Jump to content

Welcome to the new Traders Laboratory! Please bear with us as we finish the migration over the next few days. If you find any issues, want to leave feedback, get in touch with us, or offer suggestions please post to the Support forum here.

  • Welcome Guests

    Welcome. You are currently viewing the forum as a guest which does not give you access to all the great features at Traders Laboratory such as interacting with members, access to all forums, downloading attachments, and eligibility to win free giveaways. Registration is fast, simple and absolutely free. Create a FREE Traders Laboratory account here.

blindvet2012

New Guy Question

Recommended Posts

You can start by opening a demo account...watch the market for some time, learn how things work...learn how to analyze the market, find a suitable trading strategy...try different systems real time on a demo account...when you feel you are ready you can start trading a real account...you can try oanda if you are going to trade forex, you can trade very small amounts

Share this post


Link to post
Share on other sites
I want to learn to trade but dont have much money. I have about 400 dollars monthly I could lose (although i dont want to) i need help. Where should I start Im interested in online day trading.

 

Since you want to learn the basics(trust me learning is never ending),please save that hard earned money!! Believe me, you will go trough plenty of losing trades even after you feel you are 'ready' and feel that you got it all 'figured out'. But the difference later would be that you will be able to accept the risk and hence the loss or learn from mistakes (if any).

 

IMHO, you shouldn't start with Forex. There is too much leverage and inevitably most of the new traders end up blowing up accounts ( i learnt it the hard way :)) . I know people might suggest that don't use the leverage but when you are just starting out and you think about all the $$ you can make - there is a tendency to ignore risk. There is a very good reason Forex brokers allow you to start with the as little money as possible. Again I might be drawing from my own experience and may be there are other successful Forex traders here who made it big by starting with little amount. If there are any, I hope they will pitch in and guide you in the right direction.

 

Open a demo account in TOS or something similar. I think you can even open a real account and keep it unfunded but you will still get the real time data. With the small amount, i think it is better to trade options rather than out right stocks/forex/futures.

Share this post


Link to post
Share on other sites
I want to learn to trade but dont have much money. I have about 400 dollars monthly I could lose (although i dont want to) i need help. Where should I start Im interested in online day trading.

 

This sum would be enough to open a micro account in any major broker. But my suggestion is to open a demo account and practice it for couple of month. The primary objective for you will be learning the moves of the currencies and analyzing the existing trading strategies. And when you find the TS which fits your needs - go ahead, open a real account and start trading.

 

Good luck!

Share this post


Link to post
Share on other sites
If you are into stock trading, you should develop concrete, mechanical trading strategy before jumping on with the actual trading. http://www.strategyard.com/ provides virtual trading platform and allows you to develop your both automated and manual trading strategies.

 

I checked out that strategyard. Do you really use it? It doesnt even seem to do much of anything.

Share this post


Link to post
Share on other sites
...IMHO, you shouldn't start with Forex. There is too much leverage and inevitably most of the new traders end up blowing up accounts ( i learnt it the hard way :)) . I know people might suggest that don't use the leverage but when you are just starting out and you think about all the $$ you can make - there is a tendency to ignore risk. There is a very good reason Forex brokers allow you to start with the as little money as possible. Again I might be drawing from my own experience and may be there are other successful Forex traders here who made it big by starting with little amount. If there are any, I hope they will pitch in and guide you in the right direction....

 

Every market has its advantages and disadvantages...i think forex gives more time to trade-practice...

Share this post


Link to post
Share on other sites
I want to learn to trade but dont have much money. I have about 400 dollars monthly I could lose (although i dont want to) i need help. Where should I start Im interested in online day trading.

 

Hi Blindvet

 

I'm in the same position. One word of advice - learn first, test second, then open an account. Hope I'm not teaching you to suck eggs:)?

 

I opened a CFD broker account here in the UK, but found that I really didn't know what I was doing. I decided to take a few months out and learn all I could about trading. I'm now at a system development stage after learning technical analysis, money management, trader psychology and generally about Forex and Forex correlations. I think you need to know how it works before letting loose:) and I've still got lots to learn...

 

My main resource was Market Trading School, which I found through Twitter at handle Mrkttradeschool. I also used baby pips and david waring's videos. All resources were top notch and free.

 

Hope you trade well?

Share this post


Link to post
Share on other sites

Open an account that allows you to trade risking only a few dollars.

 

You can demo trade and be a consistent winner month after month but when it comes to involving cash your mindset changes.

