This took me a little while to compile but I'll try to make it as succinct and useful as is possible.
In the beginning, ...there was Money Management:
This is a good source of information on trading psychology and money management technique. Dr. Alexander Elder lays out the techniques brilliantly and yet, it is an interesting read as well.
elder.com
Do not pass on this information if you wish to keep your money currently in your portfolio.
Next on the list of "must have" for 2002:
Your computer setup is critical for daytrading. A minimum of three screens is necessary (you can never have enough screens). Contact this guy for a good system.
Member 4353715
Staying on top of the game:
News and live feed for Level II/III with access to futures contracts (SPOOS) use this professional service. They offer real time news feed, as well and preset alerts for your stocks. Point and click trading is available through most brokers with this system.
esignal.com
Note - your ISP plays a big role in this connection as well and choose a super fast service. I have ADSL but had configuration problems with my ISP because the trading system software I was using (not Esignal) used tunneling protocol and was incompatible with the DSL system at that time.
Get to know stocks:
The fundamental analysis of a stock is important to when you should sell (I know all you Technicians are screaming "heretic" at me now, so be it). Soak up as much of this knowledge as possible before trading.
elder.com
Since you are daytrading, this will not be used in your trades but is a must for rounded knowledge, ...it's worth it to learn this.
Viewing the trades In Level II/III:
Just getting Level II/III service is not enough. Now that you have it, what to do with it?
streetsideinvestor.com
Read every single article Mr. LaBier has on this website.
...and now for everyone's favorite subject:
Charting with indicators and patterns is an important tool, especially for scalping. Perhaps you prefer P&F, or maybe Candlestick patterns. Try here for a little online help.
stockcharts.com
Finally, getting out of trouble:
I recommend choosing a broker that offers Instanet service (INCA). There's nothing like getting out of a bad trade quick and having a back up market sometimes helps.
streetsideinvestor.com
Oh, and one other thing, bookmark this thread. Man, you are lucky you stumbled onto Ike's thread. Ike (Mr. Iqbal Latif) knows more about trading, the techniques used, and general market sentiment than most other professional traders I have run across and far beyond most on these boards. I've seen an awful lot of them come and go but this guy is the real thing. Stop in now and then to read his market posts. Prove my statement wrong.
BTW, that wasn't a salute, ...just the truth! |
