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blindvet2012

New Guy Question

By blindvet2012, in Beginners Forum

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Obsidian    10

Obsidian
Posted

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

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rcoolkarni    10

rcoolkarni
Posted
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.

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Landser    10

Landser
Posted
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!

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Caveman    10

Caveman
Posted
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.

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Obsidian    10

Obsidian
Posted
...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...

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thearabsmith    10

thearabsmith
Posted
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?

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Johnathon    10

Johnathon
Posted

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

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gavind    11

gavind
Posted
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

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