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Brian,
Norman (nwinski) gave you some very positive and powerful words of
wisdom. It took me a long time to discover such truths and what he says
is right on.
You might want to look at http://www.tradehard.com/ for some good
tutorials and discussion. Membership is $95 per year and well worth
much more IMHO.
I like to search http://deja.com/ for trading topics I'm interested in.
Be advised you will have to sift the 10% worthwhile content out of the
90% garbage just as in most other information sources in life. You will
begin to recognize the real contributors after a while and can then just
search for their posts.
Take it slow and easy in the markets. You saw how fast $10,000 can get
away from you. The #1 rule is preservation of capital so you can always
stay in the game.
Ken
Brian wrote:
>
> Hello,
>
> I recently joined RealTraders, and so far have been thorougly impressed with
> the quality of posts as well as the excellent knowledge that many of you
> have shared. I'm happy to be here.
>
> I'm writing this email both to provide a brief introduction to myself and
> also to ask for some general advice and information.
>
> My name is Brian, I'm 22 years old and live in Salt Lake City, Utah. I'm a
> fourth-year senior at the University of Utah pursuing degrees in Physics and
> History and a minor in Math. I am presently employed by eBay. I was disowned
> and disinherited a couple years ago, because I left my parents' religion.
> Shortly after this, my girlfriend dumped me, my friend died, and my dog got
> hit by a car. My father must have felt guilty about this turn of events
> because I received substantial amount of money. At that time I knew very
> little about money, and I, unfortunately, decided to use most of it to buy a
> house.
>
> Up until my disowning, I was given stocks and mutual funds by my father and
> grandfather throughout my life. I retained these through my disinheriting.
> These are mostly Blue Chip stocks and conservative funds. Some of these
> shares have not ever been traded during my life. All are conservative in
> nature and were bought with long-term growth and investment in mind. While
> these belong exlusively to me, I made verbal agreements when I received them
> that I would never sell them (I suppose 'never' meaning until the benefactor
> dies) unless the long term viability of the company had changed. To date,
> this has not ever happened and, at this time, I intend to honor my
> agreements. All have been at least moderately successful, from the patient
> investor's viewpoint. (Patience being a virtue that I don't possess.)
>
> My knowledge of the market is generally very traditional. My father
> endeavored to educate me in economics and, as a result, I feel that I have a
> good foundation of knowledge. Inclusion to this list has, however, made that
> foundation appear much smaller than I previously thought. :-)
>
> Last July I made my first foray into day trading, blindly following the
> advice of a friend. Three weeks later, I was out a little over $10,000,
> mostly to fees and commissions on top of a few horrendous trades. That
> debacle taught me that never again would I find myself ignorant in regards
> to a market I was vested in. I have conducted zero actual transactions since
> July.
>
> After losing my money, I read a couple books, all of The Motley Fool
> archives, and decided that anything other than long term investing was
> basically gambling, and that I'd have better odds, not to mention more fun,
> if I moved to Vegas.
>
> Then I made a friend who had then just begun option trading. In the three
> months I've known him, he's gone from having significant debt to quitting
> his job and paying cash for a nice house. In light of this information, I
> reconsidered my previous determination and am now attempting to gain enough
> knowledge and insight to follow his example.
>
> My short term goals are to make enough money to: 1) not have to work any
> longer for someone else; 2) find it financially feasible to buy a house near
> and attend Graduate School in Mathematics at Berkeley. (Thereby escaping
> from Salt Lake Shitty.) My long term goal is to build enough wealth that
> lack of money will never be a factor in decisions regarding my life.
>
> The successful option trader has given me a book, _On Track Investing- A
> Guide To Simulation Trading_ by David R. Herbert. This book is very simple
> and basic, but I have still gleaned some knowledge from it. Apparently it is
> associated with Wade Cook. I don't know who that is, but from people's
> reactions I surmise he is the Amway of investors. At the direction of Mr.
> Herbert, I have been conducting practice trades.
>
> In light of the recent posts by Clyde and Earl, I have ordered _Technical
> Analysis of Stock Trends_ by Robert D. Edwards, John F. Magee.
>
> Currently I am interested in Options. I like the idea of knowing my maximum
> loss when I enter a trade. I ground away noticeable amounts of my teeth
> while half-sleeping in July. I'm the first to admit, though, that my
> interest in Options is probably due both to proximity in addition to lack of
> knowledge of other strategies.
>
> Basically, I'm pretty ignorant about everything. :-) I'm looking to learn
> anything and everything I can which will help me to reach my objectives.
>
> Given my goals and history, are there any strategies that anyone might
> suggest?
>
> What resources would you recommend? (Books, websites, etc.)
>
> What programs are the best? TeleChart 2000 was recommended in the Wade Cook
> book.
>
> I appreciate your time in this matter. All responses are very appreciated.
> I'm looking forward to belonging to RealTraders.
>
> Regards,
>
> Brian
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