Best Advice You Could Give A Beginner?

[SimpleMeLike]

Better to trade with them than, against them.

You are SOO right!!! I know if I trade with them, my probability of success goes up.

 

[Scataphagos]

I am learning Price Action concepts and chart reading for intraday trading.

Works the same on all issues, all time frames. (Perhaps not so well on highly volatile issues where you can't control risk... like BTC.)

 

[ironchef]

Hi to the people that do happen to read this,
I'm quite new to trading and I’ve saved a bunch of videos to my watch later on youtube concerning the topic. It does seem a bit hard but I really want to learn how to trade within a year. I don’t care if I have to push myself and miss out of hours of sleep, it’s something that i’m passionate about, but I don’t really know where to start. I understand stocks and how there are many different ways of reading them, but how do I actually trade? It’s a vague question I know. But how do I make sure that when I actually start trading with actual money, I do get (even if it’s $5) back??? I’ve read Rich Dad Poor Dad by Robert Kiyosaki, which is more about investing, which is also of interest to me. I am quite scared, because I have heard that most traders are successful in the beginning, but eventually the cookie crumbles. I'm young, reckless, I do spend my money on silly stuff, but you have to fall to rise right?

In short, how do I trade and how do I read the trading apps/websites such as plus500 or metatrader??

How can you be passionate about something you practically know nothing about? I am not trying to discourage you but just want to make sure you like trading for the right reason otherwise you may not succeed.

Like wanting to be a movie star, playing professional sport, you are "passionate" because you think it is easy money, you watch a bunch of informercials showing traders driving Ferraris, trading on the beach at Cannes? Or are you passionate because you like hard work, strategy, solving problems, the challenge of beating the casinos on their own game? Once you determine your passion is not money or perception, you will be on the road to successes.

I am a newbie like you. I have only been trading for a living for about 10 years, starting not too passionate but the more I dwelled into it the more intrigued I became and the harder I worked at it.

Start by reading and reading, then practice and practice. One day you will join the rank of the elites here. I am not an elite by any stretch of anyone's imagination but I am profitable.

Best wishes and may you have a profitable New Year.

 

[ironchef]

Suggest spending 90% of your money on women and booze. (The rest, it's OK to squander.)

Joking aside... learn "Price Technical Analysis". Best chance you have at success.

Correction: Men and booze.

 

[ironchef]

Hello kteria,

Welcome above the trading journey. Trading is a good career.

Here is my opinion:

1. Determine what style of trading you want to do. Day Trading or Swing Trading.
2. If Day Trading, find books or trading courses on day trading.
3. If Swing Trading, find books or trading course on swing trading.
4. Find a mentor. This is normally through a trading course or online.


Also, look into trading futures, not just stocks.

I am learning Price Action concepts and chart reading for intraday trading.

Currently I am finding a trading style that fits my time schedule and personality.

Great advice.

 

[Scataphagos]

Correction: Men and booze.

Do most women spend their money on men? In any event, my quip was taken from Ernest Hemmingway.

W. C. Field said similar... "Half of my money I spent on gambling, alcohol and wild women. The other half I wasted"..

 

[Turveyd]

Do most women spend their money on men? In any event, my quip was taken from Ernest Hemmingway.

W. C. Field said similar... "Half of my money I spent on gambling, alcohol and wild women. The other half I wasted"..

Quoted that many a time, damn good advice to live by.

We can presume Ironchef is female or male and into males.

And woman rarely have to pay for anything I find, men will hand over the cash for a chance of seeing boobies!!

 

[ironchef]

Do most women spend their money on men? In any event, my quip was taken from Ernest Hemmingway.

W. C. Field said similar... "Half of my money I spent on gambling, alcohol and wild women. The other half I wasted"..

I don't know, it was your advice to OP.

 

[SimpleMeLike]

Great advice.

I will also add to do that. Sim trade 50-200 trades before using real money.

 

[murray t turtle]

Hi to the people that do happen to read this,
.....but how do I actually trade? I am quite scared, because I have heard that most traders are successful in the beginning, but eventually the cookie crumbles. I'm young, reckless, I do spend my money on silly stuff, but you have to fall to rise right?

Scared + most traders are successful @ first?? IF only it were a cookie /cake bake contest or gamble.IF it was a gamble [+ its NOT ]you could blame all on bad luck.LOL
BUT some use the word gamble like, for stupid risk. [Hint #2/clue] A lotto is a stupid tax on those that cant do math. NOT saying trading /investing is a gamble ; its NOT.,