Senior/Sucessful traders, what do you reccomend for a Newbie?

T

tycoonman

Where should a novice trader start?

I graduated with a degree in finance recently, and want to trade. Moreover, I want to make it my profession.

How should i build a good fundamental understanding of everything i need to know? Should I take a class? Should I read a book? If so, which one?

I feel really lost. I literally just bought highpowered trading for dummies, no joke lol.
 
rrrrruuuunnnnnn for the hhiillssssss

rrrrruuuunnnnnn for your lliiiiffffeeeee

on a serious note

kick to books, kick the classes, kick the public indicators, get charts get demo account

trade realistically, if you are too dumb to trade realistically on demo

get a real account and trade for pennies on FX micro demo or trade single share on NYSE

learn

that's it

good night

you'll wish you listened to me when books and bullshit suck up 3 years of your life without progress
 
No joke, this dummies book is thick as hell. lol.

there just seems to be too much damn information out there, and i can't decipher between what if fluff and what isn't. im only reading this book to learn the terminologies and the fundamentals of the market.

i wish they had majors in college geared towards trading. other than math and econ that is.
 
I never blame myself when I'm not making money. I just blame the stock and if it keeps going down, I change stocks. After all, if I know it isn't my fault that I'm not making money, how can I get mad at myself?
 
This is like saying you want to be millionaire by the end of the month - "where do I start"

The problem with your education already is that they've taught you in a theoretical way. You'll find trading is either get your hands dirty, or keep your hands so damn clean and highly quantitative, that you can't scratch your ass. Choose one of those two, and move accordingly.

Remember theire are probably on the long time horizon more doctors, lawyers, successful business owners, etc than profitable traders.
 
Quote from tycoonman:

Where should a novice trader start?

I graduated with a degree in finance recently, and want to trade. Moreover, I want to make it my profession.

How should i build a good fundamental understanding of everything i need to know? Should I take a class? Should I read a book? If so, which one?

I feel really lost. I literally just bought highpowered trading for dummies, no joke lol.
More...

I would recommend that you read a few books like the Market Wizards Series, one of the Micheal Covel books on trend trading, How To Make Money In Stocks by William O'Neil, a Thomas Bulkowski book on chart patterns, a book or two by Ari Kiev and/or Brett Steenbargar, and I do recommend that book by Brian Shannon about swing trading with multiple timeframes and subscribe and read anything on Stockbee's blog.

Those are all great places to start. Whatever books you read, make sure you touch on trading psychology, chart patterns, and read stories of people that have succeeded in this business.

Just don't get caught up in preparing forever and never beginning to trade. Also don't get caught up in thinking that the next book you read is going to give you some holy money-making grail...it won't.

Lastly, don't listen to the losers on this website that have never made a dime from the stockmarket because they will try to discourage you from pursuing trading as if it's an unattainable pursuit.
 
thanks true prep i really appreciate it. i will definitely check out the wizards series...ive heard good things about it.

how does one get into quantitative analysis--for myself that is. i know its math heavy, but what specifically do they formulate? And is it really that complex that they only hire phds from the best schools?
 
Quote from tycoonman:

No joke, this dummies book is thick as hell. lol.

there just seems to be too much damn information out there, and i can't decipher between what if fluff and what isn't. im only reading this book to learn the terminologies and the fundamentals of the market.

i wish they had majors in college geared towards trading. other than math and econ that is.
More...

If educators knew how to trade they wouldn't be educators they would be traders/speculators!

Trading requires a sound business brain (you can't put an old head on young shoulders) and solid speculation skills, once again (you can't put an old head on young shoulders) but if you want a leg up then get a copy of "Fooled by Randomness" by Nassim Nicholas Taleb then read and re-read it until you can clearly understand why virtually all the approachs you will ever read about, including the ones on ET are losers. Once you reach this point you will be in a position to develop a successful strategy. You will be surprised just how simple and easy it will now be! Don't be surprised if at some point you are faced with the choice of being a trader or making money.When this happens, let go of your ego and stick to harvesting the low hanging fruit!

Good luck on the journey!

Best Regards
Johno
 
Books are great! however you forget what you learned

The truth is it took me about 4 yrs and 3 blown accounts

before I could start making money...

Demos are a joke it's not the same as having
real money on the line..

Just start a little at a time learn to ''feel'' the trade

don't rush things
 
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