I Know Absolutely Nothing About Day Trading...Where Should I Start?

[BlueTurtle]

Quote from whygrl:

I am new to the forums as well as day trading. I am not trying to get rich quick nor do I expect to. However, I would like to know if it would be possible to supplement my income by day trading? Or, maybe not day trading but just trading. If I could make, on average, $500-1000 per week, I'd be more than satisfied. I'm looking for some information to help me get started. I know there are day trading courses but are they worth it? If not, what's the best way to learn?

500-1000 is pretty simple. Definitely start with making 1k a week, and then work your way up to 2-5k. Once you get that, go to 10k a week and quit your day job.

Traders work to make tons of cash.

Anything else is a total waste of existence.

 

[limau2]

Quote from jack hershey:

Hello All.

I would luv to participate as if I were C. L. Clark in a dialogue with Albert. But I do not start threads.

C. L Clark was here in print longer than a day at work for him.

To really get good, C. L Clack could have surpassed "the1" in the time that lapsed between his first and last post.

Once I was asked, by the spokesperson of the finance club at the University of Arizona, if I would speak at their monthly meeting. I said yes and did my prep and slide show (many hours work).

As the time neared, the spokeman asked me to split my time with Timmay whom they were flying out from the East. I suggested that Timmay, alone, hold forth and I gave up my planned time.

A couple of years later, this person asked if he could come to our daily trading office. We decided against it.

I just presented the same theme as C. L. Clark's. It is the theme of today's youth including the likes of Timmay.

To start young as most do, the motivation has to be the correct learning. Fool's gold was mentioned and statisitics is the fool's gold of most paid marketeers. Which is all wonderful and perfect for those of us who extract the full offer of the market.

Money as motivation is not correct. Neither is the formal instruction most closely related to the financial industry.

If a person says the market is mostly random, it is simply because he is not a thinking person. This myth is an easy one to accept by a lazy thinker. It may, actually, rule the financial industry.

The 27 months W. J. O'Neill spent taking 500 dollars to the initial capital he used to begin his contribution to the industry is very instructive. I started sooner and only had 300 dollars and then I added 50% of my salary like clockwork.

Soon my salary became as insignificant as the fees and commissions I paid to participate in "taking the market's full offer".

Let me wrap this thread up with a comment on how the CW psychology rules the lives of the stat people in the financial industry. They are ruled by anxiety, fear and anger for just one reason. They apply stats to the dependent variable of the markets. This is iron sufide for sure. They just do what they are told and what was taught to them in school.

Read the regulation by dummies thesis presented in the reference in this thread. (SEC one pager). I was cited over and over and over by these dummies for "insider trading".

They saw a person who does NOT use stats in any way making the full offer of the market.

WTF Then they cite me for "insider trading"

If you read their pronouncements, it may be possible that some air head could believe what they wrote is true and correct.

It is bullshit as it turns out.

It is some real and fucking stupid scenario to have to go through getting those jokers straightened out.

Here in ET and in this very thread you can read other airheads expressing similar negative views about me. I don't give a fuck.
They are just missing a chance to learn how to become very rich very quickly.

The market has no noise, no anomalies and no flaws.

It systemmically offers all of the time. Anyone is permitted to take the full offer. It is very reasonable that when the SEC sees this happening by someone, that they would exercise their dummy level beliefs.

But if a person is taking the full offer of the market trade after trade, there is no reason why that person has to put up with the SEC type bullshit.

In Arizona there is a sheriff. He did not want reading taught in his jails I did. So his deputies fucked around with me. When court time came around, they got to go back to school in communities relations and turn their grades into the judge that sent them back to school. My tickets were cancelled.

I would like to have seen this happen to the SEC airheads who had to withdraw their citations that they gave me. Unfortunately, there is NO school for these turds to go to.

C. L Clark was a smart kid to quit after one day but he could have learned in less than a day that statistics is a stupid math to apply to a dependent variable.

