New in trading and need some advice

Discussion in 'Professional Trading' started by johnnyboy, Jun 25, 2008.

  1. johnnyboy


    Hi all.

    I'm new at trading and I'm doing a some sort of transition from internet marketing world to stocks & trading. I have a bankroll of $45k so that should be enough to practice with ?-)

    My first book was Understanding the Stocks by Michael Sincere and it was very interesting and helped me tremendously to understand the basics. Now I bought Take on the Street. So I'm looking for your recommendations for some sort of 101 stock course that goes thru the basic strategies and tells me all the basic stuff I need to understand before diving into the deep end.

    I have OmniTrader 2008 in my disposal and I have played with it for few weeks so you probably can guess how confused I'm from all the stuff the program offers :)

    I would appreciate advices, tips and hints how to learn and avoid the basic newbie mistakes. I know it's almost impossible not to lose any money when learning and it's a long process but any help how to avoid common mistakes is greatly appreciated. Also if there's some threads here in EliteTrader that I should read, please point me in the right direction (except use the search noob ;) )

    And I'll keep reading the forum and sucking all the info like a sponge bob :)
  2. johnnyboy


    Well, thanks for your confidence but it would be eye opening for you to get to know internet marketing business little bit more.. We don't have shortage of big bullshitters in that businessIf you want to be successful in IM, you need to be able to filter all these "fake it until you make it" people and "gurus" who try to sell you shit. And after 5 years of that, I think I'm pretty good filtering out all the bullshit (like your first post)...

    So I'm still looking for recommendations for courses and books to read.
  3. Cheese


    Well Bob you are not going to take the very best advice you can receive at this early stage. Here it is. Stay away from trading. Forget it.

    You do not have the nerve and capabilities to master this game which very very few have. You are not going to be one of those few.

    Remember later that you received this advice at the outset.
  4. buylo


    Can someone post a link to one of the NEWBS READ THIS LINKS?

    Classic recommendations for books include titles like: Reminisces of Stock Operator. Market Wizards 1 & 2. Swing Trading. Trading in the Zone.
  5. johnnyboy


    Yes, you are right. I'm not going to take that advice :)

    Yeah, that might be but that hasn't stopped me from trying before...

    I will :)
  6. buylo


  7. MKCTrader


    The books listed are good for somebody who doesn't know anything about this business. Read some other forums before you start asking repeat questions that are deffinately answered elsewhere.

    There is no substitute for a solid trading education that actually trading with your real money. Paper trading will never cut it.

    Check out some blogs of good traders with real time trades and analysis:
  8. I think the best approach is not to day trade right off the bat. Find something you have alot of faith in, buy in on a pullback, like AG'S right now create watchlists with titles you can relate to and sit back and watch for a year. I lost 80K since 07, since I'm around the learning curve I've made money in 08. It'll hurt.