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     unkybob
Member
Username: unkybob
Post Number: 1
Registered: 11-2004Rating: N/A
Votes: 0
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| | Sunday, November 14, 2004 - 01:16 pm: |  
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Hi to all.
I'm just starting out in shares and also to chat forums.
Can anyone point me to a thread or pass on their thoughts as the a few simple techniques that I could test on Day Trading or Short Term (2-5days ??)
thanx in advance
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perler59
Member
Username: perler59
Post Number: 464
Registered: 09-2003Rating: N/A
Votes: 0
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| | Sunday, November 14, 2004 - 08:26 pm: |
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Hey Unkybob 
The best advice i can give you is THINK LONGER TERM.
The shorter the time frame, the more trades you have to make with the same commission costs and less movement. The greater the chance of error. A rule to remember is, the shorter the time frame, the higher the risk.
I can NOT control the markets, so I MUST control myself.
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stevo
Member
Username: stevo
Post Number: 230
Registered: 01-2003Rating: N/A
Votes: 0
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| | Sunday, November 14, 2004 - 08:54 pm: |
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perler is right - think longer term! I don't know what words of wisdom to use to convince you, if you are really just starting out, that it's better to stick to longer term systems. But there is a lot of good evidence support a longer time frame than 2 to 5 days for a beginner.
Also how are you thinking of testing different trading methods?
stevo
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smallworld
Member
Username: smallworld
Post Number: 63
Registered: 01-2004Rating: N/A
Votes: 0
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| | Sunday, November 14, 2004 - 09:13 pm: |
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Unkybob,
Do you see the Site Map on the left hand side of the page. Go through the trading guide, trading secrets, trading basics, trading safety, trading psychology and Reading the market. Its a great set of guides that Colin has put together.
You probably dont remember when you started learning how to walk, you fell and you tried again, learning along the way. You never for one moment thought falling over is bad or wrong, did you? Learning how to trade is just like learning how to walk. You can read all about it, you can even paper trade it, but until you commit you money to the test, just like you put your legs to take a stand, you never know how to trade. And losing is not bad, Just dont put your problem trades in the bottom draw.
SW
(Message edited by smallworld on November 14, 2004)
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alann
Member
Username: alann
Post Number: 36
Registered: 05-2004Rating: 
Votes: 2
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| | Sunday, November 14, 2004 - 10:51 pm: |
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To start out use the weekly chart and not the daily chart as its trends are stronger and more reliable. Learn what trend indicators are and oscillators and how they work and how they are different from each other. Then learn how to apply these tools to determine the trend and when to get in and out. Paper trade until you learn to use the tools correctly. Only after you have learned these basics should you trade with real money. Protect your money. Most beginners lose all their trading capital learning how to trade. Learn how to trade first and then commit your capital. Protect your money! Protect your money! Protect you money! Got it? And, when you do start trading, trade small portions until you get the hang of it. The market is not going to go away. It will always be there for you later when you are ready to start committing larger portions of your account to a single trade. Oh yes, I almost forgot, you must also learn the proper traders method of money management. I believe everything is here on this website.
Want more specifics from this forum? As another question, we are here to help!
Alann,
I cannot predict the future I can only follow the trend. Why? Because the trend is my friend.
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tbreak
Member
Username: tbreak
Post Number: 19
Registered: 06-2004Rating: N/A
Votes: 0
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| | Monday, November 15, 2004 - 02:49 am: |
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I agree with everyone, Long term is better when your starting out, but it needs to match your personally. Don't go saying its to trade short term just yet. I say this because I have seen in most new traders the first question they ask is show me the techniques/setups to purchase a stock. Watch your emotions, learn about your emotions. Trading will bring them out; greed, fear, self doubt, pride, humbleness, self belief etc etc.
With all thous emotions running round in your head they can blur your vision as to when to take stops, when to enter, how to manage the trade, how much money to put on a trade. Paper trading is really good but you will know the difference when you put some money on a stock.
Long term gives you more room for error while you learn. You might be interested to know I have purchase day & swing trading books to improve my entry timing on long term trades. Everything you learn can be applied in some form to different time frames.
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iwillwin
Member
Username: iwillwin
Post Number: 29
Registered: 10-2004Rating: N/A
Votes: 0
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| | Monday, November 15, 2004 - 07:13 am: |
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Hi
ONLY TRADE LONG TERM THIS IS WHERE YOU WILL MAKE A KILLING!!!
i agree with everything these lot are saying, listen to them read everything on this site!!
find a good broker/market maker, decide how you will trade CFD's, options or stock?
when you feel you can place a trade and want to try your newly found knowledge out, place a trade for 10 shares instead of a 1000 and then multiply your win/loss by 100 this will save you major attacks on your capital.
go all the way with every trade dont sell out early, plan the trade, what you will do each part of the way along the trade and stick to it, dont change anything unless theres is a valid reason from many trades!!
once you find a system which gives you greater wins then losses over a period of time then start to increase position sizes...because it SUCKS to have no money to trade with!!!
NEVER GIVE UP!!!!!NEVER THINK YOU KNOW IT ALL!!
i hope you have a very lucrative business in your trading career in the near future!!
bye now!
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canam
Member
Username: canam
Post Number: 3
Registered: 05-2006
Rating: N/A
Votes: 0
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| | Thursday, May 04, 2006 - 12:37 pm: |
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unkybob
You have been given some great advice above - listen to all of it - but in the end make up your own mind as its the old story "Give a man a fish...blah blah"
I have never seen anyone be successful after having been "given" a trading system due to some of the reason mentioned above - it may not fit your psychology, risk tolerance, float/capital, etc.
Make sure you test your system over a large sample base over many years/market conditions. Don't be afraid of this, it may appear daunting but if you build a robust system that can survive the varying market conditions you will survive and prosper.
This is what I tell all my students and scold them if they try to jump the gun and hop into that "sure thing".
It's never too late to start, so you don't have to start 'trading' today.
All the best
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jeffro112
Member
Username: jeffro112
Post Number: 3
Registered: 12-2008Rating: N/A
Votes: 0
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| | Sunday, December 14, 2008 - 10:00 am: |
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Hi there Unkybob, I notice your original intention was to look for Short Term Trades.
I guess the question I asked myself when I started was : Do I want to be a Trader or Investor ... or Both
Traders tend to hold their positions for Shorter periods
Whilst Investors tend to look at Long Term positions (Years)
I decided to do both ,but my mix is 25%Long Term(Investor)
and 75% Short Term.
I did this because I wanted cash flow NOW (Show me the money)
The other posters have all given you 5 Star info, but when its all said & done you have to come to (Your)decision ...Only you know the limit of your finances, and the risk you are prepared to take.
For me as a brand new trader, I went straight into Options Trading. Why, Well Options have a great leverage advantage over Equities. I can control a greater amount of shares for far less outlay. I can trade very short term ..in and out in 5 days with good profit. Or buy leap options (Very long term)view.
May I suggest though you do a course first and paper trade before jumping in.
To finish I will say Options Trading for me is an exciting proposition and can be very profitable...Jeff
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