Newbie really needs your help. Any advise is very welcome

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mikeydreslim

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Hello everybody, My name is Michael, I am 22, a jobless graduate ( tell your kids that degrees are useless without a postgrad) and at the end of my wits.

I would really appreciate if the good people here can help me. Basically, I lost my job today and I am devastated but it's not the end of the world yet. While working I saved up 500 pounds (about a 1000 usd) and I have decided to go into trading.

Please bare in mind that I have absolutely no experience, technical or otherwise. However I have been described as intelligent, I am fairly numerate and very determined. I understand that forex trading isn't a get rich quick gimmick and that most traders lose or break even. However I also know that if I take my time to learn, there is a profit to be made for me somewhere.

Right now I am less concerned about making a profit. My focus is largely on learning.

This is where you folks come in. How does an absolute newbie who doesn't even understand the most basic terms and knows no real life trader learn, I am a quick learner but to learn I need to have sources i.e books, courses or a tutor etc.

Is it possible for me to learn just by reading books ? Can I learn sufficiently that way ? Is a course neccesary ? What books or courses are vital ? Is there anyone willing to take me under their wings ? Is 500 pounds enough to start with ? If not, how much should I be looking to start with ?

I have no intention to start trading now, I plan to start by december but I need to start learning to be ready for the new year.


Please please please any advise would do. Please don't read this and dismiss it as I have reached a crossroad. Any advise would do. One liners are welcome...any sort of input is a lot better than what I have now. So pleae help this newbie out.


Thank you
 
First of all. Turn of the computer, go get a job, any job, which will allow you to learn and earn simoutaniously. When you have done that, expect to spend 6 months before even putting down a penny, put every waking hour you have into study and I'm sure I, and others here will help you out.

As you are aware, trading forex, especially for a newbie will take time, a lot of it. With no guarantees either.

Secure your income and life, then come back and be prepared for a lot of hard work.

Oh, and welcome to the world of trading, its great eventually!
 
Sweeplongbananafiend thanks for the advise, that is really the plan. Prior to losing my job unexpectedly I planned to save and learn while working but today just mashed up that plan. I am job seeking now, but I really want to start learning so that I can begin trading confidently. In my opinion the quicker I begin to learn, the sooner I can start trading.

Thank you
 
mikeydreslim said:
Sweeplongbananafiend thanks for the advise, that is really the plan. Prior to losing my job unexpectedly I planned to save and learn while working but today just mashed up that plan. I am job seeking now, but I really want to start learning so that I can begin trading confidently. In my opinion the quicker I begin to learn, the sooner I can start trading.

Thank you
Click to expand...


You are under the impression that a few months hard work and all will be sweet. Concentrate on your income first and I will happily help you learn (as will all here) but don't make plans based on the assumption you will be turning over 10k a week from January. It doesn't work like that. It just ain't that easy unfortunately.

You could start by looking at the 'live cable threads' and 'FX 2008' to give you an idea of traders trading day to day, also the encyclopaedia here and Investopedia.com - Your Source For Investing Education to give you a general idea of what you are getting into.
 
sweepylongbananafiend said:
You are under the impression that a few months hard work and all will be sweet. Concentrate on your income first and I will happily help you learn (as will all here) but don't make plans based on the assumption you will be turning over 10k a week from January. It doesn't work like that. It just ain't that easy unfortunately.

You could start by looking at the 'live cable threads' and 'FX 2008' to give you an idea of traders trading day to day, also the encyclopaedia here and Investopedia.com - Your Source For Investing Education to give you a general idea of what you are getting into.
Click to expand...


Thanks once again. I do not believe I would suddenly become rich doing this after learning for a few months. I believe I would become rich when I know exactly what I am doing and how I am doing it. Everything I know in life I learnt, I didn't just assume I would know it by watching someone do it or reading breifly about it, I learned by asking questions, watching, listening and practising.

