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Old 04-28-2008, 02:52 PM
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Re: How to Be a Good Trader?

www.investopedia.com

Check out the beginners stuff here, and the psychology threads. DO NOT pick a style of trading yet, explore a few then pick which one works for your personality. I say that because if you pick the wrong one first you are more likely to keep looking for the holy grail (which will happen). But as Torero said, you need to study price action and pyschology. There are tons of different ways to do this, but I would suggest getting the basics of TA down then look a little deeper into the different styles and find one that best fits your personality. For me it's candlesticks, for others its VSA or Market Profile, or it could be a mixture of several things.

Murphy has some great TA books, and you might want to get one to store in your library (make sure you have a good sized bookshelf as it will fill ) . But at the end of the day, experience will count more than anything.

Stay away from elitetraders.com

Go to www.stockcharts.com so you can view charts for free, it's a good alternative and you can learn a lot about charts there as well. In fact, it's murphys website so I definitely recommend it.

Honestly I would say focus a lot of your time on learning how to read charts. If you want to trade, the fundamentals are nice for a casual discussion but typically have little to do with the style of trading most of us do.

Mark Douglas has a great book, but it might be too much for you now. You can read it, but I doubt it will hit home for you. You need to go through the experience yourself before it really makes sense. At least that's my .02 cents.

Check out this article, it is a great one. Hopefully you will understand the journey ahead of you.

If you want to succeed then this will become an obsessive passion for you. You will learn more about yourself in the next years (if you stick with it) then you would doing anything else. It's not easy, but it's too lucrative to pass up even trying. So good luck, and if you have questions feel free to ask.

Hope it helps.

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