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kmiklas said:
I’ve had this conversation many times.

Here is where you start: Take a good hard look at yourself. WHAT DO YOU KNOW??? Trade what you know!

- Did you study IT and tech? Did your Dad own a convenience store and you did the ordering? Do you love politics? Do you like studying economics and monetary policy? You may not realize it, but you possess valuable information that you can parlay into profit!
- Compare what you know to the 11 S&P sectors and other markets. Noting above examples, they would respectively correspond to Tech (AAPL, IBM, MSFT...), Retail (Target, Walmart), Gold, and Fixed Income.
- Trade the sector you know best! It is a HUGE advantage. You’ll have deep insight into how instruments in that industry move.
- It’s ultimately a game of information, and you have confidential information that is worth a lot... but you must leverage it.

So inventory your knowledge, my friend, and laser-beam focus on what you know.

II. READ NEWS.

From there, voraciously read news in your specialty.

Take positions based on insights in your specialty.

III. TAKE PROFIT.

Easy as 1-2-3. <3
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Hello, so do you think best way is to choose one sector which I understand and try to be good just in this sector for example IT and watch for news and everything? Thanks
 
orbit23 said:
Talk is cheap. You are saying staring at the chart all week wouldn't be a problem. Well why aren't you doing so?

It's very hard to make it without having a mentor that is already successful.

There's a lot of trial and error to come and pain to endure and you still won't know what are you really doing. If i were starting all over again, i'd rather put the effort into finding a mentor, even though i have no idea where and how to find one.
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Where did you read that I am not doing so? Yes I know with mentor is all better, so that why I am asking here for an advice if anyone has some experience with any mentors, cause as you could read I already mentioned, there too many "traders" who teach you how to be good trader, but they are not traders, they are teachers.
 
gaussian said:
You can start trading options with anywhere between 2500 and 5000 USD. Yes, this is a small amount but you can also manage your risk better with options. For example, if you are trading with 5000, you should only trade contracts that will cost you a MAXMIUM of 250 dollars - shoot closer to 125 (5% and 2.5% maximum risk-per-trade) respectively. Obviously the more money the better - and with around 7500-10000 you can trade some more interesting setups - naked puts and calls, short strangles/straddles, etc.



I am one of them that thinks TastyTrade/OptionAlpha/etc are complete BS. There's a good reason: while their educational content (how options work) is typically baseline pretty good their suggested methods of trading are far from optimal. They really only cover short selling, which some accounts can't do, they don't really cover the greeks very well, they don't cover long strategies very well, etc. Both of these educational companies underpin their entire teaching on options expire worthless 70% of the time. While true in the most general sense, short selling options contracts entails risks that you as a trader may not be comfortable with. In general I believe TT is a commission farm no different than every broker on the planet reducing trading fees for things like futures.

My advice for this section is to get an idea of what to do and jump in. There are better books if you browse Amazon's best selling books on options anyway.



I make a significant chunk of my money on long positions. This is purely tastytrade shill propaganda. It's not black and white and it depends on overall market conditions, the greeks of the contracts you are trading, etc.



If you can deal with expirations options are a better, more efficient use of capital.



Bad advice. You don't need a mentor to succeed. This isn't a kung fu movie.





I will add more to this and say demo accounts only have one purpose - to learn the platform. As far as predictability in trading success demos are worthless - as you said. Playing with monopoly money is a lot different than having your own money out there.
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Thank you for your answer, as you said, I dont feel really comfortable with risks with selling options. So do you think, I could start with amazon books rather than youtube or paying for some mentor? Thats what I was thinking, buy lot of books and just learn, I think it would be much better than mentor.
 
MattZ said:
Demos for beginners are just about the worst indicator of success due to execution and lack of mental game preparation.
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Simulators are not suppose to be used to indicate if you will fail or not.

Beginners must use the simulator of their broker so that they can become familiar with trade execution platform, setup their templates/configurations and such.

