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[Badget01]

Hello Guys,

I am not sure where to ask or who to ask so I am trying this here.

Basically I would like to learn trading and become profitable and create some kind of consitent income. I dont mind if it is going to be in 1 year, or 5 years, I just know that this is something what I want to do and be good at. I have big passion for it and I don't mind staring at a chart all week long and it is so interesting anyway.

I started with Forex, and of course I lost money twice, so I know that feeling when you want to be millionare and then - suprise!

So I strated to learn about options and stocks, I feel more comfortable with this and I thing you have more chances to be profitable than in Forex (I know there is peoplo who can be profitable in Forex or basically everywhere, but I am more intersted in options and stocks)

I don't have money to fund big account, but I am 23 and I just managed to get a job where I can save 1500£ monthly, so I am taking this as my "university" where somebody is paying me to learn how to trade. So in 1 year from now on I can start with money about 18000£, maybe you say it is not enough that's fine I can wait 2 years.
Or I was thinking about starting a trading account and fund it every month with this money, what do you think about that?

Ok and now why I am feeling lost. Because I don't know where to start. There are too many gurus, courses, chat rooms and it seems like if I would try everything, 18000£ would be little money, everybody is just saying they are the best they trading is profitable etc, but of course if you pay 200$ and you have there 300 and more people, you dont really care about your trading, maybe I am wrong and you can find really good mentors who actually cares about you, but as I said there are too many so it is hard to pick one. It all feels like BS to me.. What I found great is TastyTrade but anyway there are many people who are saying TT is BS..

Another thing, somebody is saying selling premium is the only way to earn money where other people hate selling and they are saying the only way is to buy premium.
Also another thing, should I focus on options only or look for low priced stocks which can be day traded with little money?

So my question to you, to experienced traders who was maybe one day where I am now. Where to start, what books to buy and start my "university", what to learn, what instruments trade, learn everything about options or stocks etc..

I am sure there will be few people who will write - dont trade, you will lose anyway, find something different, GO AHEAD but I will disappoint you, this is my passion, this is my hobby and actually mi biggest dream to become a trader so you will not discourage me from this journey.

Thank you for your time and help.

Dom

 

[Nobert]

,, I started with Forex, and of course I lost money twice ''

How many demo/simulated trades/screen time you had - before you lost twice ?

Are you using demos now ?

If so, then what are the results ?

 

[notagain]

I probably know less than you do, but it seems managing volatility is the key.
Market is longterm positive and short term random.
Oversold indicator for entry and take profit in two steps, early profit to afford more risk on the second.

 

[murray t turtle]

I probably know less than you do, but the key.-------------------------------------------------------------------------
Market is longterm positive and ……………………………………………..

%%
Most millionaires in the stock market, did it that way, in ETFs and or mutual funds. BUT bad thing about making million/millions that investing way, not as fun a being an action addict.
Some billionaires made it by trading/action addict; but the bad thing about doing it thatway[they say] cant be an action addict, as the main goal [NOT many billionaires in stock market, many more millionaire investors] .Some addictions are good- if you are not addicted to water- you are a dead duck...………………………………………………………………………………….IBD founder said most new investors try too much too soon, with to little time + work[and traders tend to be much worse @ that]

 

[danielc1]

1) know yourself
2) learn how to think like a trader
3) write your tradingplan that includes a clear edge, exits and positionsize
4) set a clear goal
5) repeat 2,3 or 4 If not succesfull

 

[SPX Blaster]

I frequented a Burger King for morning breakfast some years ago. There was an elderly man there almost every day and he had the news paper, "Investor Business Daily" with him every day. He told me the paper was what made him successful because of the excellent information it gave him. He said he would do about 20 transactions per year and sometimes sold covered calls for more income. I believe IBD has a free trial period and I would recommend it.

 

[fan27]

I don't have money to fund big account, but I am 23 and I just managed to get a job where I can save 1500£ monthly, so I am taking this as my "university" where somebody is paying me to learn how to trade.

Perhaps put 1000£ into some sort of retirement account and allocate 500£ towards an active trading account each month. Study the markets in your spare time and get established with your career. Sounds like you have a bright future ahead of you!

 

[murray t turtle]

I frequented a Burger King for morning breakfast some years ago. There was an elderly man there almost every day and he had the news paper, "Investor Business Daily" with him every day. He told me the paper was what made him successful because of the excellent information it gave him. He said he would do about 20 transactions per year and sometimes sold covered calls for more income. I believe IBD has a free trial period and I would recommend it.

%%
It does + its a much, much, much, much, much, better paper than WSJ. But they changed it to a weekly paper.They used to give free 10 days paper, when it was daily; they still give afree trial ,check them for details.
I got a freebook from them with a 6 month paid subscription.THEY were among the first to put a 200 day moving average on their charts[red, white+ blue charts]They were the 75/+ largest paper; most likely why the NYT loves to note only 50 largest papersLOL-LOL

 

[MattZ]

,, I started with Forex, and of course I lost money twice ''

How many demo/simulated trades/screen time you had - before you lost twice ?

Are you using demos now ?

If so, then what are the results ?

Demos for beginners are just about the worst indicator of success due to execution and lack of mental game preparation.

 

[tomorton]

Hi Dom -

the only reason to pay for forex trading training is if you're in too much of a hurry to collate all the information which they have collated for their clients/students. You're not buying special knowledge, you;re paying for them to make the effort to collect all this stuff and package it. You might legitimately be in a hurry because you have an alternative business opportunity which has a closing window of opportunity. If you do not, don't pay for training.

Get a demo account. Study the internet. Watch lots of Youtube clips. Watch UKspreadbetting and Rayner Teo and FXEmpire.com. You need to work out your trading style, otherwise the best ever strategy will be wasted effort for you. Demo different styles and strategies. Enjoy the learning.