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Beginner to demo trading, tips and advice welcome

  • 24-11-2014 5:05pm
    #1
    Boring username
    Closed Accounts Posts: 679 ✭✭✭


    First, I have no delusional dreams of being Gordon Gekko or hustling the stock markets. I downloaded plus500 and have a demo account, and I would like to know more about how stock markets work in practise, and particularly how information can move markets in real time.
    Just to use an example, today it was revealed that the U.S. defence secretary is set to stand down. Would something like this have an affect on stocks, or am I thinking way too deep here?

    Also, what websites do you use to keep track of stocks and information?

    Next...is there a general rule of thumb number for setting stop limits at i.e. 2%, 5% etc, or does it depend on the situation?

    I'm going to focus on one commodity and see how the markets move in that, what would you suggest? Oil is probably a good one as it is so dynamic, and everyone can relate to oil.

    If anyone is out there willing to offer me advice on a certain stock to follow, and why, I would be very grateful. I'd just like someone to talk me through the reasoning, such as long term/short terms stock options. This is just a new hobby for me so there is plenty of scope for mistakes and risk.


Comments

  • #2
    ulinbac
    Registered Users, Registered Users 2 Posts: 707 ✭✭✭ulinbac


    Hey,

    Why commodities? Why not FX or equities?

    A good start is The Naked Trader series. You can download his second book for free on a trial version of Amazon audible. Easy to listen to at 1.25 or 1.5 speed :).

    Web sites:
    Advfn
    iii.co.uk
    Trade2win
    fool.co.uk

    Magazines
    Investor Chronicle
    Shares
    Each do weekly stuff on commodities, FX and equities

    Newspaper
    FT weekender
    I follow ftse so have subscribed to the English times

    That should keep you busy :)


  • #3
    arrowloopboy
    Registered Users, Registered Users 2 Posts: 1,154 ✭✭✭arrowloopboy


    Investors chronicle online subscription is excellent , I'd star their !


  • #4
    Boring username
    Closed Accounts Posts: 679 ✭✭✭Boring username


    ulinbac wrote: »
    Hey,

    Why commodities? Why not FX or equities?

    A good start is The Naked Trader series. You can download his second book for free on a trial version of Amazon audible. Easy to listen to at 1.25 or 1.5 speed :).

    Web sites:
    Advfn
    iii.co.uk
    Trade2win
    fool.co.uk

    Magazines
    Investor Chronicle
    Shares
    Each do weekly stuff on commodities, FX and equities

    Newspaper
    FT weekender
    I follow ftse so have subscribed to the English times

    That should keep you busy :)

    I just thought I would start with commodities, but I'm willing to try fx and equities also. I just think oil would be the best stock to get a grasp on initially, it seems to be open to movement based on all sorts of issues. Thanks for the input regarding the sites and magazines etc, I'll check them out. Do you any recommendations for stock on plus500? I've been keeping an eye on Aviva shares on account of this merger deal that is being floated, but I'm wondering why the stocks have dropped? I would have expected a potential merger to increase stock prices?


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