Re: sincerely looking for help and advice.
Make sure you learn about risk management first - limit the amount of capital you are prepared to loose between your buy price and your initial stop for every trade. 2% of your capital at risk per trade is commonly talked about, but plenty of traders will be more comfortable operating at 1% or less. Track how you are going over a number of trades and bail out and rethink at or b4 you are down 6% of your initial capital. Better yet as soon as you have had a loss, cut your trade risk down, and with further losses cut your risk per trade again. Let your trading earn it's way back up to positive territory before you allow yourself to increase your trading risk back up to 2%. If you can get back to positive territory there is some hop eyou have a trading approach that might be working.
That'll give you time to learn without blowing your capital and also give you an idea of how much capital you might need to be able to trade sensible sums allowing for brokerage costs every trade. If brokerage is a big part of your 2% then you ain't got enough capital and you'll be trying to set stops too tight. Van Tharp has something to say on this, as does Nick Radge and others.
Once you've got that sorted you need to find your "edge" - a combination of a style of trading that you are psycologically able to trade and that has a positive outcome over time. That involves reading the books and paper trading and real trading trying approaches that appeal until you are onto something.
Happy reading. As TechA says expect three years+ trading b4 you are consistently trading well. If that doesn't suit then save some of your income every year and watch it compound in the bank till you have the time to take this on.
Good luck!
Make sure you learn about risk management first - limit the amount of capital you are prepared to loose between your buy price and your initial stop for every trade. 2% of your capital at risk per trade is commonly talked about, but plenty of traders will be more comfortable operating at 1% or less. Track how you are going over a number of trades and bail out and rethink at or b4 you are down 6% of your initial capital. Better yet as soon as you have had a loss, cut your trade risk down, and with further losses cut your risk per trade again. Let your trading earn it's way back up to positive territory before you allow yourself to increase your trading risk back up to 2%. If you can get back to positive territory there is some hop eyou have a trading approach that might be working.
That'll give you time to learn without blowing your capital and also give you an idea of how much capital you might need to be able to trade sensible sums allowing for brokerage costs every trade. If brokerage is a big part of your 2% then you ain't got enough capital and you'll be trying to set stops too tight. Van Tharp has something to say on this, as does Nick Radge and others.
Once you've got that sorted you need to find your "edge" - a combination of a style of trading that you are psycologically able to trade and that has a positive outcome over time. That involves reading the books and paper trading and real trading trying approaches that appeal until you are onto something.
Happy reading. As TechA says expect three years+ trading b4 you are consistently trading well. If that doesn't suit then save some of your income every year and watch it compound in the bank till you have the time to take this on.
Good luck!