New to CFDs (a baby in this forum)

[mlennox]

Re: New to CFD's (a baby in this forum)

Hey guys,

My name is Dan im 18 and am currently studying commerce at Monash. Recently i just opened a cfd trading account through cmcmarkets and have marketmaker installed. I did the no loss trade day and loss $136 which was a good learning experience. I gambled on the day as I had no theory on why i was going long or short, i tried to use the chart to help but still i gambled. Btw i traded on the Aussie 200 and my intial deposit is $500.

My aim is pretty much to educate as much as possible. I'm here to seek your advice and here to be taught invaluable lessons. Just asking for someone to help me start and guide me in the right direction. So yeah i want to learn about the ASX200 and CFD's and asking you guys for your help.

Regards,

Dan

Hey Dan,

Welcome to ASF and welcome to trading.

Education Vs. Experience. You won't learn the invaluable lessons listening to anyone here or reading any book, as everyone is at different levels of trading experience. Despite the tone of the posts also in this forum, i would suggest continuing down the path of trading with real cash and attempting to find "what works for you".

In terms of reading: (in order of personal priority)

Van Tharp - Trade your way to financial freedom
Prechter - Wave Analysis

What you will find as you learn and develop is a method, a method for measuring risk and a method for measuring good entry and exit points. The holy grail is not either of these methods, the holy grail is winning more then you lose. Do not try to be right or wrong, just try to be a winner rather then a loser.

Good Luck!
Mark