Let’s say I’m a decently smart guy with a business degree and beginner level understanding of economics and I want to learn to day trade aside from what I already do. I don’t care to “get rich overnight”, assuming I was seriously dedicated, what would it take to be able to make some residual income day trading. Where would you start, I’m not afraid of a little hard work.
I have done all sorts of trading in the past 18 years, and I can tell you , if you day trade enough, you will lose money.
The most successful traders are the ones who don’t make many trades. Day trading is pretty much the same as taking the Patriots to cover the spread. Accept the Patriots would pay off better.
Your first option should be to fund fully a retirement account. If you do this, and you have extra cash, then one of the best things you can do is open a DRIP Plan.
Go to : low-cost-stock-recommendations
Click on the “DRIP’s” Button on the Navigation Bar
These powerful investment plans are seldom talked about because brokers make very little money when they suggest them. Yet, they have proven to be one of the best, if not the best, long-term strategy on Wall Street.
They are perfect for small investors, as well as big investors. They are safe and allow you to not care about whether the market is going up or down. They are a must for any serious investor.
If you decide you are interested in DRIP Plans, click on the advertisement on the same page “$4 to purchase stocks”. This will answer your next question, which is, How do I get started? And what is the least expensive way to get started?
I strongly recommend looking into it. They are great plans.
how fast do i need a processor to trade forex? ?
If you don’t know, then you’re not a trader, and forex is a horrible market for a beginner. Develop a trade plan and test it on a simulator while you learn, but you will probably become consistent faster with stocks and etf’s. Once you become consistent, then you can “trade” any market. More than 80% of new traders fail. Number one reason: lack of a trade plan.
TRAITS OF SUCCESSFUL TRADERS: a four part guide
Trading before you have a consistent and successful plan is just silly. Trading on ignorance with leverage like in forex is just stupid. Why would anyone leverage ignorance?
A trading program is not processor intensive, and almost any computer will run it. The trading platform you download to your computer will have suggested minimum requirements, but there’s no harm in trying it.
You might want a faster computer if you plan on having 5 or 6 monitors and 50 windows open at all times with years of intraday data, then it might get a little sluggish. Or if you try to trade through a web browser (rather than a dedicated trading platform downloaded to your computer), you may experience data lag around the big reports when lots of data is flowing, but this is because of the limited data handling capability of the browser and not a computer/hardware issue.
Run a free simulator and see for yourself.
If you really want to trade the currencies, currency ETFs are a way to play any dollar-related trades. These ETFs are just as good as trading spot forex. The only difference is that the ETFs are not leveraged. They trade in a standard stock account, without the need to open an additional forex account.
•FXA – Australian dollar
•FXB – British pound
•FXC – Canadian dollar
•FXE – euro
•FXY – Japanese yen
•FXF – Swiss franc
Currency ETF List
Once you have a plan, become consistent, discover your time frame, incorporate good money management techniques, and prove to yourself it can be done, then you might still want to look into using leverage, but not before.
help with getting started trading stocks?
I want to start trading soon, but I do not want to go through a broker or anything. I want to control all my moves myself, preferably through my computer… I am not looking to do any day trading but more of weekly, monthly, yearly trades… where do i start once i have practiced enough through simulation and feel ready to enter the market? p.s. i only have a couple of thousand to start with.
You want to learn about the difference in investing and trading. Read all you can.
What Does Investing Mean?
The act of committing money or capital to an endeavor (a business, project, real estate, etc.) with the expectation of obtaining an additional income or profit. Investing also can include the amount of time you put into the study of a prospective company, especially since time is money. Investopedia explains Investing
Investing is the key to building wealth, but investing in and of itself is not enough. You have to invest wisely!
What Does Trading Plan Mean?
A systematic method for screening and evaluating stocks, determining the amount of risk that is or should be taken, and formulating short and long-term investment objectives. A successful trading plan will also involve details like the type of trading system to be used. Most plans require the use of various types of technical analysis tools.
Investopedia explains Trading Plan
Trading plans can involve any level of risk and accomplish many different investment objectives. Good trading plans will also provide guidance on trading strategies for stop-losses. Diversification and flexibility are other important factors to consider.
“Which Is Better, Buy-and-Hold or Market Timing
“Do You Have What It Takes to Be a Market Timer
The Beginner’s Bible in Technical Analysis is:
Edwards & McGee”Tech. Anal. Of Stock Trends”
Lefevre, Edwin – Reminiscences of a Stock Operator
O’Neil, William J.How to Make Money in Stocks
Schwager, JackStock Market Wizards
The Intelligent Investor, by Benjamin Graham
Trading for a Living, by Alexander Elder
how successful was the marshall plan?
The effects of the Marshall Plan were surprising to even its most optimistic of supporters. The years 1948 to 1952 saw the fastest period of growth in European history. Industrial Production increased by 35%. Agriculture had substantially surpassed pre-war levels. The poverty and starvation of the immediate post-war years disappeared and Western Europe embarked upon an unprecedented two decades of growth that saw standards of living increase dramatically. The communist threat to western Europe was greatly reduced as throughout the region the communist parties faded in popularity.
The plan was thus implemented by the states of Western Europe acting in concert. This cooperation gave important impetus to the formation in the west of the North Atlantic Treaty Organization and later to the European Economic Community and today’s European Union.
The free trade between the nations involved in the plan led to the introduction of the modern international system of finance with the General Agreement on Tariffs and Trade.
Does anyone know of a forex or currency trading seminar in Melbourne or Adelaide?
I have been trading for a few months and i heard about some guys in Melbourne who are teaching forex trading. I meet up with them and they are incredible guys.
The seminar is run by FX Masters who are based in Melbourne. They take people from all backgrounds to no trading knowledge at all to earning a fulltime income from trading currencies in around 6 months. They teach the basics right up to advanced trading strategies with ongoing support and coaching for as long as is required. The results these guys are achieving is incredible. Over a 21/2 lunch with Lance, I watched him trade and make a 300% profit. He has students all over the world many of whom start trading with as little as $150. They won’t let you start trading live until you are consisently achieve 80% winning trades.
Lance has an amazing story. He spent 3 years reading 8 hours a day to work out a successful trading plan. He started with $2000 and within 12 months was generating $40 000 per day. He has been trading for about 15 years.
These guys know what they are doing!
Its one of best ways to make money in the current economic climate.
The next scheduled course is in Melbourne on the 21 and 22 of March.
There will be one in Adelaide the first week of april
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