references for a wannabe trader

Discussion in 'Professional Trading' started by Greg200, May 26, 2005.

  1. Greg200


    I have just finished college and have a job lined up that will start in several months.

    I am interested in learning to trade. But, unfortunately or fortunately I have no money now to allow me to trade. I will have a small inheritance coming to me within about 15 months.

    What I do have now is time.

    I do not picture myself day-trading as I will have to work. Fortunately, my job will allow me to follow the market periodically during the day. I see my self as week-trading (if there is such a thing).

    What kind of learning process would you suggest? Are there books, seminars, or experiences that should be on every wannabe traders “to do” list?

    Thanks for your suggestions.

  2. forex5x


    Take some time to demo trade.
    At first trade like crazy to get the idea of the edges...blow out your account by pushing your margins so you can see how that unfolds, overtrade large positions, try trading just one position at a time, work to double an account in a month...

    There are three things to trading:
    1. the Strategy (find one that fits you)
    2. the Psychology (know yourself...)
    3. Money Management ...learn good money management

    Study info on this and other boards.

    Realize there are some scams and less than honest claims etc. for people selling systems, methods etc. Still good to look at everything but filter it as seems appropriate.

    Dive in and keep going. Most people fail at trading....only those that persist will overcome the initial negatives and learn from them.

    Good luck
  3. Chagi


    I'm still in the process of absorbing everything I can regarding trading, also been trading small amounts of money in equities for a little under a year.

    The first book that I would recommend reading is "Reminiscences of a Stock Operator" by Edwin Lefevre. Old but excellent book that primarily focuses on the psychology of trading, it's a very, very good read.

    I'm actually in a somewhat similar situation to you, in that I don't (yet) have the time or account size to trade full-time, but that is my long-term goal. In the meantime I am focusing on finishing up University, saving money towards building up a tradeable account, and learning everything possible. :)