mike, I have not read all this thread and nor am I going to. The problem that you face, like everyone who starts out wishing to become a Trader, is that you are lost in a sea of knowledge and opportunity. This is a 'top down' business just like any other. There are many ways to get you started, but firstly you need to decide what it is that you want to do and what suits you. Stocks, futures, options. Day trade, intraday. Glbx or RTH. Morning, afternoon, all day. High velocity or big points and small lot size. The list is endless as are the opportunities, but somehow you need to carve off a section that suits your talents and not those of someone else. Then and only then will the answers to your questions begin to make sense to you.
you pose a good point...where to carve a niche. Currently, my only exposure to the market is stocks and options, so naturally if I had to pick an area, I would go to there. But any suggestions as to how to find out enough to pick an area? For instance, I'll use the real estate example as most seem to understand it. When I moved into real estate, I could have become an agent, but didn't really want to shuttle people around and control their emotions through the buying process. I could have built a rental portfolio, but chasing rent and 2 am calls about maintenance issues, not really what I wanted. I chose rehab for retail sale because it fit my nature. As an engineer, I'm very analytical and I can look at a market, the house and decide what it will be worth fixed up, what it will take to get it there, etc and the rest is just turning the crank. AS for stocks, I realize the each different area has different characteristics, time demands, and different personalities florish or are attracted to each. So the million dollar question is, any thoughts on where to research the different areas to get no nonsense answers to what it takes to succeed, what your day looks like, etc.?
You can try an ET search for stocks v options etc, forex v futures. From this general information you can start threads that become more and more specific. Bear in mind you will either be a Trader or you will not. Good Futures Traders will not fail in stocks etc, it is all about mindset and discipline and taking responsibility. Gradually, as the info unravels you will establish a course for yourself before you immerse yourself in the analytical nuts and bolts.
I'm currently at an Investools seminar, the introductory one. The food and setting is comparable to other industry conferences, although the instruction seems half sales pitch: Some instruction, then repeat, then selling the idea of options (or the instructor's current pet). Several things that they've repeated that posters have mentioned: 'three arrows is no guarantee - look at the rest of the indicators. Research. Watch.' 'Paper trade heavily for at least a month before investing - then just 10 of a stock, or one of an option; enough to be in, but not too much to lose.' 'You must invest more than six to nine hours a week on this' 'You need to use holds and stop losses - pre program your trades for each day.' That would limit losses alot - but yes, there is alot of self study here and using your own judgement on what risk and angle you want to take. ...Also, this guy is really loud when he starts talking about big numbers, but that's just a particular instructor. Their website is certainly interesting, and has alot of good tools that I'd have liked to see when I was in High School. While I'm here I've been perusing the other suggestions, but so far Barrons has lost my password and Optiontrades is just thinkorswim which isn't actually a tool but a cheaper class. And what I want is a good tool. -Crissa
It would be scary to add up how much this Investools program is going to cost. So much for the "free seminar". Better to read books, use Tradestation, and learn from the market. Also, I would rather join a quality chat room than spend a gazillion dollars on Investools.
Crissa - I started a different but related thread that you might have an interest in. See posts from other people who have been to Investools http://www.elitetrader.com/vb/showthread.php?s=&postid=1441213#post1441213 thought you might find it interesting
Yeah, that I'll check up. But so far I've found that the posts here are inaccurate: They don't suggest LEAP or covered calls as main sources of income (though some instructors love them) And gosh they want to talk. And talk and talk and talk. Which honestly, that is the one way to make sure someone is a success with a tool is to stick with them. So the mentoring system is well known in many other industries. And the candlesticks, bands, fibonacci, etc is all available to the most base user - although training in using them is what costs. In the initial non-free seminar I've attended did cover what these were for people who didn't know - I knew, if only because I know the mathematical and economics concepts but I'd never dealt with them in investing (heck, my investments are all savings bonds right now). So I don't see how this at all compares with reading a book - and even so, they're telling people to read these books, study, and work with mentors, use paper trading instead of real money, etc. It's all good advice, even if expensive. If 70% of people don't follow through? Well, 99% of people who sign up for most websites never return to them. What percentage of people buy books and don't follow through? Also a majority. It's no different. Anyhow, like I said, I'm interested in the tools. Their tools cost an amount per month - Like Baron's, Tradestation, Bettertrade, etc. But unlike Tradestation, Bettertrade, is that you can actually get in and look at it without spending money, and if you do buy in, you get a free pass to hand to a friend/family. It also doesn't require a PC-only no-requirements listed download application. So I see InvesTools as: (from 0-4) 1.0 - 'Okay' instruction 4.0 - 'Great' motivation, one-on-one instruction (supposedly) 3.0 - 'Good' tools, web-based platform-independent Java application. 0.0 - 'High' price tag Overall? Give me some more time to see. -Crissa
Do you see anyone making money, other then Investools Look theres nothing that this company can teach you that you can't get from a few good T. A. books. (do a search here) Save your $