Starting out

[35splash]

Hello all,
Just a quick question,
I've been looking to get into trading seriously and have read my first book "Four Steps to Trading Success" by Clayburg and have realised it is geared toward day trading. As I am currently working full time this is impossible for me to do, the question I would like to ask is,
do the same principles apply to longer term trading or do I need to look for alternative tuition,
any advice would be most gratefully received.

 

[FTSE Beater]

Hi 35Splash

Welcome to T2W

The same principles apply. The only real difference is that the movements are larger, so you need to place any stops further away than what you would do when day-trading. As the stops are further away, you need to adjust your position size, so you will be trading less shares.

Hope this helps

 

[ardhill]

it is geared toward day trading. As I am currently working full time this is impossible for me to do

The US stock market runs between 2.30pm - 9.00pm UK time. Many traders day trade the afternoon section of the US market when they return from work.

FTSE Beater is right about the stops. Another thing you might want to consider, connected with that issue, is that stocks can gap overnight. IE they can open at a much different price then they closed the night before. Some people don't have a problem with this and others do. This is not an issue with day trading as the nature of it means that you do not hold positions overnight.

 

[35splash]

Thanks for the replies, it's nice to know long term trading is possible, after I finish work most of my evening is taken up by the children so longer term trading is the avenue I would like to pursue.
I am thinking of getting a copy of "Lincs' High Probability Trading", as I believe it is geared toward long and short term trading, any comments gratefully received.
Thanks.
AL.

 

[roguetrader]

You might want to look at 'The Master Swing Trader' by Alan S. Farley

 

[ardhill]

Hey RogueTrader,

Should you not be recommending Ben Merich's book 'Ugly Americans'?
http://www.trade2win.com/boards/showthread.php?t=12225&page=1&pp=15

Splash35, I don't want to confuse you, this is a joke for RogueTrader and not a serious recommendation for you

 

[Roberto]

Hi 35splash, welcome. I'd also like to recommend Larry Williams' "Long-Term Secrets To Short-Term Trading". I found it much easier reading and more approachable than the Master Swing-Trader book mentioned above, with which I'm still struggling.

 

[FTSE Beater]

Hi All

A lot of good suggestions there
I would ask if those who have read any of the above books to write a short message about them in the T2W Book Review section That way, 35Splash can get a balanced view of everything.

Thanks

 

[35splash]

Thanks for the replies I'll be looking into getting copies of the books recommended, perhaps not the "Ugly Americans" though, way too deep for me.
In your opinions, is studying enough or do you need to feel the pressure of trading with hard earned cash
to really start learning, I imagine it,s hard to judge the point when your ready, if it ever comes.