So where to start. Well Im a stay at home mom and a great student. I was born with the amazing ability to not emotionally attach myself to money. Its caused a few problems in that I havent burdened myself with the obsession needed to obtain it. That being said, I dont have much of it! So, my dad told me it was time to start applying myself in some way so that I could bring more financial security to my household. Not sure how I decided on the stock market, but I do know that Im drawn to math. I like it for its stability, I am also quite drawn to psychology. So I imagine that could be why Im so drawn to the one industry that uses quite a bit of both. I have started reading everything I could get my hands on, staying away from those trying to make money off of traders (doesnt make sense, if trading was so good, why is the person pitching stuff.) So far I have learned quite a bit about trading stocks, and even a little about level 2. I have learned a little bit about charting, day trading, identifying trends, indicators, and patterns. (thank you investopedia and day trading tutor!).
The biggest thing for me is figuring out what equity and method I want to start with, considering my limited capital. Im in this to win, loosing is not an option. It is my goal to make one hundred dollars turn into a thousand in a month (possibly 2 or 3 hundred, this is my "disposable" income but I would want to make 2 or three thousand in the month). It is quite like playing chess.
I know I can legally buy or sell 5 times in one day. If I were to quasi day trade it would be approx 2 transactions that I could make with my capital level, unless I wanted to hold trade overnight. (not such a good idea I have found that many stocks even good ones tend to dip in the morning). I have also learned that even with the cheapest trading platform out there I am loosing more in fees than I make during the day. I have noticed that the stock market is quite like an ocean, it has high tide, low tide, and waves. And it seems like traders are on boats that go all over this ocean and congregate in one spot or another for a limited period of time before many of them move on to the next spot. Ive learned that news is not the best short term indicator of a stocks growth, because most people dont know what the real life impact of any given news will be, and short term traders dont care. I have learned they do tend to respond to emotion, so if I traded on news, it would have to be on the emotional content of the news rather than the informational content, if I were to long that stock short term. The last thing I have learned is that getting real time information on any given stock is an absolute PAIN!
And that is about what I have learned this week! It is my goal to fully learn how to use all the tools available to me, pick a market, define a specific proactive strategy (algorithm maybe?), and begin trading buy July 20th. I am using market watches trading simulator to get a feel for the market and practice using what I have learned. Im currently enrolled with Tradeking, they have the lowest commission and minimum to trade that I have found. I have been using jstock to identify and track possible lucrative stocks. Jstock is very sSSSSLLlllllLLoooOOoooWWWwwwWW though. But I can build my own indicators (using already known strategies) and use it to scan the portfolio I currently have. I have two computers to use if I must, but im hoping it wont be necessary.
The next step in my plan is to figuring out what equity and method I want to start trading in and with, considering my limited capital. Im in this to win, loosing is not an option. It is my goal to make one hundred dollars turn into a thousand in a month (possibly 2 or 3 hundred, this is my "disposable" income but I would want to make 2 or three thousand in the month). So at this time while Im learning Im still looking at all the possibilities and using math to help make the decision.
So.....I hope that wasn't TMI .... Its great to meet all of you and I look forward to the interactions!
The following user says Thank You to bedajii for this post:
I just wanted to say hello and thanks to all of you in advance. I cannot believe I haven't found this place sooner-suffice to say it would have saved me a boatload. I've been nosing around for the last few hours and I really think as a resource this place is priceless - more than worth the price of admittance.
As for me my name is J and I'm a novice, beginning trader. I've been trading for about five years( part time), blown out my account through stupid mistakes and not having control of my psychology. In fact initially I didn't realize that my psychology was more than half the battle. Well slowly, very slowly and painfully I've been learning that lesson. I'm now trying to learn from my mistakes and would like to begin again from the ground up. Any suggestions you folks would care to throw my way would be appreciated but I realize it's my job to try and take advantage of the information that is right here before me now.
If anyone here who has been at this a while and has survived the turmoil - if you were going to have it again from the beginning - where would you start?
Wow, what a great find this forum seems to be! I've been reading bits here and there over the last week - looks very interesting indeed, so I've just registered and looking forward to participating, learning and fingers crossed one day in the future I will be able to share and help others develop too!