No trader...not even a veteran trader can open up a NEW platform and expect to trade normal on the first day of using that trade execution platform because all software that's trading related or related to something else have a learning curve.

Seriously, there was a thread here in which the guy has been trading with real money for a few months and he post a question about how to set a stop in CQG platform. This is exactly why beginners need to start on a simulator until they've master the trade execution platform prior to any real money trading or learn how to call their platform technical department. :D

I think any trade execution platform can be master in less than a month of use including getting all the configurations where you want it on your monitor or multiple monitor setup.

wrbtrader
 
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soulfire said:
The first step is to ask your relatives/friends if anyone trades for a living- this is your best shot at finding a legitimate mentor who would most likely be willing to show you the ropes and share crucial information with you that they wouldn't with others. Self learned trading can take many years of trial and error persistence,research, and patience. If an individual becomes one of the few that succeed and develops a working trading plan, don't expect them to give you the details of their knowledge as it was too long and painful to obtain and they don't want to risk losing their edge with sharing that info.

A relative likely won't just give you their info either, but they will point you in the right direction and should be willing to look at your work and help you from taking too many loops in the hamster wheel going nowhere.

If you don't have a relative/friend that successfully trades, then you are likely going to have to figure it out on your own- the hardest path that many attempt, but few achieve.



I don't believe this is your true passion. You most likely have a "passion" to "get rich" from the comfort of your home. The majority of us have a "passion" to become rich but the key is having a true passion in doing the work involved to achieve success.

You are here asking for help in how to proceed when we live in the best age of our lives in having knowledge available at our fingertips via the internet. A person with a true passion to learn about trading doesn't post messages asking for help on where to begin- you dive in and start researching and reading about the topic on your own and you can train on a sim account that won't cost you anything before you start putting real money on the line.

You say there are "too many" books, guru's, chat rooms, to figure things out on your own. That's a cop out. A "passionate" person is willing to dive in and do research on all the available info and start making decisions on what sounds legitimate and what looks bogus. There is a wealth of free information that you don't have to seek paying anyone for their info. You just have to get in there and do the grind work of research and experimentation until you start honing in on a style you feel works for you, then start focusing on developing a trading plan for that style.

There are no easy shortcuts to success. That fact that you asked a basic "Where do I begin?" question when you could have just googled that question or searched for similar questions on this site that have been asked and answered time and time again means you want to be spoon fed rather than do the "drudgery" of monotonous research on your own. A person that has true passion is eager to work every step of the plan and not be bored. A person with true passion loves the journey as much as the intended destination and doesn't try to skip the grind work because they know it's necessary to achieve their goal.
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I dont have any friends or family members and I dont know anybody who trades. That is why I am asking here, if I would have somebody who could point me or help me I would not be here.

You dont believe I have a passion. Let me ask you a question, If you play football all your life, you have passion and it is your hobby but you dont play in clubs like Barcelona or Chelsea you name it, does it mean, you dont have passion for it because you are not pro?

Get rich quick, where did you read in my post, or where did you see any question like "Guys please tell me your strategy cause I want money" or "Could you tell me which stock is going to spike to heaven so I can buy it?"

I think you didnt right? Instead of that you could see, that I want to save money every month and learn to trade, instead of that you could see that I was asking for advice of some good books where I can start right? Because I AM WILLING and I WANT to learn. I know even in my young age that without any work you are not going to be rich.

It seems that you know me very well because you are 100% sure about everything what I wrote that this is not true, it is really funny.

You say you have to figure it out on your own, yes I know, but I was asking you for an advice because I know people can be learning for example 10 years, they think they know almost everything but then they realized they dont know nothing and they have lost 10 years because they were learning BS. I dont want to be like that, that is why I was asking here, cause as I said, I dont have anybody, just people here in forums, or should I go to Canary Wharf and look for friends there?

Anyway, thank you for your help and for knowing me, maybe try and read my 1 post again.
 
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