Specific advice for newbies

[bstevenson]

Hi,
Apologies if this has been covered a million times before.
I am new to trading, I come from a back office background so have an understanding of the markets and the various investment instruments out there. I have no trading experience however.
I have read through a decent amount (there is a lot) of info on here, especially in the First Steps/ Getting Started area.
While there is a lot of great stuff, a lot of it is vague or theoretical.
As someone starting out it would be great to literally have a checklist (for dummies) of what you need to get started along with some recommendations.
Now I realise that when a trader develops a genuine edge they want to keep it closely guarded. I also realise that many traders have taught themselves and have an 'I did it myself and so should you' attitude. If so fair enough.
It would be helpful though to get some specific advice from successful long term traders who do not have a vested interest.
Things like
1. What products are best for newbies to start trading?? eg. stocks, forex, futures, CFD's etc
2. What platform/broker/software is good/best for starting out?
3. Are there any genuine good quality training courses/material out there?
4. How do you go about developing a trading stratergy/method?
Ive seen these before and I know the standard response is to say 'its a personal preference' or 'you need to learn your own way' but surely there is a seasoned trader out there who can point me in the right direction without giving away trade secrets or trying to sell something?
Also are there any good prop trading companies in the UK worth checking out?
Ive seen Amplify Trading, they look ok but I only say that as they are affiliated with BPP which is a respected financial training institution I know of.
Also what is the latest on Knowledge 2 Action - are they dodgy?
I know the common mindset is that paying significant money for trader training is generally not worth it as a lot of good info can be found for free but even sifting through the tonnes of info on a site like this can be daunting and siphoning out the worthwhile info a massive task.
Dont get me wrong Im happy to do the hard work and am under no illusions as to how difficult trading a profit will be, Im not looking to make a million in a few months (though it would be nice) just hoping for a nudge in the right direction so I can learn how to read the markets properly and maybe pull a couple of hundred pounds a week out of the market!
I guess Im looking to day trade, dont want to be holding open positions long term. Only looking at something like 1000k to 10000k opening capital.
Is it posiible to make a few hundred pounds a week on a regular basis with that kind of start up capital?
Hope I havent rambled on too long and someone actually reads this.
Any genuine advice or comments would be most appreciated.

Thnaks in advance.

B

 

[barjon]

http://www.trade2win.com/boards/first-steps/89078-essentials-first-steps.html

 

[pboyles]

Hi,


Only looking at something like 1000k to 10000k opening capital.
Is it posiible to make a few hundred pounds a week on a regular basis with that kind of start up capital?

B

Highly, highly unlikely. A few hundred a week off 10k after several years of trying? Just maybe, but that'll be much better than most achieve when you average it out over a few years. You'd be talking 3, 4 or 5 percent a week to do that, on second thoughts, probably not in all honesty.

 

[pboyles]

Hi,
Apologies if this has been covered a million times before.
I am new to trading, I come from a back office background so have an understanding of the markets and the various investment instruments out there. I have no trading experience however.
I have read through a decent amount (there is a lot) of info on here, especially in the First Steps/ Getting Started area.
While there is a lot of great stuff, a lot of it is vague or theoretical.
As someone starting out it would be great to literally have a checklist (for dummies) of what you need to get started along with some recommendations.
Now I realise that when a trader develops a genuine edge they want to keep it closely guarded. I also realise that many traders have taught themselves and have an 'I did it myself and so should you' attitude. If so fair enough.
It would be helpful though to get some specific advice from successful long term traders who do not have a vested interest.
Things like
1. What products are best for newbies to start trading?? eg. stocks, forex, futures, CFD's etc
2. What platform/broker/software is good/best for starting out?
3. Are there any genuine good quality training courses/material out there?
4. How do you go about developing a trading stratergy/method?
Ive seen these before and I know the standard response is to say 'its a personal preference' or 'you need to learn your own way' but surely there is a seasoned trader out there who can point me in the right direction without giving away trade secrets or trying to sell something?
Also are there any good prop trading companies in the UK worth checking out?
Ive seen Amplify Trading, they look ok but I only say that as they are affiliated with BPP which is a respected financial training institution I know of.
Also what is the latest on Knowledge 2 Action - are they dodgy?
I know the common mindset is that paying significant money for trader training is generally not worth it as a lot of good info can be found for free but even sifting through the tonnes of info on a site like this can be daunting and siphoning out the worthwhile info a massive task.
Dont get me wrong Im happy to do the hard work and am under no illusions as to how difficult trading a profit will be, Im not looking to make a million in a few months (though it would be nice) just hoping for a nudge in the right direction so I can learn how to read the markets properly and maybe pull a couple of hundred pounds a week out of the market!
I guess Im looking to day trade, dont want to be holding open positions long term. Only looking at something like 1000k to 10000k opening capital.
Is it posiible to make a few hundred pounds a week on a regular basis with that kind of start up capital?
Hope I havent rambled on too long and someone actually reads this.
Any genuine advice or comments would be most appreciated.

