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!!!
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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.
I share @rleplae's view and I happen to have the same picture he posted. I am of the view that trading is like any other profession.
Another, much wiser, trader than me said "you wouldn't want to have a novice doctor operate on you". Trading is no different. One must pay the price of time spent in front of the screen to gain the experience.
I wish there was a way to just pay up and gain the experience instantly.
Sure, there are training courses, forums, books and other material that can help speed up the learning process but I believe they are a complement to, not a substitute of, experience.
My two cents.
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Yes, trading is tough business. Like all businesses, you will need to stick out many bad periods and though times.
This is what business is after all.
Trading specifically is a combination of very high risk tolerance, strong analytical skills and the ability to live with boredom. Above all, good traders are also realistic as far as their returns and what could be generated from their capital. Not all could have these skills and its not always a question of motivation.
I have been on this forums for years and wonder how many of those who encourage others on motivational basis with the "don't give up" and phrases have successfully done it for themselves(?)
My suggestion to anyone is to think long term. Don't get "obsessed" with trading thinking it will solve all your life problems. The key is not to go through a High/Low cycles emotionally, rather have the right balance of trading in the context of your day to day activities.
Trade within your financial means, analyze each day of real trading and dont over leverage.
You will discover a lot about yourself as far as the decisions you take, and you will learn to avoid bad ones more and more (hopefully). Trading is a competitive sport, but even if you manage to survive in the first years, you deserve to be called a winner.
There are a lot of people who gave very practical solution to traders on this forums, and I truly enjoy them.
The ones who preach "you did not want it bad enough" are not ones I relate to. Just my 2 cents.
There is a substantial risk of loss in futures trading. Past performance is not necessarily indicative if future results.
PM with any questions about optimusfutures (800) 771-6748 (561) 367 8686. THERE IS A SUBSTANTIAL RISK OF LOSS IN FUTURES TRADING.
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@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”.)
The good part is you are in the right place, FIO that is. Lots of great webinars to watch which I think you must do to some extent. My hope is your a reader because there are some great books you should take a look at IMHO. Books from Mark Douglas, Van Tharp, Jack Schwager, Brett Steenbarger, James Dalton, Justin Mamis and others just type these names into Amazon to find them or highlight here and search for them... also check out this book thread https://futures.io/traders-hideout/8-some-highly-recommended-books.html#post10
But the number one thing you must do, and this is going to make very little sense to you now and you are not going to do it,....but you should ABSOLUTELY 100% , is learn more about yourself....
What do you believe? Believe regarding money. About missing out. About needing information. How do you make decisions? Perhaps you are the type that likes to mull over a ideas/concepts/decisions for a long time before acting (you said you have been thinking about trading for around 20 years). How are you at planning? Following a plan? Creating rules and sticking to them no matter what? Venturing down the Trading path is a growth process for any person and it can and will be a painful one. As anything worth doing is. Very developmental.
Take baby steps at first...crawl before walk etc..... There is much I would like to say but have found, in life, if you shine a light too brightly to illuminate a path for one you just end up blinding them....
Doubt kills more dreams than failure ever will. Perfect: the enemy of Done. per·fec·tion·ist: ultimately one lacking self-confidence
Buy Low And Sell High (read left to right or right to left....lol)
Last edited by Blash; March 29th, 2016 at 08:52 AM.
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