July 11, 2010

I want to study day trading the stock market. Where can I do this?

By Planet Wealth

Topics: Uncategorized | 2 Comments »

2 Responses to “I want to study day trading the stock market. Where can I do this?”

  1. CB Says:
    July 11th, 2010 at 5:32 pm

    I would not waste any money on books or programs. Do a search for trading forums. Huge Mike Trading Forum is a excellent one to start with.

  2. Common Sense Says:
    July 11th, 2010 at 5:32 pm

    There are some excellent resources out there. The first thing you need to do is learn Technical Analysis. No one book, no one course will teach you. It will take time. the toughest thing to really know is…. you’ll have to develop techniques that work for you. Getting some "formula" never works. If you also don’t know the importance of trading money management…… then learning Technical Analysis will be a waste of time.

    In my opinion reading excellent books is the best way to go. Four of my favorites are;
    Millionaire Traders, Lien & Schlosberg
    http://www.technicalanalysisbook.com/ (costly… but fantastic)
    Trading In The Zone, Mark Douglas
    Mastering The Trade, John Carter

    Try to read a new trading book every couple of months…. for as long as you do this.

    Also Check out;
    http://www.traderinterviews.com

    Start swing trading before you try day trading. Use excellent position sizing techniques…. always. If you don’t use hard stops on every trade….. don’t bother trading.

    My broker has regular webinars for day & swing traders (no charge). Also…. during the trading day there’s a regular broadcast (with live video) giving thoughts and points about trading (also free). Last year Barrons selected ThinkOrSwim as the best broker…….

    Excellent luck. This is the toughest job I’ve ever done. But it can really be worth the time. (I was in sales for 35+ years…. B2B. Trading is much harder & takes many more hours. It is truly just as consuming as running your own business).

    No one way of trading or learning is right. You have to find what works for you!

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