Where to Start?

F

FullySt.

Hey guys, so I'm sure you must get these threads a lot but here I go.

So basically I'm completely new and know absolutely nothing about trading.
Im 27, professional poker player currently living in the UK with ~$10k to get started.

What threads, books or videos can you guys recommend to someone with no knowledge of trading?

I have seen a few people talking about having some sort of coaching? Is it worth looking into right now for me? What sort of cost are involved with finding a mentor/coach?

What are the most reputable brokers here in the UK? What other software do I need to get started? Are there any other fees?

Do I have to pay taxes on profit? Losses? (UK)

I can think of a load more questions but I'll leave it at this for now!

Thanks.
 
I can recommend a few books to read before you take the plunge (and start SMALL)

Trading for a living by Alexander Elder

The Stock Market Course by George Fontanills and Tom Gentills

Trading in the Zone by Mark Douglas (I have not read this book but many traders have said it helped them)

For lighter reading:

Reminiscences of a stock operator by Edwin Lefevre and Roger Lowerstein

The way of the Warrior-Trader by Richard McCall

Websites I read daily and found them very helpful:

dailyfx.com (even though this site is primarily for forex traders, the technical analysis is superb and you will learn a lot about reading chart patterns, reversals and those are rather similar for equities. Forex pair action can give early signals/moves to daily equity market direction

kitco.com for gold and silver market info and forecast

Know your exit plan before you start a position. Trade 2-5% of your capital at any one time if you trade live until you have more winning trades than losing ones. The most important thing I have learned personally is never let my small losing trade turn into a big one. Cut your losses early as you want to conserve your trading capital for the next better trade. Don't put your precious money at risk unless you think you have a good chance of getting out of that trade alive and with some profit.

Not familiar with UK tax laws on capital gains and losses, perhaps those who are based in UK can shed some light there

Good luck :)
 
i think you're undercapitalized to do something on your own. you need to set aside quite a lot of money for "education" etc [let alone living expenses etc]. reading books is not going to cut it. you can't learn surgery, golf or whatever by reading books. trading is the same.

your best bet is to get hired by a place that will "invest" in your youth and sees value in your poker skills.
 
Finding your style might be a good place to start.

Equities (US or UK), futures, currencies, options, ....

Intraday, swing, position, ...

Interactive Brokers is a good all round broker, but will require $10k to satisfy the account minimum. You could consider spread betting or CFDs, but understand their disadvantages compared to a stock broker.

A good coach could reduce your learning curve, but the problem is finding a coach who will be suitable for you. Learning from books and forums is a filtering exercise: you can find all the information you need, but also a lot that you do not! The books route could take a few years.

You could look into prop firms offering training, but will cost $5k in many cases. The benefit is you'll get a proper trading platform with low commissions (but probably monthly platform costs).

Above all else start making your own observations. If you study market behaviour long enough you will get it. If you're analytical and effective at classifying the things you see you'll get it quicker.
 
make a plan. set goals. for example. 1. read first book on trading and tear it up - take notes, underline stuff, get important parts of it. 2. do same with the next 10 books. 3. between books, sim trade on demo accounts and see if anything you read has any application at all to what you are seeing on the charts, keep journal, take notes on your actions, feelings, books, and see if you are able to accomplish the goals that you set out for yourself on the list. If you can't set those goals and attain them, ask yourself, why not? What are you willing to sacrifice to immerse yourself in the profession of trading? Check out Dr. Steenbarger, for some ideas on what he says it takes... GL
 
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