You don't need one - just need to do some looking, take on the risk - win or lose, accept it and move on! J_S
It's tough to take on any risk when it involves real money. Been taught to be risk aversive all these years. How did you manage to overcome that?
It is amazing what a few big losers will do for your way of thinking - most never really listen till they have bout 3, which is exactly what happened me! J_S
My 2c worth... Decide on an amount of money you are willing to blow. (One month's paycheck or whatever) Deposit this amount, and no more, in a trading account. Don't use leverage or trade on margin. Maybe stick to stocks and ETFs. It's harder to trade a small account due to comms but this is the last thing anyone should be thinking about when starting out. You don't hear of many traders blowing their account because of comms. If you dream of making a fortune, or being able to quickly pack in the day job, then forget it. Good luck one and all.
Blowing an account because of comms ?! XD ... If you blow up it's because Costs > Retuns. A loss is a cost. Comms are costs. Slippage is a cost... Gardening teach patience. That one of J_Smith advantage =P
There are a good few ways to make, and lose, money trading - but each one involves you putting your money at risk. Money makes money, so without adequate money you are facing an uphill battle - leverage for those with little money is only a fools game, especially if used for longer term trading, as margin call can happen if market makes a big move against you. It really is simple - only use money you can afford to lose - that does a few things - removes fear, and allows you to trade with wider stops - which gives you a better chance of making a profit, even though you will have some drawdown. Timing is everything, and, when you get it completely wrong, you must then take your loss and reasses, as you were obviously wrong. Staying with a loser for too long is not good, as it costs you money with missed opportunities, and also affects you mentally - you must know your max limit, and, suffer it if the market makes that big move against you. Keeping in touch with the market reduces your risk, as, you get a feel for what is happening when you follow it closely - taking your eyes off for even a day or two can cost you big - nearly happened me lately, but as I was not afraid of losing +$5k, I ended up making nearly $1k - a real example of what I have just mentioned. J_S
No money made, or lost, without placing trades! Must put the levels in my mobile phone for next week and keep an eye on market when it opens. Bias is long VXX with a view to holding for 2-4 weeks, and maybe sell some calls when positions opened? No major US news on Monday! J_S