[IbisCane]

I recently became aware of this site after coming across it during an interview with Mr. Lee. I have just decided that my career of choice would be day trading, and plan to treat it as such, not just something to do to make money. I strive to learn all that there is to know before I take the plunge of losing my first trade. I'm 19 and have the financial stability to start, but the question is where. Starting fresh is an understatement...

I'm not sure what to accomplish by asking the very same people I would be taking advantage of ( by that I mean of their mistakes) in the all-to-real market, but I don't know any traders personally so my options are limited. A first step would be great advice. Please understand that my proficiency is far from complete in the lingo of tradespeak.

Thank you,
Kyle

[jonbig04]

Originally Posted by IbisCane »

I recently became aware of this site after coming across it during an interview with Mr. Lee. I have just decided that my career of choice would be day trading, and plan to treat it as such, not just something to do to make money. I strive to learn all that there is to know before I take the plunge of losing my first trade. I'm 19 and have the financial stability to start, but the question is where. Starting fresh is an understatement...

I'm not sure what to accomplish by asking the very same people I would be taking advantage of ( by that I mean of their mistakes) in the all-to-real market, but I don't know any traders personally so my options are limited. A first step would be great advice. Please understand that my proficiency is far from complete in the lingo of tradespeak.

Thank you,
Kyle

Welcome aboard!

There are a lot of us young guys on here. You've definitely come to the best place to learn. I'm sure you are wading through the ocean of information available to you. I wouldn't be too concerned about the zero sum thing. Sure technically we are trying to take each other's money, but there is more than enough to go around

I will give you one bit of advice: Spend some time getting to know what trading is all about. Then sit down and ask yourself if you are really ready to commit the time and effort required to make it. I know that seems obvious, but if you enter the world of trading knowing its going to be a struggle, you won't be thrown for a loop when in fact it is, well, a struggle. Trading has taught be a lot, much of which has nothing to do with markets. It's taught me to persevere and to get my ass handed to me only to be thankful of the lesson I learned. I went into trading expecting to be an expert in a few months, because honestly thats how long it took me to become proficient at anything else. Of course I joined the ranks of the many that have been humbled by the market. So take some time out, decide if you really want to dedicate your life to this because I firmly believe that s what is required. If you choose to then I wish you the best of luck! There are many here who are more than willing to answer questions.

[brownsfan019]

Some ideas off the top of my head:

• Get some books and start reading.
• Do NOT purchase any expensive systems that vendors sell.
• Get a demo account and just start doing it. Don't pay attention to the results, just start clicking away.
• Start reading this forum from top-to-bottom and see what interests you.

I've attached a book list I put together awhile back on some good books for a trading library.

For demo accounts, it depends what you want to trade. I use Open ECry for futures and they have a nice demo system. There are plenty of stock demo's out there as well.

[DbPhoenix]

A couple of Beginners' Forum threads that might be useful:

How Do You Start Trading?

Baby Steps

[Kiwi]

Thats a good list of books brownsfan but I wonder if he should start with less (buy them from time to time).

That post by Thalestrader the other day was an excellent one ... lets see if I can find it. Good basics to get started.

http://www.traderslaboratory.com/for...html#post78242

Then add douglas for psych ... and others as needed.

[brownsfan019]

Originally Posted by Kiwi »

Thats a good list of books brownsfan but I wonder if he should start with less (buy them from time to time).

That post by Thalestrader the other day was an excellent one ... lets see if I can find it. Good basics to get started.

http://www.traderslaboratory.com/for...html#post78242

Then add douglas for psych ... and others as needed.

Yeah, I wouldn't suggest buying all of them at once. That was just a list I put together awhile back and was able to find it.

[littlefish]

Originally Posted by IbisCane »

A first step would be great advice.

Hmm, Entertainingly after having lurked this place and others silently for quite some time. Here is where the urge to post something arises.

Maybe it will take root in ears that hear.

There's supposedly a statistic that 95% of traders lose money. Wouldn't it be sane to apply that same factor to what you hear coming out of all sources (books, mentors, youtube showmen, forum posters loved by many, etc..) who are eager to 'help' you? Meaning 95% of them either sincerely don't know their head from their hind quarters (yet teaching authoritatively) or are intentionally being deceptive con men for whatever their reasons.

[brownsfan019]

Originally Posted by littlefish »

Hmm, Entertainingly after having lurked this place and others silently for quite some time. Here is where the urge to post something arises.

Maybe it will take root in ears that hear.

There's supposedly a statistic that 95% of traders lose money. Wouldn't it be sane to apply that same factor to what you hear coming out of all sources (books, mentors, youtube showmen, forum posters loved by many, etc..) who are eager to 'help' you? Meaning 95% of them either sincerely don't know their head from their hind quarters (yet teaching authoritatively) or are intentionally being deceptive con men for whatever their reasons.

I couldn't agree more.

You have to take what advice/suggestions you are given on anonymous message boards with a grain of salt. I've long advocated that those being put in 'guru' type positions to actually prove they can do this (and we have a thread for it right here) but my comments just get swept away.

So while there are some great ideas presented here and other boards, it is what it is - free info posted on anonymous message boards where nothing has to be proven. I've read more than once that there are many ways to make money at the trading business and none of them require being able to trade.