trades there.

 

[Dawi03]

thanks justtrader, I will have a look tonight, appreciate it.

 

[Dawi03]

where do you find the live thread? I couldnt find it

Got it sorry!

 

[justtrader]

where do you find the live thread? I couldnt find it

here:
http://www.trade2win.com/boards/discretionary-trading/139984-live-trading-general-chat-lounge.html

If you just google babypips you should find it.

Good Luck

 

[pboyles]

I am not listening to any of it, I have done my own research, the only way to know what I am doing is by someone showing me or pointing me in the right direction. With all due respect, mate if you can point me to a website that is free or give me some tips on where to look it would be much appreciated, dont just tell me to not trade and put my money in a bank as this is no help to me at all. Dont worry I wont be paying anything for anyones trades as this is pointless to my education

Actually it's a great help to you and will save you about $10,000.

 

[timsk]

Any help would much be appreciated if you can point me in the right direction.

Hi Dawi03,
Welcome to T2W.

I'm always surprised by some of the replies given to new members like your good self who post asking for advice on where to start. Having found a site that's FREE, that's been going for 10 years, with loads of resources and many experienced traders - the first thing you're told is to go to another site! Very, very, odd! There's everything you need right here to get up to speed on all the basics and be in a position to answer all of the key questions about what to trade, what timeframe and what broker etc. etc.

Start with the first two links in my signature and follow your nose from there. There's a self guided trail that's easy to follow. No cost, no one telling you to do this or not to do that, just basic information which will help you find your own way. One thing worth mentioning though - it will take a lot of hard work; there are no short cuts.
Enjoy!
Tim.

 

[justtrader]

Hi Dawi03,
Welcome to T2W.

I'm always surprised by some of the replies given to new members like your good self who post asking for advice on where to start. Having found a site that's FREE, that's been going for 10 years, with loads of resources and many experienced traders - the first thing you're told is to go to another site! Very, very, odd! There's everything you need right here to get up to speed on all the basics and be in a position to answer all of the key questions about what to trade, what timeframe and what broker etc. etc.

Start with the first two links in my signature and follow your nose from there. There's a self guided trail that's easy to follow. No cost, no one telling you to do this or not to do that, just basic information which will help you find your own way. One thing worth mentioning though - it will take a lot of hard work; there are no short cuts.
Enjoy!
Tim.

With all due respect Tim,
There is no site better than babypips for learning the basics
I will also add, yes there are great resources on this site as well!

 

[the hare]

Having found a site that's FREE, that's been going for 10 years, with loads of resources and many experienced traders - the first thing you're told is to go to another site! Very, very, odd!
Tim.

Not odd at all !

You are correct that much of the knowledge required is available at t2w but it takes some digging to find it, and of course, most won't recognize fact from fiction even when thy find it.

The main reason people recommend baby pips is that they've dumbed down their educational resources to such an extent that practically anyone on the planet can understand the nonsense written over there. Spending a couple of years reading posts at t2w takes work, browsing second rate "educational" material at baby pips is just easier, and equally effective in the short term. Most people are looking for an easy way out

You already know this stuff and so do baby pips, it's just that they took action and are now reaping the benefits.

 

[Aesop20]

Well even if it is dumbed down... BabyPips School seems to work for a lot of people, i'd suggest doing that but also sticking on the forum here and learning a thing or two from people.. but like any forum you have to sift for the gold

 

[timsk]

Hi the hare,

You are correct that much of the knowledge required is available at t2w but it takes some digging to find it, and of course, most won't recognize fact from fiction even when thy find it.

No digging is required at all - that's my point. All that any new member has to do is to start with the FAQ in my signature entitled 'I'm New to TRADING - Where do I Start' - and follow their nose. It's all laid out on a plate, as simple as ABC!

justtrader,
Apologies if you felt I was getting at you - it's something of a bete noire of mine - you just happen to be the latest in a long line of examples! No offence intended! I tend to let it go when the OP makes it clear that they specifically want to trade FX and nothing else but, in this case, all the OP has said is that he's open minded to trading FX - or words to that effect. I'm very biased I know, but I think the resources here on T2W are better than Babypips, in so far as they start at the start, i.e. a long time before the new trader has decided what market to trade.
Tim.

 

[the hare]

Hi the hare,

No digging is required at all - that's my point. All that any new member has to do is to start with the FAQ in my signature entitled 'I'm New to TRADING - Where do I Start' - and follow their nose. It's all laid out on a plate, as simple as ABC

The links provided by t2w staff in the "im new to trading" thread don't actually work, and the only other post in that thread discussing trading links to a direct competitor (forex factory)



Not really what I'd call laid out on a plate, unless its a cunning plan to create additional traffic for forex factory (now that's a conspiracy theory that could fly)



Edited to add its the I'm new to T2W thread that has the problems, the I'm new to trading thread seams ok

 

[timsk]

The links provided by t2w staff in the "im new to trading" thread don't actually work, and the only other post in that thread discussing trading links to a direct competitor (forex factory)

the hare,
I count around 17 links (not counting duplicates) in first 3 posts which are all T2W Bot posts. All of them work fine - none are to Forex Factory.

I know your default position is to automatically disagree with anything and everything I say or do - but sometimes you take it too far. The other day I mentioned how some detractors liked to waste the time of staff - which is one of the reasons they are disinclined at times to engage with members likes of you. This is a shining example of just that. Kindly stop wasting my time. If you really have found a broken link somewhere and, if you really wanted to be helpful, (I live in hope), then please PM me the details so I can get it fixed.
Tim.

 

[malaguti]

Dont bother with the links..just get one book definitive guide to point & figure and give that a go. You will probably find you will waste a couple of years trying to learn all sorts of TA and you will come back there at some point. At that point you will say to yourself "I wish I'd looked at this earlier".
I'm trying to save you a couple of years and then you come back and thank me.
you dont need advisory/signals, you dont need indicators, you dont need black box or any other sort of system or algorithms. Trading has never been so easy.
i wish this forum had that at the top of the Read this list..

 

[timsk]

Dont bother with the links..just get one book definitive guide to point & figure and give that a go.

Hi malaguti,
Like you, I too am a fan of P&F and heartily recommend Jeremy du Pessis' book. However, it's a specialist book on a particular technical analysis approach, not a general introduction to trading. Good though it is, it won't give the new trader the same broad introduction to trading as the links I've referred to in my posts. So, while I don't doubt your sentiments are well meaning, they're not applicable to the OP in this case.
Tim.