Help !!

[Ramwall]

Hi people
I am completely new to trading and having looked thru the site im impressed with the advice and friendliness of all the members.

Im currently reading through a home help manual which is guiding me thru the basics and am hooked.
The reason for this post is generally to ask for some general advice for newbies like myself that will push me on to the right path and correct habits.
Ive searched the net and just seem to come across sites offering millions for 5 mins. work for a course or manual for a grand or two ! Are there any books or sites that will reinforce the basics but dont require parting with an arm and a leg!
Also i am looking to trade in my spare time as im working full time at the moment. Is this practical.
I am completely serious about this venture and any help , pointers, advice etc. will be greatly appreciated.
Regards
Ram
PS Great site !!

 

[dash riprock]

Hi Ramwell
I trade in my spare time catching the evening moves on the nasdaq.I have been paper trading them for a while to perfect my technique and have just moved up to direct access trading.
You could spend a day with Naz and learn more than you could ever learn in any Manuel
or book and the cost is very reasonable.
I have spent a couple of days with him myself and found him to be a great teacher and he tailors the day to suit you and where you are with your own trading experience.
details for his course and all the other seminars are on te t2win homepage.
As for all the all the websites offering to make millions for 5 mins work my old granny once told me if something looks too good to be true then it probably is.only my personal opinion of course.



dash riprock

 

[Trader333]

Your post indicates a desire to day-trade and therefore trading US markets is particularly well suited to part time trading especially from 7.00pm to 9.00pm in the evening. This is because the US trading day tends to come in three parts with the last being from 7pm to 9pm.

There are a number of instruments that you can trade and you would need to decide which of these would suit you best. Many people trade the Emini Dow known as YM which is $5 per point. If you have sufficient funds then you could consider trading US Stocks but to do this as a day-trader requires funding an account to more than $25K.


Paul

 

[Ramwall]

Thanks Dash & Trader333 I really appreciate the advice. Its great to get feedback from actual traders on the frontline. Dash Your Granny is spot on as my Dad always says Anything of value comes at a price.
I`ll stop there before we start lighting candles and chanting! With regards to Naz I have spotted it and looks like something that will definitely help me in the not to distant future as Im currently just grounding my self on the basics.
Paul I certainly dont have the funds to day trade US Stocks. At the moment the manual im reading refers to trading on companies in the FTSE100. I have just begun to notice the difeerence between investing and day trading.
My plans are to learn the trade part time from home before slowly working up to an 18 month plan in which hopefully I will be in a position to trade full time,(is this realistic !!) and the Emni Dow you suggested certainly suits my hours. Thanks for that !!!
Are you both full time traders & how did you get into it.
Thanks for your time gents
Regards
Ray

 

[Hu-man]

Hi Paul - sorry, i'm a neophyte in day trading as well...could you explain the 7pm - 9pm trading time for the US markets? i'm located in California, Los Angeles. How do i trade between 7-9p?

And what is the Emini Dow?

Your post indicates a desire to day-trade and therefore trading US markets is particularly well suited to part time trading especially from 7.00pm to 9.00pm in the evening. This is because the US trading day tends to come in three parts with the last being from 7pm to 9pm.

There are a number of instruments that you can trade and you would need to decide which of these would suit you best. Many people trade the Emini Dow known as YM which is $5 per point. If you have sufficient funds then you could consider trading US Stocks but to do this as a day-trader requires funding an account to more than $25K.


Paul

 

[Dave1971]

The 7pm - 9pm is GMT, 2pm - 4pm EST not sure what it is in CA

 

[Trader333]

hu1,

Dave is correct I was referring to UK time. In CA it is 8 hours behind us so that would be 11am to 1pm in your time. The emini Dow is an all electronic traded future based on the Dow Jones Industrial Average and the value of trading it is one of the lowest for futures at $5 per point which is why I mentioned it.

Ramwell,

I trade Nasdaq stocks full time but that means either 2.30pm to 4.30pm or 7pm to 9pm I dont usually trade both sessions.


Paul

 

[Hu-man]

hu1,

Dave is correct I was referring to UK time. In CA it is 8 hours behind us so that would be 11am to 1pm in your time. The emini Dow is an all electronic traded future based on the Dow Jones Industrial Average and the value of trading it is one of the lowest for futures at $5 per point which is why I mentioned it.

Ramwell,

I trade Nasdaq stocks full time but that means either 2.30pm to 4.30pm or 7pm to 9pm I dont usually trade both sessions.


Paul

Thank you for the quickstyle reply....is there a method in learning how to read the markets?
i just read Louis Borsellino "The Day Trader" how he made serious money inthe S&P500. are there any good books to profit from understanding the markets?

any opinions on this .... http://www.clickvolume.net/

Thx. All.

