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

  #31 (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

There are easier ways to make money.....and there is no such thing as "extra" money.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #32 (permalink)
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No

I don't want to rain on your parade but, trading is not always easy and, doing this for extra income in addition to your job could just add to your stress level. I'm not the best trader, so don't listen to me. I recently started trading in the jigsaw roulette method, which has been kinda fun and slightly profitable, only it takes me all day and trading a lot. Good luck in your trading!

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  #33 (permalink)
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Right...


@PandaWarrior

I was going to jump on the semantics of "extra money" as well. News Flash..."extra money" is not part of the trading vernacular....that is like having a few extra cigars in your humidor.

No trading is not a good way to earn extra money. For most it is a great way to make extra money vanish...likity split.

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  #34 (permalink)
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wldman View Post
@PandaWarrior

I was going to jump on the semantics of "extra money" as well. News Flash..."extra money" is not part of the trading vernacular....that is like having a few extra cigars in your humidor.

No trading is not a good way to earn extra money. For most it is a great way to make extra money vanish...likity split.

the word "extra" in reference to money is a word those who work a normal job use. Those of us who have been self employed our whole lives know the difference.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #35 (permalink)
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Read what you can, but there's no point in being an armchair trader.

Get a demo forex account so you can figure out how it all works.

Buy millions of fake/demo euros and get it out of your system.

Try the things yo hear about here and on other forums.

open a nano forex account and trade almost pointless size to get the feel of risking actual capital. I'll never forget my first live trade. I was shaking. I made 32 cents.

Blow up your $100 account. figure out why and what happened in relation to what you read.

Repeat.

Consider it a hobby. You'll know when it's realistically anything more.

Best of luck.

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  #36 (permalink)
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I finally decided to take the Technical Analysis class at the university. The teacher is good and I am learning something every week and practicing it. The course require you to apply knowledge on stocks so I have picked up that as my instrument for a time being.

we are using Martin Pring's "Technical Analysis Explained" as a text book. I also got hold of his video training on the same topic so going through that too ("Martin Pring - The Complete Course on Technical Analysis").

I have opened up an account with IB and learning TWS so I can execute trades. I have funded the account with real money but have setup a demo account so I can see how trades are executed.

I planning on Swing Trading due to my full-time job. Today I am going to finish working on my Trading Plan so that I setup SMART targets and timelines to achieve those. I am targeting to gain 1-2% each week. Is this a manageable target?

To be honest, this seems overwhelming. Although I have selected Stocks as my instrument to trade, there are tons of stocks out there and its hard to figure out what to select. I have read on the forum and heard from the teacher that one shouldn't have more then 10-20 stocks under their belt that they should trade. So that lead me to "eIBD", "Zacks" and "stockmarketmentor.com". I am still trying to figure out how to nail down on those 10-20 stocks. Are these good resources to comeup with a good list of stocks? Is it worthwhile to subscribe to these resources on a continuous basis?

Also, I am in currently reading the following books:
1. The Complete Guide to Day Trading
2. A Beginner's Guide to Short Term Trading: Maximize Your Profits in 3 Days to 3 Weeks
3. The How to Make Money in Stocks Complete Investing System: Your Ultimate Guide to Winning in Good Times and Bad

These books have helped me in understanding the process and overall about trading. As someone said "trading is a marathon and not sprint", so I have started my journey and with the passage of time I will get there. I am no way in a hurry hence trying to learn something everyday. Its looks like a lot but what can you do. There is no prescribed outline to follow.

Any comments would be greatly appreciated.

Thanks

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  #37 (permalink)
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I will appreciate if someone can recommend a book on Fundamental Analysis. I want to learn about all those factors that showup in "Key Statistics" in yahoo finance when you select a stock.

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  #38 (permalink)
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TorontoTrader View Post
... I am still trying to figure out how to nail down on those 10-20 stocks. Are these good resources to comeup with a good list of stocks? Is it worthwhile to subscribe to these resources on a continuous basis?

Also, I am in currently reading the following books:
1. The Complete Guide to Day Trading
2. A Beginner's Guide to Short Term Trading: Maximize Your Profits in 3 Days to 3 Weeks
3. The How to Make Money in Stocks Complete Investing System: Your Ultimate Guide to Winning in Good Times and Bad

These books have helped me in understanding the process and overall about trading. As someone said "trading is a marathon and not sprint", so I have started my journey and with the passage of time I will get there. I am no way in a hurry hence trying to learn something everyday. Its looks like a lot but what can you do. There is no prescribed outline to follow.

Any comments would be greatly appreciated.

Thanks

googles Worden brothers that is all you need for stock picking tips.
skip book 1, 2 and 3 are ok, any book from O'Neil is ok.


Last edited by cory; March 13th, 2014 at 01:20 PM.
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  #39 (permalink)
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Data analysis

Believe historical data analysis is always helpful in getting into any area.
On that line, what do people think about using Yahoo historical data for analyzing ES data?
Does it match what the real time data feed is provided using the different platforms?
When I mean match, data like Open, Close, Hig, Low...are these consistent across the platforms?

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  #40 (permalink)
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futurerama View Post
Believe historical data analysis is always helpful in getting into any area.
On that line, what do people think about using Yahoo historical data for analyzing ES data?
Does it match what the real time data feed is provided using the different platforms?
When I mean match, data like Open, Close, Hig, Low...are these consistent across the platforms?

Where do you get the yahoo historical data, could you provide me a link? I've always been opposed to yahoo finance charts because they have very little options for customizing the charts.

Thanks,
itchy

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