Training programmes

[ella123]

Hi, at the risk of sounding like a fool, a newbie, here goes.

I wish to start trading. The more I learn, the more information overload occurs. I know me, and know that I would feel much more comfortable, purchasing a training programme to teach me the guidelines to training, moneymanagement, diarizing, psychology, trading plans etc. etc. Everytime I find a programme I feel is good for me, I start investigating the product and supplier. So far, because of this internet, and the fact I have more time on my hands than money, lol, I have managed to save my money and my pride, by not purchasing. Everytime I have purchased shares from a broker, I have done my dough.

Is there anyone out there who can steer me in the right direction to a company that is legit, who is well respected in the trading community, that has a programme I can purchase subscribe to etc, so I can learn about trading. I know I will make mistakes, but believe, the better education I receive, the better I will be. Thanks all. Ella

 

[martscan]

Ella:
For what its worth. I've been a chartist for over 50 years...and I've learned, IMO, to keep it simple. Were I you, I would get a simple primer on basic chart patterns...there's only a few classic patterns and they tend to be self-fulfilling because most traders act on them. It costs very little to locate thousands of charts on which to test yourself...simply block out the last portion of a chart, make your trend lines, pennants, etc and base a paper trade on your conclusion. Simple. The mechanical "rules" of trading on charts are easy to learn. The difficult part is controlling yourself...if you can play poker, if you can control your emotions, "if you can keep your head while all those....." The success in trading will never be found in a book, it will be found in your ability to control your emotions...no easy task.

 

[ella123]

thank you very much for your response. From everything I have read, I would concur with you, that emotional control is paramount. That will be the biggest challenge for me.

 

[martscan]

Ella:
I have read, bought, cursed, lost thousands of dollars on every system, program, crystal ball, etc known to man. Basically, it is still BUY, SELL, STAND ASIDE. The major faults, not only with novices but with seasoned traders also, is getting out of winners too soon and staying with losers too long. Its easy to say, "I'm going to buy XYZ at 50 and get out at 45 and cut a loss short"...then find yourself a week later talking to XYZ like it was on old flame...and riding it down to 30 or some big loss number. Conversely, the old saw, "it never hurts to take a profit" makes about as much sense as falling in love with a loser...its hard enough to get on the right side of a winner...why deny yourself the big dough by bailing out? It happens because emotions, adrenaline, whatever, can overcome the most analytical mind in the world. That's why there is so much divorce. lol

 

[martscan]

Ella:
Sorry to sound so pedantic...but I know what I'm talking about and I can save you some grief...and money. I have owned a commodity clearing brokerage and a securities firm...been through literally hundreds of brokers that couldn't figure how much an 1/8th of $50 was..until I stopped trying to teach them the mechanics of trading and forced them to learn on their own. I simply gave them a desk, a phone and the margin for a futures contract. If the margin for, say, corn was $1,000...I'd literally give them $1,000 in cash, sign a note for the dough, have them 'open an account', pick up the phone to my floor broker and BUY 1 contract (5,000 bushels) of corn at the mkt. I had some kids thinking they were experts inside a day and a half. Its sort of like swimming, you've got to get in the water first.