Hi all. I believe I would enjoy day trading, but I understand that I must study a lot before risking any money in the market. I would appreciate any advice about what sources to read, and if there are any courses that are worth the cost. I have the time to study and to eventually spend days trading. I can rationalize risking $25,000 if, or when, I get to that point. Thanks, Cin
I'm really just looking for something like a book title, a good website, or an experts name, anything that might make the learning process more efficient. Thank you.
Check out the Journals section and the Technically Speaking sections... there are lots of threads for you to explore. http://elitetrader.com/vb/forumdisplay.php?s=&forumid=29 http://elitetrader.com/vb/forumdisplay.php?s=&forumid=32
I'd start with Van Tharp's âpeak performance courseâ. The course is modeled on the world's best traders. It deals with psychology and not technical analysis, but without the proper mindset you cannot become successful trader. Mark Douglas is also very good but his materials seem to leave out lots of essential stuff. For technical analysis there is myriad of books. âTechnical Analysis of Stock Trendsâ by John Magee, or books by John Murphy or Martin Pring are good for beginners to learn technical analysis. Robert Miner has a great book which deals with fibonacci, eliott waves an stuff like that. He is a genuine trader, and his techniques are good for anticipating zones. Just keep it simple, use just bars and volume and forget about indicators until you develop feel for the market. For intraday trading Kevin Haggerty's first hour strategies are very reliable, I'm sure there are many other good strategies. The best strategies are the ones you develop yourself, something you believe in and tested for yourself. If I were you, I'd forget about daytrading until you can successfully position trade. Higher timeframes are much easier to trade for beginners and I think it is financial suicide to daytrade if you're a beginner. All the best
No, TOTAL commitment. Not just a lot of time and effort. Trading, if you want to be successful and consistently so, will consume your life 7 days a week for year(s). Most guys will tell you it will take between 1 and 5 years to get to a point where you are breakeven to slightly positive. My point is, don't expect just hard work, expect yourself to be consumed. Fortunately if you love it, it won't feel like work but rather trying to solve a very intricate puzzle.
That's what I've gathered Fah Q. I tend to immerse myself into projects to the exclusion of everything else. I love to solve problems and if solving the "problem" results in profit I think I would be drawn into it as you describe. Thanks.