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Yes Joe! Very good advice!
Fred,
You'll learn more through reading and trading than through
shadowing someone else. I'd suggest that you make small
trades for the first while, to reduce the cost of your education...
Also, check the newsgroups and email lists, periodically someone
has their collection of used books for sale, at 50% of cover price.
-Neal.
At 11:10 PM 4/28/99 -0500, Joe Frabosilio wrote:
>Hi Fred,
>
>Daytrading is a lot of work, IMO these internet daytrading sites are not
going
>to help you become a better or good trader. You are only going to make the
>internet sites very rich. Because the fees are something like $200-$500 a
>month, depending on which guru you sign up with. With any guru's site always
>ask if you can see their trade sheets. Many of these online site guru
traders
>don't trade what they call out. Here is an example: XYZ guru has a site and
>claims to be the next market wizard. He charges $300 a month, 300 traders
sign
>up. ($300* 300=$90k a month) Why trade? His objective is to make money
>selling a service, not trading. He or she has figured out that selling a
>service is easier than trading, any day of the week.
>
>Understanding intraday market volatility and changes? Comes from experience
>only. The market is always changeing its not the same all the time. Things
>needed for daytrading:
>
>Money $25k +
>Volume 1 million + per day
>Range 1.5 points + per day
>Money Management system you choose.
>
>If you trade Nasdaq stocks then you need to have a Level II system and an
>understanding of how Level II works. Then it will take you about 3-6
months to
>start learning some Market Maker tricks.
>http://www.polartrading.com has a good, free level II course.
>
>Stock recommendations? Here is a good book to read " Reminiscences of a
Stock
>Operator"
>Others:
>God in the Pits
>The Inner Game of Trading
>Madness of Crowds- full title"Extraordinary popular Delusions and the
Madness of
>Crowds"
>Street Smarts
>Hit and Run
>http://www.elitetrader.com- Level II course
>http://wwwundergroundtrader.com- book on Level II
>
>Take $500 and buy these books, you'll learn a lot more than any online
trading
>site will ever teach you. Goto http://www.traderslibrary.com and get on the
>mailing list, they run specials on books you can get 3 for $39 at times.
Plus
>the more books you buy the better the deals get.
>
>Trade Well,
>
>Joe Frabosilio
>
>Fred wrote:
>
>> Considering paying for subscriptions to some daytrading Internet sites.
>>
>> My objectives in subscribing are (in order of priority)...
>> 1: Learn daytrading techniques/strategies
>> 2: Understand the intraday market volatility and changes
>> 3: Lastly...to receive some stock recommendations.
>>
>> I would like to know the best sites for the dollars expended. I am
currently
>> considering tradehard.com, MomentumTrader, Pristine, etc...
>>
>> Any recommendations would be helpful.
>
>
>
-----------------
Neal on the 'net.
Trade well. Train hard.
http://www.halcyon.com/neal/
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