Question from new member

S

squirrel

I wasn't sure if I should start a new thread or not, so just tell me ! I live in the Northern Va. area. I am self employed, 37, and my job is very physically demanding. I know that I will not be able to continue with this pace for long term. So about 5 months ago, I started reading evrything I could about trading in general. My attention was always reverted back to daytrading. This is my style. I want to learn all that I can to be able to enter and feel as confident as I can on my first trade. I realize all of the advantages and pitfalls with this lifestyle, and respect the hell out of the people who have stuck with it, gone through the trenches, and still prevail. I realize there is a long learning and possibly costly process ahead of me. But I do not want to be able to say that I did not study and do my best to prepare my self for what lies ahead of me.
I'm sure that most of the experienced in here have had the same questions asked over and over again by the rookies. I have tried to disersify my learning process by studying a few different teqniques. Some clash,,, some don't. But I know that in the long run, all of these teqniques somehow run together. I want to keep this as short as possible, so my first question is..... After all of the reading I have done.... I know that I am not ready yet and will not be for quite some time. I was wondering if there is any type of real time program or software I can obtain to start following the market as it happens without having to open up an account with a brokerage,,,,, or spend outrageous funds to see what some moderator is doing. After all the reading I have done,,I would just like some simple hands on.
Any feedback will be greatly appreciated
Squirrel
 
The Datek Streamer is free to all users, http://www.streamer.com, and it gives you free streaming quotes and real time charts as well. If you want the extra stuff like level 2, and streaming charts you'll have to pay like $50 a month somewhere.

As for getting a feel for daytrading, there are two free sites that i know which post their daytrades realtime.

http://www.stockcamlive.com
http://www.metamarkets.com

Now each has a style which may be much different from yours and plus they might not even be good styles, but it gives you a glimpse inside the minds of people who trade for a living.
 
With regard to your question about software or data without having to trade, there are many data/software vendors you can subscribe to and watch the market action in real time without having a brokerage account. When I began, I subscribed to Esignal and watched real time charts and stock movements to get a feel for patterns and technical analysis. Some others besides Esignal can be found at Realtick.com, quote.com, and dtniq.com, to name but a few. All charge monthly fees ranging from $70 up to $300 per month, depending upon what features and types of data you require.
 
Htrader, Zboy, and Dustin,,,,,,,,, Thanks soooo much for the help. This is still a whole new world to me,,,but,,, I can guarantee,,,, one day,,, I will come back,,, and hopefully be able to give you some useful info.. until then..... I will be studying my ass off,,, raising my family,,, and enjoying life.....take care
 
Hi squirrel,

instead of using datek's java-streamer, you can use Dateks streaming quotes together with a free RT software -

QuoteTracker - much better !!!!

If you decide to trade with Datek one day, you can use QT as your direct access trading-interface. No need to use Datek's java application.

see http://www.quotetracker.com

for end of day analysis, charting, stock-screening education etc. I suggest, you have a look at Bigeasyinvestor - it's also free, including EOD data download. BE belongs to AmeriTrade, but that is no offering to open an account with AmeriTrade.
( which I wouldn't do anyway for trading )

more info : http://www.bigeasyinvestor.com

Good Luck
 
Hi there,
First I would say that I never should discourage a person
from what he/she feels pertinent and fitting. i.e. daytrading for you. My questions is have you done any type
of stock investing or should we say longer type buying or
selling of securities ?
If the answer is no, maybe you could try 'ease' into this
business at one point (of course when you feel ready).
Without quitting your current job yet be able to dable into
the markets. Of course if you do well in say a 2-5 day
trading horizon for 100-300 share stuff - you can always
quit and do this full time.
Trading is not just buying and selling. It involves a lot
of finance and intimate knowledge of companies. It's not
to say that you have to become a stock analyst but if you
ease into this like I describe maybe you have a natural
success at part time trading where daytrading has to be
done Full Time.
Just my 2 cents.
Good luck and good learning !
 
Thank you for the feedback,,,,and I assure you that I am going to ease into this. Definately not quitting my bizzz yet !!!! I'm am still studying, trying to ease into some simple hands on training..... But most definately taking my time. Ehen I do start it will be very small. I have not invested before. But I am very serious about this and will take any educated and informative tutoring that I can get to help with this endevor.
Like I said,,,, I know I have a long road ahead of me if I am to do this with any amount of calculation, commitment, and knowledge. I want to be a trader,,,,, not a gambler. And also,,,like I said earlier,,, I have been doing as much studying as my time allows... And just the other day for the first time,,, I confided in a couple of good friends about my plans,,,,, BIGGGGG MISTAKE !!!! Haven't heard anyone laugh that hard in a long time !!!! My buddies !!!! I just hope I can look at em one day in the future and say.... " remember when ya laughed at me " !
 
Don't let your friends discourage you !!! It's not very
nice form their part ;-)
The problem what I consider in anything like professional
poker, trading etc. Is the amount of education you get
you'll have to match with life experience. So any part time
buying and selling your fav. stock for a small profit will let you get this expereince !! I would suggest that if you have any access to fast internet like DSL it may be the best
'window' for the virtual wall-street. The other thing if you use orders like stop loss and buy limit. you can't get
hurt too much. Use must use these as a religion !!! Never
stray away from stop loss and never buy at the market
always buy limit. If you use stops and make the expected
amount to gain a 1:3 or 1:4 you also can't get hurt too much !!! Of course do this on 'paper' for about 3-6 months
It's easy !!! And than you can laught at your friends !!!!
Cheers
 
You must log in or register to reply here.
Back
Top