New to Windows and online trading

[J Livermore]

Hello,

I am new to both Windows 10 and the internet but I have years of experience with investing and trading.

I have hired a computer tutor to bring me up to speed with computers as I know little about the internet.

My primary goal is to trade the S&P 500 as I am equally comfortable going both short and long but at this time I don't want to trade futures like I use to.

I am leaning towards ETF trading but I need to learn the computer software(s) needed to execute online trades. How does one best go about learning financial software?

I understand Charles Schwab has a good reputation but are there any other brokers I should be looking at?

I intend to use real time charts (tick by tick) and good old fashioned ticker tape reading of live quotes to make my buy/sell decisions.
Do brokerage houses provide access to real time charts and bid/ask quotes or do I need to subscribe to a third party provider?

Any advice will be appreciated.

Thanks

 

[Jason101]

The only real advice I could give you is If you have timed the movement correctly, your first commitment will show you a profit at the start. But also it has always been my experience that I never benefited much from a move if I did not get in at somewhere near the beginning of that move.

 

[J_C_Anderson]

It seems that you are in the very beginning of your trading path - sometimes we all were there.

First of all, you should be able to use your computer at high enough level. It would increase your efficiency as a trader. Of course, traders of the past managed to earn millions even without a telephone, but the times changed, so you need to be a bit IT-specialist to be successful in trading.
Almost all brokers would provide you with realtime data, for free or under subscribtion (it depends on broker). The best way to become familiar with trading platform is to start demo trading, to be able to study without any risk.

Another important thing is education. Try to read as much, as possible. If you are going to trade index-based instruments, you need to have deep understanding of the broad market and whole geopolitical situation. As for me, S&P fundamental analysis is the most complicated thing in trading.

 

[DT5]

Steep learning curve ahead but anythings possible if you want it enough...good luck

 

[J Livermore]

It seems that you are in the very beginning of your trading path - sometimes we all were there.


First of all, you should be able to use your computer at high enough level. It would increase your efficiency as a trader. Of course, traders of the past managed to earn millions even without a telephone, but the times changed, so you need to be a bit IT-specialist to be successful in trading.
Almost all brokers would provide you with realtime data, for free or under subscribtion (it depends on broker). The best way to become familiar with trading platform is to start demo trading, to be able to study without any risk.

Another important thing is education. Try to read as much, as possible. If you are going to trade index-based instruments, you need to have deep understanding of the broad market and whole geopolitical situation. As for me, S&P fundamental analysis is the most complicated thing in trading.

I agree with reading as much as possible. I am always looking to buy books on the market. There use to be a mail order business in South Carolina called Trader's Press but I believe they are out of business now.

For me, the books that talked about the psychological aspects of trading were always the most helpful as trading can be brutal on the mind at times.

Can you give me any suggestions as to what my computer instructor and I should be focusing on? If I learn everything internet and Windows 10 it may not be the best use of our time even if it is useful.

I am reading the book "The Internet for Dummies" and it's only mediocre at best. I have also bought "Investing Online for Dummies" to be read later.

For what it's worth, years ago I used a charting software called Aspen Graphics from a company called Aspen Research in Colorado. Back then it was around $195 per month but it was top of the line according to all the people I knew who used it. This is when I got my market data via a satellite dish in my back yard.

Ideally I would like a charting software that is provided by the broker (if they do that), not so much for price, but so I don't have to keep switching back and forth while following the markets.

 

[J Livermore]

The only real advice I could give you is If you have timed the movement correctly, your first commitment will show you a profit at the start. But also it has always been my experience that I never benefited much from a move if I did not get in at somewhere near the beginning of that move.

For me, I tended to start my trades with a half position with a 10% stop loss. If the underlying started to move in my favor I would add to the position and cancel the old stop and put in a new stop at break even on the full position. I believe that no method is perfect for trading. You just have to find a style that fits your personality.

 

[J_C_Anderson]

Can you give me any suggestions as to what my computer instructor and I should be focusing on?

Ideally I would like a charting software that is provided by the broker (if they do that), not so much for price, but so I don't have to keep switching back and forth while following the markets.

You need to know at least basic operation like software installation, operations with folders and files. Try to use it as much, as possible, to feel yourself comfortable. It will be fine to have general understanding of how to work with MS Office (at least Word and Excel) - it would be useful for making notes and journaling your trades. Windows 10 is quite user-friendly, so it would not take much time to do this.

In fact, almost all brokers provide charting software nowadays. If to talk about US markets, you would need to subscribe on realtime market data, but it will cost lower than you mentioned. In some time, you may try to use other charting software that will be better for your particular purposes, but you can start with those provided by your broker.

 

[Jason101]

For me, I tended to start my trades with a half position with a 10% stop loss. If the underlying started to move in my favor I would add to the position and cancel the old stop and put in a new stop at break even on the full position. I believe that no method is perfect for trading. You just have to find a style that fits your personality.

Very similar to my style, we were probably both influenced by the same trader. (my first post was just two Jesse.L quotes for fun.)

I would suggest you go online and find some brokers that offer free demo accounts with charting packages. Then search for the particular charting packages on You Tube and see which of these you take to and then sign up to the demo accounts and experiment for a while.