Mr. D,
What follows are links and examples of what I think would give you a good overall basic information on trading plus a number of tools that you can use as "training", and eventually use in real life.
Personally, I give a fair amount of emphasis to the "psychological" aspect of trading, since the stock market is a good mirror of human emotions. The "clich‚ " Fear & Greed is what moves markets is truer than what one thinks.
Reading and learning about the market and the tools one needs to be prepared to participate in what I view as one of the best "chess games" there ever existed, is a life long task, one that if you enjoy, then it becomes all that much easier.
To that end, and in answering your request I suggest the following sites:
The summary is this: 5 star = best
elder.com Books & resources *****
goodnet.com Commentary on markets ***
stock-sell.com Hype-stocks ***
wallstreetcoffee.com Glossary ***
marketplayer.com Resources and Contest excellent ***** worden.com Charts software, some lessons (fee) *****
worden.com Performance of above *****
tradershaven.com Intl./news & exchanges ***
global-investor.com Latest addition, looks good. ?
In addition, a book that is a good reference for T/A terms is: Technical Analysis from A to Z, from Steven B. Achilles, (this author I believe is related to the Metastock sites that Mr. Smith provided you the links for)
Not forgetting that part of T/A and trading is based "somehow" in Voodoo, and other selected "Mythologies" I thought of including this site re: Mythologies, including Voodoo:
pins.co.uk
Then below are description of each, with some examples of what they have.
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elder.com
This site has information on books about trading, it is run by Dr. Alexander Elder who wrote the book "Trading for a Living" Dr. Elder is a real life Psychiatrist, who became a trader himself.
In addition his web site is full of other resources that I am sure you will find useful.
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"Cool Head Trader": commentary:
goodnet.com
TRADING PSYC 101
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1. Being right has little to do with making profits.
2. Successful trading requires you to know when you are wrong.
3. Make sure you have a set of rules that you use to guide your behavior.
4. A mistake means not following your rules, even if you make money.
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The perception of reality is what the market is all about. Sometimes the more we think we know about a company the easier it will be for our minds to deceive ourselves. Self-deception occurs each time a person clings to a false belief. False beliefs, if held on very strongly, will greatly increase our chances of failure. When people invest energy (money) into something, it is difficult to admit they are wrong.
When people truly believe in something, they manage to find evidence to support their belief, and if the market does manage to turn around they will just say their timing was off and they convinced themselves they where right all along. Most people have a tendency to over estimate how right they are. This leads to the most dangerous situation in Risk taking which is Overconfidence.
The only factor that seems to influence overconfidence is information. The more information one is exposed to, the more one tends to be overconfident about his beliefs and position. Thus the more information you are exposed to, the more adamant you will be about your position once you make up your mind. Being overconfident about ones position tends to make it very hard to realize that most information, especially financial information, has very little correlation with Price movement. So exposure to allot of information will probably make a trader more confident but it will have little bearing whether he is correct about market movement.
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How to avoid "hype stocks" (commentary):
stock-sell.com
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Basic investment terms glossary:
wallstreetcoffee.com
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marketplayer.com
Quantitative Analysis, AND Paper trading game, this site I have found to be one of the best overall, it is free, it has market commentary from the person who runs it, and it carries contests every 2 weeks, (runs 3 contests continiuosly). This site will put to the test your strategy, systems etc. does not cost you anything and it is very well run, in addition to teach you how good your system is, you have a lot of fun. I run 3 to 4 portfolios at the time, because it is play money, I sometimes neglect them, in lieu of the real thing.
They give you "play money", when you register of $1'000,000.00 per portfolio.
The entire site has capabilities for charting, access to research material on thousands of companies, (Usually NOT bb stocks)
And amazingly, from the guys that have won the contests you get solid leads for you to do further research.
The best I have done on the competitions was 75 or so, (out of 1,700 to 2,100 portfolios), recently, I was as close as third, then fluctuated in the first 35 places, until, (by courtesy of FTEL "tanking" below 5.00 ) I was relegated to 110. Oh well. Once the stock falls below 5.00 then it is "disqualified upon the renewal of the stock. They have to be above $5.00
In short it is a lot of fun, and lots of information to digest:
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worden.com
Worden Brothers Tele Chart 2000
Excelent site, and charting program, they give you from time to time "lessons" on their own proprietary indicators: However you have to be a member, and user to gain full access. Price wise is one of the most reasonable and you get a lot of value for your money.
Before Trade Station, I used this program quite a bit, this is more of a "end of day data" not really a real time charting, but it is very useful, you have the ability to screen a huge data base, which you can modify, and then take it from there.
