Hi folks. I'm new to trading (less than 2 months). I've done a lot of reading for a few months prior to placing my first trade, however, I can't seem to put what I've learned in those books to work when I'm looking at thinkorswim. I'm looking for someone to who wouldn't mind taking me on as an apprentice (even if it's to test your strategies under development...it'll give me exposure. lol. ) Here are some details: 1) I funded a live account with $2000 and started trading with practically no system.(mistake #1) 2) After all the reading I've done, I still don't quite understand how to develop a trading system. (entry/exit requirements). I think I need practice at executing a written trading plan with no deviations (I'm in the navy so following written plans I can do. I just don't know how to come up with one with regards to stocks). So, I need help there. 3) Like every other newbie (I think), I don't quite know how to scan for stocks that'll have a good potential to make gains in my bottom line once the market opens. Anyways...this may seem all kinds of scattered...but the underlying point is that I'm looking for help and I'm very willing/eager to learn. Thanks in advance for your comments/critiques.
Whatever you do, whatever you are promised, make sure this "mentor" has solid proof of years of consistent profitable trading, else don't bite.
You should spend next year reading Education areas of this forum, read some of the forums of "folks" enduring much pain of learning how to trade. I will be honest, I doubt anyone would mentor you as you have no staying power, extremely undercapitalized, uneducated, not that you have to have a ton to trade.. Not many would have the patience to deal with someone not willing to put in the time to start by doing it themselves, maybe it just how I feel. 2 months is like nothing. Stock scanners like http://finviz.com/screener.ashx www.barchart.com has very good free charting. Get charting books and memorize charting till you can breath support and resistance. www.ninjatrader.com and free data at Kinetick-daily You back test by advancing chart one day at a time and draw in traders, if you at a broker that gives your this type of package you learn to program. But you need to work on own first, you might see learning to trade is harder than learning to become brain surgeon. Two books by John Hill written in late 70's, Stock & Commodity Market Trend Trading by Advanced Technical Analysis and Scientific Interpretation of Barcharts. http://www.amazon.com/s/ref=nb_sb_s...oks,363&rh=n:283155,k:bob+volman+price+action Good luck.
Thanks a bunch bro. I've been trading for 2 months, but I've been reading for about 6 total. I'll definitely keep reading though.
Pitt, thanks for your service to our country. I'm no mentor, but I would recommend that you start watching Tastytrade to get you engaged and in the learning process. I wouldn't trade a dime of your small account until you get a lot of education under your belt. You will blow that small account out quickly if you don't know what you're doing. Use your study time to add funds to your account. Trading will always be there for you in the future. Feel free to follow my progress at http://www.elitetrader.com/et/index...-hybrid-experiment.300013/page-8#post-4286178 I know absolutely nothing and don't make any of my trades. I am sure that I will lead you into the danger zone. With that said, I will help you in any way that I can. You have to live this stuff. You must study and be prepared to put in multiple thousands of hours in order to have any kind of success. Most people will fail and when they fail, they will quit. Will you quit? I hope not! Welcome aboard!
I highly recommend you to cut out all the technichal analysis mumbo jumbo and instead focus on fundamentals, and news and then trade momentum with an investment horizon that does not put you in competition with professional players and to focus on those assets that are not so sought after by the majority of the crowd. That IMHO will give you the highest chance of success. I have traded for banks and hedge funds for 16 years and just share my own insights and experience. There are a very few who succeed using technical analysis without a professional order execution, and algorithmic setup and the percentage of those succeeding out of all those who attempt it is daunting small. And remember: most everyone who sells courses and books and advice does so because they can't make enough trading themselves. Often times the rational of people, doing things, is based on logic and truth even if they would never admit it.
Successfully trading is a rather very long road -- your two months is nothing. no offense. Every successful trader has done an absolute minimum of two Years frolicking just for survival and learning. ...in my opinion, ...no words or lessons or advice from someone will help you,...atleast not that much. You have to realize and see the light for yourself. at your pace. at your moment.