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I am new to /biz/ and trading

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I don't get any of this trading stuff.

A few questions if you could please answer them;

1) What kinds of trading are there? Like I know of forex (foreign currency), stock, and everything?

2) What skills/books/videos should I watch to learn about trading?

3) How much money do I need to start?

4) Is trading something I could do to replace my part time job at McDonalds (currently waiting to enroll in university)

Just post whatever what would help me in relation to getting started

Thanks
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The answer is no
>>
do you have a bank account

talk to your bank about it
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>>964014
>2) What skills/books/videos should I watch to learn about trading?
tim sykes. buy his courses.
>3) How much money do I need to start?
about 13000; what tim started out with.
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>>964040
>>964043
why do you guys even post? seriously.

OP you really could have just googled "stock market 101" and you'd answer most of those questions. Youtube has a ton of relatively good basics videos if you're more of a video person, but watch out for the thousands of dinguses peddling their expensive book or "class". There's enough free info to get you going out there.
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>>964066
thanks bruv
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>>964014
>3) How much money do I need to start?
If you trade commodities, you need $20,000 in cash -that is residing with your broker- per contract you wish to trade. Spreads or pair trading is just as dangerous as outright futures trading but oddly less capital is required for margin.
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>>964059
>2) What skills/books/videos should I watch to learn about trading?
>tim sykes. buy his courses.
I trade for a living here, mostly forex, indices and commodities. I never bought or read Tim Sykes but from my 6 years of experience in this trading business, one of the absolute truths is that:
-- "Those who can trade, they are rich and busy and wont teach shit to you. Those who cannot trade, they teach and sell courses about trading"

In short, if you have been trading for a long time and finally get it, you will be very likely to stay quiet and hidden from the public. Many of the most profitable traders I know ( including me, of course) never disclose what we do to make money and our real wealth. We just love staying hidden. Once you start making money consistently with trading, you will understand what Im saying here. ( and yes, I kinda despise people like Tim Sykes - and I dont buy into his "I want to help other people" BS)

People like Tim Sykes and other "trading gurus" are not making money from trading. Or they just realize that their systems dont work anymore so they have to switch to teaching and selling courses.

Another advice for aspired traders or investors: The most important thing when looking for a fund manager or a "trading guru" is a recent verified track record that has been running for at least 2 years with consistent profits and low DD. If these "gurus" or fund managers cannot provide such record, then you know who they are already.
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>>964138
Low DD?
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>>964148
Draw down. If you want to start a fund. You have to keep your DD always lower than 1/4 of your average monthly profit. For example, if your average monthly profit is 4%, your allowed DD is 1%. If you aim for 40% / month, your DD can be 10%.

Forget about those who trade using martingale. They will blow up soon or later. And if you cannot keep your DD lower than 5%/ month, do not call yourself a trader.
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>>964163
Interesting thanks
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>>964138
i know. i was shitposting. OP doesn't have the right mindset to even begin trading. i'm trying to discourage him.

personally i've put my money where my mouth is and funded my brokerage account recently. just waiting for funds to clear.

i truly believe in a meritocratic society. those who can, will. and if i fail at this, i accept my mediocrity. but i've put enough time into studying this that i feel i can be successful.

suppose i am successful, i will do exactly as you say. stay hidden. and shitpost in trading threads of course.
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>>964173
>>964138
Whats wrong with my approach? How else am I going to learn? Wtf I am supposed to do do u assume this shit is common knowledge?
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>>964273
>>964014
I see nothing wrong with you. I just made the comment because the other guy mentioned Tim Sykes ( whom I despise and consider as a crook), I didnt say anything to you or about you.

Here I will answer your questions:
> 1) What kinds of trading are there? Like I know of forex (foreign currency), stock, and everything?
Forex, stocks, indices, commodities ....There are a lot of instruments to trade
> 2) What skills/books/videos should I watch to learn about trading?

I know how to trade but I wont teach you. But basically, you need to learn about Technical Analysis and a little bit about fundamental analysis. I mostly trade forex so I dont care much about FA but I still have to read COT report every weekend. And after all, you have to spend a lot of time reading charts and taking trades ( both demo and live).

Just like Howard Marks said - " It’s not supposed to be easy. Anyone who finds it easy is stupid." Trading is extremely hard and will take a lot of time and efforts. And with my over 6 years of experience, I can tell you that this is one of the most difficult professions you can take, much more difficult than engineering, medicine or any other job. And thats why I believe you wont get anything useful from these courses sold by Tim Sykes or any other "trading gurus". Just as I said, they teach and sell courses about trading because they cannot trade.

> 3) How much money do I need to start?

