[agd108]

Regarding how to succeed. I can't agree with the not paying for a system. I think if someone who is succesfull wants to teach their success it will be cheaper to pay for their mentoring rather than learning the hard way. I think a mentor would be the best way to learn.

[edabreu]

Originally Posted by agd108 »

Regarding how to succeed. I can't agree with the not paying for a system. I think if someone who is succesfull wants to teach their success it will be cheaper to pay for their mentoring rather than learning the hard way. I think a mentor would be the best way to learn.

My 2 cents - try to find a trader who is willing to let you look over their shoulder, and even if there is a small fee, that would be worth its weight in gold. Don't buy into a system or method until you have had a chance to look it over and see if it fits your mindset.
Unfortunetly, beginners have the hardest time with this, so I suggest that beginners SLOW DOWN and take your time and do a lot of sim test work before you plunk heavy duty money down on any system or method. The best method is still keen, slow, documented, careful observation of the market with just a few tools that give you the primaries - price, volume, momentum. Add some basic S&R and in IN TIME you can formulate your approach using careful documented conclusions. The key words are SLOW DOWN IN TIME. IF you do not have the time, then buying a method or system is just one option.
The other option is to join a trade room and learn from the lead trader - again - it is a watch over his shoulder approach, but much less costly. A good trade room should not require you to purchase their indicators. Eventually, if you see the value in it, then you may decide to purchase them only after seeing them in action by someone well versed in their use in the live market.

[Bear Mtn.]

Great post Bootstrap, something that should be required reading for members of the forum

Originally Posted by bsl113 »

Thanks Null,

I've actually started buying up some speculative stuff lately. It's Probably a little premature to start buying already but I like the odds. It's likely that we are far from seeing the worst yet though. The market is going to a roller coaster for for quite awhile.

-bsl113

Just curious how that's working out for you now bsl? If you still come on the forum and see this?

[Neil316]

Thanks so much. I am so now to this and despite reading 4 books so far still find it a bit scarey. Your advice was helpful.
Where do I go for the best training?
Cheers,
Neil,

[Tams]

Originally Posted by Neil316 »

Thanks so much. I am so now to this and despite reading 4 books so far still find it a bit scarey. Your advice was helpful.
Where do I go for the best training?
Cheers,
Neil,

The best place to learn trading is the discussion forum.
You can ask questions about an unfolding event, you can get feedback in real time.

The worst place to learn trading is also the discussion forum.
There are gems within the posts...
There are also half truths and outright delusions.
It is difficult, if not impossible, for a newbie to sort out which is useful, and which is not.

One good thing about TradersLaboratory is that you can gauge the value of a post by the "Thanks" it has given by its readers.

In this information-overload age... the "Thanks" rating is not only an indispensable time saver, it might also save your sanity and capital.

[StockTrader6080]

Originally Posted by smwinc »

Great post.

I think it's important new traders (and old traders) realise how much there is to do for point #4.

Do you have an plan for when your trading software goes down?
What about when the exchange goes down?
Do you know how to hedge your trading instrument/size and do you have the excess capital available to?
Do you have another brokerage account if you can't access your current one?
PC Crash?
Internet Crash?
Your local phone exchange crash? (Yes, I actually have had that happen, and yes I was in a position.)
Power outage?
Godzilla?

You get the drift.

Come on Guys!

You make it sound so complicated that people think their only solution is to dump their money into mutual funds and pray that it goes up.

But remember this; Many mutual funds dropped 40% to 60% last year, while the "brilliant" fund managers got their money out and left everyone else to ride it down to the bottom.

If any of those things you pointed out ever did happen, it would simply mean you were a 'buy-and-holder' for a day. As a mutual fund holder, you are a 'buy-and-holder' for years.

Being down for 1 day is not the end of the world. As you pointed out, whole brokerages and exchanges go down, so anyone in the market is in the same boat.

Cheers,

ST

[edabreu]

Originally Posted by Neil316 »

Thanks so much. I am so now to this and despite reading 4 books so far still find it a bit scarey. Your advice was helpful.
Where do I go for the best training?
Cheers,
Neil,

The best place to start your 'training' is in front of your charts in the live market with the books you are reading right along side you. Read one about technical analysis. It should have some stratgies described within it, and discussions about the varous indicators and price patterns. Start to focus on finding those patterns on your charts. Do this first in static time, then work your way up to real time recognition. As an added exercise, put one of the strategies mentioned in your book onto your chart. Paper trade it and see what kind of results you get. You will need a good trade platform and some data feed. The platform depends on what kind of trading you are interested in. Trade Navigator is a good robust platrform that will scale up with you as your advance. Ninja is pretty good too, but when you get to the point of devising your trading strategies and systems and possibly atuo-trading them, Ninja is difficult to code. Trade station is easier to code, but I cannot recommend their data feed for intraday.

Make a training schedule of a specific amount of time you will spend with hands on market evaluating and stick to it. Split your reading into technical and other (mindset and physcology) and read the technicals in front of your charts so it becomes productive. The other read in comfort away from the market.

So, decide what kind of trading you are interested in and go from there. You can always change your mind later. For now, do not trade cash.

[clmacdougall]

Originally Posted by Neil316 »

Thanks so much. I am so now to this and despite reading 4 books so far still find it a bit scarey. Your advice was helpful.
Where do I go for the best training?
Cheers,
Neil,

Neil, I was new to it 3 years and 100 books ago, I have read thousands of articles and created dozens of binders full of my own studies. Spent night and day studying for 2 years and have spent only 8 hours a day for the last year studying and can tell you this, keep your money in your pocket and keep studying.
Trading interferes with market understanding, it puts you through emotions you should never be facing before you're ready to trade. If after you've read your 50th book you discover your not really interested in market understanding than just walk away and no harm done, elseways your gonna go through some serious pain up front and potentially not find what works at all.
Don't let anything get in the way of your studying, it's a key to breaking through.