So let me guess. You lost your job, you have $1000-5000 and you are going to kick wallstreets ass and take your pittance and turn it into millions in a few months. Let me give you a great piece of advice before you lose what little you have. In the least take some time (I recommend at least 4 years based on your question, 4 years which I would equate to a BA/BS at best in the functioning of financial markets, financial instruments and general understanding in finance) following the financial markets and try and gain at least a basic understanding of financial markets and how they function before you make another trade. And in that time read an accounting text and read Security Analysis and the Intelligent Investor by Benjamin Graham to gain some basic understanding of accounting with the ability to read and analyze a balance sheet, income statement, statement of cash flows, retained earnings, annual reports etc. Lol do you know what a balance sheet is? You also need to read several texts on technical Analysis such as Edwards/Magee and John Murphy's Technical Analysis of the Financial Markets. Also you will need to gain a basic understanding of macro economics since markets of course are heavily influenced by the overall economy and they economies of other nations. And don't let any clown on here tell you that you do not need to know anything about anything. Basic knowledge and intelligence as a foundation in these areas is highly conducive to success in the financial markets. You can't just go from knowing nothing about anything,,,,economics, financial markets etc and having say a high school education to trading successfully. The odds of success for a high school level educated individual with a high school level of intelligence and knowledge succeeding in the financial markets are astronomical. After 4 years you are on the same knowledge level and as green as any kid out of college. So after 4 years proceed cautiously Because Guys like you will still simply be fodder for the cannons. You have no clue regarding market functions. You have no education in finance, you have nothing yet some erroneous belief that you can instantaneously acquire the ability to trade. Anyone can trade and make millions in the stock market right? LOL You do realize that people spend years educating themselves in various disciplines, accounting, engineering, medicine, law, finance and THEN STILL have to acquire experience in their discipline,,,,,but somehow the ability to trade magically can come to you or anyone over night. Do you realize that the successful traders and folks on wallstreet have years of education in finance and various academic disciplines such as economics and accounting, that they MBA's in finance and PHD's in economics etc. Can you even comprehend WHY a base knowledge in let's say accounting or economics benefits an individual attempting to trade. Good Luck.
Thanks so much for taking the time to reply. I am just going to read more books and delete my thread.
IF you can read a college level text book in finance (which any work in fundamental analysis or technical analysis will be) and read, comprehend and apply that material in your security selection then maybe you stand a chance. IF you can self educate and finish these various texts then I believe you would have an intellectual capacity to succeed in the financial markets. Don't let anyone tell you that a person of average intelligence(and I am not suggesting this is you, you may have an IQ off the charts) high school education and a rudimentary understanding of finance and financial markets and economics etc can look at a few charts for a month or two and make consistent profits just like that. They are full of crap. Believe me, basic knowledge adds up to ability in any discipline or profession you choose. The markets will be here tomorrow for you. Good Luck
Truthfully....what do you think would be better let's assume you have $5000 or 10K saved up. Would you rather give that money to the markets or take yourself and your girlfriend to Hawaii or Cancun and blow the cash on fond memories jet skiing, scuba diving/snorkeling, eating great food, sucking on tropical drinks etc and a good time. Or buy a new toy like a boat or an atv or even a new car. I would suggest that money lost to the street would have been better spent on a vacation or a new car or toy etc. You can also continue to save over the next 4 years while you do a Bachelors equivalent of self study in TA and FA, economics etc. Then you will have more capital and stand a better chance. You can also paper trade during this time with the equivalent amount of capital you figure to have in 4 years. RULE #1 of TRADING.) ALWAYS PROTECT YOUR CAPITAL Blowing $1000 or 5000 or 10,000 is not protecting your capital. And don't listen to some tool on here try to tell you that losing $10K is money well spent in furthering your knowledge. Because i know some moron will be chiming in with that idiocy at any moment. Then they will try to chime in with paper trading isn't the equivalent of trading real money blah blah blah. Don't let some idiot lead you to believe that. Protect your capital,,,,,,paper trade, study, develop skills and a successful track record on paper. THEN and ONLY THEN make an attempt with RISK capital you can afford to lose. Either way, whatever you do, good luck.
"And don't listen to some tool on here try to tell you that losing $10K is money well spent in furthering your knowledge. Because i know some moron will be chiming in with that idiocy at any moment. Then they will try to chime in with paper trading isn't the equivalent of trading real money blah blah blah. Don't let some idiot lead you to believe that. Protect your capital,,,,,,paper trade, study, develop skills and a successful track record on paper. THEN and ONLY THEN make an attempt with RISK capital you can afford to lose." That is excellent advice and i agree 100 %. yeah,the old "losing 10 grand was a great lerning experience". pure bs.