This is my personal opinion, and its probably worth just what you're paying for it. First there is NO SHORTCUT. You are not going to quickly learn what Steve(Pala alto Trader), Eric, Alan, Richard Estes and others have learned. When you read their posts, quite often they will say they are still learning themselves. But, here are some suggestions....
(1) Keep reading everything you can get your hands on, and then re-read it including various threads on SI.
(2) Subscribe to STOCKS AND COMMODITIES magazine. Lots of good info and education in it.
(3) Go to the Pristine Daytrader site, www.pristine.com , and read the free education, print it out and re-read if you want to. Give some consideration to signing up for the Pristine Lite newsletter daily picks. Twenty bucks a month, and worth every penny. Good picks and they try and teach you as they go.
(4) PAPER TRADE for at least 3, maybe 6 months and do it seriously so that it will be a learning experience.
(5) Position trade (swing trade, short term trade) for at least 6 months before you start trying to day trade. If you don't understand position trading, there is a good chance that you will get killed trying to day trade. When I'm talking about day trading, I'm talking about getting in and out in a few minutes and being happy with 1/4 or
1/2 point, not buying in the morning and selling in the afternoon and trying to pick up a couple of points. Everyone seems to have different explanations of what day trading is.
(6) Learn everything you can about TA(technical analysis), if you are going to do short term trading, you have GOT to understand charts and indicators or you're dead meat.
Like I said this is just one persons opinion, but welcome to the group, and good luck with your education and trades. You're gonna love it...
Richard St. |
