I have just recently caught the day trader bug. I have studied some of the required required reading,and have begun trading on cbyercorps3.0 simulator. I have so many questions I dont even know where to start! I need some help from someboby, please. As far as the books go they all seem to tell me the same thing over and over angain. From what I have gathered I need to develope a system but Im unsure how to do this.The problem Im having W/ cybercorps simulator is when you use limit orders it accepts any offer you submit. So what's the point?I realize the simulator is a good tool to learn how the MM's are influencing the stocks price, but Im just not having any luck. I need some direction.I realize theres a learning curve to day-trading, but I need a road map.Does anyone out there understand my frustrations?Its going to take everything Ive got to come up w/ the money to open a trading account and I really want to succeed at this. Im sure this sounds like I want some sort of garuntee that Im going to succedd and I realize that that isnt possible. BUT I also believe that this thing can be done. Can anyone give me some accurate, hands on info? Is there any other online suggestions, simulators or direction that someone can point me too.If so you can e-mail me at "john_Kulbeth@hotmail.com. I would be most appreicated. thanks!!!!
begining day trader-needs help
- Thread starter john kulbeth
- Start date
Well John
you are right about that simulator. It's just for getting used to the software. Don't expect all of your limit orders to work, it doesn't happen.
You didn't state how much capital you are going to commit to trading. Consider time when you think about trading.
Most traders for the first few years don't make a return, but instead lose money. It takes a lot of work to learn the markets, time is needed to get a feel. If after 3 years you can make 100% which is possible with daytrading if you are trading $5000 than your income is less than minimum wage considering you watched the market each day all day to earn $5000.
I'd recommend finding a few good traders who will coach you. If your in Southern CA I can recommend a lot.
Reading.
How to Make Money in Stocks-William O'Neil
Trade Your Way to Financial Freedom-Van Tharp(I'm related/coached by him but ask others it is VERY good.
How I made 2 million in the Stock Market _Nicholas Darvas
The Market Wizard Series(3 books in all) by Jack Schwager
Stock Market Wizard How I trade for a Living is excellent by Tony Oz
Trading for a Living by Dr. Elder
Financial Freedom through Electronic Daytrading by Brian June and Dr. Tharp
Idiot's guide to Electronic Daytrading (the title sucks but it's a pretty good beginners book to be honest, it explains a lot of the basics)
I can recommend another 30-40 books but I'd put these near the top.
There is a psychology course written by IITM that is incredible. http://www.iitm.com
The http://www.daytradersusa has a lot of chapters. I think the group is ok. I'm speaking for them in April and am trying to raise the bar in the level of training they offer
I run a website on MSN that might interest you.
Read the interviews
http://communities.msn.com/rtharpland
Robert Tharp
you are right about that simulator. It's just for getting used to the software. Don't expect all of your limit orders to work, it doesn't happen.
You didn't state how much capital you are going to commit to trading. Consider time when you think about trading.
Most traders for the first few years don't make a return, but instead lose money. It takes a lot of work to learn the markets, time is needed to get a feel. If after 3 years you can make 100% which is possible with daytrading if you are trading $5000 than your income is less than minimum wage considering you watched the market each day all day to earn $5000.
I'd recommend finding a few good traders who will coach you. If your in Southern CA I can recommend a lot.
Reading.
How to Make Money in Stocks-William O'Neil
Trade Your Way to Financial Freedom-Van Tharp(I'm related/coached by him but ask others it is VERY good.
How I made 2 million in the Stock Market _Nicholas Darvas
The Market Wizard Series(3 books in all) by Jack Schwager
Stock Market Wizard How I trade for a Living is excellent by Tony Oz
Trading for a Living by Dr. Elder
Financial Freedom through Electronic Daytrading by Brian June and Dr. Tharp
Idiot's guide to Electronic Daytrading (the title sucks but it's a pretty good beginners book to be honest, it explains a lot of the basics)
I can recommend another 30-40 books but I'd put these near the top.
There is a psychology course written by IITM that is incredible. http://www.iitm.com
The http://www.daytradersusa has a lot of chapters. I think the group is ok. I'm speaking for them in April and am trying to raise the bar in the level of training they offer
I run a website on MSN that might interest you.
Read the interviews
http://communities.msn.com/rtharpland
Robert Tharp
John
the book I recommend is "the guide to electronic trading" (Jea Yu). and after reading this book, You should take at least the 7 day trial at the underground chat.
the book that is a "must" to read before You start real trading is "trade your way to financial freedom" (Van Tharp). for me it was a real eyeopener.
this book is recommended also by Robert, but I understand his problem, by recommending the book of his father.
Robert, there is no mistake to recommend this great book.
a few days ago I recieved the new one (Tharp& June). I started to read it.
best of luck
eli
the book I recommend is "the guide to electronic trading" (Jea Yu). and after reading this book, You should take at least the 7 day trial at the underground chat.
the book that is a "must" to read before You start real trading is "trade your way to financial freedom" (Van Tharp). for me it was a real eyeopener.
this book is recommended also by Robert, but I understand his problem, by recommending the book of his father.
Robert, there is no mistake to recommend this great book.
a few days ago I recieved the new one (Tharp& June). I started to read it.
best of luck
eli
forget everything else.. go to tradingmarkets.com.... i think it is 300 for a full year trial. They will show you everything you need to know. Look at every lecture they have on that site. I have no affiliation with them. But I cannot say enough good things about them. My trading improved many times over once I started looking at that site. Also go to thestreet.com. It isn't just for daytraders. But there are some very high quality columnists there. Read everything by Cramer , Gary Smith and Harrison. They are the best. but the rest are good also.