Are you familiar with the IBD (Investor's Business Daily) newspaper? They have a lot of useful material for position traders including how-to articles, books by William J. O'Neil, a website full of tools and charts at investors.com and monthly IBD meetup groups in most big cities. The message board at investors.com is probably the thing you're looking for, especially since it is only open to newspaper subscribers, there's not much riff-raff. O'Neil is interviewed in Jack Schwager's first "Market Wizards" book, he's made millions trading his own account. Interestingly, he cites everyone's favorite position trader, Jesse Livermore, from "Reminiscences of a Stock Operator" as one of his biggest influences. This is old material for most on here, but nobody had mentioned it yet on this thread =)
Position trading is a very good way to begin a career. ----------------------------------------------------------------------- Bull...it's the other way around. If you get your account to $500,000+ why bother day trading and being a slave to the screen? Position trade for the 3-6 month trends and spend all day in the "spar." That should be the goal. NOT to stare at quotes all day until you die......what a waste of life.
Chipmunk I agree with you⦠Swing and Position trading are a very good way to end a trading career. If you did as I did and build you trading account while working over the years with consistent results. When the time comes that account can support you in retirement. In fact in my case I was able to retire early to do it full time. I swing trade in the winter and spend time in the summer at the lake while the positions bloom or die. Day trading is a whole different flavor of trading than swing and position trading. There is no correlation that if you can master swing and position trading that you will make it as a day trader. In fact IMO being a successful swing and position trader is a detriment to being a day trader because of the habits you must reinforce such as holding a trade for an extended period of time.
You will not learn swing or position trading from OâNeil. OâNeil has no setups or exits for positions. With him the closest is an 8% fixed stop loss. OâNeil is not a trader but a fundamental investor. If you want to be a CANSLIM investor thatâs great, but it is not trading.