I Don't Know Where to Start

Discussion in 'Professional Trading' started by shark, Dec 19, 2008.

  1. Very broadly speaking, there are two approaches to trading. The one that you are thinking about is known as the "fundamental". That's where you analyze the news, earnings reports, company products, etc. BlueHorseshoe above linked a good article to give you a start on fundamental analysis.

    The other approach (which is probably used by most people here) is known as the "technical". The basis for the technical trading is that the price and volume of a security discount everything else, and thereby you don't need to know anything else.
     
    #11     Dec 19, 2008
  2. ssbc19

    ssbc19

    Set up a paper trading account and start saving cash in a savings account. Paper trade and keep a journal. Spend hours studying and get a feel for the market. Set performance targets for yourself. Once you feel like you have a good feel for the markets and are consistently making money paper trading, then start live trading with small amounts of money
     
    #12     Dec 19, 2008
  3. Omega

    Omega

    Roman,

    What do you trade? I assume stocks since you mentioned google. Why stocks?

    What about eminis? I trade the ES. It allows me to risk very little and is a good learning ground for me.

    I struggled for the first 9 months. Got tired of indicators, (as I was using them for entries alone, rather than for confirmation off of price action), learned to follow price action, looked for patterns. Then I continued looking for patterns. If you give yourself enough screen time, you will see them develop.

    There is no rush. Find a full time job if you don't have one already and trade before you go to work. I guarantee you if you quit your job or rely solely on money from trading, psychologically you will destroy your account and your mental makeup. I know, I made that mistake. I was under-capitalized as it was and every trade "had" to go my way or I would freak. Not cool. PATIENCE is key. Decide from the moment you enter a trade where your stop-loss is...that way you know going in how much you will lose worst case scenario.

    If you're serious, don't give up. Don't let negativity from any source get you down. Ask yourself if this is what you want to learn. If it is, commit to the learning process.

    It takes time. Screen time. Just watch the charts on different time frames. Try tick charts, volume charts, minute charts. Compare a 15min chart to a 5min chart. Compare a 4800 volume chart to a 14400 volume chart.

    I hope this provides you some direction. There's no substitute for learning on your own,..but a push in the right direction can't hurt either.

    Good luck.


    OMEGA
     
    #13     Dec 19, 2008