Educational Plan

This is a discussion on Educational Plan within the First Steps forums, part of the Reception category; I have started to learn about trading in the last few weeks (from scratch) and after reading some replies to ...

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Old Jan 21, 2004, 10:15am   #1
Joined Jan 2004
Educational Plan

I have started to learn about trading in the last few weeks (from scratch) and after reading some replies to my posts here and reading in general, I decided to list my educational strategy:

1. Read FT each day - I underline anything I do not understand, which is relevant trading, then try and find the answers. This also gives me a current feel of the markets.

2. Read various books on trading (Schwager Jack..........)

3. Keep up with posts and info on this and other forums.

4. Follow news through the day on Internet. (Reuters, Yahoo)

5. Study and research a few companies which are in the news, so I can find the best sources of info.

6. Paper Trade.

There is imformation overload, so I am trying to stick to certain tasks (above).

I am not working at the moment so I have time available and am happy to dedicate 4/5 hours a day to a fast track learning process.

Comments would be appreciated. What am I missing ?
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Old Jan 21, 2004, 11:06am   #2
 
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Joined Nov 2000
It seems to me as if you're listening to everyone else and their opinions. This is wrong, IMO.
You should be looking at the charts themselves, looking at where and how the turns happen (support/resistance), and getting a feel for the actual movements of the stock in relation to its price.

With practice, you'll know far more about that stock from looking at its movements (without any indicators to blind you) than you ever will by listening to others (news, analysts, BBs) and their opinions of companies because this opinion will sway you from trading what you actually see. It's difficult to understand this when you're starting out, but any old pro will probably tell you the same.
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Old Jan 21, 2004, 12:32pm   #3
 
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I think you have the correct idea from the point of view of sticking to a learning plan before your try trading.

However, do not listen to others and take it as verbatim, make your own opinion from your own research.

What type of trading? fundamental or technical (as skim suggested above) or a combination of both.

Most folks here are technical analysts and devote there attention to the charting aspect. And on this point i agree that you should not cloud your judgement with indicators and learn to ID support and Resistance levels.
This can be done a number of ways and a good staring point would be the dow trading thread or trading without indicators thread.

The most important point you have picked up is that you need a plan to learn and to trade stick with this.

Finally dont wast your energy posing on BB's use this time to practice your new skills.

Happy trading
Newtron Bomb
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