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New to trading with high hopes
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New to trading with high hopes

  #11 (permalink)
Trading Apprentice
Salt Lake City Utah
 
Futures Experience: None
Platform: Investopedia
Favorite Futures: Stocks
 
Posts: 8 since Sep 2015
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TheTradeSlinger View Post
I second this. Start a small forex account suitable for your capital and learn how to trade.

Could you explain to me what forex is and what advantages it has over other trading platforms? I got on the site and started an account but havent downloaded the actual software yet.

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  #12 (permalink)
Market Wizard
Boca Raton
 
Futures Experience: Advanced
Platform: Variety
Broker/Data: Optimus Futures, LLC
Favorite Futures: Futures
 
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Posts: 2,059 since Sep 2010
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The question you asked on this forum is is one that is asked probably once a week.
I am not even sure why people even answer it now, maybe to get a thanks, or just to demonstrate their knowledge, and it's same thing, read, demo, do mini forex, etc. This is not bad advice coming out of the guys, as reading and learning is part of the process.

But, here is something that is never mentioned: It is VERY hard to become successful at trading if you did not achieve success in any other area. The most successful traders that I meet, and I actually know they are successful (not just by their word), have done something successful prior to trading. They have had above average achievements.

This is not a coincidence, because to achieve above average success you need above average sacrifice.
Something that most people are not willing to go through. Also, you have many setbacks, and I mean many, so to take "losses" once in a while is part of the long term plan. The entire outlook on trading after success is different than having no success.

Success is not necessarily monetary. It can be reflected in many ways, and it is not always related to higer IQ. But all long term achievements, are tied to a strong work ethic. This is what you will need as a trader as well.

It is sad that after 500K threads you did not go through each platform review, and used the search box to find topic by topic all the other things you are after. This is what I mean by effort.

Matt
Optimus Futures

There is a risk of loss in futures trading. Past performance is not indicative of future results.

PM with any questions about optimusfutures (800) 771-6748 (561) 367 8686. THERE IS A SUBSTANTIAL RISK OF LOSS IN FUTURES TRADING.
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  #13 (permalink)
Elite Member
Chicago, IL
 
Futures Experience: None
Platform: NT8,NT7,TWS,FOREX.COM app
Broker/Data: InteractiveBrokers, NinjaTrader Brokerage FOREX.COM, IQFeed
Favorite Futures: The one I'm creating in the present....ES, ZF, ZN, ZB, FX pairs
 
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Soitgoes View Post
What are the fundamentals I should focus on as a beginner?
What are good skills and ideas to have entering in?

I wish I had something like Big Mike's back when I entered into the trading world. I think it's great you are asking for help. If I could offer some suggestion to myself I would say learn as much as you can about YOU. I'm not being funny here. The hands down biggest hurdle in your way will be yourself. This business is about personal grow. Learn about the event of August 18, 1913. And ask yourself what you would have done had you been there.https://en.wikipedia.org/wiki/Gambler%27s_fallacy

This business is about thinking in terms of probabilities. We are taught in this culture to be right. If you are correct in school more than the next guy/everyone you have the brightest future. If you are right in your career you find yourself moving up the company ladder. They do not promote the guy that is wrong more often than the one who is right. Trading is vastly different than this and one has to train it into their self and unlearn what the culture has ingrained into you so perfectly.

Learn about logical fallacies. How you think.

Get as much screen time as you can just watching charts. Look for support and resistance on big time frames and don't worry about the small wiggles on lower time frames its a trap many can not get out of. A micro product is a good idea with a tiny acct...the only idea. Spot Forex (FX) has this but its not a centralized exchange and one has to pick their broker VERY carefully. The CME has micro products too.

A "market order" into the market is generally aggressive, you get filled right away but not at a guaranteed, and only pairs with a opposite side 'limit order". A "limit order" is generally passive, you wait in line to get filled but at a guaranteed price or better, and only pairs with the opposite side "market order".

Only worry about how much you are risking NOT about how much can be made that part takes care of itself. Aim for base hits NOT home runs ....Moneyball.... did you see that movie about baseball? Same idea.

Always remember the traders that have done the homework, have all the resources under the sun ie massive banks etc are just wanting and very ready to transfer your cash into their acct in a legal manner.

Ron

It is an axiomatic fact that while you meditate you are speaking with your own spirit. In that state of mind you put certain questions to your spirit and the spirit answers: the light breaks forth and the reality is revealed.
The steed of this Valley is pain; and if there be no pain this journey will never end.
Buy Low And Sell High (read left to right or right to left....lol)
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  #14 (permalink)
Elite Member
Chicago, IL
 
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Soitgoes View Post
Could you explain to me what forex is and what advantages it has over other trading platforms? I got on the site and started an account but havent downloaded the actual software yet.

