Advice to Beginners!

Discussion in 'Professional Trading' started by Trader3993, Jan 3, 2012.

  1. Hi all,

    I am a University student and have become fairly fascinated with charts and the ability to see where a company is heading purely based on the charts and other indicators, indicative of the news (for the most part). The lack of success a degree will take you in a career has also pushed me to want to learn more about trading.

    I created an account with my bank, (scotiabank), to get a feel for the markets. Now that I have learnt from my mistakes, and have upgraded to the flightdesk platform to hopefully continue my education of trading. I am not sure how I feel about this platform; I do my trading from a laptop. I realize this is not the most effective method but I am short on cash at the moment and have to deal with it.

    I have been following forums on ET for a fair amount of time now and am hoping to get some positive feedback, but also know sometimes that is hard to attain on these forms, especially for newbs. So any experienced traders who have any positive advice? And any comments on the flightdesk platform? I like the ease of trading with my bank, but is that not enough to keep with them?

    Thanks you in advance for your advice and comments!
  2. emg


    click this link:

    study math and computer science. the odds will be higher that u will become a successful trader
  3. emg



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  4. emg


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  5. ammo


    get a nite job any job,so your days are free for realtime market reading,no matter how much you hate the job do the very best you can,this will teach you to be professional,put your feelings aside,it's business not personal,let the other employees who make it personal eat your dust as they stay where they are for the rest of their lives, and make always excelling your 2nd nature,that will make you good at whatever job you find,trading or any other,save every dime you can,get a minimal acct at tdameritrade so you can have live data,lots of it,and try to be the best at it,that trying ,succeeding,and trying harder,succeeding,is how you win,forget about the money for now,you'll lose whatever you have with your lack of knowledge and funds,market will take your money,after two years of sim trading you will hope to have one or two tells that work out better than 70% of the time,your edge,start trading only when those show up,rest of time pay attn and sit on your hands while looking for more tells and trying o improve your edge to 80 or 90 will take at least a couple years before you begin to know what you are doing,so as glamorous as trading sounds, we all lose in the beginning,years ago there was no sim trading and you had to start that way,today with sim trading, you would be a fool to lose three accts to learn how when you can do it for free
  6. All types of new businesses have high failure rates but I believe especially so trading.

    And what is universally in most failures is a lack of startup funds.

    If you don't have risk capital and income, besides trading, to pay current bills fughetabowdit.

    I know you said positive but reality bites sometimes.
  7. Thank you all for the good reply's. And I am well aware that the odds of making it are less then 10 percent. I started sim trading when I was 16, almost 3 years later I began with real capital. The first few months I was losing money thanks to my lack of displine. ABout a month ago I modified my strategy, and am up about 25%. I will admit some great luck and a couple healthy weeks. I have attained a night job, I do hate it but it pays the bills and allows me to set aside a small savings. I would like to upgrade my trading platform, get another monitor for enhanced data. Is TDameritrade far better the scotiaitrade, if so can somebody please explain why?

    Once again, thank you for all your replys, we were all beginners once :D,

    Happy trading.
  8. ammo


    td has two fulltime regular trading hours analysts,one trading with charts,the other with charts and explaining the internals,they also have after the close speakers reviewing the markets on wed,fri,they have all the internal data which others dont provide and a good free charting package,the comm are not great but if you are barely trading it's not an issue,you need to get the bigger picture on why things are moving,you are just getting the tail of the dog at most houses with data on a limited number of tools,you could have a separate account at a cheaper low margin low commish house but you would not have the data and see things shaping up before they happen so its bettter for the data ,knowledge is power
  9. NoDoji


    So, are you up 25% because

    a) you modified your strategy?

    b) you learned to trade in a disciplined manner?

    c) you got lucky for a couple weeks?

    d) some combination of the above (please elaborate)

    Trading isn't about luck; it's about extensive research, statistical data to back up the research, strategies derived from the statistical data, a written trading plan for each strategy, and the discipline to trade the plan.

    If any part of this is missing, don't place a cent of your money at risk in the market.


  10. i spent about a year with about 400 students in the 16yo age group. All traded (paper for most) during that time.

    I do not recall anyone who was unable to trade successfully.

    Some other aspects:

    1. They all had subscriptions to the WSJ.

    2. They all plotted (by hand) at least 10 stocks daily.

    3. They all annotated their stock charts.

    4. They all had to analyze 10 stocks (they mailed a letter to get 25 copies of AR for each of these corporations) using the NYSE "7 Keys to Value"

    5. They all wemt to the NYSE on 29OCTXX.

    6. They all filed a 1040 IRS long form on 15MARXX. All their trading ws only a part of this.

    7. They all talked to their parents about what they were doing.

    8. They kept up to date a full service S&P brokerage service on a daily basis (provided free of charge personally by the S&P eastermn regional manager)

    9. they always finished the prescribed curriculum by the end of February.

    Among the books they read were: "Beat the Dealer", "How to Lie with Statistics", and "The Elements of Style".

    All issues of the WSJ were saved so student could backplot new stocks (to them) for trading purposes. This effort was conducted before school and after school and not during school. It most closely resembled a bee hive in operation. All stocks that were being used were posted on a BB according to the record keeper.

    Over a 10 year period, a 100% sample of these student's pre/post shift in SAT Math Aptitude was 123 points as an average. A 30 point improvement accounts for the "learning to test" curve. 100 points is a one sigma deviation.

    Their trading is known today as PVT trading and they traded in the '60's and early 70's when making money was very easy. They performed as the PVT does today.

    How it worked was that they learned to think critically using a proven approach. As a supporter of learning, I was backed wherever I held a position.

    Ammo gave you some good advice.

    emg's comments, as usual, are the party line of the financial industry whose income comes from fees and commissions. Check out the valuation of individual wealth in the US presently. It is less than it was a few years ago.

    What is the punch line?

    The learning of trading is supported in only two ways. Subjecting students to the opportunity to learn to think critically. And just setting a scene where doing drills "to make money" is in vogue and highly prized.

    Your post says you do not think critically nor do you do drills. Were I you I wouldn't worry; you fit right into the world of CW.

    Some kids had unusual parents. They staked their kids; it was shown to be possible that a kid could make enough to pay for college. Other parents whose kids did not take the class sometimes grumbled. My advisees in those schools were kids other instructors did not take as advisees. So my class rolls were those kids who were outliers. One exception, I had a two year lab course that combined theoretical physics and theoretical calculus (nine periods a week). (Theoretical means NOT applied and college texts.)
    #10     Jan 10, 2012