Market Trading Education... Whom do I turn to?

[David67]

In recent months, I've started seriously having a look at securities trading again as a potential "business activity". I'm in my late 20's (28) I currently have only a few hundred thousand saved up, I will confess, After years of auto-didactism on the subject of the financial markets, I'm still not able to get it, I'm still unable to find a trading methodology or series of methodologies that would beat by and hold, let along bank deposits or even turn a profit when run over the long LONG term. I guess my frustration is that I don't know where to turn to next (and it's the same frustration as I've been going around in circles fruitlessly searching for a genuine, workable opportunity that's the right fit, from real estate, Franchising, businesses, MLM and other business and investment vehicles)... Do I go find a teacher, a mentor? if so... How do I find genuine education, guidance or mentoring? How do I know, I'm not yet again throwing good money after bad getting advice that is of little relevance or getting myself in to yet another seminar or "workshop" that's full of empty promises and empty unworkable opportunities run by spruikers whose sole intent is on turning a quick buck out of you as I have experienced with the equity markets and many other investment and business areas? Are there perhaps any dedicated equity trading clubs or social groups around I can join where people can bounce ideas off one another?

Many Thanks for any pointers.

[Jay]

Firstly did you/have you got a plan for buying equities e.g entry strategy, exit strategy and most importantly money mangement strategy as a starting point.
Having a plan for any activity you are looking at rather than taking a punt is much better than no plan and the main thing is stick to your plan!

If not first try Trading in a Nutshell by Stuart McPhee (3rd Edition) - no it is not a holy grail but a plan you can follow and implement to suit your risk/style etc.

Alao have read of the post here especially under the newbies thread and read and learn from some of the guys/girls on here such as Phaedrus, winner69 plus you will pick up a few more names from reading the threads.
Most here are only willing to answer your questions.

[drillfix]

Hi David.

Firstly, LOL, love it, (only a couple hundred thou to trade with).

Now I am not an advisor but have previously told that a smart way to do or approach to take is this:

One third in Cash
One third in Property
One third in shares/investments

Now thats 99%, I would spend at least that 1% on some further education.

Lots of ways to go with books, Videos, Mentors or whatever.

I personally would say, sure, Read away first, also look at some Vids or even do some share, swap or finding out where the info is for what exact style you wish to trade or invest in.

as in ie: If your interested in Forex say, well download a course which has some forex training.

BUT, if your gonna do that you may wanna do some candle stick training so start off with some Steve Nison Candle stick course, then do Steve Nison Forex which compares Forex and non Forex candles and patterns. Then do the Samurai Trader steve nison course.

After you fully know all that and cant sleep because your still dreaming the sh#t, start doing some of the free websites which give you basics, there are many of them, ie:

http://www.thepatternsite.com/
http://www.taguide.com/
http://www.incrediblecharts.com/
http://www.informedtrades.com/trades.php?page=school

There are some basic ones which after a while will get you pretty familiar along with a stack of books which are also handy to read.

If your after the basics then the above will be a great starting place.

While you are at it, may as well get your eyes tuned for a variety of charting applications.
Rather than rush off and buying some, get familiar with some free ones and work your way up.

The links below will give you a few packages which can assist you in becoming familiar with applications or charting to get you up and running.

Try:
http://www.egoli.com.au/news/page/Egoli-Procharts.aspx?theme=Research

http://www.incrediblecharts.com/

http://www.hubbinvestor.com/

These also use free delayed data, but also a limited degree of power of needs but initially that wont matter as its just great to know the extent of any charting package, IMO.

Or you can also just use online charting with no installation so try BigCharts: http://bigcharts.marketwatch.com/
Customise or choose advance tab to add your own indicators etc etc.

If you need integration, I suggest you join your local Technical Analysis Association. In Australia, we have here the ATAA, and I am sure there is one in New Zealand. They will have meets all over the joint, and you get to meet other traders and hear lots info about TA and Trading in general.

For NZ there is, STANZ Society of Technical Analysts of New Zealand
http://www.stanz.co.nz/

For Aus there is ATAA
http://www.ataa.com.au/
The ATAA is affiliated with the International Federation of Technical Analysts (IFTA) which helps members keep abreast of international markets and techniques which also basically keeps everybody on the same TA page type of thing.

The other month I went along to an ATAA brisbane monthly event and had a listen to Jake Bernstein who was a pretty cool dude and has his own way and thoughts about the markets, world and everything. Nonetheless, Im not quite into Futures or commodities as yet, but I will get there soon. As trading or baby sitting ASX stocks is becoming a total bore, so I need to adjust my style to perhaps instruments with less emotion.

So in the meantime, its also back to school for me and I honestly wish I did what I have previously done before and kept up and do what Im doing now. This would have saved me from losing close to 80+K which could have totally been avoided.

Once you have spent a day, week, month, year or years, depending on how much you have buried yourself in it, your quest will continue to evolve, as will your knowledge and as will your place/risk/style/rewards you also seek and to cut a long story short, you will potentially find out what kind or type of trader or trading Style that suits or works for you best.

Perhaps once you have dug through all that plus anything else others here offer, maybe then you can take the plunge and then get the Star Mentor to aid you in what questions or approaches you are trying to adopt. But you will have saved many many thousands of dollars by starting off on the basics and expanding from what is being said here.

Remember,there is NO QUICK path to salvation of what security, greed, or needs we seek, so knowing what our thresh-hold exactly desires or knows how to cope is a good place to start.

In the meantime, keep us informed on how things develop for you and from what path or direction you take.

Hope this has been of some help to you anyways.

Cheers pal~!

[peat]

A report I got from Elliot Wave a while back wrote of : What a Trader Really Needs to be Successful.

