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New to online trading......

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Posts: 32

TopHog

Veteran

Joined: Oct, 2011

Posts: 2667

Posted: Jun. 14, 2014 - 11:01 PM ET #1

Any tips or things that would benefit a new trader? I've read about as much as I could for the past week to try and get just a basic idea of how it all works. I've opened an account with etrade tonight and just started with 1k.

Any help you guys can throw my way would be great.

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StiflersMom

Rookie

Joined: Apr, 2007

Posts: 682

Posted: Jun. 15, 2014 - 12:38 PM ET #2

Follow the money and study the benefit of reading charts.

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Raiders22

Hall of Fame

Joined: Dec, 2010

Posts: 24729

Posted: Jun. 15, 2014 - 12:54 PM ET #3

Is this to day trade or short term trade? If so---have a solid gameplan as far as entry points and stops, etc. And, yes, reasearch is extremely important.

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TopHog

Veteran

Joined: Oct, 2011

Posts: 2667

Posted: Jun. 15, 2014 - 7:02 PM ET #4

Was looking at swing trading and maybe even position trading as everything I've read makes this the most beginner friendly. I know research is very, very important to be successful but what types of information do you guys prefer to look through?

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Raiders22

Hall of Fame

Joined: Dec, 2010

Posts: 24729

Posted: Jun. 16, 2014 - 7:07 PM ET #5

Most I have found seek out a niche and really get good at it. So, maybe concentrate on 2-3 markets and/or methods and study them inside and out.Be patient, if it is not there; wait on it and don't oush just to feel like you are doing something. Nothing wrong with sidelines.

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Raiders22

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Joined: Dec, 2010

Posts: 24729

Posted: Jun. 16, 2014 - 7:12 PM ET #6

There are books on the swing trading thing---even books for dummies makes one to help you get started. Many online articles and blogs also.

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thorpe

All-Star

Joined: Sep, 2002

Posts: 12927

Posted: Jun. 18, 2014 - 12:54 PM ET #7

Good luck. If I only had 1K to invest, I would be looking to buy and hold a couple of stocks for 6 months or a year.

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Caper03

Prospect

Joined: Nov, 2013

Posts: 411

Posted: Jun. 18, 2014 - 1:21 PM ET #8

If I had only 1k to invest - I would have to agree with Thorpe. Hold 1 or 2 stocks for a longer time frame. Good luck, learning technical analysis is useful to an extent. HFT/ALGO trading has completely changed the game.. I personally have a long term account ( which includes IRA/401k) and a trading account (options and short term trading). Define your time horizon and invest in whatever you feel comfortable. ��Bulls make money. Bears make money. Pigs get slaughtered.�� - Bertrand Russell

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Caper03

Prospect

Joined: Nov, 2013

Posts: 411

Posted: Jun. 18, 2014 - 1:21 PM ET #9

Some beginner books I recommend -

Inside the Black Box: A Simple Guide to Quantitative and High Frequency Trading Hardcover-by Rishi K. Narang

and the bible Jesse Livermore's classic

Reminiscences of a Stock Operator

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Caper03

Prospect

Joined: Nov, 2013

Posts: 411

Posted: Jun. 18, 2014 - 1:31 PM ET #10

Jesse Livermore has some great quotes. Although, it is an old book speculation and trading has been going on for centuries and applies to today's market. The one below saved/made me a lot of money.

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Caper03

Prospect

Joined: Nov, 2013

Posts: 411

Posted: Jun. 18, 2014 - 1:31 PM ET #11

"It never was my thinking that made the big money for me. It always was my sitting. Got that? My sitting tight! It is no trick at all to be right on the market. You always find lots of early bulls in bull markets and early bears in bear markets. I've known many men who were right at exactly the right time, and began buying or selling stocks when prices were at the very level which should show the greatest profit. And their experience invariably matched mine--that is, they made no real money out of it. Men who can both be right and sit tight are uncommon." - Jesse Livermore

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Raiders22

Hall of Fame

Joined: Dec, 2010

Posts: 24729

Posted: Jun. 18, 2014 - 10:45 PM ET #12

Quote Originally Posted by thorpe:

Good luck. If I only had 1K to invest, I would be looking to buy and hold a couple of stocks for 6 months or a year.

Didn't get that he only had 1k to invest? Thought he had 1k he wanted to try the swing etc. with?

