|Re: For New Traders, Solving A delima, What to do,|
great info! keep it coming. im just getting into the 77 videos for a start/refresher. i still consider myself a new trader and need to improve my knowledge of TA
| Reply to 10x - Msg #32 - 03/03/2010 21:24|
For New Traders, Solving A delima, What to do,
A delima many of you face is you need some help and do not know where to turn for it.
You see all kinds of services, traders claiming to be able to give you great stock picks
for 50.00, 100.00 or more a month. You haven't been doing so well on your own, and
thier reported track record seems pretty good but you just hate spending the money.
After all, that's money you could be trading with. Surely you can learn to do this on your
own. Well You Can.
But you need to accept the fact that just as a carpenter cannot do his job without tools,
A trader without tools is lost.
1. You need Real Time News, not 5 min or more delayed but news that you get at the
same time other traders get it, Before the stock has already made a substantial move.
How many times have you seen a report on your news from your site come out, and you
look at the stock and it has already taken off. Go to Briefing.com or Flyonthewall.com
and get a real Time news service. It will more than pay for itself.
2. Scanning for stocks during the trading day. Gap Ups, unusual volume, etc. How do
the successful traders find these stock picks they suggest to you. And can you do it too??
YES, Go to tradeideas.com and sign up for thier program. Note; If you have Scottrade
Elite, trade ideas is included free with that.
One of the better Day traders, Steve Gomez and his partner Andy use Trade Ideas and
a good amount of thier success is attributed to that. Here is the secret though.
Trade Ideas takes a bit of time to learn how to use. Many traders try it and leave it simply
because they are too lazy to really learn how to use it. They want the answers handed to
them on a silver platter.
If you want easy answers then pay someone for thier stock picking services. If you want
to truly learn to be a trader, then get it , pay for it, and learn to use it no matter how long
it takes. Then you will be the one supplying the picks.
3. That's it for now, am getting tired. Living on the West Coast is sometimes a bit tough
on traders, One last thing, I have had many accounts and one I still have is
Think or Swim. It in my opinion is one of the best platforms a small acc't trader can get.
As you get further along and become more successful, the you will want to have a
Tradestation, Lightspeed or other direct account.
4. Also, take some time and learn the art of Candlestick reading. Learn Technical
analysis. Fundamental analysis is great for longer term trading, but TA is essential
for daytraders. It is your map, Learn to read it. Don't accept being average. Commit
youself to learning how to use the tools of the trade.