I'm from England, a chartered accountant that understands fundamental's very well and have invested on a VI-type basis for a while but am increasingly interested in technical analysis and trading as opposed to investing.
I'm currently based in Bangkok, having been seconded to a Big 4 firm here and never looked back.
My objective: to trade for a living. It would be nice to make big money, don't we all dream of that, but my more immediate realistic desire is to have the flexibility to live in Bangkok where my life now is, and also spend a fair bit of time with family back in England, and to have the finances to live comfortably in both places. My current occupation gives me 20 days holiday a year which just doesn't provide me with enough time to be with the people important to me.
My strategy: too early to tell. Over recent months I have been adopting a trend-trading strategy after inspiration from Dr Carr's book, and use Metastocks EOD for identifying set-ups and back-testing.
Markets: I have been in the small world of the Thai SET but looking to open a global account with IB with a view to trading on the NYSE and perhaps Singapore, HK, Tokyo, depending on my location.
Products: I have only traded equities to date. Currently researching futures and FX but a long way to go here.
Well, I've finally done it and put in my notice which will take effect end of Sept '13, and then game on!
Broker/Data: TDA/Interactive Brokers/ Data Feed TDA and Kinetick
Favorite Futures: Stocks NASDAQ
Posts: 813 since May 2011
Thanks: 1,520 given,
Follow the Yellow Brick Road
Hi Big Mike,
Wow such a great site and thanks again.
Took some of my investment capital and started my journey toward becoming a trader in the fall of 2009. I figured the purchase of a trading computer and using Think or Swim I'd get to the Emerald City in no time.
I didn't get there yet, but have found some sites like yours to be the "Yellow Brick Road" I should have looked for initially. I didn't even realize that all I was doing was making my broker rich by churning my own account for him. Then after a year he calls and asks why I am not trading as much, even offers lower commissions. Something I find I should have negotiated down before embarking on my journey. Well now I am a more humble trader, loving the learning process even though it feels like I am drinking from the fire hose.
It was great to be able to download information and indicators for my Ninja Trader (NT7) platform before paying for more access on your site. The information here is GREAT.
Bill D. in San Diego
p.s. Waited a while for introduction as I wanted to be able to contribute, but now I actually want to see it the message about me not posting will change after sending this...
I have found journaling to help greatly in trading as well as finding good mentors that are truly interested in helping you without the need to help their bottom line. Two programs people probably already know about, but that are worth mentioning that I am using daily to help in journaling and communicating with fellow traders are:
Open Office and Fast Stone Capture (Not to be confused with Fast Stone Image Viewer) Download FastStone Capture This program is shareware and the registration fee is less than the price of a movie ticket.
Lastly: One HUGE mistake that I made with NT7 not fully using the NT7 manual for tutorials with instructions on a SIMULATED trading account before using REAL MONEY.
Started trading in the gogo year of 1999 with options, thought I was a genius until the crash of 2000! Finally got to trade again my 401K last year and found out I was hooked again! Call myself a born again newbie! Now I need to find out which markers to trade to grow my retirement accounts and develop a steady stream of income. Thanks Big Mike for this forum!
Just a quick intro..I started trading 3 years ago at a prop firm and still currently do so. At the moment, I am looking to expand into automated trading. I mainly trade the German 10-yr, ES, Dax and Crude Light.
Just a quick intro.I started trading 9 years ago. I run small business, just got divorce and merit again. I lost most of my money. Markets, lawyers and my X. Currently I am starting, after 2 years not trading, again. I love trading and I trade Emini TF,ES,YM and Forex.I trade on NT7.
My name Jaroslav
What an innovative site that is geared for you to become good traders.
I am basically quite new to the Forum and to trading as a whole.
I would like to strat with Froex trading as I have been following a couple of private courses.
One that I like to ask a question about:
Does anyone know about the Forex Uncovered forex course - with some great Indicators - which was around the year 2007-8? Does anyone have access to the full course and especially the videos - settings for the indicators or the up to date contact info of the author of the course or support for course? Any help and suggestions will be greatly appreciated