My Advice for Beginners
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  1. #1

    Default My Advice for Beginners

    My advice for beginning traders is to "not listen to the hype" about the quick profits to be made, and to plan on spending considerable time educating themselves about the markets.

    A starting point would be books on technical analysis.

    It's going to take time and effort. The worst thing in the world would be to become involved and make a whole lot of money real soon. Because then you think you’re smart. And if you get that impression, you’re going to lose everything as quickly as you made it.

    Remember the "five-and-50" rule: Be prepared for to pay trading “tuition” that may include five years of learning with a cost of up to $50,000 to cover items such as education, office equipment, software and potential early losses. Some people get away with three and 30. The rare breeds will get away with two and 20.

    This is not an easy game, and anybody who thinks it is will find out otherwise. Usually people stumble around for years before even finding a methodology that works, much less learn how to use it.

    If you now feel intimidated, then you’re exceptionally smart. Otherwise, you’re going to lose a lot of money before you get good high-quality instructional materials.

    There are a number of good people out there who can teach you about trading, but in the end, it's going to be up to you.

    Start with small sums of money. When you open your account, your (initial) objective should not be to make money. Instead, your objective should be learning and training.

    You should start off with insignificant amounts of money, so they're not focused on gains or losses but how to approach the game.

  2. #2
    Join Date
    Jun 2006
    Posts
    31
    Thanks for that, I will heed your advice but I have to trade with demo accounts first and not spend what I can't afford to lose.

  3. #3
    Join Date
    Aug 2006
    Posts
    9
    That's very sound advice. I'm new to this and appreciated you taking the time to post that. Thanks.

  4. #4
    Join Date
    Aug 2006
    Posts
    4
    Thanks for that. A lot of people when they first go into this are disillusioned and tend to mess themselves up. It's nice to see someone trying to help.

  5. #5
    Join Date
    Aug 2006
    Posts
    5
    Yeah, like me. I do wish I had someone advise me on how to start but then again I didn't go looking for any help. Which is of course the wrong thing to do.

  6. #6
    Join Date
    Mar 2006
    Location
    USA
    Posts
    14
    trading is a profession and like any other profession you have to put in the time to study and practice... consistent success in trading doesn't happen overnight... i dont care what anyone says

  7. #7
    Join Date
    Aug 2006
    Posts
    9
    Due diligence people. Everything takes hard work. You can't expect to get a return on anything you do if you don't put in the hard work.

  8. #8
    Join Date
    Aug 2006
    Posts
    2
    Thanks for your advice. It was a great read. I'm glad you wrote it. I was thinking of getting into forex and your advice will help me.

  9. #9
    I have alot to learn and you certainly started me off in the right direction. Thank you!

  10. #10
    Join Date
    Dec 2006
    Location
    Belgium
    Posts
    20
    Thanks for posting your advice

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