Questions from a newb

Discussion in 'Professional Trading' started by 427Rat, Jun 20, 2010.

  1. 427Rat

    427Rat

    Hi, I'm am looking at possibly starting to day trade and I have been reading up on different software programs and threads on this forum. My question is, where do I begin? Are there certain books that I can read that will help me to understand what is being discussed on this forum and others. How do I choose what "style" of investing that I want to do? Should I just jump in feet first or should I try to educate myself as much as possible before trading, buying software or whatever? I apologize if this question has been answered many times already. Thanks for your help.
     
  2. schizo

    schizo

    Not that I want to dissuade anyone against their wishes, but carefully consider these pointers:

    1) You're facing a very steep hill that might require years of climbing--at least 5 years as opposed to 6 months popularized by trading gurus.
    2) You also need a seed capital of at least $50,000 to weather serious drawdowns and, trust me, they will occur. Consider it a tuition fee.
    3) This one is very important. You shouldn't embark on day trading just for the hell of it because you just got laid off, especially if you have dependents to feed and shelter.

    Now to your questions.

    1) There are only a couple books that I recommend:
    • Marcel Link: High Probability Trading
      (This is the best book for the novice trader IMHO.)
    • Thomas N. Bulkowski: Encyclopedia of Chart Patterns
    2) There are only a few threads here at ET you will find educational:
    But no matter how much information you digest, it's no good unless you're able to successfully transfer it from theory to practice. Hence, be prepared to spend countless hours in front of the screen pouring over charts and backtesting data.

    Good luck going forward!
     
  3. good thread!

    once you figure out what style you want to trade, by no means trade it with real money until you can show some sort of edge on paper. even then it's a whole new ball game once you move to real money.
     
  4. oraclewizard77

    oraclewizard77 Moderator

  5. 427Rat

    427Rat

    Thanks everyone for the info and advice. I appreciate it!
     
  6. those threads are terrible.. waste of my weekend
     

  7. Step 1 at ET:

    Take the entire JOURNALS forum section and drop-kick it out the window. Its loaded to the hilt with cocksucker scammers and jammers.

    Step 2 at ET:

    Get a feel for everyone here. Its a crash course in LOSERS. This includes me too. Then when done, don't do any of the stuff they say or say they do!

    Step 3 at ET:

    Move on outside ET, to the next step in your own evolution whatever that might be.