 

Traders don't fail because they don't have a method that works. They fail because of the way they look at the markets and can't handle the mental challenges involved with risking money.

 

The trader with the average method but correct frame of mind will flog the trader with a killer method but horrible psychology.

 

Find a basic method that is not complicated and then work on your money management and trading psychology.

 

You won't do this as nearly all traders are concerned with finding the holy grail that doesn't exist. Then again most traders consistently lose also.

 

Good luck on your journey and I wish you all the success,

 

Johnathon

Share this post


Link to post
Share on other sites
I want to learn to trade but dont have much money. I have about 400 dollars monthly I could lose (although i dont want to) i need help. Where should I start Im interested in online day trading.

 

Bi Blind, sorry to bump this up but can you share some tips that you have acquired over the years? vbulletin-smile.gif

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.


  • Topics

  • Posts

    • In Italy, I saw many of our brothers from different parts of Africa, sleeping and living in the park, the weather was very cold and its obvious that they were looked down upon. It made me want to cry and several questions overwhelmed my heart.   Is it not better to remain in Africa than to be homeless in this freezing cold weather?   I wish I have all the money in the world to rescue them...   Is this the reason why our skin color is looked down upon?   Do our government officials see this sight when they also travel outside of the country...does it hurt them or pain them like it pained me? By Frank Abah, Quora   Profits from free accurate cryptos signals: https://www.predictmag.com/   
    • ELV Elevance Health stock, watch for an upside gap breakout at https://stockconsultant.com/?ELV
    • ORLY OReilly Automotive stock, nice top of range breakout, from Stocks to Watch at https://stockconsultant.com/?ORLY
    • Date: 28th March 2025.   Market Selloff Deepens as Tariff Concerns Weigh on Investors     Global stock markets extended their losing streak for a third day as concerns over looming US tariffs and an escalating trade war dampened investor sentiment. The flight to safety saw gold prices surge to a record high, underscoring growing risk aversion. Stock Selloff Intensifies The MSCI World Index recorded its longest losing streak in a month, while Asian equities saw their sharpest decline since late February. US and European stock futures also signalled potential weakness, while cryptocurrency markets retreated and bond yields edged lower. Investors are scaling back their exposure ahead of President Donald Trump’s expected announcement of ‘reciprocal tariffs’ on April 2. His latest move to impose a 25% levy on all foreign-made automobiles has sparked fresh concerns over inflation and economic growth, prompting traders to reassess their strategies. Investor Strategies Shift Market experts are adjusting their portfolios in anticipation of heightened volatility. ‘It’s impossible to predict Trump’s next move,’ said Xin-Yao Ng of Aberdeen Investments. ‘Our focus is on companies that are less vulnerable to tariff policies while taking advantage of market dips to find value opportunities.’ Yield Curve Signals Economic Concerns In the bond market, the spread between 30-year and 5-year US Treasury yields widened to its highest level since early 2022. Investors are bracing for potential Federal Reserve rate cuts if economic growth slows further. Long-term Treasury yields hit a one-month peak as inflation risks tied to tariffs spurred demand for higher-yielding assets. Boston Fed President Susan Collins noted that while tariffs may contribute to short-term price increases, their long-term effects remain uncertain. Gold Hits Record High as Safe-Haven Demand Rises Amid market turbulence, gold prices soared 0.7% on Friday, reaching an all-time high of $3,077.60 per ounce. Major banks have raised their price targets for the precious metal, with Goldman Sachs now forecasting gold to hit $3,300 per ounce by year-end. Looking Ahead As investors digest economic data showing US growth acceleration in Q4, attention will turn to Friday’s release of the personal consumption expenditures (PCE) price index—the Federal Reserve’s preferred inflation measure. This data will be critical in shaping expectations for future Fed policy moves. With markets on edge and trade tensions escalating, investors will closely monitor upcoming developments, particularly Trump’s tariff announcement next week, which could further dictate market direction.   Always trade with strict risk management. Your capital is the single most important aspect of your trading business.   Please note that times displayed based on local time zone and are from time of writing this report.   Click HERE to access the full HFM Economic calendar.   Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding of how markets work. Click HERE to register for FREE!   Click HERE to READ more Market news.   Andria Pichidi HFMarkets   Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in Leveraged Products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
    • Crypto hype is everywhere since it also making new riches as well, i however trade crypto little as compared to other forex trading pairs.
×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.