%%%%%%%%%%%%%%%%%%%%%%%% Amen and get a public library card + private library.cant lose a library IBD helps ; 10 day free trial. Wisdom is profitable to direct. 7 year chart/data study helps
Thank you Yogi, i will look it up. As regarding brokers, I heard about managed accounts and joint managed accounts, maybe that is what i need? what do you think?
You do not need managed accts. If you desire to trade at what ever capacity, you need to perform your own due diligence. Research and decide what you want to be. Investor, Swing trader, Position trader, intra-day, scalper - Equities, Index/Commodity futures, currency, options, etc... Will you rely purely on Technical Analysis or will you base your decisions on Fundamentals? A combination of the above as filters? You need to find what fits your personality, risk appetite, skill, capital, etc... Day trading is the most difficult endeavor for a noobie. Discretionary traders are at a disadvantage, and with the advent of Algo & HFT's it has become even more difficult. It has the most appeal due to instant gratification. Clicking on the DOM alone is NOT trading. Excitement is your enemy, Patience is key in successful trading. Suggest initially Swing, longer time frames. [as Handle pointed out] If you want someone to "manage" your account you aren't looking to be a trader. You are better off studying asset allocation and building a diversified portfolio of Index ETF's, with the proper balance between Domestic, European, some Asian & Emerging markets. balanced with a bond fund. if you feel assertive, you can add a SMALL amount of REIT, Gold. Buy and Hold. But you have a tremendous amount to read, learn and understand long before you come to that point. [and before you risk your first $1]. It takes years to become profitable, and you never stop learning. [usually from your mistakes] Regarding Investopedia, just keep drilling down links. The more you read, the more questions that will arise. That is probably the one and only absolute you will find in Trading. You will learn more with self study, than arbitrary questions on a message board. The biggest problem with a message board is bad information. Don't blindly follow internet guru's or advice from anonymous strangers. The primary problem with the Guru's and message board advice is they only provide a small portion of what is required for successful trading and poor risk mgmt techniques. Entries are easy, targets are easy, how you get from point A to point B is not. The most important element is RISK CONTROL and money management. Risk and money mgmt are seldom discussed, yet even less explained. With out it, calls, entries targets are relatively worthless. Secondary problem is assessing the quality of information. Many profess to be profitable, but aren't. Unless an individual is 100% transparent, be skeptic. They may speak with authority, but in reality haven't a clue. Do you really want to take advice from failed traders or other noobies? [Remember: A little bit of knowledge is a dangerous thing] Not saying everyone on this board is a failed trader, there exist some very talented individuals. The main problem is most have no desire to teach or are burned out from teaching long ago. The chances of successfully locating a mentor on the internet is slim, very, very slim. The old proverb holds true in trading as most everywhere else: "Those that can, do. Those that can't, Teach" George Bernard Shaw Trading is solitary business, the road to successful trading is usually traveled alone. Good luck Edit: Just noticed you were interested in Forex. Basic Forex information to study: http://www.oanda.com/ http://www.babypips.com/
This is very good advice kid. I suggest you take it. I feel though that you won't value it as much till you actually start trading. Read it again one year into trading. Then read it again as another year goes by. Also just start with a bigger capital
Thank you for all this enlightenment! so I should forget about joint managed accounts as well? I heard it would allow me to still make profits on one side and i could learn to trade on the other. Avoiding to loose to much money. I will read a bit more, and come back ;-)! thank you
Forex trader named Patrick was given a tour by the broker. When they arrived at the Marina the broker showed him some nice yachts anchoring there, and said, "Here are the yachts of our bankers and partner brokers." "And where are the yachts of the traders?" asked Patrick
The broker replied: the traders are busy trading. They don't have time for yachts. You can find them on internet showing everyone how much they are making each day. Some of them even take on side jobs of spamming websites.
Experienced Joe and the rest of the gang just don't realize that the odds for any newbie to make it are staggering Feed the newbies a load of bs never thinking that behind that newbie there is a wife and perhaps 2 kids or more who are going to take it on the chin and in the tummy when the hunter is out gambling for the easy buck. No Sir, you won't catch AfterLOS encouraging or lying to any newbie that comes in here. Stockbroker's creed: A man is a client until proven broke To show all how dumb traders are: A market guru walks into a pizzeria to order a pizza. There the waiter asks him: "Should I cut it into six pieces or eight pieces?" The guru replies: "I'm feeling rather hungry right now. You'd better cut it into eight pieces."
And the biggest joke of all, the one that cracks me up every damn time is CAREER TRADERS If I was to be one such career trader, I'd kill myself yesterday - just the thought of sitting at a computer for 8+ hours a day - and cats nowadays have 8 monitors - man that would kill me quick. And on top of that stare at a 1-min. chart and enter and exit akin to a premature ejaculator 10 times per day!!!!!!! No Sir, not recommended!