OK, not yet a novice trader, but after reading a number of books, I feel to gain a better understanding of this subject, and hopefully venture into taking part, I wanted to spend a month or so developing a strategy, "if possible" but would like to save time, by seeing if anyone could point me to some decent URL's that would be worth a visit?
SOCRATES
Veteren member
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Welcome to the site.
You want to be careful with this idea of yours.
It reminds me of a conversation I had many years ago with Captain O.M. Watts (the yacht chandler) in his shop in Mayfair, in London. I was a regular customer, and on this day the old boy was in a frightful mood, steam nearly coming out of his ears.
I had just bought a rollneck oiled wool sweater that I had in my hands that I was about to pay him for, so I ventured to ask what the trouble was.
He replied that he had just had an argument with a new customer, a totally inexperienced stranger who had never been to sea who asked him if he could spare 15 minutes to teach him to use a sextant and a chronometer to find his position at sea....as he had a train to catch.....as he was settting sail...in a 25 foot boat....to sail across the Atlantic Ocean !
It seems to me your venture is not unlike that of the inexperienced yachtsman, but in your case I hope you will take the advice that a month or so is nearly not enough, more a year or two or even three perhaps......
Good luck to you anyway.
You want to be careful with this idea of yours.
It reminds me of a conversation I had many years ago with Captain O.M. Watts (the yacht chandler) in his shop in Mayfair, in London. I was a regular customer, and on this day the old boy was in a frightful mood, steam nearly coming out of his ears.
I had just bought a rollneck oiled wool sweater that I had in my hands that I was about to pay him for, so I ventured to ask what the trouble was.
He replied that he had just had an argument with a new customer, a totally inexperienced stranger who had never been to sea who asked him if he could spare 15 minutes to teach him to use a sextant and a chronometer to find his position at sea....as he had a train to catch.....as he was settting sail...in a 25 foot boat....to sail across the Atlantic Ocean !
It seems to me your venture is not unlike that of the inexperienced yachtsman, but in your case I hope you will take the advice that a month or so is nearly not enough, more a year or two or even three perhaps......
Good luck to you anyway.
counter_violent
Legendary member
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SKIM said:
What instrument are you thinking of trading ?
Racer
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If you want to trade nothing wrong in just plain old pencil and paper.It can also have more significance if you have to actually write it down and do some calculations.
Take share trading for example.
Write down the price you would buy it at, then work out the stamp duty and dealers costs, then add the dealers cost to sell and work out your breakeven value, before you trade.
How long are you going to hold it for, are there any dividends? Is the stock illiquid, can you sell easily in other words when you want to get out? What is the risk/reward etc.?
There are a lot of useful threads on T2W depending on what you are thinking of trading and how you are going to trade it.
Take share trading for example.
Write down the price you would buy it at, then work out the stamp duty and dealers costs, then add the dealers cost to sell and work out your breakeven value, before you trade.
How long are you going to hold it for, are there any dividends? Is the stock illiquid, can you sell easily in other words when you want to get out? What is the risk/reward etc.?
There are a lot of useful threads on T2W depending on what you are thinking of trading and how you are going to trade it.
