New to this _ help requested!

Mark_123

Mark_123

Hi there, yet another newbie! I am not that 'green' to jump on these courses that are offered by the next trader or salesman with a Lambo / Yacht / jet etc...

I'm trying to figure out the best resources to learn how to effectively trade and not simply put up my ca$h to any given stock, it drops, I get stuck holding. Who benefits...? Not me :(

I've gone thru my share of Youtube videos, read online articles etc., tried to learn how to make sense of Candlestick charts etc.

What would you recommend I do, a resource, a school? Being in retirement gives me some time to learn how to Swing / day trade.

Preferring a response from someone there with a successful track record, and that has been where where I currently am now.

Many Thanks.
 
Mark_123 said:
Hi there, yet another newbie! I am not that 'green' to jump on these courses that are offered by the next trader or salesman with a Lambo / Yacht / jet etc...

I'm trying to figure out the best resources to learn how to effectively trade and not simply put up my ca$h to any given stock, it drops, I get stuck holding. Who benefits...? Not me :(

I've gone thru my share of Youtube videos, read online articles etc., tried to learn how to make sense of Candlestick charts etc.

What would you recommend I do, a resource, a school? Being in retirement gives me some time to learn how to Swing / day trade.

Preferring a response from someone there with a successful track record, and that has been where where I currently am now.

Many Thanks.
More...

If you're in retirement, don't trade funds that you can't afford to lose. Because initially losing for quite some time is part of the game.

You may get the impression from this, and other chat rooms, that the world is filled with winners.

It's not.
 
lindq said:
If you're in retirement, don't trade funds that you can't afford to lose. Because initially losing for quite some time is part of the game.

You may get the impression from this, and other chat rooms, that the world is filled with winners.

It's not.
More...

Hi, thx for the reply. I really appreciate your points made.

I'd like to learn entry / exit points of a trade, how to learn charting, read the 'key' positive and negative aspects of an earnings reports things like this to get things rolling. Then perhaps mistakes like I am currently in, won;t necessarily occur again. The one I'm in rite now is SCO ETF., NO ONE told 5 days after I bought this stock that Bloomberg will be using non-currrent contracts! #ouch So I'm sitting with shares that cost me $49 x 100. Current price is about $25. Some are speculating this may rebound (somewhat), so I have essential been left with holding this in hopes it picks up, so the loss I have to realize is less than the $2500 I would have to accept today I I sold.

So yes I have to learn a great deal, any learning resources that you are able to recommend I'd greatly appreciate.

Thx once again for your kind assistance.

BTW, that sure is a young looking Tony Curtis in your profile pic! :)
 
Mark_123 said:
I'd like to learn entry / exit points of a trade, how to learn charting, read the 'key' positive and negative aspects of an earnings reports things like this to get things rolling. Then perhaps mistakes like I am currently in, won;t necessarily occur again. The one I'm in rite now is SCO ETF., NO ONE told 5 days after I bought this stock that Bloomberg will be using non-currrent contracts! #ouch So I'm sitting with shares that cost me $49 x 100. Current price is about $25. Some are speculating this may rebound (somewhat), so I have essential been left with holding this in hopes it picks up, so the loss I have to realize is less than the $2500 I would have to accept today I I sold.
More...

Entry/exit is an art rather than science that requires long time to develop.

With regards to your losses, you might want to consider trailing it. Just as you would trail your stop when the stock is advancing, you can also trail your losses on the way down as well. Place a trailing stop, say $1, below the low of the day. If it rebounds, the stop will follow the price, otherwise it will stop you out. You'll find this to be the most stress-free way to manage your position.
 
Mark_123 said:
Hi there, yet another newbie! I am not that 'green' to jump on these courses that are offered by the next trader or salesman with a Lambo / Yacht / jet etc...

I'm trying to figure out the best resources to learn how to effectively trade and not simply put up my ca$h to any given stock, it drops, I get stuck holding. Who benefits...? Not me :(

I've gone thru my share of Youtube videos, read online articles etc., tried to learn how to make sense of Candlestick charts etc.

