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Sharing my experience for new traders


dash1

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Hello every one.

I thought as a member of this fantastic community, I will share some of my experience as a trader so that new traders don't end up making the same mistakes that I have made over the years.

Firstly, I am not a professional trader however, I have been doing this on and off for a few years now. I am sure there are other members in this community that have a lot more experience and can contribute to this thread. Like I have indicated previously this thread hopefully will help new beginners in making profits.

 

Okay, if you are reading this then I will assume that you have an IG account. This is one of the most important aspects of trading in my opinion. Having a good broker with an excellent trading platform. I have used many platforms previously and am happy to say that IG has met all my expectations and more. I need to point out that I am not an employee of IG. The fact of the matter is they offer a fantastic platform built for mobile and web. So naturally, the first point that I would make to a new trader is to find a reputable broker.

 

Secondly, in keeping with the theme of brokers, ensure that they have a demo account option. Lucky for us, IG wins on that front as well.

 

Now that you have your account opened, and funded, you are ready to trade? Not yet... This is one of the biggest mistakes that I made when first starting out. I was so eager to trade, that I ended up losing a good portion of my initial investment. If I could turn back the hands of time, I would of spent more time reading, reading, and more reading. There is so much of free information available on the Internet and YouTube that you have no excuse to learn what in fact CFDS are and, how they work. I wish someone had told me that before I thought I knew everything.

 

I am going to call this post one. If this is something you guys think I should continue updating then I will in instalments. Looking forward to your comments and opinions on this thread.

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Guest shocks-n-scares

I do Forex + Ftse stocks!

I love Ftse 100 stocks - nO sTrESS (well you know what I mean)!

Forex is very demanding and stressful!

I am out of the market last couple of days, due to ...... THE BIG FIGHT ..... in the USA!

Haa Haa!

Got lucky - managed to sell most of my Ftse stocks by Wednesay 2 November, at a profit, and now standing by to s@@

what happens on Tuesday 8 November?!

Hoping Donald does NOT win!

Going to be disastrous all round for the USA and the rest of the world if he does!

The guy is a clown to say the least!

shocks-n-scares

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Guest shocks-n-scares

You are doing just fine trading the demo account - TRUST ME!

Next few weeks will be "testing" time particularly if *DONALD DUCK* wins!

I am in NO hurry to get back into the market!

shocks-n-scares

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Haha, wikileaks is now more reliable than main stream media (MSM) for news. Their (MSM) caricature of Trump is fun (the clown), the reality of HRC is frightening, see #SpritCooking, see #PaytoPlay, see creation of ISIS after US attempt to force oil pipeline through Syria.

Ur right about demo, it's not like the real thing at all, my initial strategy worked on demo then clearly did not work live, live and learn. 

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Hi   See babypips.com  for good info on stops in the School section (also check the IG education section).

The trailing stop def is from the infopedia section.

Stop orders are just another order so the cost is the spread, guaranteed stop orders carry an extra charge so see the IG page re charges. 

 



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Guest Sunshine1

Great! Thanks, I'm in a funny situation as I've had a friend helping me but I'm on my own now, so I've been trading a couple of months with good success but don't know how to physically do it, I put a small spread bet on wall st last night, thought I knew how to close it but don't think I do, I know it sounds crazy...

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