Trading Advice

[qwiktrade]

Quote from BSAM:

I don't understand why this occurs: Someone who is very obviously new and wants to ask a few sincere questions comes here to ET and then these trading geniuses we have just want to blast the newcomer and put him down. Do any of you guys remember when you didn't know the bid from the ask? Or, has your memory faded a bit?

dude, if someone posted on a board related to becoming a doctor about how he didn't want to really learn anything except maybe a couple little techniques on how to make 500 dollars a day with a strategy to diagnose the flu.. do you really think he would be taken seriously?

its not personal, it is just a silly thing to say.. he didn't know better, but i think he probably has a pretty good understanding now.. if someone cant deal with a little rejection in an anonymous message board then he really wont appreciate what the market does to him..

-qwik

 

[BSAM]

Quote from hypostomus:

...search on Grob109 and read his posts until you go blind or stark raving mad. Some heavy stuff there. Wear a bio-hazard suit while you're feeling for the nuggets. I guarantee that they are there. - Gilgamesh

Trying to follow Grob is like trying to drive in the tracks of a drunk going down the highway. If you can put up with Grob you're either a better man than me, a smarter man than me, a more patient man than me, or all of the above. I tend to think one would "go blind or stark raving mad" before he picks up much substance from Grob.

 

[Samson77]

Quote from enkidu007:

I've been lurking for a while. From what I've seem it seem most people are successful enough to make a living trading here. My story, I have a 500,000 equities (no margin, and currently on sidelines) account and a 50,000 futures account. In the equities account all I want is to make $500 a day, I would be thrilled if this happened. I've been trading for six months (day trading) and have lost $5000 so far. I haven't really had a single winning day except for pure luck. It's really frustrating! Is there any kind person who knows of a easy technique I can learn withing a day or two just to start making some dough? Like I said 500 a day is my goal but i'll be happy with 200! Any advice would be greatly appreciated.

Don't get discouraged asking for help is a good thing

The only problem is you are going to get all kinds of responses and it will be allot harder to figure out which ones to TRUST, then it will be to just learn to trade on your own.

Start with the basic's buy and read as many good books as you can.

Here are some suggestions that I got allot from.

Reminiscences of a Stock Operator
by Edwin LeFevre

How to Make Money in Stocks
by William J. O'Neil

Market Wizards
by Jack D. Schwager

The New Market Wizards
by Jack D. Schwager

These should be a good starting place.

Whatever you do DO NOT buy anything from any VENDOR that is selling something.

If someone offers to mentor you in exchange for profits well that's a different story BUT still be VERY cautious and ask for statements.

Good Luck

 

[BSAM]

Quote from qwiktrade:

dude, if someone posted on a board related to becoming a doctor about how.....

-qwik

qwik.....

The guy came on here trying to stick his foot into the water and he got blasted. qwik, I done know you KNOW better than all this kind of shit, so let's not, me and you, even get into this discussion. I'm not putting you down at all. I have respect for your contributions here on ET. Everybody blows off a little and makes a few very minor mistakes ('cept me ). All I'm trying to point out is that I see this often here. Kinda brings down the level of help that many here, certainly you among them, are capable of delivering. No biggie, really. Just my observations.

 

[xbrxx]

Quote from enkidu007:

Brokerboy

Yeah it seems i'm quite timid of the market. If I'm in a position and the market moves against me, i'm out, but then a few minutes later it turns and goes in the direction I had orginally, very fustrating. I'm just trading small to gain confidence. I only posed the question cause I saw somebody a few days ago saying there was an easy way to scalp 100 to 200 a day with minimal risk. (can't remember who) If it is possible I would up to 1000 shares and try to grab that much.

You must be trading the nasdaq if you are doing 50 share lots. And you must be holding over night if you lost 5k doing that. You would have needed to lose 100 points to lose that. How is that possible? You must not be cutting your losses and holding more than 50 shares.

You seem very new to the markets, take a step back and read up on as many books as you can get! And before you trade with real money, papertrade! Once you get the hang of it, start small... 100 shares.. 200 shares... then on up.

You are at an advantage with so much capital. Dont blow it all!!!! Some newbies come in trading with 5k, 1/100 of what you have and that is their only shot at it. You have 100 shots. Make sure you know wtf you are doing. If you blow your first 100k, i hope you take a good look in the mirror to see if your cut out for this.

xbrxx

 

[dbphoenix]

I take the making of these charcoal layouts very seriously. Too many novices wait until they are on the canvas before trying to solve many of their problems.

-- Norman Rockwell

 

[BSAM]

Quote from dbphoenix:

I take the making of these charcoal layouts very seriously. Too many novices wait until they are on the canvas before trying to solve many of their problems.

-- Norman Rockwell

B-I-N-G-O!!!


Wish I'd met you about five years ago, db!!

 

[Aaron]

Enkidu, are you trading to make money or to have fun? If to make money, perhaps you would be better off investing with a professional money manager and letting him do the trading. There are many good managers listed at www.iasg.com.

Feel free to PM me if you'd like to discuss.

 

[Turok]

NOOOOOOOOOOOOOOOOOOOOOOOOO!!!!!!!!!!!!!!!!!!!!!

JB

Quote from Aaron:

Enkidu, are you trading to make money or to have fun? If to make money, perhaps you would be better off investing with a professional money manager and letting him do the trading. There are many good managers listed at www.iasg.com.

Feel free to PM me if you'd like to discuss.

 

[dbphoenix]

Quote from BSAM:

B-I-N-G-O!!!


Wish I'd met you about five years ago, db!!

Hell, I wish I'd met me five years ago, or at least the me I am now.

I didn't start trading until '89, so this is my first bear market. What a learning experience!