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Does anyone have a good memory on when they began to learn stock trading? Rate this Topic:
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timmyd
Posted : Monday, November 11, 2013 2:00:50 PM
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Joined: 11/10/2013
Posts: 1

I am eagerly trying to learn how to trade stocks :)  It is absolutely overwhelming.  I have read what seems like a ton of information (but have so much left to read).  I knew going into this that it could be a long road to success.

Short background:  I have never purchased or sold a single stock.  I have an online broker account and I have installed TC2000.  I listened to all the "101" videos on freeonlinetradingeducation.com which were actually very helpful.  Then paid $697 for the "level 2" courses.  While still very helpful I was very disapointed and not very happy for what I got for $700 and still don't feel like I have a clue.  I have spent time continuing to read on candle stickpatterns and trying to learn/understand trend patterns.  Learning the TC2000 software is another ongoing process as well.

However, I am still at a point where there is still just a big fog and it does not seem to click.  I am a sales manager, used to own a retail store, and have excellent computer/software skills.  But understanding the whole process of first finding a fundamenatlly strong stock, then technically analyzing it just seems impossible.  

For anyone who recalls jumping in to learn the stock market with no past experience or noone to personally teach them stuff... when do you feel that the fog was lifted and what do you think the top contibuting factors were?  

I 100% realize that there is market tuition and that I will have failures along the way.  I just don't have a clue and any movement forward at this point would be vegas investing :0

Thanks!

Tim

nuggets12
Posted : Tuesday, November 12, 2013 1:17:31 PM
Registered User
Joined: 5/10/2010
Posts: 45

Tim, 

I have been looking at technical trading for over 30 years and still learning something new every day.  Focus on the simple stuff, easy to understand and draw, like crossing moving averages (20d, 50d 200d) and, move on from there.  Seriously, the online seminars offered by Worden are great.  If you don't understand an indicator or trading strategy strategy don't use it... The online edition of Technical Analysis of Stocks & Commodities (link below)  is very good with an excelent historical library.  Build on what you feel comfortable with, not what others are using or you will get burned....

http://www.traders.com/

Jpetesmith
Posted : Tuesday, November 12, 2013 10:49:21 PM
Registered User
Joined: 5/9/2010
Posts: 144

Dear timmyd,

Check out Technitrader!

I threw my money at this market with one whipsaw after another. I know how it is. Then I started following Martha Stokes, CMT at http://technitrader.com/ .

At technitrader, I learned to wait for the stocks to come to me through sorting and scanning. Then trade those stocks at the right time provided with her Market Condition Scans. 

She breaks it down to you from the beginning. As if, you have never seen a chart in your life! Sincerely, I would consider checking the website out. If, you are looking for consistant success. This is the place to go.

I am happily working for myself now at home. It beats being a server at a restaurant or managing at a fast food resteraunt. Not everyday is a good trading day.Now, I can learn more about different subjects. 

Technitrader is my first choice, but...........

I cannot forget to tell you about HB from https://www.thetechtrader.com/ . He makes trading an art and a science. I never tried his website. Except for the videos, I never miss a webinar and picked up his DVD. If, my Technitrader scans aren't picking up anything. I switch it over to his daytrading style. 

Iron sharpens Iron

jas0501
Posted : Saturday, November 16, 2013 11:52:47 AM
Registered User
Joined: 12/31/2005
Posts: 2,499

There are the charts and the systems of infinite variety. The truely hardest thing to learn is to manage your psyche. Lack of impulse control and "if only" thinking can drain you enthusiasm and your trading account in no time.

  1. Find an approach the resonates with your personality. This is a never ending process.
  2. Experiece the mechanics of trading for x trades using the approach outlined below. 
  3. After x trades evaluate your performance and assess if you have the tempermant to be successful and that you can sleep and night and enjoy the process.
  4. Figure out what needs to change in order to improve.
  5. Approach Outline
    • candidate selection
    • plan the trade
    • trade the plan
      • position size
      • entry
      • exit
    • for each trade do post mortem alalysis

If you don't plan the trade, and trade the plan, then post mortem analysis is impossible. The hardest thing it to learn to control your own actions. Keep track of what you did and didn't do during the process and tally each category. Work on reducing the frequency of the top shortcoming and give yourself credit for the things you did right. Rinse and repeat.

A few mistake categories:

  • Entered without an exit strategy
  • Failed to exit per plan
  • Added to a bad position, hoping...
  • Didn't check the fundamentals
  • Forgot about the quarterly report or dividend
  • entered a position that didn't fully qualify ( volume, volatility, trend, etc.)
  • didn't do post mortem analysis
  • indecision on entry
  • indecision on exit
  • bought in a bad industry sector
  • changed the plan mid-trade
  • too many open trades
  • etc.
  • etc.
  • etc.

 

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