2 years of research, no trades yet.

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Old Aug 6, 2008, 2:37pm   #1
Joined Dec 2007
2 years of research, no trades yet.

Hi, i'm a newbie and have been researching trading on and off for 2 years and although I have an account with money in it I havn't been able to narrow down a system yet to begin trading. I've spent months looking over the internet at posts, training videos and the like and it seems to me this site is where some of the most knowledgable traders are.

So I wanted to ask if anyone had advice on which area of the market a patient person, wanting to concentrate on one area, swing trading and willing to do necessary backtesting and not at all worries about how complicated it is or how much work is involved, would benefit the most from in the long run (i.e. stocks, e-minis or options and which subcategory/basic strategy)?

I also wondered what opinions were of the book: How to make money in stocks by Willian J O'Neil, who suggests making few higly researched mainly swing stock trades based mainly on fundermentals and pivot points, but you have to pay $1000/year to gain access to the important chart info on investor business daily (his website), if anyone had tried this method with success or failure or if his system sounds promising as a starting point?

For a year I havn't looked at any of the sites offering this or that and have been working on trying to figure out aspects of the market without focus but saw this one and out of curiousity can anyone tell me about it? I think he uses the info at investor business daily (paid the $1000) to determine who large institutions are investing in (this is the part i liked as this makes up 71% of the market and is the real movers of stock price as i understand it). So really he's just trend following the institutions, then I assume he uses TA to determine entry and exit points, is this a bad idea?
Elite Option Trader

Sorry for the newbie questions, I expect everyone has a different take on where to start but i'd greatly appreciate people's insight to help me find direction and start making trades.
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Old Aug 6, 2008, 2:55pm   #2
 
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Dont part with you money for signals. What are you interested in trading? Stocks?
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Old Aug 6, 2008, 3:10pm   #3
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Darquan started this thread We'll i'm undecided, I read so many good and bad things about stocks, options and e-minis that I feel quite confused. I'd like whichever involves the most skill (with decent profits of course). I am determined, dedicated and systematic in my approach but without a mentor to point the way, getting off the ground is proving extremely difficult.
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Old Aug 6, 2008, 3:18pm   #4
 
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What are you looking to trade?
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Old Aug 6, 2008, 3:21pm   #5
 
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I think this is called paralysis by analysis. Set up a demo account and blow £100k.
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Thanks! The following members like this post: Hoggums
Old Aug 6, 2008, 3:39pm   #6
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Darquan started this thread Probably right, initial over-analysis has stumped me, was hoping someone could point out which is most suitable.
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Old Aug 6, 2008, 3:45pm   #7
 
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Quote:
Originally Posted by shadowninja View Post
I think this is called paralysis by analysis. Set up a demo account and blow £100k.
Got to agree with this.

You are probably discovering the relatively cheap way that trading isn't easy.

But you can't beat experience - you have to trade to learn to trade. It's like driving a car - you can read endless books about it - but until you do it and practice it - it's just theory.
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Old Aug 6, 2008, 4:49pm   #8
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Darquan started this thread Thanks for the advice and I believe what you say but before trading I need a system that i've backtested and rules to follow and to do that I need to choose options or e-minis etc.
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