looking for guidance

Discussion in 'Trading' started by newbietrader100, Aug 9, 2010.

  1. hi everyone im new if you couldnt tell from my name. yeah I know bad joke... anyway.. Very simply I'm looking for guidance so that I can become a successful trader and hopefully one day a very wealthy I'm only in high school at the moment so I have alot of time and money to lose before any success but I want to start early and start looking like a yound buffet or soros..
  2. That's great that you're starting so young. I wish I had. I think the best thing to do would be to watch over what experienced traders are doing and what setups they are trading. That's what helped me the most when I was starting out.

    You can find various trader chat rooms in google. My personal favorite is the StockVision chat room because that's where a lot of great traders were most receptive to my questions when I was starting out. They also keep chat archives there so you can look back over experienced traders' past trades and match them up to the charts at that time and learn some good setups that way. I had a lot of success learning that way.

    There are also some good blogs out there which helped me a lot. The informedtrades Basics of Trading course is a good overview if you don't know much already. The SMB Capital blog is also a useful one.
  3. NoDoji


    Try to find a good mentor before you develop bad habits. That alone will save you from unnecessary losses and frustration.

    Learn to trade price action and go with the trend or a confirmed trend reversal. Price action means letting price itself (not anything else) invite you into a trade. When price itself takes you into a trade, you are more often on the right side of the move than not, and if you have a risk/reward of 1:1 or better you will succeed.

    There now isn't that easy?


    P.S. - Read this journal, it's priceless: http://www.elitetrader.com/vb/showthread.php?s=&threadid=148752
  4. spindr0


    Yeh, assuming you're not a troll... go to the library and read every finance/trading/investing book you can get your hands on. Start with the beginner stuff. Don't worry about things you don't understand. In time you will. You're learning a language as well as trying to find out what dialect interests you (stocks, options, futures, trading, investing, fundamentals, technicals, etc.). Pay close attention to Ponzi schemes because they're very profitable :)
  5. ammo


  6. I forgot to add in my post that a useful short-term trading book to check out is The Market Maker's Edge by Josh Lukeman. Reminiscences of a Stock Operator by Jesse Livermore is also a classic that's a good read.
  7. You are making your parents proud. :)

    And you are right, it is much better to start young. There are plenty of things to learn and you can do that by doing a lot of research and reading on the particular field that interests you.

    And finding a good mentor will be a good idea too.

    You will be bound to commit a few, maybe many, mistakes along the way, but that is just part of your learning process. So make sure that you analyze every situation or mistakes that you've had and learn from them, that way you won't get burn twice and you'll gain more knowledge that you can use through out your career in trading.

    Best of luck to you. :) And keep pursuing your dream.