What would you recommend I do, a resource, a school? Being in retirement gives me some time to learn how to Swing / day trade.

Preferring a response from someone there with a successful track record, and that has been where where I currently am now.

Many Thanks.
More...


Preface... This post is certain to be flamed. IDGAS and either should you! Successful trading is not about following, otherwise everyone would be profitable. It is about finding your own path.

I am a full time futures day-trader, not stocks. However I grew up with a tarnished silver spoon, where the markets and business in general was dinner table conversation. I trade, more appropriately said, invest in stocks in my retirement accounts, and occasionally for the "hot tips" I locate or otherwise hear-about, in a taxable account.

1) First, I recommend a book titled "Rule the Freakin Markets" by Michael Parness. It should be available used for just a few bucks. You will glean ideas for finding a path, and perhaps even find a correction for things you are currently doing.

2) Watch "Mad Money" with Jim Cramer on CNBC. Say what you will about him, he has good input as to the thought process and work that goes into active stock trading. Blindly following specific "picks" or "touts" of media celebs or otherwise gurus should be avoided at all costs however. ALWAYS do your own due diligence. The Freakin book will have input on this aspect as well.

3) Get yourself a free (or paid) account to TradingView.com... This is for charting. Start familiarizing with different types of charts (candlestick charts, Bar charts, Line charts, and there are other types too!) Find out what you prefer, and then research that! Start looking to the charts. What time frame (if you want to use time-based charts)...1 minute, 1 hour, 1 day, week, month? Making profits trading requires knowing how you will do it! Basic pattern recognition is USEFUL, however, not necessarily actionable by itself. One good pattern recognition site is http://thepatternsite.com/ .

4) On this board there are a few good stock folk... one that comes to my mind is @vanzandt.
Shoot him a PM (private message) through your ET dashboard. He always has something to say.

Remember, the idea is to gain basic knowledge on several fronts, and Im not talking about specific stocks, but the stuff that is applied so you can find and then trade those stocks, AND THEN delve deeper into what you think will work for you personally, your circumstances, and your purpose. As you move forward on your path, you will discard some things. This is how to begin.

BTW... take the loss, JMO... your original "reason" for buying was flat out wrong. The market said so. Move On. The market is NEVER wrong.

HTH
 
Mark_123 said:
Hi there, yet another newbie! I am not that 'green' to jump on these courses that are offered by the next trader or salesman with a Lambo / Yacht / jet etc...

I'm trying to figure out the best resources to learn how to effectively trade and not simply put up my ca$h to any given stock, it drops, I get stuck holding. Who benefits...? Not me :(

I've gone thru my share of Youtube videos, read online articles etc., tried to learn how to make sense of Candlestick charts etc.

What would you recommend I do, a resource, a school? Being in retirement gives me some time to learn how to Swing / day trade.

Preferring a response from someone there with a successful track record, and that has been where where I currently am now.

Many Thanks.
More...
Read the market wizards
 
trading anything is for pros.....you are retired now.....this is not something retirees should get into.......anyone here will tell you, including me, that trading is an expensive time consuming and stressful hobby.
caveat emptor
 
Mark_123 said:
Hi there, yet another newbie! I am not that 'green' to jump on these courses that are offered by the next trader or salesman with a Lambo / Yacht / jet etc...

I'm trying to figure out the best resources to learn how to effectively trade and not simply put up my ca$h to any given stock, it drops, I get stuck holding. Who benefits...? Not me :(

I've gone thru my share of Youtube videos, read online articles etc., tried to learn how to make sense of Candlestick charts etc.

What would you recommend I do, a resource, a school? Being in retirement gives me some time to learn how to Swing / day trade.

Preferring a response from someone there with a successful track record, and that has been where where I currently am now.

Many Thanks.
More...

Mark,

Don't trade!

Find another hobby to keep yourself happy and busy.

You will lose and probably lose more than you want to.

Requires 10 years of sustained dedication just to get your psychology right.

You don't have to believe me.

But when you lose, and hopefully not too big.

You'll come back to this post.

I hope to never see you on this board again.
 
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