PLEASE HELP: The best way to start trading ?

S

sg2014

I am a student and want to start trading.
My starting capital is 1000 - 2000 EUR. No plans to take a job as a trader or get my income from it. Would like to invest several hours every day to learn trading and grow my trading account. Would like to get on the way where over the years growing my trading account up to a million would be a possibility.
Appreciate support of experienced guys here:
1) What market/markets should I look for at first (stocks?)
2) What tools and skills should I focus myself on (tape reading?)
3) What tools and skills are expected to still be useful in 3-4 years
Many thanks
 
You aren't gonna like this answer but those are all subjective questions that no one can really answer for you. It depends on your tolerance for risk, your lifestyle, mental state, etc.
 
STC Capital said:
You aren't gonna like this answer but those are all subjective questions that no one can really answer for you. It depends on your tolerance for risk, your lifestyle, mental state, etc.
More...

I know, I have no problem with subjective answers !

I looking for some sign-posts more than for clear answers.
 
sg2014 said:
I am a student and want to start trading.
My starting capital is 1000 - 2000 EUR. No plans to take a job as a trader or get my income from it. Would like to invest several hours every day to learn trading and grow my trading account. Would like to get on the way where over the years growing my trading account up to a million would be a possibility.
Appreciate support of experienced guys here:
1) What market/markets should I look for at first (stocks?)
2) What tools and skills should I focus myself on (tape reading?)
3) What tools and skills are expected to still be useful in 3-4 years
Many thanks
More...

Stocks are the easiest and you want to use weekly bar charts, you want to trade fewest amount of times so long as the trend is your friend. Trading too much robs you of gaps and trends without retracements(what you want for after a confirmed new trend), sitting on your hands is toughest thing on long term trading.

Volume pushes the market in a direction, what you look out for are volume spikes, they can be good or bad, I often look for them as possible reversals and where to take profit.

Take your time, learn before you do real time, don't trade for at least a year, demo an account and when you can honestly triple your money then safer to trade real time. Learn Price action patterns first. Learn about volume.

Learn about managing the trade after you get in then spending huge amount of time on getting in.

This is pretty close of the entry method I have used for 30 years, backtest, backtest, backtest.

Good luck.

Handle
 
Hello.

As a beginning investor, you should start with the right mindset and have realistic goals to avoid loosing your hard earned capital.
In this market, over 90% of traders fail to make money consistently because they fail to understand themselves and have unrealistic expectations and objectives from the market.
My advice is to leave the job of trading to a experienced professional that can use the right strategies at the right moments, that can correctly analyse and identify market situations and can offer your account the security and risk and money management it needs to grow safely and in the long-term.
For stocks you are definetely not sufficiently capitalised, as you would need a capital of 10,000 USD/EUR in order to generate a income of a few hundred dollars per month, so Forex is the most acceessible and best choice in your case.
A realistic yearly return on investment would be between 150-300%.
Where are you from?
 
HI there,
I just join this forum to get a bit more insights about Forex, how to invest properly, and how i can get to the right information.
If you have any leads on how i can get started, i'm ready!
Thank you!
 
sg2014 said:
I am a student and want to start trading.
My starting capital is 1000 - 2000 EUR. No plans to take a job as a trader or get my income from it. Would like to invest several hours every day to learn trading and grow my trading account. Would like to get on the way where over the years growing my trading account up to a million would be a possibility.
Appreciate support of experienced guys here:
1) What market/markets should I look for at first (stocks?)
2) What tools and skills should I focus myself on (tape reading?)
3) What tools and skills are expected to still be useful in 3-4 years
Many thanks
More...

My suggestion to the newbies if to think first in whole honesty why you want to trade.
These videos apparently have upsetted some traders!

Then, if you are sure you love trading, get into a demo account - no real money trading at all-
for at least one full year. Then year2, try to triple your account , 3 times, before going live.
But then, if you can not follow this simple advice, please check a psy to understand why
(gambling urges, low self-esteem issues, greed, impatience, etc...)
 
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sg2014 said:
I am a student and want to start trading.
My starting capital is 1000 - 2000 EUR. No plans to take a job as a trader or get my income from it. Would like to invest several hours every day to learn trading and grow my trading account. Would like to get on the way where over the years growing my trading account up to a million would be a possibility.
Appreciate support of experienced guys here:
1) What market/markets should I look for at first (stocks?)
2) What tools and skills should I focus myself on (tape reading?)
3) What tools and skills are expected to still be useful in 3-4 years
Many thanks
More...

1. Join a prop firm that will teach you an edge if you don't know anyone to teach you
2. money management
3. none

I hope this helps you.

good luck,

surf
 
Everyone is just going to tell you how they trade and that's the easiest cause it's how they trade.

Personally I'm a 1min DAX nutter, who isn't against getting his ass kicked at times still after too many years LOL

I like Index's there simple and they trade well most of the time.
I used to trade Forex, less and less active as times gone on, to many HFT's I guess or ??
I traded stocks well, but the hours of research every night to find the next play is very time consuming.

Index's, 1Min you turn on, you watch for 10mins you jump in, make / lose some money, walk away, Stocks are more of a life time obsession, this suites me.

Personally I'm a don't bother with Demo more than, testing initial ideas, put $100 per month info a Forex account that lets you trade Forex and Index's, expect to blow the $100 a fair few times, when it runs out, demo what went wrong, top up next wage and do it again, don't put $2000 at risk it will go just as quick as $2000. ( I did this, think I'm -$2000 over 8years, at first it didn't last a day LOL )
 
sg2014 said:
3) What tools and skills are expected to still be useful in 3-4 years
Many thanks
More...
The cardinal rules of (trend) trading:

Trade with the trend.

Cut Losses Short.

Let Profits Run.

Manage risk.

The first rule (Trade with the Trend (aka Trend Following)) is the simplest and arguably the best metastrategy for trading. Being a metastrategy, it is very short on details but a multitude of strategies aka detailed plans fall under its umbrella.

In all likelihood, nobody is going to just hand you a trend-trading plan that is consistently profitable but they are findable. You should look at the Straight Line Approach championed by dbphoenix (there are several Journal threads detailing the strategy).

If you go the indicator route, I strongly advise you to avoid the so-called overbought/oversold indicators. You cannot predict tops and bottoms, it is a waste of time and money to try. If you can successfully detect current trends, you can make money, provided you also use smart position sizing.

Good luck with your trading.
 
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