Where to start?

Discussion in 'Professional Trading' started by txheart0711, Mar 5, 2006.

  1. Hi ya'll,
    I actually started thinking about getting into the markets game when I watched a WizeTrade infomercial. Don't worry, I popped that into the search bar and found this website. I don't think I'll be going that route.

    However, it did get me thinking. I'm in my middle 30's with no money saved for retirement or otherwise. I have only recently "gotten on my feet" financially and actually have quite a bit more than I need coming in now.

    This is the time for me to seriously start thinking of investing and trading. I've thought about this many times in the past but never went through with actually learning and doing the trading.

    I couldn't even tell you the most basic term or concept or strategy in trading. I know absolutely nothing. There is no way I'd put a dime into the market right now. I will be studying everyday for the next six months. I have made my birthday this year my target date to actually start doing something.

    Doing what? As I stated, I know absolutely nothing. I know that I will need to do quite of bit of high risk so that I can start putting away some money but, even knowing that, I don't know what that means.

    Yes, I will be studying my little heart out but I wanted to ask ya'll, where do I start? What do ya'll recommend for a beginner? I will have less than 10g to start.

    All advice welcome!
    Thanks much,
    Texas Heart

    [edited to add] BTW, my first stop is the "Training" link on this website
  2. Is the 10 grand all you have saved up for trading period?

    What will you do once you do lose that 10 thousand?

    I'm 19, so I can afford to lose money, but 30's... don't want to go off trying to pay bills and worried about making money.

    But, I know you will do this regradless, so here it comes from the 19 year old:

    1. 10 grand = bad for stock trading
    10 grand = good enough for futures trading

    If you want to trade stocks, you will need to go to a prop firm, unless you are going to swing trade or something of the sort.

    Futures trading, well.... you will lose money quickly doing that game, but it will be good experience.

    Forex, well, don't even think about it.

    2. Experience is the only way to go. You have to "just do it"

    3. Risk management is very important. Cut losses, let winners run.

    4. It's a mental game. I have the knowledge to trade well, but I have yet to conquer my fears to trade well. Make a good habbit of not fearing the market, and executing when you know you should. Read Mark Douglas' books like The Disciplined Trader.

    5. Work hard. I work at this 12 - 14 hours a day, and still have not had a single penny come my way. I've been at it for 10 months straight. It's a costly business, but you have to love it to really continue to do it even if you are losing.

    Hopefully this will get you off on the right foot for starters.

    I'm sure others will fill you in as well.

    PS The search function works wonders here on ET. Use it often and look at what wise traders have said before.
  3. read Investors Business Newpaper ... consider the idea of longer term investing and trading of stocks ETF's and mutual funds rather than short term daytrading as a way to riches

    there are some free quality sites such as
    the street.com yahoo finance

    you can read bill cara's blog or many others out there ... if you want to learn about T.A.
    in relation to trading , investing timing
    there are free sites or good books to learn

    do not feel you must rush into things now
    to make up for lost time

    get a second opinion or even a third one
    if needed before risking your lifes savings

    good luck
  4. There are investing and trading clubs that you might join. Check out meetup.com to see if there are any in your area.
  5. whats wrong with learning the forex market
  6. Your first post... and your asking what is wrong with the forex market?

    Hahahahaaaaaaaaaa, that is funny.

    Have fun making your forex broker rich while you just get screwed :)
  7. trading bubble?
  8. So are you saying all of us Forex guy's are suckers and losing all of our money?

    Now, that is funny :)
  9. Not suckers, but where is the protection for American traders trading forex, can you say Refco? Forex has almost no protection, non segregated accounts, no tax benefits. The bucket shop of the 21st century. I have heard good about Oanada and maybe even CMC Group, but still not regulated like futures IMO.

    That being said I have seen and heard that Forex is less susceptible to instutional progaram trading because of the sheer size.
  10. Let me educate you a bit friend. Read as much as you can, find a mentor, create a trading plan, and you better follow your trading plan aka exercise discipline throughout the trading day.

    Otherwise you will be doomed to blow up your account. Here's another tip.

    Get a simulator say Ninja Trader or X Trader and try to make funny money on that before you ever put your real money at risk. Then when you can make money on the simulator for say 2 weeks, consider trading a 1 lot with real money.
    #10     Mar 6, 2006