Where to start as a newbie?

Discussion in 'Hook Up' started by Cel, Nov 22, 2010.

  1. Cel


    I'm here to ask where/how to best start with trading to best find out whether it is the right thing for me.

    It would be great if someone would mentor me a little bit to help me whether I got what it takes to be a trader.

    I have always been fascinated about global interactions between all types of social, political, economical and scientific activities.

    I'd be very thankful for some personal support via MSN, thanks in advance.
  2. Redneck


    I have no desire to mentor you – but that doesn’t mean I won’t help

    1.) Read/ dissect – Trading in the Zone (Mark Douglas)

    2.) Read/ dissect – Trading Bar by Bar (Al Brooks)

    3.) Read – NoDoji’s Journal (been closed for awhile but do a search and you’ll find it)

    4.) Ask questions (you’ll get BS answers from some who like to pretend to trade – but you’ll also get solid advice from real traders – and don’t expect the real traders to always agree – there’s more than one way to trade)

    Step 1 – Read and dissect all the above (realize reading is one level of understanding, dissecting is a whole other level, and absolutely necessary)

    Step 2 – Figure out you are the most important…, but also the least important – aspect to your trading success (your actions the most..., your analysis, opinion, ego the least)

    Step 3 – Figure out all the extraneous stuff (news, analysis, opinions, etc.) to price’s actual movement – is useless (all of it)

    Step 4 – While figuring out how to trade – you must lose as little capital as possible (either by actual trading..., or by the extra crap you think you must buy to help you learn – I have a whole library of trading books, videos, stuff and 99.99% of it is money wasted)

    Step 5 - Step 4 not withstanding - you'll need to figure out a losing trade is just as much part of trading - as is a winning trade

    There are a gazillion more things to cover – but let’s leave that for another time as the above will keep you busy for some time to come

    You want to ignore the above, or try you short cut it – go for it – you’ll only screw yourself…


    You’re probably wondering why I suggest you read/ dissect the above specifically

    Trading in the zone – will get you thinking like a trader

    Bar by bar – will give you some skill at reading price

    Nodoji’s Journal – will give you insight to the traits one must possess, and the work involved – to make it

    As to whether trading is right for you – only you can answer that….

    Look forward to possibly seeing you on the other side – maybe…..

  3. Cel, welcome to Elite Trader Forums :) There are plenty of threads which are addressed for newbies like you, like the following new threads:

    The below threads have a collection of good threads to read and study about trading:

    You need to tell something of yourself so people can guide you. You can start paper trading (trading using paper money not real money) and then later on move to real trading when confident. However, to be on safe side, do part time trading and have a job to support oneself.

  4. I urge you to take this advice. Also, if you open an account with a few k and start chucking it about in the futures market, you will lose it. Low leverage is the key for starters and related to this and how you are capitalised is the time frame you'll end up trading. If you think scalping a couple of ticks on es or nq is 'safer' than using a higher t/f chart and going for a good risk to reward of say 1:3 then you'll also lose. You need to analyse your chosen market thoroughly (average swing heights/ pull backs, times of day to trade it, average and unusual volumes etc, etc). You need to have a real feel for how it moves then take a multiple of points at the right time in the cycle. You don't need to trade 40 times a day but you need patience and perception and be willing to lose anyything you risk. Analyse and paper trade for at least 6 months.
  5. Stop right there... Don't even start. :(
  6. trader782


    Thanks for the book suggestions, there really should be a thread like this stickied for new traders coming around and looking for general advice. I would imagine this is not the first person to ask a question like this and there are probably a lot of people who will make a similar post.
  7. trader782


    Thanks for the advice on the books. A thread like this with advice for new traders really should be stickied.
  8. Redneck and cap'ncod, those are good and interesting posts :)
  9. nursebee


    Al Brooks does not have a book called trading bar by bar, perhaps you intend the book he did write? Reading Price Charts Bar by Bar
  10. nLepwa


    What's your background?

    #10     Jan 23, 2011