It should explain everything and give you plenty of good info.
Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.
Need help? 1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first. 2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses. 3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make. 4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance. 5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers. 6) Help using the forum? Watch this video to learn general tips on using the site.
If you want to support our community, become an Elite Member.
Definitely visit the link provided by Mike, but the short answer is:
The best market for the novice is the one which provides the least amount of a potential loss. This would be trading SPOT Forex using micro-lots/mini-lots.
The lowest barrier to gaining experience is going to be by setting up a SPOT Forex demo account with MBTrading (no deposit or CC info required), downloading their MBT Desktop software, NinjaTrader (see broker setup configuration info), or their MB Trading FX Metatrader 4.
The "best" market may vary depending on the trading approach chosen. Buying pullbacks or breakouts will require a market that tends to trend while a method that relies on reversals or failed breakouts might do better with a mean reverting market.
First, you've got to figure out how you are going to trade, when you are going to trade, and how much capital you are going to start with.
Do yourself a favor and do some research about how REAL traders make a living at trading or have made a living at trading. Pick up these four books... Market Wizards, New Market Wizards, Stock Market Wizards and Hedge Fund Wizards, all written by Jack Schwager. These are interviews with real traders dating back to 1988. Make a note about which interviews stand out most. There are many styles of trading and markets covered in these interviews, from individual stocks to commodities, currencies and options. If there are interviews that really stand out, do some more research on those individuals, and try to pick up tidbits about how they trade.
Once you've done that, learn how to test your own trading ideas on platforms such as TradeStation, TradersStudio or similar programs.
After you have done all this, your question will be answered for you. The worst thing you can do is just start trading some market without a plan because someone told you it was a good market to trade for a novice. There are NO easy markets.
The following user says Thank You to Ilikefutures for this post: