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Problems of a new trader: where to begin?

Discussion in 'Beginner's Lounge' started by afio, Mar 13, 2016.

  1. afio


    Likes Received:
    Jan 22, 2016
    Hey all,

    this is my first post. I am new to trading, and have just finished researching all the relevant stuff on tech analysis. I have opened a brokerage account with commsec and I am ready to start trading.

    I was wondering if all you experts can point me in the right direction regarding trading software for beginners? Which platform is best suited for me? I've read threads about Metastock, Amibroker, Incredible Charts, etc. All sound good and have value. I was wondering if commsecIress is any good for a beginner since I'm already a commsec client?

    Hope you can help me,

  2. get better

    get better

    Likes Received:
    Oct 19, 2013
    I use Amibroker with data from Norgate Data. They both offer trial periods which you can use to see if you like it before buying. I find Amibroker to be very flexible and easy to code in AFL for systematic trading. It's also quite affordable for the average retail trader.

    This might not be suitable for day trading though - perhaps someone else with experience day trading can comment.
  3. skc

    skc Goldmember

    Likes Received:
    Aug 12, 2008
    Perhaps describing how you intend to trade, or what functions you need, would help others suggest a suitable platform for you.
  4. howardbandy


    Likes Received:
    Jun 13, 2007
    Greetings --

    I highly recommend reading this book prior to beginning your trading adventures:

    "Thinking, Fast and Slow" by Daniel Kahneman.

    Then learn about methods of measuring and managing risk.
    Here is a link to a webinar I presented last year and posted to YouTube:

    All of that applies without regard to the methods you plan to use to identify trades.

    If you plan to use formula-based trading systems, watch the other videos as well:

    Best regards,
  5. shulink


    Likes Received:
    Oct 14, 2008
    If you can't pull the trigger, I suggest you can start by paper trading for a few weeks just to get a feel of how the market behaves. Also, you can try to read more books on technical analysis and trading in general.
  6. JJZ


    Likes Received:
    Dec 17, 2015
    I am also new to trading, haven't made a single trade yet but I have been working away madly trying to work out a system that works for me, everyone is different your methods need to work for you. This is what i have done so far....

    Read as much as possible, especially some of the amazing posts on this forum. Most of my book purchases have come for recommendations on this forum. I do all of my reading with a notepad sitting beside me and I jot down everything that piques my interest for future reference.

    I have also invested in Amibroker, Norgates data and I am trialing Stator.

    I have been backtesting and optimizing a system that meet my needs. I am at a point now that I feel i might be starting to do more curve fitting than improving so I am beginning to papertrade. So I can see how it performs in real life. I will review each trade going back to my system to try to identify any weaknesses in my method.

    While this is going on I have also opened a commsec account and I am putting money aside for when I am comfortable jumping into real trading.

    What I have learn't so far is that there isn't a single answer, trading is multifaceted you need to have all areas covered to really have a system/method that is robust and that actually works in all conditions.

    If you need to ask about software etc, I would hold off trading and work on yourself and your skills a little more.

    Good luck

  7. Donkhorsepower


    Likes Received:
    Feb 29, 2016
    Afio the question that you must ask is... what sort of trading do you do? Just as an example, someone at home all day can happily day trade (if that is what they want to do) and this would mean that they are looking for Amibroker etc. But if they were at work all day, and could not access live data without getting the sack, then Incredible Charts would be a better option (and free!)

    Can you see where I am coming from? There are many, many different styles of trading that you can follow and get skilled in, and the software needs to be capable of allowing you to trade in that way without limitations.

    So which software is better? Well a few things to consider:

    -when you are trading?
    -which markets you are trading?
    -what 'style' of trading you are looking to adopt? Pure TA, Momentum... the list goes on. It depends on what has the most interest for you.

    Once you have some of those answers under your belt, the field of options narrows down pretty substantially.
    Good luck with your trading and remember, the programs all just display the data. They don't change the data in any way, no matter what the vendors say!

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