Where to get started?

Discussion in 'Professional Trading' started by Eclass, Mar 2, 2005.

  1. Eclass


    I'm 19, played the stockmarket as a kid with dummy portfolios, and was reading the wallstreet journal when I was 14 :)

    Unfort. I lost my saving ($2000) when I was 16 on American Pad and Paper, and I swore I wouldn't play in the stock market.

    Recently I set up a dummy portfolio and made $11,000 in 2 months (starting with $40k)

    Now I wanna get back in the swing day trading since I have some cash burning a hole in my pocket.

    Someone help me out, I would really like some helpful advice. I would honestly like to do this for a living since I do have a knack for it. I'm currently going to college with an undecided major...
  2. Eclass


    Getting used to this messageboard, so let me elaborate some more.

    Would anyone recommend a company for day trading? What type of stocks would you recommend me looking at?

    What websites are best for monitering stock up to the minute?

    Pretty much I'm asking for advice on where to start exactly.

    You can either post or email me:
  3. Hold on to your cash. Do a search. Keep dummy trading until you have found many more answers.
  4. Stick with the books and schoolwork, this is not a time to play with stocks. There are opportunities but the great run has already passed, now comes the great grind.
  5. I'm going to take a slightly less conservative approach than the previous posters. If you have a successful system that you have worked consistently for a long enough period of time to judge is reasonably well, then I don't see any reason why you shouldn't put it to work.

    Here's a question for you, though. Have you been day trading you demo account? If not, then why do you want to move away from what has been successful? Do you have reason to believe you can apply the same system in the day timeframe?
  6. drobin


    Eclass, check out the thread "The Top 3 Mistakes Newbies Make"
    may shed some crucial light on where to focus some of your attention.
  7. For retail traders the futures market is much more transparent and fair. There is no day trading rule (3 day trades a week with less than 25K)for small traders. Try trading futures overnight when there is no news coming out and see how you do. Hedge your self with a long option so you can really limit your risk.

    That said you will probably lose all your money. I went broke twice before I learned anything. If you can stick it out though the rewards are tremendous
  8. ###########

    1] Remember your vow-dont play in market-it takes much work!!!.

    2] Study all 4 Schwager top trader books and take plenty of notes/notebook and on pad or paper, not 100% positions.

    3]Hope you didnt risk all 40 k,even on paper, thats too big;:cool:
    a med ed can takes many years, many $$$,
    trading profession usually does also.

    4] Wish i had traded small to start, like 1 share;
    big size /non diversify or big leverage is a %% killer .

    The [written] plans of the diligent tend only to advantage.
    -Solomon,trader/investor king

  9. Four books? I'm only aware of three: Market Wizards, The New Market Wizards, and Stock Market Wizards. Is there another? I know Schwager has written several other market related books.
  10. I think this Might help you!

    Day Trading Training = Complete tutoring in any matter related to day trading. Learn what you need to know to get started in day trading

    Stocks And Interest Rates = There are a number of direct and indirect ways interest rates affect stocks. When they go up, stocks go down. And vice versa. There are at least three meaningful reasons why this happens:

    Economics Basics = Knowing the basics of economics is important for several reasons - find out why!

    20 Investments you Should Know = Investment objectives will almost always change for every daytrader/investor throughout their lives

    Choosing a Day Trading Firm

    Discipline & Day Trading Success = Discipline & Day Trading Success - An Essential Attribute of Good Day Traders

    50 Basic Rules For Traders

    stocks advice and Stocks Move the market
    #10     Mar 3, 2005