I'm new to trading, well not entirely new. Couple of years ago in college I invested $1,000 in penny stocks and lost it all. Moved on...
Now I'm starting again and first thing I did was put all my saving in one stock! FB! after ER report the price went up and dropped in like half an hour. kept dropping I got scared and sold. Lost 10% of my investment. Bought it again, sold and made about 2% of my 10% back! bought again when the price dropped and now I'm waiting until a nice boost.
I want to learn day trading, I currently work full time but I'm able to basically track my stocks throughout the day.
Well, for starters my first and foremost advice would be to immediately STOP trading real money and stay on SIM or paper trading until you've got a trading plan and a proven and thoroughly tested strategy !
And watching this webinar would be a good starting point as well:
>I want to learn day trading, I currently work full time but I'm able to basically track my stocks throughout the day.<
Further to daytyrader999's important advice I would suggest you trade futures in the evening time. Do not try and trade or follow trades while in your day job. If I was your boss I would fire you, then you would have no income never mind losing 10% or more of your savings.
For learning, check out Al Brooks price action trading course ($249) which is likely much less money than you have already lost. Price action is key and for some all your need. I supplement with order flow.
Hope that helps.
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Hi there. I clicked on the link to start watching the webinar but I can't open it. It says you have to be an elite member for it. Is there another way I can access? It seemed strange to me that you have to be an elite member to have access to a newbie webinar.
I agree big time.There is absolutely no reason to trade live at this level(unless you want to give your $ to the market)
If you are a newbie ,as you say, that tells me you have a long way to go....yup...So with that said, just understand that the experience factor in day trading is huge.As Private Banker states..this is a marathon , not a sprint.Most people cash out before they have even a beginners understanding of the market.
Also, focus on one instument only.Each instrument has its own personality.This is very important.
And lastly, personally, tracking trades /investments during work hours is not advised.How would you feel if you owned a company, and one of the people you were paying was dividing his focus between work and trading?
.Become a elite member and enjoy the forum.A small price to pay for a wealth of info.And welcome!
I agree - don't risk your day job for trading - especially because trading has a tendency to suck you in and make you an addict for a while. Unless you have a clear cut off between work & trading, it is very likely you will end up neglecting your job.
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Selecting a broker
Selecting a trading platform
Formulating your own particular trading style or methodology
Applying sound risk management for the long run
How to measure yourself in a useful way
Setting realistic goals
I found the first one but it seems the other ones aren't there (anymore)? is this true or am I just looking wrong? or do they have a particular title?