I had to stop using it because my poor computer is "full to the tilt", it is time to upgrade in a serious way, meaning two more computers, and then I will go to town using Worden's in one, Trade Station in another and the third, well.. I have some ideas about the third, that I am still exploring.
Below is a "sample from their "user's pages", with the commentary they show you charts, (which I am unable to copy), but it gives you the idea of what they provide. Many of the indicators used are from their own design.
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BUY CANDIDATE
Nabors Industries, Incorporated (AMEX:NBR)
Wednesday, March 25, 1998
10:00 P.M. ET
Company Profile
Nabors Industries, Incorporated is the world's largest land drilling contractor and provides oilfield management, engineering and other support services. The company currently markets approximately 385 land drilling rigs and 34 offshore rigs (platform, jackup, and barge). Nabors currently employs about 10,300 people and is based in Houston, Texas.
Recent Industry News
Excerpts from a focus report written by John Hanley, entitled, "U.S. Oil Drillers May Soon Join Stock Rally"
NEW YORK, March 24 (Reuters) - Shares in leading oil services and drilling companies missed out on the broader market rally on Tuesday, but the sector may soon rejoin the party on a sustained basis after its four-month sell-off, analysts said.
Analysts' hopes were pinned on the deal brokered among leading world producers to scale back production, a belief that much of the bad news -- including one of the warmest winters in the United States this century -- is already factored into the relatively low oil prices, and on steadily growing demand for oil.
Several analysts announced positive recommendations on the sector Tuesday, including Ensco International Inc. (ESV), R&B Falcon Corp. (FLC), Diamond Offshore Drilling Inc. (DO), and Cliffs Drilling Co. (CDG)
"For investors who believe in buying their straw hats during the winter when the prices are cheap, these companies will be relied on for heavier activity in the future," said Matt Conlan, an analyst at Prudential in Houston.
He particularly likes the land drillers, such as Nabors Industries Inc. (NBR), which have been hit by the slide in world oil prices to nine-year lows this month.
"I think the sector is still in a very solid long-term recovery and what we've had in volatility in the commodity price has not derailed that recovery," he said.
Indeed, world oil prices fell about three percent on Tuesday, after jumping nearly 14 percent on Monday after Saudi Arabia, Venezuela, and non-OPEC member Mexico announced a deal to curb world production by up to two million barrels a day.
Fundamental Capsule
Nabors Industries, Inc. has a total market capitalization of $2.7 billion and the stock is currently trading at a P/E of about 22. Recent quarterly earnings per share comparisons have been very favorable with the latest two reported quarters showing increases of approximately 78% and 73%, respectively. Earnings per share for the latest fiscal year were up approximately 65% versus the previous year. Long-term earnings growth rates have also been very positive. Bottom line earnings have grown at a rate of 35% over the past five-year period.
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THE CHARTS...
Chart Parameters: This is a daily arithmetic bar chart of Nabors Industries, updated through Wednesday, March 25. This chart spans back to early May of 1997. Running through price is a simple 40-day moving average (magenta dots). Plotted at the bottom is a 27-day Time Segmented Volume (TSV) (red) with a 14-day moving average (yellow dots).
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Chart Observations: The stock price has pushed significantly above its 40-day moving average for the first time in several months and the average itself is beginning to turn upward. TSV measured strong buying through the bulk of the 1997 advance. However, by mid-November, TSV had begun to trend lower, registering a noticeable dry-up in buying pressure. TSV failed to push back up through the zero-line as a result of the early December rally and spent the next two to three months fluctuating in negative territory. The late February rally managed to finally push TSV up through the zero-line for the first time since turning negative in November. This was followed by more constructive action. TSV held above its moving average, registering an insignificant amount of selling pressure into the March pullback. This led to the short-term rally that is now underway. The current rally has produced a powerful surge in TSV and has also resulted in a positive zero-line crossover by the TSV moving average (yellow dots).
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Chart Parameters: This is 2-day chart of Nabors Industries, updated through Wednesday, March 25. This chart spans back into the first quarter of 1997. Price is plotted at the top, our MoneyStream indicator in the middle, and our Balance of Power or BOP indicator at the bottom.
Chart Observations: The MoneyStream on this 2-day chart is ambiguous at the present time, but the BOP indicator has worked particularly well over the past year or so and is now beginning to indicate significant buying interest returning to the stock. BOP showed a clear dry-up of buying pressure into the fourth quarter '97 price highs and then quickly turned all-out bearish. BOP continued to register heavy selling pressure throughout the decline. It has only been over the past couple of weeks that BOP has begun to display green bars, indicating a marked changeover from distribution to accumulation.
Worden Brothers Home Page
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Go here for an example of the performance of their recent recommendations:
worden.com
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This site gives you international news, and other items about international exchanges (if interested)
tradershaven.com |
