Where do i get started?

B

brand0n1

Quick info about me;

I'm 30 - full time job as a network engineer, and i need to start transitioning away from that industry and planning a retirement at the same time. I could be considered an OCD/ADD min/maxer type of personality that must not sleep until i figure everything out...

I've started lurking the investment forums to see what it’s all about and I think it might fit my personality. (Sitting at a computer for long hours learning everything there is to know about something.)

Trouble is - I have to keep my day job, and I don’t have tons of capital to start with. 5k?

So what I’m looking for is a strategy for making a few trades a month - or even just one daily, maybe day trading down the road when I have the time and more experience.

Blah Blah, the question is;

Where do I start?

I'm going to get active in forums and learn all I can from them.
(I know to take everything with a grain of salt but they are helpful)

A book to familiarize myself with terms and lingo?

Focus on stocks, options, futures, forex?

Are any of these available to me at night after work?

Software or paper-trading simulation sites that are worthwhile?

I'm not looking to jump in head first and start throwing my money around - I’m looking to learn but I want to be focusing on a set strategy path that fits my lifestyle at the moment and I’m unable to filter out all the complexities that don’t apply to me at the moment.

Thanks in advance to anyone who read all this and took the time to point me in a direction you think is best. I know I’m not alone in my situation and this will undoubtedly help many others lurking - trying to make sense of it all!
 
1/Study stock indexes and emini futures.
Nq and YM are easier to trade then ER2 and ES.
2/ Forget stocks and forex
3/Use fractals to see correlations ( time frames, main indexes )
4/ When you feel that you can trade, open simulated account.
5/If you make 1,500 on 5,000 account per month consistantly,try live trading.
 
Hey Hombre,

Why "Forget Forex"? I'm in the same situation as Brandon (age, line of work, amount of capital etc etc), I'm a newbie into trading and i've taken the leap into FOREX.
 
Quote from william.chandle:

Hey Hombre,

Why "Forget Forex"? I'm in the same situation as Brandon (age, line of work, amount of capital etc etc), I'm a newbie into trading and i've taken the leap into FOREX.
More...

Because forex is unregulated, generally speaking. Your broker can f*ck you over and you have little to no recourse. On the plus side you can control your pip ( tick ) size so it's good for beginners. Pros and cons as in life. Use the search in the top right lots written on this topic.

This advice came to me from someone whom spent over a 100k on his education and trading loses before he made any consistent money, not me.

1. It take time to make money. You didn't learn to build a house your first day. Trading is learned skill, an apprenticeship.
A. First you lose.
B. Then you lose less.
C. Then you break even
D. Then you make a little money.
E. Then you make some more and so and so on if you can last to E.

2. Keep good stats on your method or you are doomed to failure.

3. Learn a solid method. Hint price and volume. Examples, Wyckoff, VSA, Market Profile. Constant volume bars with S/R. They are all based on volume and price.

Steve has a good thread http://elitetrader.com/vb/showthread.php?s=&threadid=130196&highlight=help+for+struggling+traders

http://www.traderslaboratory.com/forums/f34/vsa-volume-spread-analysis-part-ii-3428.html

tradeguider.com has some free intro webinars on VSA and they give away Williams' book PDF for free.

http://www.traderslaboratory.com/forums/f131/

LTG-trading.com teaches wyckoff for free.

4. Combine PV with support and resistance.

5. Trade with simulator first. If you can't make money on sim no reason to risk real $$$.

6. Tied to 1 is keeping losses small and keeping your daily expenses down. Trading is a a marathon not a sprint.

Hope it helps, good luck.
 
Quote from Will2Trade:

Hey Hombre,

Why "Forget Forex"? I'm in the same situation as Brandon (age, line of work, amount of capital etc etc), I'm a newbie into trading and i've taken the leap into FOREX.
More...

Taken the leap aye?
Hows it going? Did you do any simulation?

The forex is interesting for me cause i can make trades off hours.
Are there other options with the same extended timeframes?
 
Quote from brand0n1:

Quick info about me;

I'm 30 - full time job as a network engineer, and i need to start transitioning away from that industry and planning a retirement at the same time. ...............................

Trouble is - I have to keep my day job, and I don’t have tons of capital to start with. 5k?

So what I’m looking for is a strategy for making a few trades a month - or even just one daily, maybe day trading down the road when I have the time and more experience.

Blah Blah, the question is;

Where do I start?

I'm going to get active in forums and learn all I can from them.
(I know to take everything with a grain of salt but they are helpful)

A book to familiarize myself with terms and lingo?

Focus on stocks, options, futures, forex?

Are any of these available to me at night after work?

Software or paper-trading simulation sites that are worthwhile?

.........................
More...


Yes, that is a good idea to do part time trading as you are financially secure (salary). You need to learn something of trading by paper trading (without actual currency) & then when confident switch to real money. Continue to do part time trading as you have two incomes from trading & job.

Yes, ET has a number of resources, others have given some good threads for starters like you, more are as follows:

http://www.elitetrader.com/vb/showthread.php?s=&threadid=128175

http://www.elitetrader.com/vb/showthread.php?s=&threadid=78244

http://www.elitetrader.com/vb/showthread.php?s=&threadid=126368

http://www.elitetrader.com/vb/showthread.php?s=&threadid=128230
 
hi guys im a newbie here, the posts really help me, im new in trading hope learn form you guys, thanks ....
 
Quote from margo_trader:

I would suggest diving into the world of technical analysis.
More...


Then, get the hell out of the technical analysis pool as quickly as possible! It is a fast way to the poor house.

Most successful traders learn how to read price action, master the concepts of money and portfolio management, etc..

Most traders use TA, and most traders lose. Do the math!
 
If you do not have enough capital, you can pool in money with your family, friends or /and relatives. To

learn more of “Pooling of money”, please have a look at the following thread:

http://www.elitetrader.com/vb/showthread.php?s=&threadid=127983

However, in the beginning you need to go slow and learn the methods and ways of trading and markets movements. You need to do some analysis, just as back-testing and forward-testing wherein you can test out your ideas and not risk money until you are confident (like paper-trading)
 
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