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CountCrisco

Veteran

Joined: May, 2014

Posts: 1564

Posted: Jun. 19, 2014 - 4:27 PM ET #13

If you have less than $5k to invest, I would trade options. Every stock over $5.00 has options available. You get much more leverage than stocks(about 5 to 10 times more leverage with the same amount of money).

I've been trading options and since then , have never went back to just traditional stocks.

GL

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Knoxpoker

Veteran

Joined: Dec, 2011

Posts: 1244

Posted: Jun. 19, 2014 - 7:38 PM ET #14

Quote Originally Posted by CountCrisco:

If you have less than $5k to invest, I would trade options. Every stock over $5.00 has options available. You get much more leverage than stocks(about 5 to 10 times more leverage with the same amount of money).

I've been trading options and since then , have never went back to just traditional stocks.

GL

I agree with this 100 percent ... the stock market is for fools ... It is inflated and know one has a clue what is going to happen a year from now .. Options or currency trading it the way to go .. If someone tells u forex is a scam , they are just fools who do not know how the big boys trade.. DO NOT LEARN HOW TO TRADE LIKE EVERYONE ELSE!!!!!! That is not the way to trade... retail trading is obsolete.

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Raiders22

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Joined: Dec, 2010

Posts: 24729

Posted: Jun. 19, 2014 - 10:50 PM ET #15

Quote Originally Posted by Knoxpoker:

I agree with this 100 percent ... the stock market is for fools ... It is inflated and know one has a clue what is going to happen a year from now .. Options or currency trading it the way to go .. If someone tells u forex is a scam , they are just fools who do not know how the big boys trade.. DO NOT LEARN HOW TO TRADE LIKE EVERYONE ELSE!!!!!! That is not the way to trade... retail trading is obsolete.

Great advice to ignore

Obviously if you don't know which way the market is going you don't know what to do with options either. Options are as previous guy mentioned a great leverage tool. But for a novice online trader---stocks are fine until you get a handle on what you think works. Many rich guys trade trditionally and do fine.

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Knoxpoker

Veteran

Joined: Dec, 2011

Posts: 1244

Posted: Jun. 21, 2014 - 10:13 PM ET #16

Quote Originally Posted by Raiders22:

Great advice to ignore

Obviously if you don't know which way the market is going you don't know what to do with options either. Options are as previous guy mentioned a great leverage tool. But for a novice online trader---stocks are fine until you get a handle on what you think works. Many rich guys trade trditionally and do fine.

LOL well good luck , I only make a living trading, but what do I know.. ???

I only trade Currencies, it is what I know , and it is a form of an option..

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Knoxpoker

Veteran

Joined: Dec, 2011

Posts: 1244

Posted: Jun. 21, 2014 - 10:15 PM ET #17

If you want to trade stocks , use finviz.com for research. I can just give the site , I cant tell you how to use it , thats for you learn..Now dont say I never gave you anything.

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Fire_Control

Rookie

Joined: Oct, 2009

Posts: 922

Posted: Jun. 22, 2014 - 4:05 PM ET #18

Quote Originally Posted by Knoxpoker:

If you want to trade stocks , use finviz.com for research. I can just give the site , I cant tell you how to use it , thats for you learn..Now dont say I never gave you anything.

If I use the symbol UNG on this site it gives me a chart with a purple line connecting tops and a blue line connecting bottoms.

What is the significance of these lines? Is it defining a channel?

Thanks.

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Knoxpoker

Veteran

Joined: Dec, 2011

Posts: 1244

Posted: Jun. 22, 2014 - 9:43 PM ET #19

Quote Originally Posted by Fire_Control:

If I use the symbol UNG on this site it gives me a chart with a purple line connecting tops and a blue line connecting bottoms.

What is the significance of these lines? Is it defining a channel?

Thanks.

Yes they will give you channels.. But knowing how to trade them is another story.

What you see on that symbol UNG is a bullish flag pattern forming.. If it breaks above the top line go long , below the bottom line go short.. but if it was that easy we will all have millions.. What I do , even tho I do not trade channels.. i wait for the 'fakeout" and trade it.. Word of the day ..stock chart "fakeout" or "false break" see what percentage of trades are winners when trading breakouts and then tell me thats what you want to focus trading on.. Good day..

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Fire_Control

Rookie

Joined: Oct, 2009

Posts: 922

Posted: Jun. 22, 2014 - 10:19 PM ET #20

Quote Originally Posted by Knoxpoker:

Yes they will give you channels.. But knowing how to trade them is another story.

