I have always wanted to get into trading but have never started because I have always been overwhelmed on where to start or what area to get started in. I do not know any of the vocabulary and a candle chart looks like hieroglyphics to me. I would just love some recommendations on any books, videos, any ideas on a solid starting point. I have always thought it was an interesting topic and would love to learn more about it. Thanks!
Completely New To Day Trading and Would Love Some Honest Advice
- Thread starter Redsthenewblue
- Start date
There are really ONLY 3 things to know when it comes to trading, be it day trading, swing trading, or long term trading.
- MARKET TIMING: Where and, more importantly, when will you enter the trade?
- MONEY MANAGEMENT: How many shares (stocks) or contracts (futures) will you be trading without exposing yourself to too much risk?
- RISK MANAGEMENT: As an extension to #2, if the trade goes against you, where (and when) will you exit (ie. how much are you willing to risk?)
Sorry for being so vague, but if you want specific answers, you need to ask specific questions.
I'd start right here, lesson #1, There's no such thing.
first you have to learn the basics.
next while learning you should practice-without putting real money-for at least 5 years.
then you will learn what the markets are capable of doing.
stick to demo accounts....and when markets are closed you can use practice accounts or marker replay.Ninja trader has a free software as does the cme website [ E-mini S&P 500 Futures Volume & Open Interest - CME Group in the right hand corner you will find a link to 'trading simulator'
then you can visit a site llike babypips.com or ChartSchool | Technical Analysis Education | StockCharts.com to learn the basics of chart reading.
then you should have very low expectations and a huge , gigantic amount of patience.
understand you have to learn all thge rubbish first and then clean up your mind and customize your learning into some kind of method.
it took me 20 years of learning to know about day trading and day trading may be a good place to start for a novice because you can practice a large no of trades to find out what the hell trading is about.
but when you actually put real money then stick to stocks,avoid leverage so futures and options are out, and trade daily charts for a minimum of 10 years
do not let this discourage you because trading is very individual and you may kill the markets in a few weeks if you do not do the idiotic things i did
and understand that in any field there is a huge gigantic gap between a damn good amateur and a horrible professional..... so expect a long learning curve.
trading is as easy as taking candy from a man eating wild Lion so approach with utmost caution.
all the best
next while learning you should practice-without putting real money-for at least 5 years.
then you will learn what the markets are capable of doing.
stick to demo accounts....and when markets are closed you can use practice accounts or marker replay.Ninja trader has a free software as does the cme website [ E-mini S&P 500 Futures Volume & Open Interest - CME Group in the right hand corner you will find a link to 'trading simulator'
then you can visit a site llike babypips.com or ChartSchool | Technical Analysis Education | StockCharts.com to learn the basics of chart reading.
then you should have very low expectations and a huge , gigantic amount of patience.
understand you have to learn all thge rubbish first and then clean up your mind and customize your learning into some kind of method.
it took me 20 years of learning to know about day trading and day trading may be a good place to start for a novice because you can practice a large no of trades to find out what the hell trading is about.
but when you actually put real money then stick to stocks,avoid leverage so futures and options are out, and trade daily charts for a minimum of 10 years
do not let this discourage you because trading is very individual and you may kill the markets in a few weeks if you do not do the idiotic things i did
and understand that in any field there is a huge gigantic gap between a damn good amateur and a horrible professional..... so expect a long learning curve.
trading is as easy as taking candy from a man eating wild Lion so approach with utmost caution.
all the best
also trade only one type of trade......for example breakout trade or pull back trade or range trade or wedges......or failed breakouts or reversals
once you become good at one, you get a lot of confidence and in this game confidence and market knowledge are the two weapons a trader has.
you need a huge amount of skill and commitment [ financial and emotional] just to survive and a stubbornness to strive for perfection and of course a very high threshold to pain suffering and self-loathing since you will be prone to huge amount of 'failure'
once you become good at one, you get a lot of confidence and in this game confidence and market knowledge are the two weapons a trader has.
you need a huge amount of skill and commitment [ financial and emotional] just to survive and a stubbornness to strive for perfection and of course a very high threshold to pain suffering and self-loathing since you will be prone to huge amount of 'failure'
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Thank you so much for the info and I will definitely check out those terms. How did you get started? Ive done long term trading but really want to get into day trading. What is your experience in the field? Did you take any courses or learn all on your own?
Well thats a little discouraging
Thanks for all this great info! I expected it would take a lot of work and ready for it. I just need an area to focus in on.
Is there any good place to get more info on all these different trade types? Just youtube?
Well thankfully I posses most of these qualities. I have definitely failed a lot in my field but that is what has enabled me to learn the fastest.