Best Advice You Could Give A Beginner?

Sander1987 · Jan 3, 2020

kteira said:
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??

Recklessness isn't that suitable for trading. Tight risk management is key.

Good education, an mentor, big capital (at least 150k) and the right trading tools (fast and real time data feed, level 2 or total view etc etc).

vincentnyc · Jan 3, 2020

if you have less than $10k for trading, don't do it.

Overnight · Jan 3, 2020

vincentnyc said:
if you have less than $10k for trading, don't do it.

Put some more oomph into it, Vinc.

cornerstone · Jan 4, 2020

kteira said:
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??

first don't sink in to one thing to dip, not every method or tool will fit you, try to find what area you like and good at- price action, TA, volume ec.
I recommend on Bookmap, because it fits my trading and upgraded it a lot, it helps me understand price movement and big hand activity.
so, you need to find your tools, it's easy to get lost in all the info out there.

murray t turtle · Jan 5, 2020

heavenskrow said:
All I did in uni was spend my time hunched up in the investments/TA portion of the library. Had no life, but don't regret it one bit.
And as far as finance major, I just studied enough to pass thankfully.

%%
Sounds like a better than average library;
some have little or no TA...………………………………………………………………………………………………...

Cabin111 · Jan 5, 2020

Late to the party in this thread...But my same advice. Read the first few chapters of "The Millionaire Next Door". It has been a New York Times best seller and still holds it weight...The numbers are different, because the book is older. But the concepts are still correct!!

The book is much better...But if you do not have time you can watch this. I would watch the first 3 or 4 points two or three times. THEY ARE IMPORTANT!!
https://www.google.com/url?sa=t&rct...=Hxi2JzI3dJc&usg=AOvVaw299q2qT8zWLtHLKBh8xXpw

Sander1987 · Jan 14, 2020

murray t turtle said:
A lotto is a stupid tax on those that cant do math

amen to that. Recent research in Europe concludes that the lower incomes relatively spend more money on lotteries and for examples horse races compared with higher incomes.

It is simple statistics....

Trading on the other hand is (within the right risk management framework and a proper trading strategy) not gambling at all.

murray t turtle · Jan 14, 2020

Sander1987 said:
amen to that. Recent research in Europe concludes that the lower incomes relatively spend more money on lotteries and for examples horse races compared with higher incomes.

It is simple statistics....

Trading on the other hand is (within the right risk management framework and a proper trading strategy) not gambling at all.

%%
Amen to that, Sander1987/1999. You know a lot of inVestors made/make millions with regular inVesting in good mutual funds + stuff like SPY, over 40 years or more .Just like William O Neil + Dave Ramsey says. Many market makers haVe done well [daytrading], but anyone can inVest.

,

Flavio Esteves · Jan 15, 2020

The best advice for a beginner is to LEARN and take it seriously!
The best place I’ve found is Babypips school.
Don’t want to take this long to learn? Cool! Just know you will never have success in this market if you can’t be bothered to do the base minimum to learn how to do it. Get used to failure.

HeSaidSheSaid · Jan 15, 2020

paper trade