Forex is not a trading platform it's the cash currency markets, currency pairs. FOREX is short for Foreign Exchange. The largest markets on the planet. www.Investing.com has free real time charts.....start there. Google the word forex and spend sometime reading. You seem very young. Take you time you have much to learn grasshopper.

Ron

It is an axiomatic fact that while you meditate you are speaking with your own spirit. In that state of mind you put certain questions to your spirit and the spirit answers: the light breaks forth and the reality is revealed.
The steed of this Valley is pain; and if there be no pain this journey will never end.
Buy Low And Sell High (read left to right or right to left....lol)

Last edited by Blash; September 22nd, 2015 at 09:27 AM. Reason: grammar
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  #15 (permalink)
Elite Member
Huntington WV
 
Futures Experience: Advanced
Platform: TradeStation
Favorite Futures: ES, CL
 
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Soitgoes View Post
Could you explain to me what forex is and what advantages it has over other trading platforms? I got on the site and started an account but havent downloaded the actual software yet.

I would now recommend not trading at all until you can answer these kind of questions on your own.

Trading is not for someone that isn't a self-learner.

Good luck @Soitgoes

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  #16 (permalink)
Trading for Fun
Hungary
 
Futures Experience: Beginner
Platform: Sierra
Favorite Futures: ES
 
Posts: 72 since Nov 2014
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Soitgoes View Post
I'm currently saving up some capital to invest in the markets. Between $1000-$2000 is my aim to begin with. I downloaded RobinHood but i've heard the wait list is quite backed up.

I'm on the Investopedia stock simulator and LQ, LXRX, and GBSN are my big traders currently.

I have high hopes for GBSN and LQ because they both had large downward trends that I bought at the bottom of, and I believe they will come back up shortly. LXRX just had a large downward spike but the upward trend looks hopeful.

Anyhow, I'm clearly pretty new and open to advice.

What trading platform should I use?
What are some good strategies for a beginner?
What are the fundamentals I should focus on as a beginner?
What are good skills and ideas to have entering in?

hmm if you bought GBSN @.05 than you now close to double your investment...
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Last edited by JohniFx; September 22nd, 2015 at 01:50 AM. Reason: chart added
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  #17 (permalink)
Elite Member
Auckland
 
Futures Experience: Advanced
Platform: Ninja Trader
Broker/Data: Zen-Fire
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Posts: 710 since Apr 2010
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Trading Plan

This is a must...
But remember above all

A disciplined trader will be more successful with a faulty trading plan than an undisciplined trader with a perfect trading plan.


Ask the following questions throughout the day:
• What is the market doing?
• What is the market trying to do?
• How well is it getting it done?


The Fundamental Truths (Mark Douglas – Trading in the Zone)
 Anything can happen.
 You don’t need to know what is going to happen next in order to make money.
 There is a random distribution between wins and losses for any given set of variables that define an edge.
 An edge is nothing more than an indication of a higher probability of one thing happening over another.
 Every moment in the market is unique.


Sharmas

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  #18 (permalink)
Trading for Fun
Hungary
 
Futures Experience: Beginner
Platform: Sierra
Favorite Futures: ES
 
Posts: 72 since Nov 2014
Thanks: 118 given, 46 received


JohniFx View Post
hmm if you bought GBSN @.05 than you now close to double your investment...

Holeee Sh1T!! you really nailed it boy. You're not a beginner anymore!!! Well done!

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  #19 (permalink)
Trading Apprentice
Salt Lake City Utah
 
Futures Experience: None
Platform: Investopedia
Favorite Futures: Stocks
 
Posts: 8 since Sep 2015
Thanks: 0 given, 3 received


JohniFx View Post
Holeee Sh1T!! you really nailed it boy. You're not a beginner anymore!!! Well done!

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So i've been watching this stock for a few days and I liked it right out of the gate.

I reviewed the company and they seemed to be generating some value but the share prices dumped because if I recall correctly, they were restructuring warrants. This seemed to be fear based to me and not indicative of the actual value of the company so I bought 10000 shares on my sim at .05 and sold at .13

The two other plates I have spinning are LXRX and LQ. I have high hopes for them as well.

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  #20 (permalink)
Trading Apprentice
Salt Lake City Utah
 
Futures Experience: None
Platform: Investopedia
Favorite Futures: Stocks
 
Posts: 8 since Sep 2015
Thanks: 0 given, 3 received



Blash View Post
Forex is not a trading platform it's the cash currency markets, currency pairs. FOREX is short for Foreign Exchange. The largest markets on the planet. www.Investing.com has free real time charts.....start there. Google the word forex and spend sometime reading. You seem very young. Take you time you have much to learn grasshopper.

Ron

Will do sir. This FOREX seems a good place to start. Thank you for the constructive advice.

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