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El_Barto

What to Trade??

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Hello everyone,

 

This is my first post here, i ve been reading this forum as an un-registered member for some time now, in addition to a whole lot of other reading i ve been doing on trading in general.

 

I ll start by introducing myself briefly, i am 26 year old, i work in a call center as the operations manager, so for my age and where i live, i basically can't complain as far as my current situation, i live in a beautiful sunny place and earn a decent living for my age group.

 

Having worked in my current job for almost 5 years now and having climbed up the ladder of success as much as i believe will be possible for me to do in this company, i'm now sort of having a "quarter life crisis" if such a thing exists, and am exploring other possibilities of careers out there. After-all, if i managed to turn a simple call centre job answering phones to running the department with 65 people under my direct reporting, why could my next venture not also be a success?

 

So my search for job and general happiness brought me to looking into possibly starting out as a Trader. Now don't get me wrong, i m not foolish enough to think that i can just quit my job and start trading successfully right from the start, i m not even close to starting trading i m still reading into the trading fundamentals, terminology etc, basically step 1 of 1 million in the learning process. On a side note, from the very beginning of my self-education it has come very clear to me that the universal consensus from anyone or anywhere you read up on Trading fundamentals, is that the basic key to success is to develop your own system that works for you, stick to it with a ferocious, un-emotional discipline, make your winning trades and let them roll as much as possible whilst cutting your loosing trades asap and keeping your losses small, trading is a long term profitability game, not a lottery.

 

So this now brings me to seeking advice from experienced professionals on how to decide what to trade in. I ve always known the saying "jack of all trades, master of none" and i guess it couldn't be more fitting to any other situation than trading, it would be virtually impossible to be successful trading a large number of different stocks/futures/currencies/commodities etc all at the same time from the get-go, that in my mind is the recipe to the Doll line. So my question is: How do you decide what works for you to trade in? What factors do you take into account?

 

I m guessing that the below would be a good starting point to get answers to:

 

Times at which i want to be trading? i live in Europe on CET timezone

How much capital am i willing to risk to start with? Around 2000 €uros (is that enough??)

Availability to get information on the chosen trades?

......? What else?

 

Thanks for your time!

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If you want to try trading, you should start with stocks and trade them in a small account on a non-leveraged basis. They are the simplest to understand and safest account to open.

 

To trade full time and derive income exclusively from trading, you'll need a lot of money. Why might you not succeed? The major reason could be that you may not have enough money. Most businesses fail because they do not have enough capital in the first place. Trading is absolutely no different.

 

consider this:

 

if you need to make $50,000 a year and you want to make it from trading, then you'll need:

 

Capital = income + income/(3*R)

 

R is the +- 10 year treasury rate rounded to the nearest percent.Today it is +- 2%. If R increases, the amount of capital you need decreases and vice versa.So, to make 50k a year, currently, if you are an above average trader, you will need about 830k in an account to make 50k. And you shouldn't commit that kind of money until you know you can take money from the market.

 

Most people will disagree with the above until they fall victim to it. Markets are very competitive. Do not ever think that a professional uses a market as an ATM. That is pure fantasy and there are a lot of people who want you to believe it.

 

Be smart. Good luck

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well mate

if you think that you want to trade live instead of demo then you need to find conservative method for position sizing and study it. This blowing real account will take longer.

But if you only discovering world of trading you need to trade demo until you can double it.

Euro USD would be a recommended pair for any beginners.

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My first trading pair was EURUSD and even now I make the most of the deals with it. The explanation is simple - this pair is the most popular among FX traders so the liquidity is large enough.

 

Also many brokers offer the minimal spread on this instrument (2-4 pips against 15 on something like GBPCAD).

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Hello everyone,

 

This is my first post here, i ve been reading this forum as an un-registered member for some time now, in addition to a whole lot of other reading i ve been doing on trading in general.

 

I ll start by introducing myself briefly, i am 26 year old, i work in a call center as the operations manager, so for my age and where i live, i basically can't complain as far as my current situation, i live in a beautiful sunny place and earn a decent living for my age group.

 

Having worked in my current job for almost 5 years now and having climbed up the ladder of success as much as i believe will be possible for me to do in this company, i'm now sort of having a "quarter life crisis" if such a thing exists, and am exploring other possibilities of careers out there. After-all, if i managed to turn a simple call centre job answering phones to running the department with 65 people under my direct reporting, why could my next venture not also be a success?

