where to begin trading?

[davidh1819]

Hi a am new to this site a would like to begin trading. I am currently reading several books on trading and am currently paper trading and testing stratergies.

I plan to begin trading by opening a spreadbetting account with £1000 with a firm that allows me to trade FTSE100 at 20p per pip i understand that spreadbetting is not real trading but you can still make profits and losses form highs and lows like in real trading.

Does anyone on this forum belive this is a good way to start out? if not how did anyone else here start trading?

any advice is much appreciated

 

[tomorton]

Hi david - spreadbetting is real enough when it costs you money. Its the best way to start out with £1k, most of the techniques you would apply are equally valid with £100k.

Money management is key. Ensure you only risk a tiny percentage per trade. Once you have recorded a logical strategy that covers what the market can do, paper trade it 100 times or until you're wiped out. re-build it or scrap it and start again. Until you know what you will do (you can't possibly know what the market will do) under all circumstances in 100 trades, and that you'll come out a winner at the close of No.100, don't even make trade No.1.

 

[Triggerfish]

Trading is a business and you need to treat it like one, if not, you are most likely to lose. Trade a demo account and practice whatever ideas you have until you can profit from it consistantly day after day. Do research and homework on what you are about to do, you need to tune in and you need to understand what it is and you need to define what your edge is and why you will succeed. This will take some time and that depends on your efforts. Then you could think about live accounts.

 

[DionysusToast]

The first time I do the trade, I lose and lose, because I don't take any look up in this forum, and then I continue to make more profit with the experience (although my profit is not much). You should look round this forum and will have more advice for your trade

I'm very happy for you - amazing really since you posted this just yesterday...

Hi,
I'm a newbie in this forum, love to see all you here