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!
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.
The following user says Thank You to TorontoTrader for this 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?