New to this _ help requested!

padutrader said:
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
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lol OP, read this dude's journal. You'll roll over and forget about trading by page three.
 
Mark_123 said:
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.
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What do you want to trade and Why?
 
destriero said:
This is not a game for retirees. Anyone contemplating it in retirement is underfunded.
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I retired with what I thought was a pretty good nest egg. The tech wreck reduced it by 50%. I started trading as an alternative to buy and hold. Liked the capital protection that trading provided.

I do well enough. Consistent returns that beat the indexes.

I've never blown up an account and never had a drawdown as big as the market collapse in the early 2000's
 
Debbie Downers here lolz but its true but damn, any one who ever comes with high hopes their morals os quickly brought to the ground to ground level without a parachute emergency landing status
Lolz
 
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.
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I totally agree with @ashantt 's response.

A better idea would be to go to Medical School, and become a Doctor. Then, specialize in Neurology, Neuro-Surgery, Psychiatry, or even Organ Transplants. I have been a professional trader since 1998, and I can assure you that becoming the above is FAR easier than learning to become a true professional trader (and I know the above mentioned people, who are geniuses at their fields, but failed miserably at trading)...
 
to be a professional trader is like trying to be a surgeon replacing people heart,
and win Olympics running competition.

better to be a trading coach.
but you need to do some reading.
and you need to
have excellent BS skill, and must how to impress people with the way you communicate.

for lazy people, be a trading predictor or fortune teller.
 
tiddlywinks said:
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
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Thanks for taking the time for providing the various advice mentioned. I will give each a shot.

I had mentioned the word retired, to give a small indication of my age i.e. not a kid who thinks that he can ditch his / her reg job and become a millionaire. Some of the responses in the thread that i started, hoping for 'positive' response such as yours, would indicate the varying levels of age.

As I have retired, i have some time on my hands. I hate gardening and working around the house, after working in my chosen profession of Architecture for 45 years time to try something else. If you know what I mean. I am looking to make a bit of money while doing this, I will hopefully learn from those interested in imparting some of their knowledge.

KAB
 
ashantt said:
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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Appreciating your advice. As I have been known to be stubborn.... I'll not take it, and perhaps take some help from those that are willing to offer up a piece of advice here and there.

I've mentioned this in a reply. I am NOT here to make millions. I'd like to make a few plays here and there, I have zero illusions of grandeur.
 
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