I would suggest some reading material, perhaps the school of pipsology over at babypips. thats a great education resource for trading and its free. Remember it very rarely can i just say if you don't have a target you should not even be trading with real money. when you start a trade there should be an area where the trade fails (your stop) you only let the market have this if the trade has failed. you need a target and i mean a target that you have precisely worked on as your measured move.
I Know Absolutely Nothing About Day Trading...Where Should I Start?
- Thread starter clclark007
- Start date
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Good points,Member;
Actually that can be risky also-JC[James Cash ]] Penny, as a kid overspent. But his Dad said too bad,
learn to live on that budget we talked about.
JC Penny [not a stock tip LOL]turned out all right anyway
Sorry to be real but there is very little value you will gain from a forum of anonymous know-it-alls. Ignore people saying 'read this guy', etc. The good information on here is not found in the 'how to be a profitable trader' department.
If you're looking to switch careers I'd recommend getting hired at a reputable firm or bank that will train you behind professionals. That's really the best way to go in my opinion.
New to the forum, and interesting reading all the responses about day trading. My passion is microcap stocks....love the thrill of the hunt and finding one that is ready to burst.
Glad I found this forum and hope we can bounce some good ideas off each other.
Glad I found this forum and hope we can bounce some good ideas off each other.
Usually our conversations are unproductive.
But, thank you for proving my point.
You may wish to consider how to set up a problem solving process. So should the authors.
This laziness IS what leads to the performance so dear to CW based myths and beliefs.
Could you glance at the last three days?
My basic trading rule is to enter on the first bar and hold until I have taken the market's offer of a given segment. As I take the profit segment, I reverse.
As you see on each day, I take MORE than 1/3 of the margin required to double my money every three days.
This AM I could have left 3 points on the table, not traded for the rest of the day, and still reached the goal of doubling in three days.
The above defines what it is to be lazy in the technical sense.
The authors of your referenced article are lazy in the intellectual sense.
I did the thinking once to be able to perform as the market dictated for the last three days. I was NOT intellectually lazy and I now have performance.
Your authors are lazy and they do not have performance. They actually BELIEVE that the market characteristics change as time passes. They have years and years of training that prevents them from finding out how Behavioral Finance (BF) works.
BF dictates a "process" for getting the answer. The authors did NOT use it.
Lets say you embark on getting onto the path and you use three days (most recent) to prove to yourself to use BF.
By next Friday, I believe you can do the first and second steps of problem solving. If you do, then share a little and flush the referenced article down the toilet for good reason.
My GRE score is higher than your standard by quite a bit. My studies in TP were paid for by those who recruited me. My Profs were of a much higher quality than the Profs of the authors. TP doesn't work in the financial industry.
See above...also DO NOT QUIT YOUR DAY-JOB, YOU MAY NEVER GET IT BACK!Quote from clclark007:
Hey guys, I know absolutely nothing about day trading and i'm trying to find a vehicle to reaching millionaire status. I'm tired of my 9-5.
I just have a few questions:
Is Day Trading worth it?
No. better start as active investor/trader
Where should I start my education in day trading? Are there any books you would recommend...etc?
Lots of books, DAYTRADE ON PAPER first!
How long will it take me to get good at it?
it depends on your abilities, focus and deep pocket(size)
How much money should I start out with?
How much have you got
Do I have to do it everyday to start off with?
??? Huh? Of course NOT!
If anyone could help me out with sending me in the right direction...I would really appreciate it.
If you just want to try it on the cheap- try forex and learn that part time. You can start with as little as $4000-5000. Better select the right Forex broker. If you learn that on PAPER first (I mean mock trading)
Maybe, if you are a natural you can move onto to better things....
I am the author of the Forex trading book and portal
http://www.theturboturtle.com/ so you can PM me for further questions if you wish.
Cheers!
Quote from shopster:
damn.
i should have got off the bus 32 years ago.
not sure how to piss all my trading roi $ away.
ideas........
s
" we win, we just win.............."
You started when it was easy and made easy money for decades. Now you can afford to martingale up and down. You got your cushion.
I've bought numerous courses on trading and Forex. Some on stocks and commodities and some of the older ones that are not Forex specific are the best. People think there is something unique about trading Forex but in general what works in trading works in any market.
The one that really helped me start seeing real profit and enabled me to finally quit my job was actually Trading Mastermind Forex course by Scott Shubert. Most people are not into doing what really works but thats good. The course used to be on forextradingseminar but I think its closed. I saw on a video that if you scroll down there is a button to get in but I don't know if its still there.
The one that really helped me start seeing real profit and enabled me to finally quit my job was actually Trading Mastermind Forex course by Scott Shubert. Most people are not into doing what really works but thats good. The course used to be on forextradingseminar but I think its closed. I saw on a video that if you scroll down there is a button to get in but I don't know if its still there.