My advice is to spend as much time as possible learning to read charts. William Jiler's book, "How Charts Can Help You In the Stock Market" will be a good place to start.
the worst thing u can do is be successful straight away. It goes completely to your head- I know i did it. Prepare yourself for a lot of stress because it hits the psyche hard whether u'r down £1000 or £10k. Invest in some professional research there are plenty who provide it at reasonable prices. Or just purchase yourself some charting software like Metastock and sit down and papertrade your ideas. I did exactly what u r suggesting and it's taken me a while to come back from it- and now as an offshoot I'm a technical analyst.
This 10% advice is not a good advice from a money management perspective. Why do you reccomend 10%? Dragn
I am assuming a small account. I am also assuming a system that will generate at least 25% win loss ratio. Finally, I am assuming a P/L ratio of 3 to 1. I use 10% all the time, and I am net postive for the year over 100% , thanks to last week.
As others have suggested on here DO NOT trade with borrowed money. It turns into scared money as soon as a trade goes against you and that is the quickest way to be thrown ouf of the game with no money and no self confidence. Trading on borrowed money should be done only after you are an experienced, accomplished trader, and then as margin for shorting. If you need to borrow money in order to make money trading as a beginner... you are like a blind guy who wants to be a quarterback.. it ain't gonna happen.
Before you start trading: place $5000 cash in a pile and light it on fire...you need to be able to handle that feeling bacause it's the reality of what the market can and will do to you many times.
nobody would literally do that...the point is to get used to idea that this is a business that can take your money very quickly
I made 10% in 6 days two weeks ago. It was simple. If you trade a stock like NVLS, which is trading around $30, and often has a trading range of $1 from low of the day to high of the day, that's about 3%. If you catch that movement in three days, that adds up to about 10%. But you said 6-8 days. So, if you simply catch a 50¢ of NVLS 6 days in a row, there you are: 10% in a week. And it doesn't take fancy shmancy technical this and candlestick that and subscribe to this or that advisory service. Just watch the stocks and do it. Things should be as simple as possible.