Trading 101

[jackbeep22]

I started trading a few weeks ago and would like to know how the successful traders on this forum got their start? Where did you go to learn what to do and what not to do? Any advise for a new trader to save myself from looking in the wrong places would be great (this forum can lead you in hundreds of different directions it seems). I'm still fairly young and would like to master this. Again any help or pointers on where to look/what to do would be great!
Thanks

[Dzielak51]

Hi jack and welcome to the forum.  You have arrived to the right place.

When i started trading i was so clueless and blind.  I would go on yahoo message boards and listen to people pumping stock, jump in and always get left holding the bag. 
Then i found this site.  I heard of T/A before i found this site and thought it was to complicated to learn.  But after a couple days to a week i had a pretty good understanding about it and started getting interested.  I then purchased a couple books on T/A to get better educated and now it seems so simple to understand.  Also it helps to have some good tools.  I use stockcharts.com chart package to run scans and find stocks i like, and i use quotetracker.com to keep an eye on all my picks in real time.  This is all i use.  So far it has been working great for me.  Just spend some time on here and ask as many questions as possible ( but do a search first since it might be covered already ).  GL.

[jackbeep22]

what are some good books to read for T/A?

[Erunion]

http://www.amazon.com/Technical-Analysis-Financial-Markets-Comprehensive/dp/0735200661/ref=pd_bbs_sr_1?ie=UTF8&s=books&qid=1209634937&sr=8-1

Also available on web 

[jackbeep22]

Also...I'm using sharebuilder to trade (there is no streaming quote service provided with this) what streaming quote site would you recommend? 

[Dzielak51]

quotetracker.com  it is free and gives you a live feed.

I have two books: T/A for Dummies and T/A Demystified.

Believe it or not i really like the T/A for Dummies. I thought it was real easy to read for a newbie.  Also has charts in there to explain things.  I think it is a good "first" book.

[jason22]

Dzielak,

I also purchased T/A for Dummies, didn't finish it yet though.  Its not to technical and its easier to understand, just wish there were more graphs shown.

[Vegas]

Believe it or not i really like the T/A for Dummies. I thought it was real easy to read for a newbie.  Also has charts in there to explain things.  I think it is a good "first" book.

If anyone else is interested in the book, T/A for Dummies, I shopped prices and ordered it for 16.81 including shipping from the following vendor... A person wouldn't have to learn much to get their moneys worth at this price... Yes, I'm a cheapskate! 

http://www.textbookx.com/detail-book-9780764540448-Technical_Analysis_for_Dummies.html

[rb122756]

Vegas,

'Trading for Dummies'  is also a very good book for beginners.  I picked it up at half price books for $ 4.00.   A couple of things I would recommend -

1) Participate in forums like this one and listen to Doc, Tommy, Dz, and all the other people that have been doing this for a while.  Find a group of wise men and latch on to them. 

2) Practice, practice, practice - paper trade different strategies until your confidence level in them grows.  For every real trade I do I paper trade 10. 

3) Set your exit points before you enter a trade - know your target profit and maximum allowable loss and set your stops accordingly

4) Keep a journal of your trades - what strategy were you trading, why did you get in, whey did you get out,  entry and exit price, profit or loss, return on investment, etc.   

RB.

[Tommy86]

From rb122756 :
3) Set your exit points before you enter a trade - know your target profit and maximum allowable loss and set your stops accordingly

thats so important! no gain is worth a cent if you dont realise it (by selling and cashing in)! no stock taught me as much as SWVC, i was in when it still was GSCR. i was up 30% and held, down 95% and held, sold on the run to 0.085 to break even. rebought, was up over 100% and sold for 20% loss.

rethinking it today, it was good that i did such a BS, nothing like a painfull lesson, guess who wont get greedy again...

[Dzielak51]

Tommy, I think everybody needs a play like that.  Theres books that can teach you experience.  Ive learned so much from my mistakes and im glad i made them.  It gave me experience.

[Vegas]

Here You Go Guys... 

Believe it or not i really like the T/A for Dummies. I thought it was real easy to read for a newbie.  Also has charts in there to explain things.  I think it is a good "first" book.

If anyone else is interested in the book, T/A for Dummies, I shopped prices and ordered it for 16.81 including shipping from the following vendor... A person wouldn't have to learn much to get their moneys worth at this price... Yes, I'm a cheapskate! 

http://www.textbookx.com/detail-book-9780764540448-Technical_Analysis_for_Dummies.html

[marcvoi]

AS a lurker now a member I purchased the T/A For Dummies   and It really so far is helping slowly understand this system. I recommend reading about 2 chapters a day. Do not put pressure on your self to learn everything in one day
Thanks to people on this board that recommended this book.

[BoYoung]

Dear all: Thanks for the suggestions. I believe this the following is a good website.

http://articles.moneycentral.msn.com/Investing/StockInvestingTrading/Technical_Analysis.aspx

[johndoe]

hey boyoung you finaly posted, keep it up