Greetings ET community, Due to less than favorable circumstances a new career is in order for me and I have always had an interest in the market. I realize it's not an easy path, nor one for the weak hearted. I have the ability to learn and I have the time to devote to doing so. Right now is the perfect time for me to pursue this. I have been reading threads on this forum for a few months now and feel this is a good place to hopefully get a realistic nudge in the correct direction. I have heard options are a great place to cut your teeth so to speak, with small risk but small gains. I am not looking to get rich quick, nor am I looking to make huge returns immediately. I am looking for some information from people who actually do this for a living. I am looking to begin a path of learning and I seek your advice in where to begin. What I am asking is this: What vehicle (options, etc) would you recommend to cut your teeth on? What books/dvd's for that particular vehicle would you recommend reading/watching to learn about this vehicle etc? What tradebrokers are the best to use? What software is the best to use for real time streams? To save a bit of time in responses, if I get any that is I have spent time reading about the emotional aspects of trading, I am well aware that a firm resolve is needed, emotional stability during trading is key to making sound decisions. Thankfully for me my career path thus far has required this skill as I was in an extremely high stress environment where decisions had to me made fast and execution needed to be swift. So in short, I am aware of this important aspect of trading. I thank you in advance for any information you can offer.
Jack Schwagger: "What advice would you give the novice trader?" "I would say that risk management is the most important thing to be well understood. Undertrade, undertrade, undertrade is my second piece of advice. Whatever you think your position ought to be, cut it at least in half." -- Bruce Kovner, page 82, Market Wizards "Trade small because that's when you are as bad as you are ever going to be. Learn from your mistakes. Don't be misled by the day-to-day fluctuations in your equity. Focus on whether what you are doing is right, not on the random nature of any single trade's outcome." -- Richard Dennis, page 114, Market Wizards Pass it on!
Go to tradesports.com and cut your teeth on the dow, hourly's and end of day. I think the financials and other events are being split off due to us gaming/banking regs. You will learn gaming and markets for $500.
And I was all ready to hand over my cc info! Snippet from the daytraderscoach website: "Different trading styles rwquire different tools." Maybe I should send him an email offering my webdesign services. I appreciate the link, found a bit of useful info there. The "sharks" are way too obvious these days. It will be interesting to see how many sellers will hit me up in my quest for a few simple answers. I finally got through all the reviews of the rather lengthy list of books I compiled and decided on two to begin with. "The Bible of Options Strategies" by Guy Cohen "Options Made Easy" by Guy Cohen Has anyone here read either of these and if so, what was your opinion? Again, thanks for useful stuff, and to the jokers.. meh.