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How do I start trading things like Forex or oils

Mappa20

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I am a complete newbie to all this but I want to start somewhere but I honestly don't know where to begin. could anyone offer some advice for a student looking to make a little extra cash?
 

Gnarls

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Step away from the computer, head to the library and prepare to read....a lot. You're effectively competing against folks who have dedicated their lives to this craft. Some resources below:

Trading in the zone - Mark Douglas
Come into my trading room - Dr. Alexander Elder
High Probability Trading - Marcel Link

Do all the Babypips courses.

Good hunting.
 

Sir Joystone

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To actually be helpful as its not only studying but practice to
1.)Get yourself a broker i.e XM or Ava(I recommend u read up on the benefits of multiple)
2.)Register either a demo or a real account(I recommend a demo just to familiarize yourself with it)
3.)Download either Metatrader 4 or Metatrader 5(You can download it standalone or on youre brokers website)
4.)Sign into Metatrader using the details provided by you're broker
5.)Prepare to lose cash for a while,but ull get there eventually[emoji28](Its part of the learning process,don't give up)

P.S Depending on the broker you have selected you may or may not be getting certain currency pairs,metals,indices,crypto,etc.
Be wise with who u pick

Sent from my SM-G960F using Tapatalk
 

Sir Joystone

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Side note id really recommend from not attempting the scalping methods(1m-30m) of trading as its alot of guess work and is highly stressful.Like stressful as in ull want to kill urself stressful.
Try day trading(4h-1w) as it'll actually involve analysis,is alot less stress and in my personal opinion is more fun

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mradovan

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I am a complete newbie to all this but I want to start somewhere but I honestly don't know where to begin. could anyone offer some advice for a student looking to make a little extra cash?
Sorry for being a downer bro, but the things you are referring to is probably trading CFDs, which is essentially gambling. May as well go to the casino and play roulette, easier to understand.

Check this thread:
 

polygon

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could anyone offer some advice for a student looking to burn a little extra cash?
FTFY.

Keep your cash and trade demo accounts until you actually develop a strategy that makes money consistently.

I cannot emphasize this enough. I'm not a professional trader, but I've paid the school fees. Here's my 2c:

  • You will be burning your money in the initial stages. Best to use a demo account so it doesn't hit your pocket.
  • Trading a demo does not prepare you for a real account. Yes, I'm contradicting the above. Your psychological and emotional state will differ when money is on the line.
  • Revenge trading, trading too often, holding on to losers, cutting winners short - understand all of these
  • You need to develop a strategy in order to make money. You need to execute this strategy consistently.
  • You need to develop a strategy in order to make money. You need to execute this strategy consistently. Yes, repeated.
  • Get used to making losses. You will NOT be profitable all the time . You will have periods of drawdown. The market giveth and taketh.
  • Leverage is a double edged sword. Understand it completely before making use of it.
  • Find your niche. What are you going to trade? Why does it resonate with you? What are you seeing in the charts? Look for patterns.
  • Absolve your mind of all the YouTube traders and training courses. They make money off of you. If they could make all that money trading, then why are they making videos or offering training? Why do they pitch the glamourous lifestyle? Use your head, learn, but don't part with your money.

I could go on and on, but trading is more involved than buying and selling. It's also a mastery of your psychology and your inability to tolerate pain (loss). You need to develop a sound strategy that produces more profits than losses. You need to execute this consistently, no matter what the market is doing.

Watch this old video series by Mark Douglas:

It will prepare you for the mental challenges that await.

Watch many videos on this channel:

It will open your mind to some trading strategies.
 

Confucius

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when opening a demo account, do not start with the ridiculous balance that brokers give you, like 1 million USD. I suggest to start the demo account with a realistic value that you may actually be able to afford when you fund the account with real cash. I think you can get demo accounts with 1000 USD.

Try to treat that account as its real money and see how far it takes you. When you can actually develop a strategy that allows you to consistently grow that account, then you may be ready for using real cash. The mindset is still totally different when you actually invest real cash and you need to remember that you could lose it all, very quickly.

Find a strategy that works and stick to it as far as possible. Try not to second guess yourself. It also takes time to understand the markets and i suggest you refrain from trying to trade many pairs. Find a couple of pairs, figure out how it works, what affects it, how much it moves a day and so forth.

The biggest problem is fundamentals.... reserve bank meetings / announcements / war / pandemics, economic outlooks. These can easily move the markets a lot... within a few minutes and reversal could also happen equally fast.

If you think that trading is going to be easy, then its probably not for you. If you think you are going to make millions quickly, its probably also not for you. There are people that traded 1K to 100K very quickly.... but they also blew their accounts many times before that.
 

Ryan O'Neill

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Or just start investing in stocks / etfs / baskets while you learn how to trade. An app like Easy equities makes it super easy to buy both stocks on JSE and US stocks.
 

reVolt

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So this is not the space to go looking for "a little extra cash". I'm a financial analyst, I haven't worked with Forex or CFD's per se but I did trade derivate options on equities. There is substantial risk when trading with leveraged instruments. If trading/investing is something you are interested in I would recommend reading the effective investor and start trading with equities (stocks/shares). Starting with forex and leverage contracts on oil is like jumping into the deep end and you don't even know how to swim. Trust me, you have no idea how quick those contracts can fuck you. If you are not really keen on doing all the research and staying on top of global developments but you want to invest, go to easy equities and buy ETF's. I'd personally consider the sp500 etf now (not sure if that is available there though).
 

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