This is my first post here and I'm also a noob to trading. I recently graduated from uni with a financial maths degree. The course is designed to prepare you to work as a quant analyst if you're prepared to do a PHD afterwards, but as interesting as quant finance is, I've recently found (only the last few weeks) how fascinating trading is, and I know that it is something I want to master, well attempt to master. What got me sucked in was reading Jack Schwager's interviews with top traders in his market wizard books, and another book which seems to be universally recommended for noobs to read "reminiscences of a stock operator".
No, I don't have any grand delusions that I will be as successful as those guys in the books, but who knows maybe I will And to be honest its not the potential to get rich that attracts me to trading, I'd still find it fascinating even if there was no money involved. Well here's some questions that would be great if anyone with some experience with trading could comment on....
1. Whats the best way to go about learning to trade, other than paying a professional to teach you? I'm starting to work through Edwards and McGee's book on tech analysis "technical analysis of stock trends", as it seems to be well recommended, and I'm fascinated by technical analysis and want to learn all about it. I've done some basic fundamental analysis in my degree, so I have a fairly sound understanding of how that fits into trading.
Back to my question, What is the best way to go about learning to trade? By reading books? Or by paper trading and stumbling your way to a basic understanding of trading? Or by using education software? Or some other method?
2. Software - Metastock has been around a long time and seems to be a very good program for my purposes and level of ability, but there is a fairly new program called Bullcharts which by all accounts appears to be much better. Bullcharts is not mentioned anywhere on this forum though, perhaps because it is designed in Australia and most of you appear to be US and UK based. But if anyone has come across Bullcharts and also used Metastock it'd be great if I could get an opinion of the two.
3. Out of curiosity do people still have the huge successes that traders in Schwagers books had? Those guys started trading in the 60's and 70's, so is it still possible to turn amounts like $20000 into several million over the course of a few years? I found a book called "how I trade for a living" about an american guy that day trades for a living. While he's obviously been successful, its not on the same scale as those older guys, (I think he said that he's got his trading account up to about $700 000 after 15 or 20 years of trading, which doesnt really seem worth it for the kind of lifestyle he leads).
No, I don't have any grand delusions that I will be as successful as those guys in the books, but who knows maybe I will And to be honest its not the potential to get rich that attracts me to trading, I'd still find it fascinating even if there was no money involved. Well here's some questions that would be great if anyone with some experience with trading could comment on....
1. Whats the best way to go about learning to trade, other than paying a professional to teach you? I'm starting to work through Edwards and McGee's book on tech analysis "technical analysis of stock trends", as it seems to be well recommended, and I'm fascinated by technical analysis and want to learn all about it. I've done some basic fundamental analysis in my degree, so I have a fairly sound understanding of how that fits into trading.
Back to my question, What is the best way to go about learning to trade? By reading books? Or by paper trading and stumbling your way to a basic understanding of trading? Or by using education software? Or some other method?
2. Software - Metastock has been around a long time and seems to be a very good program for my purposes and level of ability, but there is a fairly new program called Bullcharts which by all accounts appears to be much better. Bullcharts is not mentioned anywhere on this forum though, perhaps because it is designed in Australia and most of you appear to be US and UK based. But if anyone has come across Bullcharts and also used Metastock it'd be great if I could get an opinion of the two.
3. Out of curiosity do people still have the huge successes that traders in Schwagers books had? Those guys started trading in the 60's and 70's, so is it still possible to turn amounts like $20000 into several million over the course of a few years? I found a book called "how I trade for a living" about an american guy that day trades for a living. While he's obviously been successful, its not on the same scale as those older guys, (I think he said that he's got his trading account up to about $700 000 after 15 or 20 years of trading, which doesnt really seem worth it for the kind of lifestyle he leads).