Can you imagine some one who went to school formally applying a measure to the wrong variable of a market? You can definitely do it. You can see, rather than have to imagine, everyday, all these PhD's airheads in the financial industry applying math stuff to the wrong market variable.

Reason it out, what you see these people doing is fucked up.

If the Ivy League gets around to reducing the competition for entry into their business schools, what do you think question number 1 is? Here is the thing, however, is there anyone at the Ivy League who could grade the applications? No, there isn't.

End of tale: We, who take the full offer of the markets, will never have any competition or real regulation. Remember the movie "Inside Job"? How many words are in a movie script?

Anyone want to see a movie on how the market's full offer is taken in an atmosphere of no competition. It would not be like the book about those PhD jerks in Santa Fe. ("The Predictors") LOL. Should there be a subterfuge along the lines of those ETers here who do not "get it"? I think so. Every movie needs a role in it that dummies can ID with. LOL

 

[stevenpaul]

Does it absolutely have to be day-trading? How about being a day-trader when you're right and a buy and holder investor when you're wrong. Trade only quality stocks or index/sector etfs, getting out when you succeed, but never cutting your losses when you find yourself losing. That is, just hang on to your losses until the first profitable close. You obviously can't do that with futures, forex, or some other obscenely leveraged vehicle, but if you confine your trading to investment grade securities, why should you ever take a loss? Following this strategy of trading quality and never taking losses has consistently stood me in good stead. Leverage and cheap junk are the killers in trading (and elsewhere in life).

 

[HurricaneUS]

Quote from stevenpaul:

Does it absolutely have to be day-trading? How about being a day-trader when you're right and a buy and holder investor when you're wrong. Trade only quality stocks or index/sector etfs, getting out when you succeed, but never cutting your losses when you find yourself losing. That is, just hang on to your losses until the first profitable close. You obviously can't do that with futures, forex, or some other obscenely leveraged vehicle, but if you confine your trading to investment grade securities, why should you ever take a loss? Following this strategy of trading quality and never taking losses has consistently stood me in good stead. Leverage and cheap junk are the killers in trading (and elsewhere in life).

that's some pretty bad advice......

 

[Albert Cibiades]

Jack my dear, here is your daily wordcloud. As you can see, you need to work on your anger management. So much contempt! Otherwise the basic message seems to be "Market offer full person." Strangely, I concur.

 

[MillieJ]

you can check out the traders on zulutrade - many of them are as well day traders and follow their strategies

 

[sledgeyum]

Because there is a post a week just like yours.


Why would you leave your 9-5 job for another? Lol

Quote from clclark007:

Why the sarcasm? I know day trading isn't going to make me rich over night and I know it's not easy. I'm just asking to be pointed in the right direction.

C'mon man

 

[Bison42]

Hold on to your real job. Do your chartwork at night and be ready to go in the morning. Use stops, and any other tools at your disposal and check your positions from your real job as often as you can.

Middle of the day is brutal to trade. Early and late are best.

 

[Uncle_Ho]

From the movie Rounders:

Mike McDermott
"Guys around here will tell you, you play for a living, it’s like any other job. You don’t gamble, you grind it out. Your goal is to win one big bet an hour, that’s it. Get your money in when you have the best of it. Protect it when you don’t. Don’t give anything away. That’s how I paid my way through half of law school. A true grinder. You see I learned how to win a little at a time. But finally I’ve learned this: if you’re too careful your whole life can become a fuckin’ grind."

Saw that last night, opening 30min reminded me of trading.

 

[sledgeyum]

You will probably end up supplementing other peoples income instead.

Quote from whygrl:

I am new to the forums as well as day trading. I am not trying to get rich quick nor do I expect to. However, I would like to know if it would be possible to supplement my income by day trading? Or, maybe not day trading but just trading. If I could make, on average, $500-1000 per week, I'd be more than satisfied. I'm looking for some information to help me get started. I know there are day trading courses but are they worth it? If not, what's the best way to learn?