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Would a savvy trader give me an analogy?
I havn’t got a whole lot of money to begin investing with. I am learning about equities, options, futures and forex. It is hard to find a starting point, though I believe I’ve found a trading site to go with a 1,000.00 minimum to trade. Seeing that most require 25K acct to day trade, would someone give me an analogy of how to make money trading seeing I have to wait a longer time frame to buy and sell, hold etc? Perhaps a realistic analogy of a realistic stock to buy and sell or hold?
I am not a professional but what I can suggest is to make small profits rather thinking of big once at once. And never try to hold for too long. Make some reasonable margin in your mind and as soon as you hit the point , sale your item.
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LikeDislikeYou have to become like a hunter:
You study the traces you find in the bush.
You sleep outside in the cold only to be there early in the morning.
And then, when you see your prey, you slowly start loading your gun.
But you are not shooting.
You are waiting until everything is right: the wind, your angle, the position of the animal, your heartbeat.
Then you fire one shot.
And the animal is yours.
Hope that helps.
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LikeDislike1. Look for a suitable forex broker. Personally I would recommend Easy-Forex because they have been around for 8 years, easy methods to deposit & withdrawal money using paypal, credit card & wire transfer. The minimum investment is $25.00
They also provide free seminars & training here http://www.easy-forex.com/gtw/198605.aspx
2. Next familiarize with the forex trading. You can learn from here: http://www.get-rich-with-forex.com/
3. You may use forex expert advisors & indicators to make more money. It worked for me. You can browse for good list of expert advisors & indicators at http://www.get-rich-with-forex.com/best-expert-advisor-indicators/
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LikeDislikeYou can start with demo trading. It’s better to understand the basics and learn how to trade before invest with your hard earned money.
It’s not a must but it’s better to have a good trading plan that covers things such as money management, position size, strategies…etc.
After you developed a good system trading demo account then you can start to trade real money but with only small portion of all your money to see how you handle trading real money. e.g. try $500 first if you have $5000. There are plenty of brokers accept very small deposit. Some also have mini/micro account so you can start with something like $100.
How much money can you make? It normally depends on your system, money management and if you are disciplined. It’s definitely not easy but there are traders making returns of 500+% per month (of course their systems are a bit of crazy and risky. attached a link for you to have a look) but you will make pretty good money if you can just achieve 10% of that.
Read a lot, learn from mistakes and I am sure you will become a great trader.
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LikeDislikeHi benny,
An honest advice, hope it helps.
First off, you need to have a solid markets knowledge foundation before you start live trading. Take your time, there’s no rush. Study the markets and strategies and most importantly prepare a solid trading plan & money management. Without this, live trading is like gambling in casino.
I remember when I was a trading newbie 10years ago I did paper trading (on demo account) for the first 10(ten!) months or so and when I finally started to be constantly profitable on demo, I moved to a real live trading platform.
A good and affordable trading coach can take months or even years off your learning curve.
Good luck.
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