Thnaks in advance.

B

I should have added that number one on your desired checklist should be 'dont buy anything off a trading vendor'. Most people will tell you that it can take years to become profitable, do you really think you can do that in a weekend course just by paying £3000 or £4000?

 

[roarson]

Hi,
Apologies if this has been covered a million times before.
I am new to trading, I come from a back office background so have an understanding of the markets and the various investment instruments out there. I have no trading experience however.
I have read through a decent amount (there is a lot) of info on here, especially in the First Steps/ Getting Started area.
While there is a lot of great stuff, a lot of it is vague or theoretical.
As someone starting out it would be great to literally have a checklist (for dummies) of what you need to get started along with some recommendations.
Now I realise that when a trader develops a genuine edge they want to keep it closely guarded. I also realise that many traders have taught themselves and have an 'I did it myself and so should you' attitude. If so fair enough.
It would be helpful though to get some specific advice from successful long term traders who do not have a vested interest.
Things like
1. What products are best for newbies to start trading?? eg. stocks, forex, futures, CFD's etc
2. What platform/broker/software is good/best for starting out?
3. Are there any genuine good quality training courses/material out there?
4. How do you go about developing a trading stratergy/method?
Ive seen these before and I know the standard response is to say 'its a personal preference' or 'you need to learn your own way' but surely there is a seasoned trader out there who can point me in the right direction without giving away trade secrets or trying to sell something?
Also are there any good prop trading companies in the UK worth checking out?
Ive seen Amplify Trading, they look ok but I only say that as they are affiliated with BPP which is a respected financial training institution I know of.
Also what is the latest on Knowledge 2 Action - are they dodgy?
I know the common mindset is that paying significant money for trader training is generally not worth it as a lot of good info can be found for free but even sifting through the tonnes of info on a site like this can be daunting and siphoning out the worthwhile info a massive task.
Dont get me wrong Im happy to do the hard work and am under no illusions as to how difficult trading a profit will be, Im not looking to make a million in a few months (though it would be nice) just hoping for a nudge in the right direction so I can learn how to read the markets properly and maybe pull a couple of hundred pounds a week out of the market!
I guess Im looking to day trade, dont want to be holding open positions long term. Only looking at something like 1000k to 10000k opening capital.
Is it posiible to make a few hundred pounds a week on a regular basis with that kind of start up capital?
Hope I havent rambled on too long and someone actually reads this.
Any genuine advice or comments would be most appreciated.

Thnaks in advance.

B

WOW, I come from the exact same backoffice background! This thread that you posted has been so useful to me because I think we know, or dont know just about the same amount about trading! Best of luck to you my friend

 

[stopdownlimitup]

I agree with the person who emphasized not to buy anything off a trading vendor... I'm still shocked when I find that people don't know when something that sounds too good to be true... is too good to be true!

I can't answer all of your questions, but per the first three:

1.) I would avoid Forex as a retail trader, I think it's insane to believe you can beat the algorithmic bank traders. Stocks and futures could both be good places to begin depending on your existing knowledge.

2.) I would pick your platform first, then pick a broker who offers that platform.

3.) If you're trading futures the NFA has a great publication that covers the basics: Opportunity and Risk: An Educational Guide to Trading Futures and Options on Futures

Good luck.