What criteria to select a training course?

This is a discussion on What criteria to select a training course? within the First Steps forums, part of the Reception category; Hi all, first post here at T2W !! First a bit about me - newbie trader for the most part, ...

Reply
 
LinkBack Thread Tools Search this Thread
Old Sep 12, 2006, 11:48am   #1
 
8 Posts
Joined Sep 2006
What criteria to select a training course?

Hi all, first post here at T2W !!

First a bit about me - newbie trader for the most part, dabbled in a couple of trades back in the mid-90's (catastrophically on the second, went down nearly 2k on Eurotunnel in '95) and was tech support for a US datafeed/software supplier in '99, so the words 'Fibonacci' and 'MACD' signify more to me than Bella Pasta or beefburgers...

Anyway, got some (expendable) cash together, and have been advised so far that this is the order of things:

1) Take a trading course:

2) Paper trade for a month or two by devising an ongoing strategy, making and correcting mistakes in strategy/discipline, reaching a 'Pareto' point where more than 80% of trades are profitable and I can demonstrate a feasible return on outlay;

3) Execute the strategy adhering to money management fundamentals.

Now, it's #1 I wanted to ask about - presumably, a training course will teach two things:

1) Discipline;
2) Technical analysis.

Now, what else should I look for in a GOOD course?


Many thanks in advance,


Jaybee.
Jaybee from UK is offline   Reply With Quote
Old Sep 12, 2006, 12:08pm   #2
 
wasp's Avatar
Joined Aug 2003
Skip number one. Study and read as much as you can for the technical analysis and the demo account will take of the discipline. The discipline is down to you alone, no-one can teach that. IMO a training course won't teach you anything more than this board can coupled with a few months experience.
wasp is offline   Reply With Quote
Thanks! The following members like this post: Directional
Old Sep 12, 2006, 12:11pm   #3
Joined Jan 2004
A tutor who is willing to support his claims of success with his brokerage acccounts for the last 3 years.

If they show consistent returns of the level you hope to attain then before you commit yourself make sure the sort of trading the tutor teaches fits with your scheme of things. Not much point in taking lessons in scalping US stocks at the open if you work normal UK hours.

If your man will not let you see his broker accounts then ask yourself - why not? The answer should be obvious and you may wish to walk away but that is a matter for you.
LevII is offline   Reply With Quote
Old Sep 12, 2006, 12:12pm   #4
 
Directional's Avatar
Joined Feb 2005
and you'll save yourself a boatload that can be used to fund your own account, rather than fund some seminar teachers yacht holiday on the riviera.
__________________
Directory of Prop Trading Firms here.

Interesting articles about proprietary trading, including whether you should pay a prop firm for training (don't).
Directional is offline   Reply With Quote
Thanks! The following members like this post: wasp
Old Sep 12, 2006, 3:25pm   #5
 
8 Posts
Joined Sep 2006
Jaybee from UK started this thread Appreciate the nuggets all, I suppose then that if a training course is not the way to go, the question then becomes, how then do I pick an item to paper trade? Again, what criteria should I use?

I read somewhere here that Forex is the best start for beginners. There are also a couple of stocks I'm particularly interested in.

Again, your thoughts would be (and were!) appreciated gents.


Jaybee.
Jaybee from UK is offline   Reply With Quote
Old Sep 12, 2006, 3:28pm   #6
 
wasp's Avatar
Joined Aug 2003
Quote:
Originally Posted by Jaybee from UK
Appreciate the nuggets all, I suppose then that if a training course is not the way to go, the question then becomes, how then do I pick an item to paper trade? Again, what criteria should I use?

I read somewhere here that Forex is the best start for beginners. There are also a couple of stocks I'm particularly interested in.

Again, your thoughts would be (and were!) appreciated gents.


Jaybee.

Forex is probably the worst to learn on. Although some don't see the need, a market with volume would be better...

It depends on alot of things, a few being...

What time of day and how many hours?
Do you want to be in and out in minutes or do you want to hold for days at a time?
Do you prefer fast movement (US stocks/FX) or more sedate (in comparison) like Indicies or UK stocks?

The best thing to do would be to browse the forum and read the first steps and the sticky's on each category for a start.

have a read of these too....

http://www.trade2win.com/boards/show...29&postcount=5

http://www.trade2win.com/boards/show...65&postcount=8

and another >

http://www.trade2win.com/boards/first-steps/16010-best-t2w-threads.html

Last edited by wasp; Sep 12, 2006 at 3:42pm.
wasp is offline   Reply With Quote
Thanks! The following members like this post: wasp
Old Sep 12, 2006, 3:38pm   #7
 
dbphoenix's Avatar
Joined Aug 2003
And two more questions: are you interested in learning somebody else's system and trading it? If so, pay special attention to LevII's post. If the instructor can't demonstrate that he himself can make money with his own system, what makes you think that you'll be able to do so? Or, are you more interested in developing your own system? If the latter, a course isn't likely to do you much good. May as well pick up a copy of Trading For Dummies or some such.

Echoing wasp's questions, what exactly do you want to get out of all this?
__________________

dbphoenix is offline   Reply With Quote
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Similar Threads
Thread Thread Starter Forum Replies Last Post
Software that gives alerts when a stock meets certain criteria. Iotrez Trading Software 3 Feb 19, 2007 10:43pm
Selection Criteria for Stocks that Go Parabolic z482493 Stocks 0 May 24, 2005 9:06am
How do I add shares to Favourites using external criteria Sirlosealot Trading Software 0 May 21, 2005 1:43pm
NASDAQ through Self-Select ISA rda First Steps 15 Mar 16, 2005 11:54am
Moving Average as an Exit Criteria TheBramble Trading Systems 16 Apr 13, 2004 2:26pm

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)