I am a staunch believer that any type of knowledge can be learnt as long as you have the proper material to learn from. As you may have already guessed I have a lot of self belief so I know that for me to be succesful in this trade, I would have to learn. I do not plan this as some quick fix make an easy buck thing. I understand that if it was easy half the world would be millonaires. I am looking to learn what I understand is a highly technical field with absolutely no gaurantees on making a profit. However I want to learn. If I knew any traders I would have pestered them till they let me shadow then and model their good practises however, I know of no traders so...that leaves me with the internet. I understand that you probably recieve messages from people looking to make a quick buck. I am not like that, I know it is hard work and I am ready to put the time and effort into it. However, I need material. I need books and advise and other things like that.

It should be understood that I am a greenhorn and as such what you may consider common knowledge might actually not be common to me. I am looking to learn from the very start and what I need are sources i.e books, manuals, training courses etc.

Thanks
 
mikeydreslim said:
It should be understood that I am a greenhorn and as such what you may consider common knowledge might actually not be common to me. I am looking to learn from the very start and what I need are sources i.e books, manuals, training courses etc.

Thanks
Click to expand...

I am not your man then I am afraid. I don't believe any books or manuals or courses will help but if that is the route you want to take, then I'm sure there are members who can help.

The best thing I can recommend is downloading the platform in the link I posted, watch it till you eyes bleed and it makes perfect sense.

Good luck.
 
Much of the info you need is all online free of charge. Learn a lot, play about with a demo, mess about with indicators so you can decide for yourself what works and doesn't.
 
hellooo mikeydreslim ,im really sad for what happened to you :( and i hope you to find a new and better job,bad things happens to every one of us..BUT dont let these bad things ruin your life...you are still too young and have the whole life to be better and better :)

About the trading there are thousands of sources to learn and practice,just search about trading educations and tutorials on the internet,there are many brokers who offer trading accademy and free online courses for the beginners,also there is demo account where you can practice trading and improve your trading skills without risking money...if you want my opinion i advise you to read first about the forex and when did it start and how does it work...then learn how to trade and use the platform and how to read the chart and when to open and close orders...its easy and simple just follow the rules :)

I have Kathy Lien's book (Day Trading in the Currency Markets), and I like it, but I like John Carter's book (Mastering the Trade) better. I had some trouble getting through Kathy Lien's book on my first reading, but I really got a lot out of John Carter's book every time I've read it .Another book I really like and can recommend for you is: Technical analysis for the financial markets by John Murhpy.

Good Luck in your life :)
 
mikeydreslim said:
Hello everybody, My name is Michael, I am 22, a jobless graduate ( tell your kids that degrees are useless without a postgrad) and at the end of my wits.

I would really appreciate if the good people here can help me. Basically, I lost my job today and I am devastated but it's not the end of the world yet. While working I saved up 500 pounds (about a 1000 usd) and I have decided to go into trading.

Please bare in mind that I have absolutely no experience, technical or otherwise. However I have been described as intelligent, I am fairly numerate and very determined. I understand that forex trading isn't a get rich quick gimmick and that most traders lose or break even. However I also know that if I take my time to learn, there is a profit to be made for me somewhere.

Right now I am less concerned about making a profit. My focus is largely on learning.

This is where you folks come in. How does an absolute newbie who doesn't even understand the most basic terms and knows no real life trader learn, I am a quick learner but to learn I need to have sources i.e books, courses or a tutor etc.

Is it possible for me to learn just by reading books ? Can I learn sufficiently that way ? Is a course neccesary ? What books or courses are vital ? Is there anyone willing to take me under their wings ? Is 500 pounds enough to start with ? If not, how much should I be looking to start with ?

I have no intention to start trading now, I plan to start by december but I need to start learning to be ready for the new year.


Please please please any advise would do. Please don't read this and dismiss it as I have reached a crossroad. Any advise would do. One liners are welcome...any sort of input is a lot better than what I have now. So pleae help this newbie out.


Thank you
Click to expand...
Michael

First of all - don't despair. At 22 6 months or a year can seem a very long time, but you have plenty of time to create a career, make money and trade. Like the others I think you should concentrate initially on building a career and building up your skills and experience in "standard" employment areas. At the same time you can learn most of what you require from trading using resources on this site and following the guidelines given by others on this thread.