 

So my search for job and general happiness brought me to looking into possibly starting out as a Trader. Now don't get me wrong, i m not foolish enough to think that i can just quit my job and start trading successfully right from the start, i m not even close to starting trading i m still reading into the trading fundamentals, terminology etc, basically step 1 of 1 million in the learning process. On a side note, from the very beginning of my self-education it has come very clear to me that the universal consensus from anyone or anywhere you read up on Trading fundamentals, is that the basic key to success is to develop your own system that works for you, stick to it with a ferocious, un-emotional discipline, make your winning trades and let them roll as much as possible whilst cutting your loosing trades asap and keeping your losses small, trading is a long term profitability game, not a lottery.

 

So this now brings me to seeking advice from experienced professionals on how to decide what to trade in. I ve always known the saying "jack of all trades, master of none" and i guess it couldn't be more fitting to any other situation than trading, it would be virtually impossible to be successful trading a large number of different stocks/futures/currencies/commodities etc all at the same time from the get-go, that in my mind is the recipe to the Doll line. So my question is: How do you decide what works for you to trade in? What factors do you take into account?

 

I m guessing that the below would be a good starting point to get answers to:

 

Times at which i want to be trading? i live in Europe on CET timezone

How much capital am i willing to risk to start with? Around 2000 €uros (is that enough??)

Availability to get information on the chosen trades?

......? What else?

 

Thanks for your time!

 

The best products to trade in would be commodities , and you should choose the major currency pairs to start with. Also you should keep in mind the risk before trading and you should start practicing the demo account as you are trading in real account. Many traders start it the way they are trading real accounts but later on they leave their demo account as they think it is worthless to spend their time on demo account where they have nothing to gain but in my view the best part spending time is judging the markets and having knowledge and testing your strategy.

 

The best practice for you to trade with a stop loss - many traders do it when they are new to the markets but later on they leave practicing on demo accounts.

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I think that 2000 € is very little to start unless you want to play all or nothing.

 

People do not like to be told this, but it is my opinion based on experience :

 

- Do not use leverage until you have 4 times the value of your account.

 

- Only 1% risk of your capital on each trade.

 

- Take into account fees and costs of your trades.

 

This is not a game, you can lose your money very easily. The best path is not always that seems faster.

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Hello everyone,

 

This is my first post here, i ve been reading this forum as an un-registered member for some time now, in addition to a whole lot of other reading i ve been doing on trading in general.

 

I ll start by introducing myself briefly, i am 26 year old, i work in a call center as the operations manager, so for my age and where i live, i basically can't complain as far as my current situation, i live in a beautiful sunny place and earn a decent living for my age group.

 

Having worked in my current job for almost 5 years now and having climbed up the ladder of success as much as i believe will be possible for me to do in this company, i'm now sort of having a "quarter life crisis" if such a thing exists, and am exploring other possibilities of careers out there. After-all, if i managed to turn a simple call centre job answering phones to running the department with 65 people under my direct reporting, why could my next venture not also be a success?

 

So my search for job and general happiness brought me to looking into possibly starting out as a Trader. Now don't get me wrong, i m not foolish enough to think that i can just quit my job and start trading successfully right from the start, i m not even close to starting trading i m still reading into the trading fundamentals, terminology etc, basically step 1 of 1 million in the learning process. On a side note, from the very beginning of my self-education it has come very clear to me that the universal consensus from anyone or anywhere you read up on Trading fundamentals, is that the basic key to success is to develop your own system that works for you, stick to it with a ferocious, un-emotional discipline, make your winning trades and let them roll as much as possible whilst cutting your loosing trades asap and keeping your losses small, trading is a long term profitability game, not a lottery.

 

So this now brings me to seeking advice from experienced professionals on how to decide what to trade in. I ve always known the saying "jack of all trades, master of none" and i guess it couldn't be more fitting to any other situation than trading, it would be virtually impossible to be successful trading a large number of different stocks/futures/currencies/commodities etc all at the same time from the get-go, that in my mind is the recipe to the Doll line. So my question is: How do you decide what works for you to trade in? What factors do you take into account?

 

I m guessing that the below would be a good starting point to get answers to:

 

Times at which i want to be trading? i live in Europe on CET timezone

How much capital am i willing to risk to start with? Around 2000 €uros (is that enough??)

Availability to get information on the chosen trades?

......? What else?

 

Thanks for your time!

 

Look to your right...you will find your answer within this title ..."95% of Traders Lose: Is this Stat Misleading? "

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I think 2000 Euros are enough for start and you can trade in FX and start with Euro...Just keep an Eye on Euro zone Data's and trade for maximum 1 hour time frame.Buy or sell just 1 cfd.whenever you open a trade just put a stop loss and never do a trade without stop loss and make sure that your profit will be double of your stop loss..this is the strategy when i started trading..i hope it will also help you..

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