Welcome to the beginning! Where you had no clue what you were getting yourself into. There was only the promise of what sounded like the best job in the world with and an income to compete with CEO’s and beat them without even blinking.
You dive into the weird and wonderful world of trading the financial markets and then you quickly come to the conclusion that there it is not only weird and wonderful but also quite overwhelming.
Everyone seems to speak a different language. A short? I thought it was a fashionable thing to be working at your pc - sorry, trading station - wearing shorts.
So there you are with a trading platform and a demo account. Or maybe even a live account with all your savings in it and the fun starts. Seems easy enough, right? Red candle when price goes down and a green one when price is going up. Sooo, how do I enter an order?
After some fumbling about you find out how to enter one and you see price moving in your advantage a bit. Yeah, baby! We are printing money now! And then price goes against you. And some more. And even more. After a while you are about to lose a couple of hundred of whatever currency your platform is on. You start sweating. What do I do now? You get the picture and you might have been in that situation or maybe even a few times.
You come to the conclusion that there is a bit more to trading than you expected. So you start looking for some education. On Youtube. And from there it all gets only worse.
I started trading little over 18 months ago so by all means I am very new to this stuff still. I am also a husband and a dad to two beautiful daughters - 6 and 1 year(s) old.
I decided that I wanted to give it my all to become a consistent and consistently profitable trader so I can provide for my family in the future while working from home. Seeing my children grow up and be with them as much as I can is a big motivation for me. Being able to give them a great future is another one.
I have noticed over these last 18 months that there are a lot of people out there who are after your money and who couldn't care less about what drives you to do this. I have paid for courses that were - let’s say - sub par that will make you lose even more money once you have completed them.
So, I would like to attempt to write some post with helpful info for the absolute beginners. I hope it will help you avoiding some of the pitfalls out there.
This was a bit of a long winded intro I guess but I don’t want to leave you without anything to really start with.
Live account or Demo account? That is the question!
I started with a small live account and the scene that I used above with that losing trade is what actually happened to me.
There is always a lot of discussion about this subject and both sides are right. As a consequence they are also both wrong. I do agree that nothing substitutes learning to trade with real money.
The emotions involved while being in a real trade are vastly different. Especially in the beginning.
But when you are still learning how to use the flippin trading platform then please use only paper money. And when you don’t really know the strategy you are learning, trade paper money.
Learn everything there is to know about the strategy and then when you are consistently winning paper trades switch to live trades. Don’t be in a hurry to blow up your account. There is more than enough time for that later.
Cool! I will leave it at that for now.
Comments and questions are most appreciated and will be read and replied to.