It would help if you could give details of your degree and the type of work you were in before, because members might be able to suggest ways you could proceed. As a starter look at internet job search sites such as jobserve.

It is simply not true to say that you NEED a postgrad degree. What is needed is relevant experience and this might require living on a relatively low salary to begin with. The important thing is to determine which job areas or specific positions offer the most future-proof and future-marketable experience to push you up that career path. You might also consider looking specifically at fledgling companies or those new to a particular market or geographical location. Often people search for only well-known established employers, but these types of companies can potentially bring high-rewards if they do well. I would suggest contacting some of the better employment agencies in your chosen field and ask for a personal interview to discuss possibilities and career direction.

Back to the trading - you need enough money to learn trading and to trade. I won't give you a figure for what is "enough", because that depends on personal circumstances, instruments to be traded and so on. A definition of "enough" might be an amount that you are prepared to lose and I don't really think you are prepared to lose your £500 at present. YOu can however, by using the resources already specified, plus demo accounts learn pretty much for free, but do not think that trading is (at the moment) your passport out of unemployment.

Your passport out of unemployment is to believe in yourself, your skills, your experience and potential and to take positive steps to CREATE a career for yourself.

Don't be overwhelmed or daunted by the task. Plan and work each day as if you are in a job. Update your CV and adapt it to each position you apply for. Plan and schedule tasks for the day that will enhance your chances. Phone employment agencies daily - nag at them so that you are constantly in their mind when a new position comes in.

Good luck and come back to T2W in about a month's time to tell us about your new job

Charlton
 
Charlton is saying really right things. Id like to emphasize "do not think that trading is (at the moment) your passport out of unemployment" - yep, exactly, that was one of my incorrect thoughts in the past. You just ought to be prepared to lost money youll sent on trading.
And second - "It is simply not true to say that you NEED a postgrad degree." That is absolute truth.
I started trading when i was only 16 years old. More over, i was, and i do sometimes till know, trading russian stocks on Micex. Yep, as rumors says, russians are crazy and according to the stocks - highly unpredictable. Also partly because its BRIC, its emerging market, its highly volatile. Thats why it was pretty hard for me to begin my trading career on such stock.
Finally, four month ago i was in the same situation like you, mean, i was a newbie, because i started trading US stocks and commodities. So, what advise can i give you? No doubt, open demo account and test your trading strategists only there. DO NOT use your 500 pounds until youll be confident in yourself in your trading strategy and until youll get a decent virtual pofit in your demo account. Mounts should pass before you press for good results. But thats life! Forget about fast money. Try hard and youll achieve and get what you need.
 
You should start from the basics of Forex Trading
The first thing someone needs is very good education. And this requires a lot of thorough research as there are many
Forex Trading Courses sources but not all are worth the money for their services
 
hi mikeydreslim
My onluy advice for you is to read as much as possible about trading before you start to tarde.And then you should practice on the demo account untill you find yourself qualified to trade in a live account.And I think that is the best way that can save your money.Wish you best of luck and profits:)
 
Originally Posted by mikeydreslim
Hello everybody, My name is Michael, I am 22, a jobless graduate ( tell your kids that degrees are useless without a postgrad) and at the end of my wits.

I am sorry to learn that you are without job but i disagree with you on as above.
you need to work hard to find a job. do any kind of job to start with. it will pay you off in long term.

all my kids are graguated from good uni. except one who gained third class. i was disappointed with the result but after 3 months of job hunting he found a job which initially didn't like it but stayed with them for few months. Now after 3 years he is on over 50k per annum. other kids (to me) started with much higher pay and are nearly catching him, salary wise.

so do not say and think "degrees are useless".

good luck and be positive.
 
Charlton said:
Michael

First of all - don't despair. At 22 6 months or a year can seem a very long time, but you have plenty of time to create a career, make money and trade. Like the others I think you should concentrate initially on building a career and building up your skills and experience in "standard" employment areas. At the same time you can learn most of what you require from trading using resources on this site and following the guidelines given by others on this thread.

It would help if you could give details of your degree and the type of work you were in before, because members might be able to suggest ways you could proceed. As a starter look at internet job search sites such as jobserve.

