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Assuming you've been an investor or involved in investment on the stock markets for at least 2 years, then trading could be the next step for you. It depends on your temperament, capital and available time. Realistic expectations are also important ~ don't expect to leave your day job and make money to cover your monthly expenses.
We recommend the following Quick Start Steps for Trading:
Open a micro Forex trading account (look at Interbank FX or similar)
Deposit a maximum of $300 into the account. Decide on a trading strategy, time frame (5 min, 60 min, daily chart etc), decide on your risk appetite and stop loss. We recommend you don't risk more than 3% of your portfolio per trade. You trade only mini lots.
Choose only Cable otherwise known as pound/dollar and euro/dollar trading currencies to focus on. Trade the strategy you chose for 30 straight trades without deviation.
Tally up the account movement on the 1st of the new month or after the 30 straight trades, whatever time frame it takes to complete the 30 trades. Keep a record of every trade including your fears, wins and losses.
Analyse trading record and account. Look for repetition. Find your weaknesses. Find your strengths. Now repeat with another 30 trades! When you start making money... you can put more money in the account.
For more info on trading books that we recommend, go to the trading books worth reading section below.
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We bring weekly Market Outlook for our club members. Visit our Quick Performance Review section regarding a weekly Stock Market Outlook.
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If you want to find out more about our stock market training and personal coaching options visit the Stock Market Training section now.
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Trading Books worth Reading ~ a Short List!
We are committed to educating people with regards to investing and trading in the stock market. We show the private investor how to successfully invest in the share market and maximise their returns. Wouldn't you benefit from more knowledge before you get started? Would you agree it is best to have the best available knowledge and practical experience before putting your hard-earned money on the line?
Our Must Read Trading books short list:
- The Candlestick Course (Steve Nison)
- Getting Started in Chart Patterns (Thomas N. Bulkowski)
Useful Trading Books list:
- Fooled by Randomness (Nassim Nicholas Taleb)
- Technical Analysis for Dummies (Barbara Rockefeller)
- Hedge Hunters (Katherine Burton)
Trading Psychological
- Trading in the Zone (Mark Douglas)
Personal Psychology
- You Can Heal Yourself (Louise Hay)
- Finding Meaning in the Second Half of Life (James Hollis)
- The Power of NOW (Eckhart Tolle)
- A New Earth (Eckhart Tolle)
Why make money stock market trading with a dummy account and then lose it with a Real Account? Our experience with stock market courses is that learners are able to operate under no stress with a dummy account. They are making trading decisions based purely on the stock market analysis using technical charts, fundamentals and choosing a trading strategy. The moment they put REAL MONEY on the table, the trading psychology enters the fray.
What is trading psychology? It is the mental discipline, the very framework around your beliefs about money and emotional attachment to it. At least 90% of the money lost in the stock market is due to this factor: Trading Psychology. Many people succumb to their fears regarding money or the loss of money when they start trading stock markets! The challenge is arming the stock market trader with aids to cure the 5 fears of trading. Find out more...
See our Investment Books section now...
Our Stock Market Outlook March 2009
We provide a stock market outlook in a weekly newsletter to investment club members. In March 2009, we published an edition stating that the bottom of the stock market was reached and that the stock markets will start recovering. We stated a number of reasons for this view on the markets, as to how we drew this conclusion. Since then the global stock markets are up between 30-50% from the lows in March 2009!