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

  #1 (permalink)
Trading Apprentice
Salt Lake City Utah
 
Futures Experience: None
Platform: Investopedia
Favorite Futures: Stocks
 
Posts: 8 since Sep 2015
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New to trading with high hopes

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?

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  #2 (permalink)
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  #3 (permalink)
Elite Member
Omer עומר / Israel י
 
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This does not sound like a good plan at all.

You need to be well capitalized.
I don't count 1K$/2K$ well capitalized.

Start with SIM and not real money.
It will prevent you loosing that money

Read a lot...

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  #4 (permalink)
Trading Apprentice
Salt Lake City Utah
 
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Posts: 8 since Sep 2015
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What would you consider to be a good amount of capital?

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  #5 (permalink)
Elite Member
Omer עומר / Israel י
 
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Soitgoes View Post
What would you consider to be a good amount of capital?

Define your goals...
5k -10k seems a minimum

Don't trade real money
Learn first

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  #6 (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

Best case scenario is I get very good at speculation trading, achieve financial independence, and develop the ability to generate money from the markets.

Worst case scenario is I lose some money that I would have ended up spending on trivial things and come out with the understanding that speculation trading is not for me and that I should focus on more long term investments.

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  #7 (permalink)
Elite Member
Cincinnati Ohio
 
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Soitgoes View Post
Best case scenario is I get very good at speculation trading, achieve financial independence, and develop the ability to generate money from the markets.

Worst case scenario is I lose some money that I would have ended up spending on trivial things and come out with the understanding that speculation trading is not for me and that I should focus on more long term investments.

Honestly, neither one of those are likely to happen. Very few traders are natuarly gifted and can pick up trading quickly. Very few traders lose just some money. There is a 90%+ chance of losing all your money.

This is more realistic:
Worst case is you give all your money away to the market and not have a clue how you lost it. Even worse is you re-fund your account and do it all over again.

Best case is you don't use real money at first until you have a basic understanding of the market. Then you make some small trades to understand how you react under market pressure. Once you can control your emotions then can start trading larger sizes.


Having been where you are at I would suggest opening a small Forex account and learn about the markets. Then go over here: https://futures.io/index-futures-trading/13452-es-s-p-500-futures-contract-sp500-spoo-nalysis.html#post152675 Start reading about September 2014 through current date. Pay attention to tigertrader.

Also go here: https://futures.io/elite-trading-journals/1415-big-mike-s-day-trading-method-advice.html#post17415 Start reading backwards back to sometime in mid 2014. Mike lays out what it takes to be a trader.

Good Luck!
Robert

nosce te ipsum

You make your own opportunities in life.
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  #8 (permalink)
Elite Member
Sydney, Australia
 
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Soitgoes View Post
Best case scenario is I get very good at speculation trading, achieve financial independence, and develop the ability to generate money from the markets.

Worst case scenario is I lose some money that I would have ended up spending on trivial things and come out with the understanding that speculation trading is not for me and that I should focus on more long term investments.

You might serve your interests better if you don't plan to fail from the start.

Read stuff, you need at a minimum to read topics on having a trading plan, trading psychology, trade management, risk management, price action, auction market theory and other stuff. This is all before you place your first trade.

Hoping something will come up after it's gone down a lot is not a plan or a method, a lot of people do that - they think it's cheap, until it goes even lower and then they turn from a speculator into an unintended long term investor.

Anyhow all this is done to death in other threads, go have a read - lots of good stuff here.

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  #9 (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


PeakGrowth View Post
You might serve your interests better if you don't plan to fail from the start.

Read stuff, you need at a minimum to read topics on having a trading plan, trading psychology, trade management, risk management, price action, auction market theory and other stuff. This is all before you place your first trade.

Hoping something will come up after it's gone down a lot is not a plan or a method, a lot of people do that - they think it's cheap, until it goes even lower and then they turn from a speculator into an unintended long term investor.

Anyhow all this is done to death in other threads, go have a read - lots of good stuff here.

That's pretty good.
I appreciate the constructive comments. I'll certainly read up on fundamentals and get a good understanding of how the market works before I throw any real capital at it.

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  #10 (permalink)
Elite Member
Huntington WV
 
Futures Experience: Advanced
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Silver Dragon View Post

Having been where you are at I would suggest opening a small Forex account and learn about the markets.

I second this. Start a small forex account suitable for your capital and learn how to trade.

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