From the read to your first trade

Before anything

Only trade money you can afford to lose. No market on earth is worth a pound you need for your life.

1) Open an account with a licensed broker

We don't recommend a specific name - but never compromise on these:

• A licence from a known regulator - the name and number sit at the bottom of the broker's site; verify them on the regulator's own site.
• Clear deposit and withdrawal - withdraw a small amount in week one before you scale. Slow withdrawals are an early alarm.
• A free demo account - if there isn't one, look elsewhere.
• Published fees - know what each trade costs before you start.

2) Two weeks on demo - minimum

Fake money, real prices. Treat it seriously: execute our daily read as if the money were yours and log every trade. Two weeks without an execution mistake (not without a loss - losses are part of the game) and you're ready to start small for real.

3) Three order types - that's all

• Market order - buy or sell right now at the current price.
• Limit order - set a price; if the market reaches it, the order fills by itself.
• Protective stop - the most important order you will use: a price you set yourself; if the market reaches it, your position closes automatically with a small, planned loss. It is a core part of any risk-management plan.

4) Who sets the protective stop?

You do. The card describes what the price did and the earlier levels it reached; it does not publish an exit price. You choose your protective stop level yourself, from your own plan and risk, and enter it with your broker when you open the trade.

5) Position size - the most important number

Our rule: risk 0.1% to 0.2% of the account per trade - no more. A $1,000 account means one to two dollars of maximum loss per trade. The calculator turns your balance, the entry price and the protective stop level you set yourself into the exact lot size.

6) First real trade checklist

• Read today's card and understood what the read describes?
• Sized the position with the 0.1-0.2% rule?
• Entered your protective stop with the broker before hitting submit?
• Is this money you can lose without your life changing?

Four yeses = execute and let the market work. A single no = wait. Nothing runs away.