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Mitch,
I'm far from an expert trader (still working my way up the learning
curve), but can offer some leads for things that have helped *me*
(your mileage may vary, so reach inside yourself to discover what you
really want to learn and do).
A few words of wisdom from this particular idiot:
- Papertrading is useful up to a point; your psychology will change
dramatically when placing real trades, so learn market psychology,
personal psychology and discipline first.
- Technical Analysis is really applies mass social psychology;
approach it with that idea in mind. I think you may find as I have
that you'll be spending as much or more effort mastering your own
psychology and trading demons as learning TA skills.
- Assume you'll be studying for at least a year before confidently
placing real trades, and after that you'll be studying forever. It's
at least a part-time job if you want to be serious about it.
- Your goal is to trade well, not make money. Learn to trade well,
and money will be the result.
- Stay away from daytrading for a long time, maybe forever. You have
to have iron discipline, quick reflexes, no distractions and even then
the costs (commission, slippage, mistakes) combined with thin
short-term profits may make it pointless - unless you're one of the
very few that can make it work.
- Trade like you're running a business, because you are. If you're
looking for quick gratification or excitement, budget a few hundred
for Las Vegas and go lose it there.
You can't papertrade from within MetaStock per se, but there are some
websites that run simulated trading (with real market info) such as:
http://vse.marketwatch.com/Game/Homepage.aspx (Virtual Stock Exchange)
You can set up an account there and join trading games.
There are many, many choices in books; I picked up a couple then read
their bibliographies for referrals to others - have also found a
number of useful titles via the book reviews on Amazon (read the
reviews and note other titles mentioned therein). Here are some books
I like (be sure to solicit opinions from others as well):
Alexander Elder: Trading for a Living, Come Into My Trading Room,
Entries and Exits
John Murphy: The Visual Investor, Technical Analysis of the Financial
Markets
John Bollinger: Bollinger on Bollinger Bands
Barbara Rockefeller: Technical Analysis for Dummies
Jack Schwager: Market Wizards, The New Market Wizards, Stock Market
Wizards (I find reading interviews with traders, like Elder's Entries
and Exits as well, worth reading for nuggets of trading attitude and
psychology as well as techniques)
Max Gunther: The Zurich Axioms (I wish I'd had this tiny book 20 years
ago)
Mark Douglas: Trading In The Zone
I have left off this list the dozen or so reference books I've
accumulated as well; these are some of the training books I like. I'm
aligning with using Bollinger's and Elder's techniques, indicators and
methods - your mileage, as always, may vary. As may mine; things change.
For computer-based training, I sort of like the InTeLyze software;
best price by far is on Amazon.com - about $150.
To buy books, look 'em up on Amazon, read the user reviews, then get
the ISBN number and input that into www.bestbookdeal.com - it will
lead you to the best total, delivered price.
HOWEVER, doublecheck those results against Buy.com; for the time being
they are offering an incredible deal with Google Checkout - if you
spend $30 or more you get $10 off, or $20 off on $50 or more, but only
if you use Google Checkout. It works on every order; if you
split/combine orders just over $30 or $50 you can get amazing final
prices, especially when you select FREE Budget Shipping.
Hope this helps a bit; let this board know if you need more leads -
there are some sharp cookies both here and on the MetaStock User Forum
available through the MetaStock website (same people, in many cases).
Regards,
Jim
--- In equismetastock@xxxxxxxxxxxxxxx, "certifiedplbg"
<MitchKenney@xxx> wrote:
>
> Thanks everyone very much for the information very helpfull. I'm
> 21 yrs old I have been reading the WSJ everyday for 9 mos now and
> know a lot about business and the economy but hardly nothing about
> trading. I do want to be a master at trading and I am willing to put
> in the hardwork and time to do it, to me thats the easy part. The
> hard part is finding the money to do it. Does metastock have a
> papertrading program on it you can use? The classes for investools
> sound like a great education but if I could save money and teach
> myself, I gladly would... I just need to be pointed in the right
> direction. I've read a couple of stock books, Beating the street,
> Stock Market wizards etc, but still have no idea how to trade. I
> have an account on etrade with 2 worthless stocks, I foolishly
> bought. So if anyone can give me more info on how to self educate
> myself on trading and where to get info about it and or experience
> that would be great THANKS!
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