how does a newbie learn?

C

chipmunk

Ok say a complete bewbie says he would like to get into day treading. Thery have $50,000 and wish to learn how to do it professionally. No gambling. No snake oil systems, etc.

What would you advcie them to do?

Please don't tell them just to watch the market. That's like telling a wannabe air pilot to simply jump into the coickpit and give it a go.

There must be legit. methods to learn how to trade professionally.
 
Is English your first language? If it is then I suggest you learn to spell first, as it might come in handy when you'll be communicating with your broker.

If it's not your first language then you are forgiven! :)

I would suggest reading a few books about trading such as "Reminiscences of a stock operator" and "Market Wizards", just so you can a get feel for what it's like in this business.
 
If I was to try and learn how to day trade ......what route? I guess the best way is to look for a mentor and hope he's honest (which is a hard thing to do in this business)

I see so many seminars. Ranging from $500 to $10,000.


Good traders trade..etc. So if that's the case I guess all good traders are not here and they never look to learn anymore?

As vor slagging traders off for writing books, mentoring, giving seminars. Why not slag off money managers then? They are simply leveraging their business as well.


Thanks for being SOOOOOO concerned about my previous typos. (which I corrected right away) I am sure that will help me become a better day trader.
 
Is English your first language? If it is then I suggest you learn to spell first, as it might come in handy when you'll be communicating with your broker.
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LOL how so? When I place orders I do not have to write to him I simply place my order.......You knew that right?

Always looking for the negatives I guess?
 
What id I say? always one...or in this case two.

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2) "Trade & Error"
 
IMHO you should just dive in (demo for the time being until you have a plan then start small) and read as much as you can here. It's a personal journey of discovery and there are no shortcuts. If you really, really want it enough and you have what it takes in terms of mental strength you will make it eventually. That could be in 1 year or 5 years. Most of your time will be spent on discovering what doesn't work until you wittle it down to a small list of candidates. You'll hit countless dead-ends along the way. I read an interview with a pit trader (can't recall his name) and he said that if you stand there (in the pit ;) ) long enough you have to get it. I think this is true for most people with the funds and perseverence to "stand there long enough".
 
Quote from chipmunk:

Ok say a complete bewbie says he would like to get into day treading. Thery have $50,000 and wish to learn how to do it professionally. No gambling. No snake oil systems, etc.

What would you advcie them to do?

Please don't tell them just to watch the market. That's like telling a wannabe air pilot to simply jump into the coickpit and give it a go.

There must be legit. methods to learn how to trade professionally.
More...

* Begin your trading career on your own (no vendors) and your initial capital will be your tuition money (expect to lose it).

Simply, you need to find out what psychological baggage your bringing into trading so that you can only blame yourself instead of blaming someone else.

If the self trial & error doesn't work...

That's when you can explore getting help from someone else that you have a vested interest in.

* Ensure your properly capitalize.

* For those that quit their jobs to trade full time...

Ensure you have enough money saved up that equals or more at least one your of living expenses.

* If you don't have enough money saved or not properly capitalize...

Get a second or third job and work you butt off until you have the money (don't take out loans nor borrow).

* Don't trade with money you can't afford to lose. Simply, if you lost every penny it will not cause you any financial hardships

* Keep your job. Thus, find a trading instrument that doesn't conflict with your job or change your work hours so that it doesn't conflict with your trading hours

* Don't hang out at discussion forums debating with strangers because your time & energy should only be focus on learning

* Learn everything you can about your trading instrument (all the specifications and/or fundamential info

* Most newbies try to be cheap or look for an easy route.

Learn the business aspect of trading. Thus, how to better manage your trading like a business venture.

Thus, if you don't understand how to be an entrepreneur...trading is not for you.

* Understand that most traders fail prior to their first trade.

Simply, they either weren't suitable for trading or was not properly prepared to trade.

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Good luck.

Mark
 
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