new to trading member needs advice

Discussion in 'Trading' started by breezy1, Sep 29, 2002.

  1. breezy1


    I am really getting a lot out of the posts on Elite. I am very new to the idea of trading and am getting snowed under by the complexity. I have been doing lots of reading and have done a few paper trades. What I would like from you experienced traders is advice on how to build from a simple system, maybe tracking one stock,and watching only a few oscillators, to more complexity. What books, software,sites,etc have you found to be the most helpful. Since 20/20 hindsight seems to be so good, what do you wish you'd have known when you started? Many thanks, Breezy:)
  2. loveshek


    I m also new to this business and have been struggling to find out what works for me.

    and I hope my post will help newer traders.

    the Books I like

    Tony Oz Books
    How to take money from wall street /and
    The Stock Trader

    Van. K. Tharp Book
    Trade yout way to financial Freedom /or
    Financial Freedom through Electric Day Trading.
    (I prefer Financial Freedom through EDT tho and I think one of them is enough for me)

    the strategies I like

    concentrate on a few stocks using support and resistance. Cut loss early, take profit early by setting profit target.(easy to say but it was hard to learn this)

    and most important :
    never trade with real money while learning.
  3. If I had to do it over again I would find a good chat site (there are several) with a reputable trader (an actual mentor would be much better if you can swing it). I would paper trade in that room for two or three months until I was making money consistently then start trading small. I could have saved thousands on books and commissions and bad trades, and a lot of time.
  4. loveshek


    Would you mind tell where I can find the chat room?
    are they free or ??
  5. Theres no such thing as a free lunch, Im afraid. Tradingfrommainstreet and AllenZ's rooms are both under $200 bucks I think which is really pretty cheap and those are good traders. Realitytraders is a little more expensive and LBR's room runs $350 a month. Nihaba Ashi has a free room but theres not a lot of education there but its a start if your strapped for cash.

    p.s. one way or another your going to have to pay up.:)
  6. loveshek


    thank you.
  7. breezy1


    Thanks to those who have taken the time to give tips. I take all of them seriously and will try to learn from others experiences.
  8. TBA


    I was recently introduced to this paradise system. To be honest, I am still back-testing it, but I heard someone over there quit his job to trade it. Look it up at :
  9. we here at Elite Trader usually turn to OPTIONAL777 for all our advice. See his enlighting posts, by using the search engine
  10. It might be a relic of the bull market (ROFL) but you might want to check out this book: The Trillionaire Next Door: The Greedy Investors Guide to Day Trading by Andy Borowitz. His brilliant insights include buying the ones that are red and selling the ones that are green. Also buy anything with mirco, systems or dotcom in it. He also says to live off ramen noodles until the stock does go up. Website is
    #10     Sep 29, 2002