Theoretically, you can start with any amount. Jesse Livermore started (several times) with only $500. I've seen people turned $100 to 10k several times on myfxbook. But you can only achieve that after you know what you are doing. If you dont, no amount of $$ is enough. Even Warren Buffet lost at trading forex, and investing is very different from trading.
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>>964289
I'm not dude you replied to but a retard trying to become financially literate. What's the difference between trading and investing?
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>>964289
> 4) Is trading something I could do to replace my part time job at McDonalds (currently waiting to enroll in university)

This mentality is dangerous because as I said, trading is one of the most difficult professions you can take. So you should either consider it as a real, serious career or you shouldnt try it at all. Trading is not only mentally but also psychologically hard. But it is also the most rewarding profession. Forget about doctors, engineers, actors, singers... a successful trader beat them all when it comes to money. ( I originally was an electrical engineer) I dont want to brag but my current wealth is over 10M, and I am from a third world country in Asia, which means Im much richer than most doctors, actors, singers ... in the US or Western Europe.

There are only 2 types of traders, the majority who have failed and lost a lot of money. And a few traders who finally understand how the market works and make money from it. You either make it or not.

And to become successful, it will take a lot of time and effort. I myself have spent over 10 hours everyday in over 6 years just to read charts. And the psychological pain when trades went wrong was just simply excruciating. And thats why I believe no successful traders would teach or sell courses about trading because what we appreciate the most is not about the money but the efforts we've put into and the pain and struggle we have gone through.
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>>964291
Since todays liquidity is low, I will give some more answers.

> What's the difference between trading and investing?

The basics of investing is that you buy or sell an instrument ( stocks or bonds or commodities) based on a value. Take a company stock for example, this value is calculated from things like PE, assets, market growth, production cost, taxes .... So if you calculate that the true value of a stock is $10/share and both the company and the production demand are still growing and the stock is traded at $4/share, you know that the stock is undervalued so its safe to buy at $4. The risk management here is calculated with the based $10 value and the risk that the company can go bankrupted.

Trading is different. Trading relies on the price values, which are the price structures of the market, like the daily highs, lows, closes... The trends, pivot levels, fibonacci levels, psychologically levels .... So with the same stock above, an investor should buy it at $4 but a trader can either sell or buy, depending on what the price is doing.
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>>964289
Anyhow, I misquoted Howard Marks here. The quote belongs to Charlie Munger in a conversation with Howard Marks.
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>>964297
>my current wealth is over 10M
Not sure if going to believe that. Broker cut back your leverage as your account grows up.
Though i've developed a somehow profitable system, using a combination of macro, quantitative and technicals. I exclusively swing trade.

About myfxbook, it's full of crap. The people you refer simply keep playing russian roulette with a few accounts and grid martingales EAs until they found one that is apparently profitable,then stop trading, so they can claim they have some kind of Holy grail to shill 1000 dollars a pop. While it's just some overfit piece of shit who will blow up.

Realistically, a decent trader could expect something in the 10-15% range per month on average, if you are willing to put up with the occasional 30-40% drawdown. And don't expect these returns to be eternal, serious brokers usually reduce maximum leverage to 1:50 above the 100k mark. When your account grows large enough, consider yourself lucky if you can make 4-5% per month
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Do I have to learn math?
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>>964390
>Not sure if going to believe that. Broker cut back your leverage as your account grows up.
I said my total wealth, not my trading balance. I currently spread out the balance with 8 different brokers, the biggest accounts are on LMax and pepperstone, both are around 200k. My total trading balance is around 1M, less than 15% of my wealth.

> About myfxbook, it's full of crap. The people you refer simply keep playing russian roulette with a few accounts and grid martingales EAs until they found one that is apparently profitable,then stop trading, so they can claim they have some kind of Holy grail to shill 1000 dollars a pop.
If you know much about trading, you can spot a martingale system easily. I can tell a good system from a martingale one in a second. And about myfxbook, its a good third party tracking site, Ive been using it to track my accounts for years.

> Realistically, a decent trader could expect something in the 10-15% range per month on average, if you are willing to put up with the occasional 30-40% drawdown.

If you think 15% profit with 40% is decent, then you should reconsider about how you trade. If you aim to 15% per month, your DD should be only 4% at max, not 40%.

> And don't expect these returns to be eternal, serious brokers usually reduce maximum leverage to 1:50 above the 100k mark.
Perhaps you're from the US. All my accounts (under 500k at max) are at 1:400.
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>>964396
Why wouldn't you
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>>964461
>ve been using it to track my accounts for years.
Just curious, could you give me some link? If you are not comfortable with sharing your Myfxbook, give me some legit account so i can see if it's legit or no.
Still extremely dubious, especially about the drawdown. I have yet to meet a trader with a proven track record who has a 4% drawdown versus 15% profit in a month. I mean, i've had 20% drawdowns myself, and i could have avoided it easily, since i was still a rookie, but keep the door open for bigger losses so i'm ready

And even implying you really have 1M on which you average 10-15% per month, you should be richer than Soros already.
I don't believe you. Not even one bit senpai
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