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Originally Posted by Valeria  Anyway, I'd like to learn how to trade stocks. I'm ready for the accelerated personal and spiritual growth that comes with it.
Now my question -- where do you think I should start? I've done a little research in the past, I know that technical trading suits my mindset. I know I'll need to papertrade for a while first.
But there are sooo many systems, it's mind-boggling. People trade different indicators. Everyone and his brother have started different software systems.
So I'm confused -- where do you all think I should start my education in stock trading? What to do first? |
I'm reading "Rule #1" right now and enjoying it immensely! It's not about "trading" necessarily, but definitely focuses on picking the right stocks and buying at the right price. It's really a step-by-step guide on how to do it, which I really need since I over analyze and procrastinate on everything.
Anyway, the author, Phil Town, is pretty much against mutual funds and other types of longer term "investing". However, you could end up holding good stocks for quite some time. It's definitely not about active day trading or anything like that.
As many others have suggested here, stay away from trading "systems" or anybody that claims they can teach you how to beat the markets. I've tested and paper traded many so-called systems and haven't found one yet that works all the time. If anyone really knew how to beat the market, then a monkey wouldn't be beating Jim Cramer at picking stocks!
Incidentally, I've NEVER met anyone who makes a full time income from actively trading stocks (day trading). They might do fine for a while, but "Mr Market" always catches up eventually and gives them a good spanking. Try as I may to find someone with long term trading success, they usually all tell me to steer clear and stick to my tech career.
Good luck - I hope you find your stock trading niche!
Max