thank you, i do have adlers book and I am reading it over and over for the insights. Also, to stock777, jobs are hard to come by , so Ill take a shot at this game. Its more for me as a way to utilize my mathematical background to hopefully make some money in the future, as opposed to working.
Start simple. Read Oniels âHow to Make Money in Stocksâ Strategy wise I had a swing trading journal a while back. Search for Follow the Plan. More recently N54 Fan had swing trading journal âCheck out the TATAs Journalâ Strategies are simple. The hard part is following them. Spend the time putting your own strategy together.
It's not a beginner's book, but I believe you should read it nonetheless. It's a comprehensive book and the information it contains is valuable. Even if it baffles you the first time through, the seeds of knowledge will be planted and as you gain screen time you'll have many "Aha!" moments as a result of having read the book. Then when you read it later it will make perfect sense. Al Brooks' book is far more direct and his methods apply to swing trading as well as day trading; the problems with his book are a) tiny charts (if you have good eyesight it won't be an issue), b) many of the charts he references are on the next page so you have to keep flipping back and forth as you read, and c) he uses these abbreviations that are explained in the glossary, so you have to review the glossary, then keep cross-referencing it as you read the book, until you eventually can connect the lingo with the visual patterns. Brooks really gets into a lot of advanced day trading and scalping techniques so you may find it quite tedious at this point. Again, lots of seeds worth planting, though. I think swing trading is a good idea. You'll learn important price action patterns and have plenty of time to get used to trading in general. Once you're experienced and consistently profitable, you'll be able to translate everything into an intraday time frame if desired and practice in sim until you learn to assess the price action and react without hesitation. Pristine has a swing trading newsletter and their methods and education are excellent. They demonstrate how to trade high probability price action patterns and they include solid risk management and profit taking tactics. Their web site also has a lot of free educational resources. If you read Farley or Brooks and have any questions whatsoever, you can PM me, that way we'll avoid attracting the attention of those who are attempting to attain enlightenment by bashing educators.
To deaddog, thanks for those journals. Also to Nodoji, Thank you for that insight. I emailed the administrator because newbies are forbidden and prohibited to send PM's. I was wondering if you could possibly email me (it is on the resume i have posted at the initial post as an attachment) I would appreciate it immensely.
before you swing trade,you need to find out the minute areas of turns,tops,bottoms,so later on you can place your entries /exits correctly,study daytrading even if you don't plan on daytrading,learn to chart with s/r lines and learn the in's and out 's of market profile,these two encompass the gyrations,top's,bottom's and midpoints,you will need these to pick same,midpoints are often return to the mean ,bounces in a downtrend,dips in an uptrend,the trio will give you a framework to work off of to judge strength weakness,once you are in a trade,once you have a position,it's most profitable if you can ride it to target,there will be many stops and starts playing on your risk appetite to try and force you out,overall the market moves to a top and then works it's way to a bottom,if that is a 10 point range ,the market may move up and down 30 points in between, this is where wall street makes it's money,the suckers give their acct to a brokerage firm and hopefully get 5 out of the original 10 pt move,ultimately you would like to catch a large portion of these minor move inside that range,daytrading teaches you to catch those moves inside a one day range,eventually you hope to master a one week move, one month,6 months,you don;t want to learn to play beethoven,you want to be the next beethoven,so set your sights high and gain the necessary tools from the bottom up
Hello Siva Your brain must be completely information overloaded at this point, which is normal during the early stages of trader evolution. You will learn over time how to filter out the irrelevant stuff. I have some trading files which I studied back in the day that I can give to you. It may help you tremendously. I will email you to discuss further.
------------------------------------------------------------------------------ If you read Farley or Brooks and have any questions whatsoever, you can PM me, that way we'll avoid attracting the attention of those who are attempting to attain enlightenment by bashing educators ------------------------------------------------------------------------------- Siva, Take up on the offer while it's still good. I didn't have much luck with a similar offer from NoD. I was at a critical stage in my trading, needed someone GOOD to critique my trades. She did once, but refused the 2nd time. Now, I've not been really active in the market or on ET board for some time now. So, I must be one of the 'not serious about trading' categories in the eyes of the xperts. But you seem serious about trading. So take all the advice you can get while it is still available. NoD is good. She is thorough in her work.
That sounds so mean when I read it. Did I really do that? The mean people must have gotten to me. On a more serious note, anyone with some good book-learning can critique trades after-the-fact and it can be really helpful if the trader being critiqued is making clear mistakes in his/her trading time frame. A few times someone would send me a chart of a losing trade and ask how it could've been avoided and if it's not a mistake in reading the PA, I have to be honest and tell them that it was a valid setup and I likely would've traded it, too. Losing trades are part of the job. I do think it's more helpful to observe a pro trader analyzing price action in real time, at the ugly hard right edge. I've never tried out Al Brooks trading room (he has a free trial of it), but a few folks have told me it's good stuff.