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Very basic newbie questions
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Created: by nopeda Attachments:1

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Very basic newbie questions

  #11 (permalink)
Trading Apprentice
Buford GA USA
 
Futures Experience: None
Platform: MetaTrader
Favorite Futures: Emini ES
 
Posts: 6 since Mar 2016
Thanks: 0 given, 4 received


casey44 View Post
@nopeda, this does not exactly address your post but given what you said it occurs to me you might want to also check out Dough.com. It can offer a structured learning focus. And could offer a starting anchor so to speak from which to explore BMT more.

One example... in time you might be attracted to the trading style/risk profile of one or more of the Dough traders. And through the Dough platform, with a just a few mouse clicks you can “Follow” one of their trades if you want, i.e., it will be duplicated in your account. And then you have some one person you can follow to see what they do next with it. Can put as much or as little time into something like that as you want. If any of this strikes a chord, go to Dough and look around there, their blog, facebook, etc. Maybe sign up for the newsletter. If you read a bit you'll see how Tastytrade and Thinkorswim are connected to Dough.

Just some random fwiw thoughts. Good luck.
(PS, If you have zero interest in options, note that tastytrade.com, which is free, has some daily content re trading futures. Click on “Find Shows” at top of window and scroll down to “Splash into Futures”.)

Thank you for the suggestions! I'll look into them.

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  #12 (permalink)
Trading Apprentice
Hartford, Connecticut
 
Futures Experience: Intermediate
Platform: ninjatrader
Favorite Futures: YM, ES
 
Posts: 5 since Aug 2013
Thanks: 1 given, 6 received


nopeda View Post
Hi,

I've never done any of this but have been thinking about it for around 20 years. Now I finally want to at least try it out but don't know how to get started. I'd like something to be involved with like day trading or something but don't want to--and can't--sit in front of a computer all day because of work, and don't have much money so would have to deal with low priced stuff. I've heard the term penny stocks. Is it possible to set it up in advance so things will automatically buy and sell when they reach different points so we don't have to be there watching charts all of the time?

Just in searching around for different forums it became apparent that there are a lot!!! of places for beginners to start, but I don't want to just grab whatever and hope it's worthwhile. So I'm asking around what experienced people have learned about and suggest as good specific tutorials or threads or whatever they think is best for beginners to learn the basics. I know nothing at this point so need to learn how to find out what to learn, if that makes sense. Where to start from the very beginning, from nothing?

Thank you for any help and suggestions!!!
David


chik View Post
I would not recommend OTC penny stocks. Just don't. There's generally a handful of negative reasons why each OTC company is not listed on NYSE or Nasdaq. OTC is the stock graveyard where the shares of failed companies go to die.

You would honestly be better served buying a single share of a listed blue chip company than a hundred thousand shares of some bankrupt penny stock.

If you have little money, and no time to trade or learn what you're doing (learning markets and becoming a trader will take a lot of time), honestly just buy into a mutual fund from Vanguard or donate your money to charity.

Piggybacking onto chik's post, I definitely would not waste any time on pennystocks. A lot of new people also like to experiment with options but I would avoid those as well seeing as you are just beginning.

The aura surrounding pennystocks and options is that you can make a lot of money with little initial investment, and while this is true for some traders the cold hard fact is that it is false for far, far, far many more traders.

Trading is not something that you can just pick up with minimal effort. Trading is a journey, really it's a lifestyle change.

If you cannot sit in front of a computer for a long time then that is ok. There are swing traders out there working 9-5's who check their charts anywhere from 1 to a couple of times a day.

If you don't have much funds then start saving. While you're saving start doing some homework.

When I first started out I learned a lot from the babypips school website. Even though I was not trading forex I still learned a lot, not to mention the delivery of information is awesome there. So that might be one avenue for you to check out while you save money.

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