Trading Advice
- Thread starter enkidu007
- Start date
"qwiktrade"
I did not mean to imply I did not want to learn anything. I was just thinking since I hear so many board members saying there was a quick way to grab a couple of hundred dollars here and there that they could show me. I know I have to learn and it will take a while. I was just seeing if someone could show me one of those successful quick moves so I can make 1-200 dollars a day to feed myself and not have to draw on my other investments. So if I came across as being lazy i am sorry. Maybe some one can show me a reliable technique to grab some here and there, that's all. I figured just ask if no one wants to help then no big deal, if yes then it would be great.
"Aaron"
Thanks for the money manager information. However I already have my principle money with Janus funds and other mutual funds. This is purely my risk capital. (it does not mean I want to lose it all, but I will still have a place to live and food to eat if I do). But I do want to make money and be able to support myself and give half to my favorite charities.
"xrbxx"
Of course I don't want to lose it all that's why i'm trading 50 shares a trade, lol. But the mistake i'm making is that i'm trading 10 to 30 times a day. I'm in win a few, but lose much more and by the end of the day i'm at a negative. I tried paper trading but for some reason it just lose my interest. I prefer to trade and test the system on 50 dollar shares at least that I get a feel for how the system really works in real life. I understand the statistics I have friends that lost it all in the dot com era trading on margin. I've read all the books but they all seem to be saying the same thing and none are telling of a specific system.
I do understand that nothing in life comes free, but if anyone can give me tips to increase the rate at which I learn I will be forever indepted.
I did not mean to imply I did not want to learn anything. I was just thinking since I hear so many board members saying there was a quick way to grab a couple of hundred dollars here and there that they could show me. I know I have to learn and it will take a while. I was just seeing if someone could show me one of those successful quick moves so I can make 1-200 dollars a day to feed myself and not have to draw on my other investments. So if I came across as being lazy i am sorry. Maybe some one can show me a reliable technique to grab some here and there, that's all. I figured just ask if no one wants to help then no big deal, if yes then it would be great.
"Aaron"
Thanks for the money manager information. However I already have my principle money with Janus funds and other mutual funds. This is purely my risk capital. (it does not mean I want to lose it all, but I will still have a place to live and food to eat if I do). But I do want to make money and be able to support myself and give half to my favorite charities.
"xrbxx"
Of course I don't want to lose it all that's why i'm trading 50 shares a trade, lol. But the mistake i'm making is that i'm trading 10 to 30 times a day. I'm in win a few, but lose much more and by the end of the day i'm at a negative. I tried paper trading but for some reason it just lose my interest. I prefer to trade and test the system on 50 dollar shares at least that I get a feel for how the system really works in real life. I understand the statistics I have friends that lost it all in the dot com era trading on margin. I've read all the books but they all seem to be saying the same thing and none are telling of a specific system.
I do understand that nothing in life comes free, but if anyone can give me tips to increase the rate at which I learn I will be forever indepted.
...re Jack, he's a new Jack, look at his posts the last 30 days. He has a ghost writer. Good stuff, IMO. Described well enough to code and test if you wanted to. Sufficiently detailed to be very thought provoking. Just take a valium, get out your magnifying glass, and read. With my rep, I am doing him no favor with my recommendation.
Dont day-trade
Until you have years of expertise, trying to get gains on day trading is "crazy" !
swing trading, use trend indicators and resistance/support lines. Swing or position trading, from a 2 days position to one or two month position.
This way you will enough money to eat!
Trade this way, and some day you will learn to make a proper daytrading for a living.
Anyway, Swing or Position trading is what most professional traders can live with
Until you have years of expertise, trying to get gains on day trading is "crazy" !
swing trading, use trend indicators and resistance/support lines. Swing or position trading, from a 2 days position to one or two month position.
This way you will enough money to eat!
Trade this way, and some day you will learn to make a proper daytrading for a living.
Anyway, Swing or Position trading is what most professional traders can live with
Yeah.....Been kinda noticing that a little myself. Still though, I view the writings mostly as babble. And certainly not for the consumption of a newbie. With so many good and far simpler concepts in trading, why invest / waste the time and effort? Jack, seems to me, trys to be far too "mystical" about trading.
enkidu007
If all you want to do is make a quick buck then no one is going to teach you anything on these boards so you are wasting your time here. There are MANY journals and threads "about" trading and technical indicators but NOT ONE to show you step by step how to develop and build your own IDEAS on trade system design and implementation. IMHO you will not find what you are looking for here at ET.
Here is what you will find:
A) flaming bastards who give ignorant one liners and stupid off topic remarks.
B.) a few good people who will be as helpful as they can.
but they will NOT teach you how to trade (including me).
C.) People like me with multiple aliases (many of which you would be VERY surprised).
D.) People like me who have demonstrated that they know what they are talking about and have demonstrated incredible mkt calls on numerous occasions.
...........All of this and still NOT ONE person who will teach you to trade.
p.s. The best I can do is allow you to follow along with me and my trades but that is it. I'm sure you want to learn to do it yourself though. If not you are free to visit my journal.
Good Luck.........YOU ARE GOING TO NEED IT here at ET.
p.s.s. If you leave yourself wide open to the non-trading account having papertrading elite here at ET ..........well let's just say that that would be like: waking up as a naked Janet Jackson look alike trapped inside of the showers in Cell Block D in a Maximum Security penitentiary........you know exactly what you can expect?
I rest my case.
:eek:
If all you want to do is make a quick buck then no one is going to teach you anything on these boards so you are wasting your time here. There are MANY journals and threads "about" trading and technical indicators but NOT ONE to show you step by step how to develop and build your own IDEAS on trade system design and implementation. IMHO you will not find what you are looking for here at ET.
