Your Questions About Successful Traders Make

Linda asks…

What are the best online resources for someone starting to invest in the stock market?

Hey guys…i have saved up some cash and would like to start investing in the stock market. Can you guys suggest some good resources to browse and read up? Thanks!

John answers:

I would recommend you start with this DVD to get you up to speed:

You will next need a brokerage account where you can place your trades. You can read this post for a review of online brokers:

After selecting your broker you’ll need to open an account and deposit your money. Watch this video to see how easy it is:

There are many ways to invest in the stock market. If you are the type of person who wants to stay at home and work for yourself by trading stocks online, you can get free training here:

If you want to be a successful stock trader as opposed to an investor, it is important that you can read a chart and know exactly when a stock is going to go up or down. Here is a great place to practice this skill:

And of course Yahoo Finance has many great resources.

Donald asks…

What is considered the best Technical Analysis book?

What is considered the best Technical Analysis book?
I know security analysis is considered the magnum opus of value investing (alongside the intelligent investor), but what is considered the best book on technical analysis?
I asked this question a couple of days ago but i didn’t get any good answers. Which book have all the major stockbrokers hedgefund managers read?

John answers:

All the major managers have shelves full of books on all sorts of technical analysis methods.

I know that isn’t a direct answer though — imho, read G. Welles Wilder in preference to the other authors. I know he isn’t the easiest read and you asked for the best.

Btw, you do know that everything involved with TA is only about 7% of what makes you a successful trader, don’t you?

Thomas asks…

How do i learn to become a day trader?

I have already read a few books about trading and i have made a fair share of money trading otc venture stocks but my question is how do i take this to the next level/ Are there any classes i could take or other ways to really learn more. Any help would be great.

John answers:

The day traders who are really successful are not likely to share their information, since that would make it less valuable.

I suggest that you learn about stock option trading, as that is a good way to make money if you’re really expert and know what you are doing. Read some books on option trading, or see if Amazon has any DVDs.

Paul asks…

Is it safe to say ancient Rome and ancient China was the best of both worlds?

I think…of Europe, the West…ancient Rome was most influential and most successful (in my opinion)…but certainly they were the most longevity… and for Asia….I guess China as well..

didn’t rome and china had some relations? Silk Road? I recall a roman emperor (forgot name) wore a silk dress or something. and then u have marco polo.
BQ: What did Polo do anyway and what did he say?

John answers:

Silk was brought from china to rome by persian trader, the persian blocked the way to rome so china could not export the silk without the persian.
Persian wan pretty strong back then they fought even battle with the roman while keeping close relation with china.
Even in tang dynasty persian was the richest foreign trader

Daniel asks…

most people don’t make money in the market but the ones Who CONSISTENTLY do what they have in common ?

some beat the market and i was thinking most are probably traders or invest in index’s!! What do you think????? There is only a small percent that consistently beat it like 2% what do they have in common and do to win?

John answers:

They don’t lose their money.

I know it sound silly, but I’m serious. If you lose all your money today, you can’t play tomorrow. Successful traders are fanatical about loss control. Anybody can have good trades that make money, but what do they do when a bad trade comes along? Unsuccessful traders get crazy and do a lot of self destructive things, like doubling down, or “hoping” it will come back, or taking some time off and seeing how it’s doing next week, or deciding it’s a “long term investment”, or something else that doesn’t involve them being wrong. They think that trading is about picking winners and go into a position with no exit strategy.

Successful traders all do the same thing: they say, “I was wrong”, and get rid of the position and go back to looking for the next trade. Successful traders have their exit strategy defined before they enter the position.

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