NEWBIE, need some help PLEASE.

Discussion in 'Trading' started by Kastro_316, May 5, 2002.

  1. Hey, hows it going.

    Im 18, and im learning as much as i can about the stock market, im going to open an account with someone in a couple months, after i have learned alot and read a couple books.

    Just some things i hope you people can help me out with. Sorry if my questions sound dumb, but im really "GREEN" so bare with me

    First off----Say for example Etrade, when you place a trade its takes a while to be executed right, How/who/where can i set up an account where its direct access to the market, So when i place a trade its right away executed.
    What i want is to be a DAy trader, like buy and sell the same stock in like minutes, and make multiple trades a day.
    Where the best place to start.

    Can someone give me some info On Nasdaq Level 2, I dont know what it is, im trying to find help on the net, but i cant findout what it is. How do i use it, Just some general info on it for a begginer.

    Can some people give me advice for starting off in the stcok market and to be a day trader, like i wana sit on my computer from when it opens till it closes and place multiple trades, like some pointers, where to start, Because i wana be a VERY good day trader, cause i have the dedication to learn everything there is to learn, and more. So any help would be GREAT.

    Any pointers, advice would be fantastic.

    Thanx for your time

  2. nuton


    try interactive brokers, they are much cheaper than etrade, no bells, no whistles.
  3. Ok thanx man, ill check them out, So there direct access right,

    Try to answer the questions i asked the best you can everyone, LOL

    Thanx Again.
  4. <i>Can someone give me some info On Nasdaq Level 2?</i>

    imo, save your time and money. Wait until SuperMontage arrives. Everything is going to be different then.

    also imo most of the money being made day trading stocks these days is on the NYSE and not the spazdaq. Get a data feed that shows you basic time & sales info and some basic charts. Spend your time just watching and getting a feel for how things work. Try to learn how to "read the tape." The more you watch, the better questions you will be able to ask here, the more you will learn.
  5. Here's a pointer. There are 50 or so pages of threads in the "Trading" forum. A good start would be to go to page one and read through all them, as the subject of "beginner-seeking-advice" occurs quite readily.

    You might find others here get somewhat exasperated with answering the same "where-do-I-start?" questions time and time again. I'm not accusing you of this, but sometimes beginner questions are interpreted as "guys, how do I trade?" This tends get under people's skin, cos, where the f**k do you start trying to answer a question like that?

    After you have read all the threads (and any other research you must surely be doing), if you have a more specific question to ask, I'm sure you'll find traders here more willing to accomodate your request and share their knowledge. The better questions you ask, the better answers you are likely to get (not only here, but in life in general.)

    Also, I think it's fantastic that you're starting out at such a young age, (not that there's anything wrong with starting later) - you've certainly got Father Time on your side.

    I really hope, though, that you don't seriously think that reading "a couple books" and getting some basic knowledge on L2, direct access and off-the-shelf indicators is all you'll need to get started with.

    I think trading presents an illusion to the prospective trader that just because it's easy to get started, that you don't need to spend a long time preparing. (I mean, compared to most other ventures, there are precious few barriers to entry and one can get the necessary equipment (hardware, software), comply with regulations (paperwork, agreements) very quickly and presto, you're up and running.)

    In reality, trading (profitably) requires as much preparation as any other important undertaking, perhaps even more so, as having a thorough understanding of one's own psychological makeup is more important in trading than in most other activities we take part in. (FWIW, I think part of the reason for this is that trading is one of the few activities in life that it costs you immediate money to be bad at. For example, you can be a terrible salesman, and come home day after day not having made any sales, yet it hasn't cost you any money. Sure, you aren't earning anything, but neither are you losing what you already have. So, being bad at trading is double whammy, in that not only is the pain of being bad at something present, you are paying for the privilege also! Which, needless to say, takes its toll emotionally.)


    How about starting a forum entitled "Beginners" or something to that effect. That way a new trader can have one easy access point to the basic information, without having people here answer the same questions all the time. (I think this goes for people that ask, "Does anybody have a good way of trading <this instrument>?" I mean, come on, how the f**k do you answer that?)

    What do you guys think? The only problem I foresee, is that it might mean a rise in the Snake Oil Index.

  6. Thats great man, Thank you for that reply.

    I know 100% what you mean, I use to be a moderator at the AMA Bodybuilding site, and at least 2 times a day, we would get some people in here asking the same old dumb questions, ---How do i get big and super lean" They fail to relize thats impossible and it takes years of learning and training.

    I know my questions were like that, HAHA, i knew i was going to get flamed, but i just want someone to point me in the right direction and ill do the rest.
    But i want to learn as much as i possibly can about day trading.

    You said "i hope you do than just read a couple books, and get some common info", What do you mean, What should i be doing.
    Like what is the first step i have to take.

    Thanx again for your reply, Helped me out alot man.