Very basic newbie questions

Write down ALL your ideas for improvement, immediately! No matter how trivial or crazy, get it written down for later viewing. Go through 'em. Prioritize if you must, and tick 'em off when you're satisfied how you handled that idea. Once ticked off, they'll effectively become forgotten from your immediate attention, but not before you've thoroughly investigated them. 690 items and counting the past year or so only..

If you do this, you might not need a journal, but you do need some structure, This is a business venture no matter how you may think about trading now.
 
Only expensive stocks that are worth of buying are ones that pay dividend , if you want to trade short term ( assuming you are good at it) , then trade cheap and risky stocks.
 
nopeda said:
Hi,

I've never done any of this but have been thinking about it for around 20 years...
So I'm asking around what experienced people suggest as good specific tutorials or threads... Where to start from the very beginning, from nothing?
More...

Your question interests me because I have relatives that ask me the same.

Also I have observed over the years that some people seem to get off on the right foot and do well while others (I was one) go in circles for quite some time.

One of the problems has to do with trading being very personal, most have to match their trading to their risk tolerance, patience level, time, energy, all sorts of personal things. Most of these personal things as applied to trading you have to discover for yourself. It seems rare to find a mentor who both understands you and trading enough to match you up in a good way.

Handle and Red Neck have been trading for decades, there advice is sound.

Automated trading is a thing unto itself. That might be good for you.

It’s hard to give more specific advice.

If you learn from reading… Mark Douglas’s last book is a good place to start. It was written specifically for those without a real background in finance. It helps you understand what trading is, and how you can fit yourself into it.

As to reading here on ET I always liked Susanna’s thread:

http://www.elitetrader.com/et/index.php?threads/the-price-action-journal.132170/

…I would ignore most of the posts other than hers. It’s not so much what she does, as the way she thought about it.

If you learn from videos DJ Martin has a current thread

http://www.elitetrader.com/et/index.php?threads/the-mind-of-a-trader.292247/

Of course Mark Douglas’s last book combined with one of his videos can help:


………………..

As to what to journal… your personal journal is your own, as to trading you might not need to do much more than Mr Speedo who said:

http://www.elitetrader.com/et/index.php?threads/why-journal.297532/page-2

Every week, I go over each days chart and enter on a legal pad with a #2 pencil the valid signals per my trade plan(keeps me closer to the action than excel etc.) Outside the margin goes the date, inside the margin goes the numbered trade of the day (1,2,3,4,...) next to that goes L (long) or S, next is the entry price, next is my shorthand for the type of trade, next is time of entry, next is maximum favorable excursion, next is maximum adverse excursion if a win and no entry if a loss as I have a max stop loss, finally W or L with the ticks of either.

I then print out my actual executions for the week and compare the two documents.

Did I take all my signals?
Were all my entries valid?
Did I get out before target?
etc.

I found that this exercise has helped to illuminate my weaknesses and strengths and keeps my game sharp. I've done this for years and will continue as long as I trade.

I neglected to add that the final column also notes scratches. At the end of the week I add up the number of trades, wins, losses, scratches, and associated ticks, net and figure percentages. At the end of the month I do the same additions and summary. Periodically, I pull out the stack of pads and review trends through the weeks, months and years.

………………
As to platforms to begin with, I like Sierra Charts. For about a dollar a day you have access to historical data, automated trading, etc. etc. You don't have to put a lot of money in an account to get started. They don't try to bait you in with hidden fees, whatever. There are many other choices.
 
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MY experience star in forex business because my young brother he introduce to me about forex business, and then learn basic knowledge from babypips dot com, and practice use demo account, now I am become forex trader although only manage small capital because forex is risky business
 
Handle123 said:
David,

Trouble is tons of info on the net, don't do penny stocks, volume is too low and when you need to get out, sometimes you can't. Professional traders don't do penny stocks. Low price stocks of better companies is best. Learn first, download Ninja Trading charting and get date from Kinetick, both free. www.barchart.com is incredible, you can do charting as they have much data. Here is another good site http://finviz.com/

Learn to chart, read what the charts are telling you.
Believe it or not, the "Dummy" books are easier to get into understanding about trading, they are easy read. You want to trade longer term and dividend stocks, use weekly charts cause you don't want to be raking up many trades as it has many fees. Getting in a stock at $5 and perhaps selling at $15 or $10 when market s showing time to get out.

Huge amount of info on the forum, go into Educational info, pass on the day trading, takes long time to get good and tons of skills, long term you want to come up with ideas of how to get in which is 5% of a Trading Plan, while the 95% s money management.

No rush to open an account, if you don't have a well back testing method, if you can't have all answers before the questions, you not ready to open an account. Back test and papertrade.

Good luck.
Handle
More...
Thank you and all of you for your generous and helpful suggestions! Can you tell me more about back test and papertrade? I've heard about places where you can go and pretend to invest to start with and learn from. Is that what you're referring to? If so, can you suggest any particular sites you think are good for that?

Thanks again!
David
 
Hooti said:
Automated trading is a thing unto itself. That might be good for you.
. . .
As to platforms to begin with, I like Sierra Charts. For about a dollar a day you have access to historical data, automated trading, etc. etc. You don't have to put a lot of money in an account to get started. They don't try to bait you in with hidden fees, whatever. There are many other choices.
More...
I very much appreciate your advice and everyone else's who has been so nice and helpful about this! I'll look into the books and videos you suggested. The automated trading is what seems most interesting so far from my very ignorant position. Of course even from here I understand it must be set up somehow, with specific objectives in mind. Can you or anyone suggest particular places to learn about that specifically, and I guess about strategies, and whatever else?

Thank you again!
David
 
nopeda said:
Thank you and all of you for your generous and helpful suggestions! Can you tell me more about back test and papertrade? I've heard about places where you can go and pretend to invest to start with and learn from. Is that what you're referring to? If so, can you suggest any particular sites you think are good for that?

Thanks again!
David
More...

Like much of trading, you have to dig and discovery are wonderful, start with Google and put in keyword on how to back test and papertrading.
 
Handle123 said:
Like much of trading, you have to dig and discovery are wonderful, start with Google and put in keyword on how to back test and papertrading.
More...

So true... in addition to prior posts and the above... youtube...

and just hours of screen time watching the market move.
...also hours of looking at historical data.
It makes a difference.
 
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