 

[Mr. Charts]

Whereabout in Ca are you?
I was over in Santa Maria, just off the PCH, coaching someone a few months ago.
Lovely place - in fact most of that whole seaboard is.
I had to get up very early in the morning to demonstrate the live opening session though - but then you've all day afterwards.
Nice.
Richard

 

[FTSE Beater]

Hi Paul - sorry, i'm a neophyte in day trading as well...could you
explain the 7pm - 9pm trading time for the US markets? i'm located in California, Los Angeles. How do i trade between 7-9p?

Hi Hum-man

In California you could trade the early move which happens from 8:30am to 11:00am EST which I believe would be 5:30am to 8:00am for you, which would leave you enough time to go to work in the day

HTH

 

[sulong]

Ram,
I'm new to this board,( my first post here) but not so new to trading.
When starting out, the first thing you need to figure, is how much capital you have to risk on your new adventure. The market(s) you are able to participate in will be determined by your starting capital.

It's my idea that for any beginner, all you have to work with is your own history to determine whats right for you.
So to start with, take a look at your savings history, (also has to do with your discipline). If you have been able to save money fairly consistently, your on your way.
Figure out how much 6months of your savings is, and start there.

Lets say ( using easy numbers ) that you save 100( your currency ) per month. So your starting capital would be 600. You tell yourself that "if " you lose 500 of that, your done with the venture.

The next step is, to figure on developing 3 strategies, one for each market condition. Each strat. will need to have a maximum number of losing trades in a row. It's been suggested by smarter people than myself, to set that number at 20.
So now you have some numbers to work with, 3(strategy's) X 20 losers in a row = 60 losing trades.
500(your currency) divided by 60 = 8.3

Now you know that the max. you can lose on a trade is 8.3
You can now start researching the different markets, to see which ones will allow you to participate in with your predetermined capital management.

The rest of your trading career will fall in it's proper place, depending on how you start.

 

[Hu-man]

Whereabout in Ca are you?
I was over in Santa Maria, just off the PCH, coaching someone a few months ago.
Lovely place - in fact most of that whole seaboard is.
I had to get up very early in the morning to demonstrate the live opening session though - but then you've all day afterwards.
Nice.
Richard

live in los feliz which is right next to the hollywood sign. my office is on the sunset strip. will you be visiting california in the near future?
james

 

[Hu-man]

Hi Hum-man

In California you could trade the early move which happens from 8:30am to 11:00am EST which I believe would be 5:30am to 8:00am for you, which would leave you enough time to go to work in the day

HTH

Thanks...but doesn't the US markets open 6:30am ES?

 

[Trader333]

Thanks...but doesn't the US markets open 6:30am ES?

The markets open at 9.30am EST


Paul

 

[Mr. Charts]

live in los feliz which is right next to the hollywood sign. my office is on the sunset strip. will you be visiting california in the near future?
james

No current plans, James.
Went to the Strip to see the sights - the tourist thing - and stayed in Santa Monica almost on the beach.
You live in a nice place.
BTW, it's 6.30am your time - that's what I think you meant
Richard

Maybe have a look at tradingmarkets.com - they are based very near you - good guys.....

 

[Hu-man]

No current plans, James.
Went to the Strip to see the sights - the tourist thing - and stayed in Santa Monica almost on the beach.
You live in a nice place.
BTW, it's 6.30am your time - that's what I think you meant
Richard

Maybe have a look at tradingmarkets.com - they are based very near you - good guys.....

Thanks Richard. ..that is what i meant by 6:30am west coast time. is there anyone in particular you recommend at tradingmarkets.com?


james

 

[Ramwall]

Thanks Sulong for your good advice, as everyone elses is! I must say finding this site has re-inforced my belief & enthusiasm that trading is the way forward for me.
The advice on all threads as well as this one is invaluable, the members approachable and helpful,but also realistic. Sorry if it sounds like im phawning, but my past experiences of attending seminars trying to entice me to part with thousands of pounds so that in 5 minutes flat a day i will make millions bla bla,
meeting people that im sure signed the official secrets act as they offered no help whatsoever but spoke of the zillions they were making, funnily enough the same people that kept their hands in their pockets at the bar during breaks and i was giving lifts to as they all travelled by bus, it must of been their chauffers day off !!!
Anyway, finding t2w has been a revelation and a big part of my learning process, im currently reading up on the basics of Share trading and then will progress to daytrading once ive mastered the basics.
Im going to learn to walk before i can run and run before i can sprint. I genuinely appreciate all your advice keep it coming either on the boards or private(i`d love to build up my buddies list !!) My long term aim is not to earn zillions but to buy my freedom from the ratrace.
Thanks again.
FREEDOM !!!!
Ram
PS I will be asking some technical questions soon, honest !