At this moment I wont expand on the 5 points, tho I can later if requested but here they are in bullet points


A Method
The Discipline to Follow your Method
Experience
The Mental Fortitude to Accept the fact that Losses are Part of the Game
The Mental Fortitude to Accept Huge Gains

[airedale]

Hi David, I got a lot of benefit from Dr Alex Elder's book "Trading For A Living". As well as technical indicators he discusses one's mental attitude to trading.
From my own experience, the easy part is deciding to buy, the decision to sell can be more difficult.
If you follow Phaedrus's posts on this forum, he points out the various " sell" indicators.

Another author, Australian Chris Tate, was helpful.

[dragonz]

Hi David.

Firstly, LOL, love it, (only a couple hundred thou to trade with).

Now I am not an advisor but have previously told that a smart way to do or approach to take is this:

One third in Cash
One third in Property
One third in shares/investments

Now thats 99%, I would spend at least that 1% on some further education.

Lots of ways to go with books, Videos, Mentors or whatever.

I personally would say, sure, Read away first, also look at some Vids or even do some share, swap or finding out where the info is for what exact style you wish to trade or invest in.

as in ie: If your interested in Forex say, well download a course which has some forex training.

BUT, if your gonna do that you may wanna do some candle stick training so start off with some Steve Nison Candle stick course, then do Steve Nison Forex which compares Forex and non Forex candles and patterns. Then do the Samurai Trader steve nison course.

After you fully know all that and cant sleep because your still dreaming the sh#t, start doing some of the free websites which give you basics, there are many of them, ie:

http://www.thepatternsite.com/
http://www.taguide.com/
http://www.incrediblecharts.com/
http://www.informedtrades.com/trades.php?page=school

There are some basic ones which after a while will get you pretty familiar along with a stack of books which are also handy to read.

If your after the basics then the above will be a great starting place.

While you are at it, may as well get your eyes tuned for a variety of charting applications.
Rather than rush off and buying some, get familiar with some free ones and work your way up.

The links below will give you a few packages which can assist you in becoming familiar with applications or charting to get you up and running.

Try:
http://www.egoli.com.au/news/page/Egoli-Procharts.aspx?theme=Research

http://www.incrediblecharts.com/

http://www.hubbinvestor.com/

These also use free delayed data, but also a limited degree of power of needs but initially that wont matter as its just great to know the extent of any charting package, IMO.

Or you can also just use online charting with no installation so try BigCharts: http://bigcharts.marketwatch.com/
Customise or choose advance tab to add your own indicators etc etc.

If you need integration, I suggest you join your local Technical Analysis Association. In Australia, we have here the ATAA, and I am sure there is one in New Zealand. They will have meets all over the joint, and you get to meet other traders and hear lots info about TA and Trading in general.

For NZ there is, STANZ Society of Technical Analysts of New Zealand
http://www.stanz.co.nz/

For Aus there is ATAA
http://www.ataa.com.au/
The ATAA is affiliated with the International Federation of Technical Analysts (IFTA) which helps members keep abreast of international markets and techniques which also basically keeps everybody on the same TA page type of thing.

The other month I went along to an ATAA brisbane monthly event and had a listen to Jake Bernstein who was a pretty cool dude and has his own way and thoughts about the markets, world and everything. Nonetheless, Im not quite into Futures or commodities as yet, but I will get there soon. As trading or baby sitting ASX stocks is becoming a total bore, so I need to adjust my style to perhaps instruments with less emotion.

So in the meantime, its also back to school for me and I honestly wish I did what I have previously done before and kept up and do what Im doing now. This would have saved me from losing close to 80+K which could have totally been avoided.

Once you have spent a day, week, month, year or years, depending on how much you have buried yourself in it, your quest will continue to evolve, as will your knowledge and as will your place/risk/style/rewards you also seek and to cut a long story short, you will potentially find out what kind or type of trader or trading Style that suits or works for you best.

Perhaps once you have dug through all that plus anything else others here offer, maybe then you can take the plunge and then get the Star Mentor to aid you in what questions or approaches you are trying to adopt. But you will have saved many many thousands of dollars by starting off on the basics and expanding from what is being said here.

Remember,there is NO QUICK path to salvation of what security, greed, or needs we seek, so knowing what our thresh-hold exactly desires or knows how to cope is a good place to start.

In the meantime, keep us informed on how things develop for you and from what path or direction you take.

Hope this has been of some help to you anyways.

Cheers pal~!

Thanx for your very informative posts Drillfix. Its always worth a read

[RazorX]

A report I got from Elliot Wave a while back wrote of : What a Trader Really Needs to be Successful.

At this moment I wont expand on the 5 points, tho I can later if requested but here they are in bullet points


A Method
The Discipline to Follow your Method
Experience
The Mental Fortitude to Accept the fact that Losses are Part of the Game
The Mental Fortitude to Accept Huge Gains


Hi Peat

Those sound like some good points and for a newbie such as myself expanding on them would probably be quite handy.

On the subject of Market trading education does anyone know where to find concise economic news? (With particular regard to Fundamental news that affects the forex market) I'm finding that I have to spend hours that I don't have to find info, and even then I am unsure as to how relevant the information is that I do find so if anyone has a good source of info it would be a help.

One link that I have found handy for forex training is www.babypips.com/school

Razor

[drillfix]

One link that I have found handy for forex training is www.babypips.com/school

Razor

Nice little site/link there Razor, cheers.



Thanx for your very informative posts Drillfix. Its always worth a read

No worries there Dragonz, glad that has been of use to you, as it certainly looks like Davie Boy is no where to be seen so glad somebody can enjoy it.

Cheers~!