Please help me get started.

Discussion in 'Professional Trading' started by spyder22, Jul 7, 2006.

  1. For software and charts get www.metaquotes.net free software and quotes on forex it is called metatrader 4
     
    #11     Jul 7, 2006
  2. Drew07

    Drew07

    investopedia.com has a wide range of information. From basic stock evaluation to advanced technical analysis etc. I find it quite helpful.
     
    #12     Jul 7, 2006
  3. naz9403

    naz9403

    Retail forex is a bucket shop period!
    No retail forex broker (non ecn) has a fidelity bond.

    BUT

    You can make money and you can beat them. Worst case scenario your account will get too big and they will not fill your trades.

    I think you'll be fine at oanda with anything under $100,000.00

    Anything over 100k i go to the cme.

    I trade with oanda and have never had any problems.

    You will come across posts which say people are getting screwed when trying to trade during news. That is going to happen anywhere you go so get over it.

    Important thing for trading forex is not to use all the leverage they give you. With oanda you can set your max leverage to keep you safe. Mine is set at 20:1 for intraday.

    Most important is learn from mistakes, don't overtrade, and keep a cool head Repeating mistakes is the definition of being stupid. Stay discipline and take it one day at a time. Something i have to try hard at everyday.
     
    #13     Jul 7, 2006
  4. Buy Mark Douglas - Trading in the Zone

    Read, then trade, then read it again to actually understand what it is trying to tell you, then trade again, then read it again, etc...

    A great book, I still make time to read it on a rainy weekend or something.

    Oh yeah, if you start trading, trade small, leave a small amount in your account. You have a very large chance of blowing your account, so why not make the first one as painless as possible? :) Mine was a big reality check.
     
    #14     Jul 8, 2006
  5. OK. ask questions. Do not let anyone tell you what to do because trading is very multi-facetted in markets as well as in time-frames.
     
    #15     Jul 8, 2006
  6. Read plenty of books on the subject, get a good simulator , don't try to go cheap- you'll just end up paying in the market, avoid people that are negative , you'll need a positive mindset.
    You are a smart person so if you are persistent and patient while limiting distractions - then you will accomplish whatever you set out to do...The U.S and Canada are excellent places to succeed in.:)
     
    #16     Jul 8, 2006
  7. Moreagr

    Moreagr

    avoid futures and paper trade... journalize you entries and exits and taughts of why you did what you did


    do this on your spare time and dont jump in..then start out with low beta stocks with volume.,... then when you feel more confident increase size or volatility stocks

    protect yourselves at all times and lose as little as you can.... that way you can survive and learn as you grow.
     
    #17     Jul 8, 2006