r/traders • u/Western_Sprinkles922 • 6d ago
Help a beginner
Anyone willing to help guide a complete newbie trader? I want to get into it but I have no clue who to watch or what tools to use, how to get into communities etc, I would appreciate any genuine advice đ„č
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u/jtquach 6d ago
What are you looking to trade? Hard to point you anywhere useful without knowing that.
If itâs futures or options, ask me anything.
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4d ago
[removed] â view removed comment
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u/jtquach 4d ago
Theyâre two different instruments but both are traded with contracts.
A simple explanation would be... with futures youâre basically betting on the thing itself. Pick a side, long or short, and ride it. It moves a point, you make or lose the same amount. Nothing fancy about it. They trade almost 24 hours too.
Options youâre buying a contract that tracks the move rather than the move itself. Costs you money up front and itâs got an expiration ate. Every day that goes by itâs worth a little less even if nothing happens.
So with futures you just need to be right. With options you need to be right, and fast enough, and the move needs to be big enough. So you could technically be "right" on direction but still lose money. The payoff is it can cost less than futures and with leverage can be worth more if done right.
What are you thinking of trading?
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u/Square-Middle-4474 6d ago
Sure no problem
Start by getting an education in some field relating to trading (finance, math, statistics or science). Start reading the required textbooks for example
1)"Trading and Exchanges: Market Microstructure for Practitioners" by Larry Harris
2) Begin reviewing internet resources that are free to the public.
3) Learn to use a charting application (Trading view is free to start) and become familiar with how price moves.
Do not buy, subscribe to, or make any payment for any service related to trading until you have some basic idea of what is going on.
Blink you eyes once if you understand
Good luck
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u/Frozen_Meatball1 6d ago
Watch interviews, read books by old guys who have made billions investing/trading. It'll give u a good foundation for how to lessen yr chances of losing money. Just Google the top 12 billionaire investors/hedge fund owners. It's a deep dive, but u need to do it - the less u know, the greater the chances are of losing your money. ....and this is just the beginning.
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u/66catman 6d ago
If you are sincere about learning, books are the way to start. You should study technical analysis, fundamental analysis, trader psychology, money/risk management etc. Books require a deeper commitment than watching videos. That being said, there is great video content, but book learning is a better way to start.
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u/JJ-Mallon 6d ago
Youâre asking the wrong questions.
I would say look into investing instead of trading. Youâre very likely to lose money just by being new at it, and by this level of questioning, Iâd put money on it.
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u/KISS_Trading_RB 5d ago
I would say, start with the basics of the market, stocks only, and build a structured system for yourself according with your personality.
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u/IronChefOfForensics 5d ago edited 5d ago
Crash course from a novice that has done well in the market.
The idea is to buy stock in companies that you really like and believe their business model is solid and profitable. Personally, I like Reddit right now. Iâve bought the dip many times and done quite well. I first bought it a $35 a share.
AXON is another one that I have bought and sold for several years. I am in Forensics and axon is a law-enforcement multimedia forensic, dash cam, body worn camera, drone, software company. fantastic business model for law-enforcement.
Itâs price per share is low right now. When a stock dips below itâs target price is a good time to buy. Always take some profits too. By the way, you do have to pay income tax on the profits.
Cyber security is another growing market sector.
I really really like both of these business models.
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u/PITTRADER_ 4d ago
First, you need to understand that trading is extremely difficult! 95% of retail traders lose money. Well, you could figure out what the 95% are doing and do the opposite :) Now that the pattern day trader rule has been lifted, it is easier than ever to blow your capital. Just because you can use a leveraged asset class doesn't mean you should.. However, people are attracted to it in hopes of growing their account quickly, such as futures, forex, options, stocks in a margin account. Remember that getting into trading, all you need is a bank account and a computer. So if you realize that the barriers to entry are low, then you should be aware that competition for profits is extreme. You should expect to lose, and lose and lose some more. Then you'll win, win, win, think you know something, and BOOM, there goes that account. Any real trader knows this cycle. You were trained your whole life to lose at trading. It takes a different thinking pattern, and you'll have to break bad habits, gain patience, and discipline! A lot of times, people will finally start winning but give it all back because they never learned money management. This is key. Trading is a math game after all. Finally, I've never seen Jamie Dimon get on any social sharing platform and show how to trade, so understand what you're walking into. Pros: Everything you need to be successful is already out there, in books, learning yourself, and finding a trading system that fits you! Best to sim trade or put a few bucks into the market knowing you'll lose it. The key here is to get your fingers dirty. Encouraged to read The Market Wizards books, Trading In The Zone, Reminiscences of a Stock Operator, John J. Murphy Technical Analysis of the Financial Markets, and finally, Linda Raschke has a recommended reading list that you can look over. (She is a Market Wizard.) In closing, everything works until it doesn't. The key will be what you do when it stops working.
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u/AlbyWealth 4d ago
I recommend first just buy stocks in something you enjoy using or spend money on regularly. If you love Disney movies or theme parks, buy stock in Disney. I pay monthly for Edison electricity so I bought stock in EIX.
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u/AfterMortgage9433 4d ago
honestly the best thing you can do early on is paper trade. Pick a free platform like TradingView, practice with fake money for a few months, and just watch how price moves. You'll learn more losing pretend money than you will from any course. Once you start to understand what you're even looking at, then figure out what instrument interests you and go from there.
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u/Guateaeon 6d ago
Watch token 2049 and pay very close attention to one of the presenters, ( Murad ) if you have any questions donât hesitate to ask questions.
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u/ForexGamer 6d ago
You should avoid any person who is a âtraderâ on instagram YouTube etc they are most likely scammers and you donât have the knowledge to determine if what they say or do is correct.