Can you place orders before the market opens? (newb question)

Discussion in 'Order Execution' started by Vel, Nov 8, 2002.

  1. The market should be that simple, but it isn't quite. Sometimes it's "buy on the rumor, sell on the news", so stocks go the opposite of how you'd expect based on good or bad news

    ECN is Electronic trading that happens before 9:30am and after 4:00pm

    Spread is the difference between what you have to pay for something (Ask price) and what someone will pay you for it (Bid price)
    #11     Nov 8, 2002
  2. TSaimoto

    TSaimoto Guest

    He's not you, aphie...

    Still, considering your newbness, read Van Tharp's Financial Freedom. You won't understand much but just try to grasp a brief idea of what he's trying to say. It'll give you an important perspective to better understand other material.

    Exchanged published free material are pretty good.

    Don't watch the news if you don't know how to use it. You have to look at it in a different way, it more than just saying, "It's good news*, let's buy. It's bad news*, let's sell."

    *News also includes Fundamentals and Technicals.

    I really don't recommend any trading courses. It's probably cheaper to buy essential trading books in bookstores(or order them in With the material, ask questions in here by starting a thread like... "In Jack Schwager's Market Wizard, it said, "!@$%!$#!@#$%!@#4 blah blah blah" What does this mean?" kinda thread. You'll get different responses but it'll help you understand it more.

    When you ask a question in here, have a objective question. Don't ask something like, "I am newbie, how do I get good?" Be specific with what you don't understand. Also, be specific about who you are. The answers are different depending on your trading level, trading style and objective.
    #12     Nov 8, 2002
  3. Vel


    ok guys thanks a bunch for the pointers. I have basically decided that in all honesty, day trading is going to be the only career option that I would be able to handle. I want to make a million bucks in 5 years. I'm a genrally unmotivated person but something happened in the past week to motivate me to get my ass in gear and start learning and getting money ready to play the game.
    #13     Nov 8, 2002
  4. how did you find this board exactly?

    you would have a better chance at trying to become a major league baseball player to make your million in five years.

    why don't you start with a more reasonable goal for a beginner of, say, trying to go an entire three month period without losing money.
    #14     Nov 8, 2002
  5. Vel


    I'll have to disagree with you on that one.

    I've heard all the skepticism, and It's my opinion that all the horror stories and general stories of loss happen because you're just an idiot and don't play it safe. I know when people make comments like you just did, they do it to scare you so you stay on your toes. I already know to stay on my toes and not be an idiot. I know the danger is there and I acknowledge it, but I have better things to do with my time than to dwell on the fear and be brought down by naysayers. I'll make my million in 5 years, because I said so. (after I paper trade for a while and make sure I know te ins and outs). Millions of people make a living on the market, and I'm going to be one of them.

    Hell there's an old guy in my gym who is a millionairre. He plays the market and has no clue what he's doing. He takes tips from a broker friend. I'm sure if he can do it, I can do better.

    Thanks for trying to keep me on my toes however.
    #15     Nov 8, 2002
  6. Well in that case, I wish you well and hope you keep us informed of your progress.
    #16     Nov 8, 2002
  7. Nah, there is a guy here on ET that is going to turn 5K into 1000K in 18 months via E-Minis. I'd search for his thread. He is a sage, can quote countless trading axioms on demand, and is wise beyond his years.
    #17     Nov 8, 2002
  8. Tips:

    Don't listen to anyone on ET -- it can be done.

    It isn't easy.

    Here is the progression I went (am going through):

    1) Total cockiness (i.e. I am a trading machine)
    2) Blissful naivity (I could never get hurt in the market!)
    3) Total Anxiety attack (I'm in my first f%$%ing ES trade -- oh #$#@!)
    4) Emotional confusion (i.e. it looked so easy on paper!)
    5) Wreckless trading (Screw systems I can do this!)
    6) Anger / Revenge (i.e. "I'm out $500!! I want that money back!!)
    7) More wreckless trading
    8) Calming period (i.e. If I keep this up, i'm going to blow out my account)
    9) Internal Realization (I have self-destructive tendencies that I need to fix)
    10) Humbling Period (i.e. Market doesn't care who I am -- it isn't a person to be smoozed over)
    11) Priority Alignment (I want to make money, not try to prove myself right by taking a bunch of +1 ES scalps for a lot of -3 ES losses)
    12) Reduction of trades / Patience (I don't need to trade because I can, I will learn to sit all day and wait for that perfect set-up)
    13) Losses lessen, winners get larger (I *AM* a good trader, I just wasn't very disciplined)
    14) Confidence building (I can be profitable and still lose on a larger % of my trades)
    15) System / Discipline building/ Slow down (I'm in no rush to make huge money -- it will come in time)

    FYI, I am becoming more profitable each day -- the losses are more numerous, but once you find a system and the right mental set-up to trade it, you will find success.

    However, it isn't easy. I look at charts all the time until I can't stand it. I force myself to observe patterns. I write programs to assist in my discovery.

    Again, you can do it. The road is long, but it can be followed if you have your heart into it. You really *must* want to succeed.

    #18     Nov 8, 2002
  9. richtrader is right...unless of course we get another 95-99 bull internet run...then even people like me can make money. how much $$ you starting out with ...5k? if so, you are going to have to trade pork bellies to turn it into 1 million...the sec made sure those day are do know about the daytrading rules right?
    #19     Nov 8, 2002
  10. lol, aph
    #20     Nov 8, 2002