What you see on that symbol UNG is a bullish flag pattern forming.. If it breaks above the top line go long , below the bottom line go short.. but if it was that easy we will all have millions.. What I do , even tho I do not trade channels.. i wait for the 'fakeout" and trade it.. Word of the day ..stock chart "fakeout" or "false break" see what percentage of trades are winners when trading breakouts and then tell me thats what you want to focus trading on.. Good day..

Good info. Thanks.

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Caper03

Prospect

Joined: Nov, 2013

Posts: 411

Posted: Jun. 23, 2014 - 3:51 PM ET #21

Quote Originally Posted by Knoxpoker:

I agree with this 100 percent ... the stock market is for fools ... It is inflated and know one has a clue what is going to happen a year from now .. Options or currency trading it the way to go .. If someone tells u forex is a scam , they are just fools who do not know how the big boys trade.. DO NOT LEARN HOW TO TRADE LIKE EVERYONE ELSE!!!!!! That is not the way to trade... retail trading is obsolete.

The guy has 1k and you are telling him to trade options???? Get out of here... You can't even day trade with that amount. Is he going to buy leaps in this market? Or should he gamble on weekly's? My day trading account - I only trade options as well. But one mistake and there goes his bank roll... Stick to trading one stock or two stocks, until you are comfortable with the market. If you want to make a quick buck, trading isn't for you. Not the market to try and make a quick buck in. It will be extremely volatile especially with QE ending.

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Raiders22

Hall of Fame

Joined: Dec, 2010

Posts: 24729

Posted: Jun. 23, 2014 - 7:27 PM ET #22

Quote Originally Posted by Knoxpoker:

LOL well good luck , I only make a living trading, but what do I know.. ???

I only trade Currencies, it is what I know , and it is a form of an option..

Me also---been trading since 30 years now---don't mean disrespect---just saying if he is new to online trading---I highly recommend starting with stocks until you get a handle. Exp dates, inherent value, and the things advanced online guys take for granted will eat a novice alive---I have seen it happen to many over the years.

Currency is a whole 'nother ballgame---correct

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Raiders22

Hall of Fame

Joined: Dec, 2010

Posts: 24729

Posted: Jun. 23, 2014 - 7:31 PM ET #23

Quote Originally Posted by Caper03:

The guy has 1k and you are telling him to trade options???? Get out of here... You can't even day trade with that amount. Is he going to buy leaps in this market? Or should he gamble on weekly's? My day trading account - I only trade options as well. But one mistake and there goes his bank roll... Stick to trading one stock or two stocks, until you are comfortable with the market. If you want to make a quick buck, trading isn't for you. Not the market to try and make a quick buck in. It will be extremely volatile especially with QE ending.

Correct

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Knoxpoker

Veteran

Joined: Dec, 2011

Posts: 1244

Posted: Jun. 23, 2014 - 8:34 PM ET #24

Quote Originally Posted by Raiders22:

Me also---been trading since 30 years now---don't mean disrespect---just saying if he is new to online trading---I highly recommend starting with stocks until you get a handle. Exp dates, inherent value, and the things advanced online guys take for granted will eat a novice alive---I have seen it happen to many over the years.

Currency is a whole 'nother ballgame---correct

Yes you are 100 percent right... I would not recommend anyone trading currencies unless you have a min. of 4 years under your belt in the forex markets....

Did you take my NZD/USD short from last night ??? up 12 pips and going to hit the fan tonight or tommorow morning for the open of London...

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Raiders22

Hall of Fame

Joined: Dec, 2010

Posts: 24729

Posted: Jun. 23, 2014 - 9:35 PM ET #25

Quote Originally Posted by Knoxpoker:

Yes you are 100 percent right... I would not recommend anyone trading currencies unless you have a min. of 4 years under your belt in the forex markets....

Did you take my NZD/USD short from last night ??? up 12 pips and going to hit the fan tonight or tommorow morning for the open of London...

I noticed! I haven't traded FOREX since late Feb. Will probably look back into it after World Cup. Have actually had better luck with stock options than FOREX last couple of years as far as the speculative markets go. G/L on that one though

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New to online trading......

Inside the Black Box: A Simple Guide to Quantitative and High Frequency Trading Hardcover-by Rishi K. Narang

Inside the Black Box: A Simple Guide to Quantitative and High Frequency Trading Hardcover-by Rishi K. Narang

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