Head Spinning but Where to Start

J

JBrianC

Hey all. I'm looking to break into trading, not just investing. Right now I have my limited funds in a Disney long....I've done well on a blue chip. Woop.

But I'm interested in actually trading. I read through many tuts on Investopedia, I know the basics of the market. But I'm looking to get into the details. How to pick stocks, how to trade, etc. I want to become knowledgeable, professional and hopefully profitable. I'm paper trading now trying to learn by doing, did okay my first day and got hammered my second.

So what is everyone's reading list for a new trader? Any recommended methods or tutorials to learn? I'm soaking up tons of info from here, quantnet, quroa, etc. and now I'm trying to organize and gain real info that'll help me profitably trade.
 
In your other post you said you do not want to trade forever but you have 2 days of paper trading under your belt.

Let me hit you with some reality, trading cannot be taught like other skills, it has to be experienced. The worst thing you can do is take all your safe Disney money and trade it down to $0. You are in college where you are supposed to be learning. Study the markets, follow the news daily, read charts and just look at chart patterns (no indicators), draw trend lines all over the place. In order to know if you can really trade you need years of doing it to go through the ups and downs.

How about you graduate college before you make your first million as a super star trader. Maybe you need a little humility which can be gained starting with reading all the Market Wizards books where almost every smart trader there blew out a few accounts over years before they got it.
 
I'm not looking to make millions in trading. I'm interested in trading, passionate about learning the markets, think owning a brokerage could be a profitable business to run if I do see success. I understand there's a process, come on. I'm not looking to do everything tomorrow. I know I could just end up a shitty trader. In fact, the stats say I will. But I have to actually learn to try.

That's exactly what I meant by not trading forever. I want my primary wealth to be generated by something other than trading. Trade to grow, because I'm interested. But if I do see success, take it further.

The more info provided, the more it is distorted I suppose
 
You have to focus on college first, maybe take finance classes, accounting and learn the skills necessary. Then go work in the field you want to be in to see what it takes and then by 30 you will have the education and experience to see if you can start your own business or partner with someone. No other way around it really but your 20's are the become educated and experienced.
 
JBrianC said:
I'm not looking to make millions in trading. I'm interested in trading, passionate about learning the markets, think owning a brokerage could be a profitable business to run if I do see success. I understand there's a process, come on. I'm not looking to do everything tomorrow. I know I could just end up a shitty trader. In fact, the stats say I will. But I have to actually learn to try.

That's exactly what I meant by not trading forever. I want my primary wealth to be generated by something other than trading. Trade to grow, because I'm interested. But if I do see success, take it further.

The more info provided, the more it is distorted I suppose
More...


Your biggest initial challenge in trading is to learn from your mistakes and gain some real wisdom, without blowing out your account. That's why it is so important to gain as much experience as you can offline, before placing your bets.

Mistakes online will cost you money. Offline, it's just your time.

So the best money you can spend right now is on good backtesting software. Start with daily data. Put 5,000 hours into testing and learning before you slowly and cautiously take off your training wheels.

Good luck.
 
Handle123 said:
There are only three books I reread each year Technical Analysis of Stock Trends by Edwards and Magee originally written in 1940's and two books by John Hill written in late 70's, Stock & Commodity Market Trend Trading by Advanced Technical Analysis
and Scientific Interpretation of Barcharts.

And these are the only three books I ever recommend especially the Hill's books.
More...

When you have memorized and understand these three books, let me know and I will quiz you, then put 5,000 hours into backtesting to develop a Trading Plan, without a plan is like driving through Amazon on a moped. Then sim for a year, and if you can compete against the better traders here, then you have a shot.



Can you get the job done is long.
 
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It will be a long winding road. :confused: -- Successful traders...are a relatively small, tiny, elite club (no pun intended)
No such thing as an overnight success.
Some things are teachable, to some extent -- but the rest lies within you.
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