It is simply not true to say that you NEED a postgrad degree. What is needed is relevant experience and this might require living on a relatively low salary to begin with. The important thing is to determine which job areas or specific positions offer the most future-proof and future-marketable experience to push you up that career path. You might also consider looking specifically at fledgling companies or those new to a particular market or geographical location. Often people search for only well-known established employers, but these types of companies can potentially bring high-rewards if they do well. I would suggest contacting some of the better employment agencies in your chosen field and ask for a personal interview to discuss possibilities and career direction.

Back to the trading - you need enough money to learn trading and to trade. I won't give you a figure for what is "enough", because that depends on personal circumstances, instruments to be traded and so on. A definition of "enough" might be an amount that you are prepared to lose and I don't really think you are prepared to lose your £500 at present. YOu can however, by using the resources already specified, plus demo accounts learn pretty much for free, but do not think that trading is (at the moment) your passport out of unemployment.

Your passport out of unemployment is to believe in yourself, your skills, your experience and potential and to take positive steps to CREATE a career for yourself.

Don't be overwhelmed or daunted by the task. Plan and work each day as if you are in a job. Update your CV and adapt it to each position you apply for. Plan and schedule tasks for the day that will enhance your chances. Phone employment agencies daily - nag at them so that you are constantly in their mind when a new position comes in.

Good luck and come back to T2W in about a month's time to tell us about your new job

Charlton
Click to expand...

Thank you very much Charlton, I read this post twice and I must say it is really helpful especially now that I am feeling down. Thank you once again.
 
Would have to re-iterate what's said here.

Trading is a savage business and you CANNOT and should not try to learn while putting yourself under pressure to make money from it because of no other income sources.

Get yourself a regular job and set aside a small amount of beer money to learn to trade with.

This site is littered with people joining and boasting about how well they are doing only to disappear a few months later. No doubt because either (a) they were lying or (b) they blew out and lost their money. You won't survive long with £500 if you try to make an income from it. (you are talking 10% profit a day minimum..)

The regulars you see on this site make no such claims and make modest but consistent gains (or losses!) It is no quick easy option. How would you feel if you lost that £500 today? You are better saving that for travel expenses to interviews.
 
mikeydreslim said:
Thank you very much Charlton, I read this post twice and I must say it is really helpful especially now that I am feeling down. Thank you once again.
Click to expand...
Mikey

I'm glad it helped. Follow this up TODAY, NOW by performing at least one step, no matter how small it is, to move your career forward. Repeat this daily

Examples might be:

- add a list of job search sites to your favourites - e.g. jobserve.co.uk (or it might be com)
- visit a job search site and do some searches - even if the jobs don't seem quite right, note the agencies that are advertising the jobs and register with them. Even better - ask to meet up with them TODAY or TOMORROW
- rewrite your cv to emphasise how your skills, experiences and hobbies show that you would be the perfect person for the career you search. You might need to have several versions of your cv with different emphasis
- consider what new skills, information and so on you might be able to acquire free or cheaply that would enhance your chances e.g. evening class
- consider some part-time voluntary work, whilst you search. It could enhance your cv, stop you sitting around brooding and also show others this is the case. You might even meet up with someone who could assist you too. If you like outdoor work for example try the British Trust for Nature Conservation and take out your frustration by chopping down some trees

On the trading side:
- scour this site (especially the getting started sections) to gain general background
- use some of the free charting sites to examine charts daily to get the feel of the markets
- use business sites or business TV channels to follow what is happening in the markets
- look at stock filter sites such as FINVIZ.COM to see how you might filter stocks (assuming stocks would become your future instrument)
- look at the book recommendations on this site and acquire the ones oft-quoted (use your public library to order them - you don't have to buy them)
- go to visit free seminars and trading exhibitions, but do so with care. Do not get drawn into the "really beleivable/convincing" and attractive claims i.e. do not part with your money at this stage. It takes time to be able to guage what you should pay for and how much - and by the time you reach this stage you probably won't need it after all !!

Well there's a few things to keep you going !

Charlton
 
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