But I have absolutely no idea where to start. I have some very vague knowledge of the subject, given my readings of some of Nassim Nicholas Taleb's Incerto. I've also been lurking for a little while, but a lot of the vernacular thrown around here is relatively esoteric or its meaning isn't necessarily easy to gleam on first glance.
But I need to know where to start and where to go. Currently most interested in options, commodities, and currency trading.
Pls point me in the right direction, Veeky Forums, I need you
In all honesty, crpyto is a really good place to start. The fees are low. There are no minimum balances. You can get your feet wet without getting hurt too bad.
Just don't be an idiot. Don't get sucked into mania. Have an exit plan for when the trades go bad.
Taleb's books are some of the best, but they won't teach you how to trade. No book can. You have to get your hands dirt and learn.
The most important aspect of trading is position sizing and risk management. Look up the Kelly Formula. If you ignore this you will face the 'risk of ruin' at some point, even if you make some initial good trades.
John Ward
Also, never listen to advice from people on Veeky Forums, forums, or trollboxes. You gotta do this on your own. People listen to advice because they don't want to bear up under their failures. You have to take responsibility for your own mistakes, or you won't learn. Plus, others will lead you astray and cause confusion.
Angel Clark
I know, I've seen a lot of that. Plus, I figure in trading the Gold Rush principle is in play- with the Gold Rush, a rule of thumb among real gold miners was once you'd heard about a place having gold, all of it would be gone by the time you got there. Same thing with this- by the time you hear about investing in something from someone else, the opportunity is gone.
I'm wary about crypto-currencies, simply because there seems to be so many, and anyone and their brother can start one.
Hunter Sullivan
Yeah, but look intro traditional trading. The fees will eat you alive if you aren't seasoned.
Ryan Jenkins
Personally I've had good luck taking some advice I find on Veeky Forums as people will often bring up a coin early enough into the pump to make good profit. Obviously the shit where its already over 100% in the day is something to stay away from. XRP this past week is a prime example, thread was originally made when it was about 2k and only 20% up with great news coming out. If you got in then then you had great gains, if instead you started FOMOing when it ballooned up to 5k, well over 100% for the day with over a $2 billion marketcap then you probably lost money(it did go to 7k briefly before polo shit the bed).
Basically I find it dumb to just immediately take whatever trading advice you see on Veeky Forums but its often a good starting point for things to look into and consider.
Charles Foster
Re: cryptocurrency, what are usually positive markers to look for when evaluating potential value? Red flags as well?
Caleb Jenkins
Yes, well, a lot of people will take a tip. Then when they lose money they think, "That sucks. But it wasn't my fault. It was the person who gave me the tip." Then the fool learns nothing. It's easy to fall into this trap if you are inexperienced.
David Martinez
No can answer this. Everyone is just scrambling around making their own judgement about value. Price charts are just graphing out people's greed and fear.
A good rule of thumb though is to not make trades when you are overcome with mania and adrenaline.
So cryptocurrencies don't have any inherent defining characteristics that differentiate them? They're literally just bitcoin with a different name?
Camden Roberts
>positive markers Hasn't been pumped and dumped recently Has a use case that other coins don't Dev has a good reputation in the community and is being actively developed Fairly small marketcap for room to grow >red flags Large marketcap unless it is fulfilling something nothing else really is or it was the first to fulfill it and was later copied. Large premine(means whales can dump and tank the coin suddenly) Dash definitely had red flags that should have been obvious to anyone.
Benjamin Smith
If you can't figure it out for yourself then you're already destined to fail No one will be there to hold your hand throughout
Dylan Moore
Market cap = total amount of available currency?
So each crypto has a "developer" that creates it?
Owen Barnes
Did Warren Buffett change his own diapers?
Parker Moore
marketcap is total coins x price. Note that marketcap can be a deceptive because often most of the coins won't actually be in active circulation but its better than being completely blind and gives you a relative view of the coin's current valuation, far better than just price anyways.
And yes each crypto has a developer(or team of developers) behind it.
Lincoln Torres
Okay, so if something has an oversized market cap, that's because the market's already flooded with currency?
Adam Morgan
>rap music intro >guy with a British accent >"What's going on senpai, hope all is well"
Leo Collins
Good place to start because they offer premium materials on how to do it if you want to learn by yourself or get help from an expert. affiliate.iqoption.com/redir/?aff=51553
Camden Long
forget about Taleb desu.. his popular books are just a load of arrogant drivel aimed at repeating the same idea
his other book: Dynamic Hedging, might be of some use to you
also try reading Natenberg, and Euan Sinclair if you're into options
re: FX, if you really are starting from scratch then consider working through the ACI dealing certificate syllabus - this is the day 1, week 1 stuff taught to new traders at various firms.
Wilmott is worth a read too even if only the introductory book
plenty of educational material is available on the exchange websites - Eurex, CME etc.. you need to know in detail how they work - Eurex used to has a traders exam you need to sit if working for a prop firm and trading their products (though there are ways around it it does force you to know your stuff at the start of your career)
lastly you need some market microstructure knowledge and ideally some programming skills too
Benjamin Howard
>Posting an affiliate link Literal shill. Neck yourself.
Camden Gray
that's a binary options firm you fucking mong
OP wants to trade real options not some scammy shit
