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Is Trading good for earning extra money?
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Is Trading good for earning extra money?

  #21 (permalink)
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I agree with everything others have said in here but would also like to add that while 10 -12 books on trading might seem like a great investment in time you should realize that it is just the beginning. You will probably need to read 100 books on the road to profitability. Someone said this was a marathon, not a sprint, and they are right. Go slow, when you think you understand things, keep learning.

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  #22 (permalink)
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IndusDolphin View Post
Hello...I am new to this forum as well as trading. I have just started reading about trading and want to generate additional income besides my full time day job. I am planning to read for next 6 months to understand the market and then jump into it to trade. I think this is a good forum and I have started exploring it too. I will appreciate if pros comment whether this is a right strategy or there are other easier ways to make money.

Thanks
InDol

The money lures us all to the market, thoughts of easy money. This will be the hardest easy money you've ever earned if you can attain consistency. Trading is not a job or something you just do when you want, it's a lifestyle. First you need to find a method that works for you, there are many. Then you need to work on the real part, your emotions. Wipe all the negative thoughts of you can't do it from your mind and learn to love it. If you can't handle losses, this game isn't for you. Trading will take you for a ride and show you emotions that you never knew existed, embrace them and work thru it. Know that everyone has their own methods and we on this forum are doing different things and you can just emulate it. We all have our different ideas of trading don't let anyone shake your beliefs. Learn to observe yourself and start a journal. You'll definitely know more about yourself a year from now, if you can hack it. If you can stick through the first year of the ups and downs that's growth(remain neutral win or lose on to the next trade). Trade SIM until you are 70-75 percent or better.

I feel like a salesmen for John Murphy and Amazon(only because it cheap full retail you're paying over a bill), but if you're a Technical Trader this book will pretty much teach you all the concepts of TA.

Technical Analysis of the Financial Markets: A Comprehensive Guide to Trading Methods and Applications (New York Institute of Finance): John J. Murphy: 9780735200661: Amazon.com: Books

Have fun on your journey.

"Small disciplines repeated with consistency every day lead to great achievements gained slowly over time."
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  #23 (permalink)
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Uniiversity of Toronto's school of continuous studies is offering the following courses:

Technical Analysis of Financial Markets
2023 Technical Analysis of Financial Markets | University of Toronto School of Continuing Studies

Quantitative Methods for Business Management
0081 Quantitative Methods for Business Management | University of Toronto School of Continuing Studies

Any thoughts on these courses?

Thanks

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  #24 (permalink)
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TorontoTrader View Post
Uniiversity of Toronto's school of continuous studies is offering the following courses:

Technical Analysis of Financial Markets
2023 Technical Analysis of Financial Markets | University of Toronto School of Continuing Studies

Quantitative Methods for Business Management
0081 Quantitative Methods for Business Management | University of Toronto School of Continuing Studies

Any thoughts on these courses?

Thanks

The book recommended in the above post will provide you the same information for under 100 dollars. To be honest I'd save your money. There's nothing traditional about trading, I had the same Ideas when I started out on my journey. Trading can't be taught, but the concepts can. You're better off in my opinion seeking help from a professional mentor then taking a course there. The only benefit I see is being able to ask questions and networking. Just a tip if you go the mentor route don't pay anything over 250 a session, if it's more then that it's a trap.

Happy Trading!

"Small disciplines repeated with consistency every day lead to great achievements gained slowly over time."
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  #25 (permalink)
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TorontoTrader View Post
So what is the problem with Forex? Is it good for begineers? I was going through a webinar by Mike and he is actually recommending forex for the begineers? So am I missing something here?


I tried to respond to your private message but it said you have chosen to not receive private messages. Please change that setting so I can respond.

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  #26 (permalink)
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PandaWarrior View Post
I tried to respond to your private message but it said you have chosen to not receive private messages. Please change that setting so I can respond.

Thanks for mentioning...I have made the change now.

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  #27 (permalink)
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Trading Forex first is like learning to drive stick before you drive automatic. It might be a little tough to grasp at first but in the end it'll make you a better driver on either vehicle.

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  #28 (permalink)
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newbie too

Hey, I also have a full time job with a rotating shiftwork schedule, but it looks like I can get in 15 full trading days every 5 weeks. I have read a few books, then have been sim trading (free paper account with TOS and FXCM). Still gathering data on my trading plan. I plan to go live in march 2014, if my plan is successful.

Check out the webinars here at futures.io (formerly BMT), some good info

books will give you some good fundamental and technical knowledge

Test your strategy with simulator trading. Look at the price action. look for support and resistance levels. pivot points.

Here's what I learned after being a member of futures.io (formerly BMT) - Start a journal with details of the trade, reason for the trade and your emotional state (before, during and after the trade.) You trading plan needs to includes some capital preservation rules (stops). Expect losses, but keep your losses small (stops). A trading plan can be successful even if you are 50/50 in your win loss ratio, as long as your losses are small. Start small until you have months of success, before thinking about increasing contract size.

I am sure there is a lot more for both of us to learn on this long road, good luck. DD

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  #29 (permalink)
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Just one thought: reading for 6 months might be a little long. At some point you just have to go out there and fail, so you can learn. Fail as fast & as often as possible. That's my philosophy anyway, not only in trading.

No book will ever replace actual learning experiences you only get by really doing things.

Chris

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  #30 (permalink)
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Trading is like racing. Unless you are really good you will lose a lot of money.

Trade small, learn a system, create a plan, execute your plan daily.

Take the money aspect out of trading and focus on executing your plan.

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