Hi, I am new in the trading world. Can you please help me with following questions? Which platform should I use for charts and technical analysis to practice? I have 8-5 EST job, what should be the trading strategy? Could you please explain the strategy? Stocks VS Forex, what is the best option considering I will have time after and before market only. I could use my phone on work for 10 to 15 mins. Is there any course or book specific to part time trader? Do I need a mentor? Can you suggest any who could help in the beginning stage?
Hello, Welcome. No easy answers to your questions. Seek a mentor. Ken Long is a good one if you could connect with his way of trading. What is your background?
If you have a full time job don't day trade, you don't have time to monitor your day trades. Try swing trade, easier and takes less time to monitor your position and you can monitor/make decisions after and before work. As for method, there are lots of successful methods, you just have to pick a style that fits your personality. For example, I don't use TA or charts to trade. Good luck and best wishes.
Thanks for a reply, I am a software engineer. I have basic knowledge of stocks. Can you please suggest platform/broker should I use for charts for swing trading? Any good course or resource for swing trading? Stocks VS Forex, what is the best option considering I will have time after and before market only. I could use my phone on work for 10 to 15 mins at a time. Do I need a mentor? Can you suggest any who could help in the beginning stage?
You can pick up a used copy of Alan Farley's, "The Master Swing Trader," for $10 (including shipping) on Amazon.
Open paper trading accounts, and a real live account as well -- and You better hope and pray and be smart and a quick learner, Nothing I say here, or anyone else, will truly make an impact to you right now anyways, Being truly great at something is a long road ahead -- there are no shortcuts, 95%+ of Traders would be much better off just investing in the SPY/S&P 500...and spending their time doing something much more funner or meaningful or purposeful, That's simply the reality of the situation,
Use those 10-15 mins a day to balls deep hard core scalp...kidding. End of day swing trading like other have suggested. Or use your programming skills to automate something.
1) NinjaTrader is a free and fantastic software. You only need to buy license when you decide to trade live (very cheap btw) 2) Swing trade as other suggested, options is another route or trade Asia markets (KOSPI futures are a great and liquid contract for day trading) 3) If you settle on currencies, it is better to trade CME currency futures. Too many forex bucket shops 4) Ideally yes, but virtually impossible to find. Vast number of snake oil salesmen. Read books, lot of books. This forum has many great ideas, but you would need to spend time doing HW. Also, backtesting strategies without programming skills will not be easy. Enjoy the journey.
%% Good points. I like Alan Farley's Master Swing Trader[book ] Charts; most of his words dont mean much to me, then or now.If day trading compare; your record of that =======compared to swing trading + benchmark SPY. I considered selling my daytrading books, but Amazon + Barnes & Noble ripped that market to fractions/pieces.LOL but i still find 1/2[aka 50% ,some times LOL] If i lived next door to the CME, i would not daytrade; but may try to borrow from CME library. Single stocks are risky-rewarding; Forex is four or 44 times worse to learn on, as any leverage product is. IBD [Investors Business Daily] has some most helpful books] but something as complex as excellent trading/investing, or medical school seldom gets done part time. Study part time could help eventually..........................................................................................................YP888,8888