ahh.. forgot to mention. You can go back and review all my posts. There are "golden nuggets" in there. example:
Jack, Thank you for your reply. Sorry about the numbering. Should've double-checked before posting. Although I'd be remiss if I didn't mention, after being convicted of my terrible counting skills, that nearly one out of every five words in your post is mispelled. We all have our weaknesses. Silly to quibble over them. Now regarding your post. There's a lot of information in there and I love your opporunistic tone. I will try and digest all of it. Particularly thankful for the software suggestions. Appreciate your reply. best, chris
There is no need to burn through your capital while learning. Here's how to avoid it: 1. Before you enter a trade, have several reasons for entering it: i.e. seasonality, technicals, fundamentals. 2. Define your loss point and stick to it. 3. DON'T start by trading the S&P. 4. Don't spend money on expensive mentoring. But DO go out of your way to read a LOT of different and diverse viewpoints on trading. Authors I've found EXTREMELY useful are: Larry Williams, Jake Bernstein, John Murphy, Steve Nison, George Kleinman, Linda Rashke, Larry Connors. 5. The most profitable piece of advice I've followed is to ALWAYS seek out differing viewpoints regarding your particular investment vehicle. The good news about trading is that there are a LOT of web sites that offer free newsletters and webinars where you can garner expertise. Even though the free newsletters always include some sort of pitch for a bigger product, they nevertheless offer useful advice and tips. Don't ignore the webinars at www.cbot.com. Very useful stuff. Always get a good night sleep. Do aerobic exercise in the morning to wake up and get your blood flowing. Eat healthy during the trading day and don't get drunk if you intend on trading the following day. Alcohol DOES impair observation. Good luck. b
Personally, I started out in stocks, but I think that working with individual companies involves too much risk - you have low volume, and multiple layers of external events to worry about. Just about anything concerning the company/sector/country/overall market could hugely influence the price of an individual stock. You usually won't see the overall indexes gap down 10% or fall 20% in a day, with no obvious reason. Then I moved to index ETFs (QID and QLD, the Nasdaq ultra and ultrashort funds), but as with all stocks you need to worry about volume, getting good or bad fills, SEC regulations (including the PDT rule, which if you're only starting with 10k of capital would prohibit you from daytrading), and tax headaches. The day I got filled at a full dollar above the market price due to an "exchange malfunction" was the day I moved my account to IB and started trading E-mini futures. It makes sense to me that I'd want to pick a single instrument with the characteristics I'm looking for (e.g. good volume, moves with the overall market) and focus on learning how it works, rather than wrestling with the ins and outs of multiple stocks, instruments, or markets. But that's just me. Many people here on ET trade stocks, it's all about finding what works best for you.
LOL.. this thread is getting funnier by the second. Focus on the key word there: "authors" majority of them don't trade or haven't traded before. & half make their money by running chatrooms.
EPrado, Longhorns, and a few notable others exposed you for what you really are back in August. They wiped the floor with you. You're just another Bullsnbears. Don't try to push your corruption onto this guy who is genuinely looking for help. Go instant message Timmay or something.
exposed !!! me?? haha.. I never even come here that much.. once in a blue moon. And I am the best Beaver, you never forget that..
Good luck neubie. I have to go. But from reading your post, I am highly skeptic that you'll ever be a profitable trader. Just remember that, on the internet anyone can dish out advice, it is you that must separate out the good from the bad.
find a shop where you can learn from great trader. really. not some clown who does ok. i mean the genuine article. it's a high hurdle but that's the shot. then time. you need time to learn. things will be ugly at first but but just keep.... on ..........going. the next thing you know you will be pwning your colleagues with half the effort. love the path and it will all be fine.