Here is what you will find:
A) flaming bastards who give ignorant one liners and stupid off topic remarks.
B.) a few good people who will be as helpful as they can.
but they will NOT teach you how to trade (including me).
C.) People like me with multiple aliases (many of which you would be VERY surprised).
D.) People like me who have demonstrated that they know what they are talking about and have demonstrated incredible mkt calls on numerous occasions.
...........All of this and still NOT ONE person who will teach you to trade.
p.s. The best I can do is allow you to follow along with me and my trades but that is it. I'm sure you want to learn to do it yourself though. If not you are free to visit my journal.
Good Luck.........YOU ARE GOING TO NEED IT here at ET.
p.s.s. If you leave yourself wide open to the non-trading account having papertrading elite here at ET ..........well let's just say that that would be like: waking up as a naked Janet Jackson look alike trapped inside of the showers in Cell Block D in a Maximum Security penitentiary........you know exactly what you can expect?
I rest my case.
:eek:
Here's an idea to speed up your learning process....
It will be fun, reasonably safe and probably will help you to learn fast. You will get a lot of trading experience fast because the stock moves very quickly.
Here's the steps:
0. Park all of your money except $3000 in the bank.
1. Take $3000 and open up an IB account (Interactive Brokers)
This gives you $1.00 commissions on 1-100 share stock trades.
2. Trade TASR (Taser) using the following system:
Wait for a drop of $5.00 or more from a recent high.
Buy using the most shares you can get for your account balance (but no margin) using a stop market order $1.50 up from the low extreme, and use a stop loss sell at -$4.50 from your entry or else -$12.00 from the all-time high, whichever is higher.
Look to sell near the most recent high. Once TASR is up $3.00 from your entry, set stop loss at breakeven. But when it gets near the recent high, put a trailing stop $1.00 away from the rally extreme. You should be sold out automatically for a profit fairly quickly. You might even luck out if it breaks higher over the high and really hit a decent trade.
3. Quit doing this with TASR once it drops more than $12.00 from the all-time high. At that time, the bottom will probably drop out fast. This means $90 or below don't buy it.
This should work well until the short squeeze is over. You will know that once it drops more than $12.00 from the most recent all-time high.
I've already implemented this a few times over the last couple of weeks. You might stop out a couple of times, but it's the closest thing to easy money once the squeeze mode sets in.
When TASR splits, divide all of the numbers above by 2.
To really help your learning experience, keep a journal of your emotions during the trades that you take. Especially pay attention to what you feel like doing versus what the "system" is telling you to do. This will help you to realize the value of rules, versus doing what you feel like doing.
Report back in 2 months and see what questions you have...
It will be fun, reasonably safe and probably will help you to learn fast. You will get a lot of trading experience fast because the stock moves very quickly.
Here's the steps:
0. Park all of your money except $3000 in the bank.
1. Take $3000 and open up an IB account (Interactive Brokers)
This gives you $1.00 commissions on 1-100 share stock trades.
2. Trade TASR (Taser) using the following system:
Wait for a drop of $5.00 or more from a recent high.
Buy using the most shares you can get for your account balance (but no margin) using a stop market order $1.50 up from the low extreme, and use a stop loss sell at -$4.50 from your entry or else -$12.00 from the all-time high, whichever is higher.
Look to sell near the most recent high. Once TASR is up $3.00 from your entry, set stop loss at breakeven. But when it gets near the recent high, put a trailing stop $1.00 away from the rally extreme. You should be sold out automatically for a profit fairly quickly. You might even luck out if it breaks higher over the high and really hit a decent trade.
3. Quit doing this with TASR once it drops more than $12.00 from the all-time high. At that time, the bottom will probably drop out fast. This means $90 or below don't buy it.
This should work well until the short squeeze is over. You will know that once it drops more than $12.00 from the most recent all-time high.
I've already implemented this a few times over the last couple of weeks. You might stop out a couple of times, but it's the closest thing to easy money once the squeeze mode sets in.
When TASR splits, divide all of the numbers above by 2.
To really help your learning experience, keep a journal of your emotions during the trades that you take. Especially pay attention to what you feel like doing versus what the "system" is telling you to do. This will help you to realize the value of rules, versus doing what you feel like doing.
Report back in 2 months and see what questions you have...
I would imagine you aren't willing to put in the many, many years required to become a successful trader and like 95% of the traders out there, you are probably looking for shortcuts. Trading isn't a whole lot different than other professions where you have to spend years learning and then years perfecting your craft. The thing about trading is you have to develop your *own* personalized trading methodology that plays to your risk tolerances.
You should also believe what you see and not what you hear. When you see the *long term* 10 to 20 year trading results of the best hedge fund managers, newsletter writers, CTAs, fund managers, CPOs, etc., 25% to 35% puts you among the best of the best. It puts you in the company of Soros, Lynch, Steinhart, Buffett and others.
Of course, it's easier to make 50% to 100% annually trading a smaller account and not compounding, but the point I am trying to make is don't have such unrealistic trading expectations. Focus first on not losing and forget about any type of profit goals other than maybe just being profitable, regardless of how small.
You should also believe what you see and not what you hear. When you see the *long term* 10 to 20 year trading results of the best hedge fund managers, newsletter writers, CTAs, fund managers, CPOs, etc., 25% to 35% puts you among the best of the best. It puts you in the company of Soros, Lynch, Steinhart, Buffett and others.
Of course, it's easier to make 50% to 100% annually trading a smaller account and not compounding, but the point I am trying to make is don't have such unrealistic trading expectations. Focus first on not losing and forget about any type of profit goals other than maybe just being profitable, regardless of how small.