http://stocks.dlngroup.com/education/books.php
You might also want to visit DDs blog, indias no.1 Technical analyst. He posts quite interesting concepts and also helps you with your trading activity.
http://www.ddstockblog.com
Here are some suggestions (to start);
Read;
Mastering The Trade, John Carter
Trading In The Zone, Mark Douglas
Trade Your Way To Financial Freedom, Tharp
High Probability Trading, Link
There are plenty more books to read. The typical trader reads a book every month or two (I average every 6 weeks)… I re-read them also.
Every night I watch videos on the market;
http://www.alphatrends.net/
http://www.tradingwithtk.com/
Weekend (Sunday) video;
https://www.shadowtrader.net/videoArchive.html
My broker has weekly “chats” that may be of interest;
https://www.thinkorswim.com/tos/displayPage.tos?webpage=onlineSeminar
In one word there’s only one way to be successful: Disipline
Here’s another web page that may be of interest;
http://www.mytrade.com/
Training for a fee;
http://www.investools.com/
Good luck….. it’s been a rough year! I’ve been a position trader for 30+ years. A swing trader for the past 1.5 years. I’m just getting into day trading (also)……………………….
In November there’s a TradersExpo in Vegas… if you can, it’s well worth the effort.
I heard there are groups of people that get together to share information, buy & sell stock, etc. etc. Any idea where I can join a group in Los Angeles, CA.?
Some good places online to share info with others and learn are;
investorshub.com (my favorite)
siliconinvestor.com
ragingbull.com
many boards are devoted to trading at the above sites. you can sign up for free memberships at all 3. Ask the traders on the trading boards what software they use.
I have been a trader, investor, broker, etc. and it is rare to see anyone who is not a professional trade for a living. If you got it, then you will know pretty soon. You have to be able to set your stops, take your losses if needed.
Also read "trading for a living" "come into my trading room" both great books from Alexander Elder.
What exactly do you think the "other" day traders do wrong?
If they are "ignorant" as you suggest – what should they know that would make them less unsuccessful?
If this is more than idle boasting – you should take your results in the real world to a publisher and get a book out that allows the ignorant masses to understand your superior techniques and live off the royalties!
im not too lazy to read, i would just prefer learning from an expert.
there are so many things you have to look for, process, evaluate, and then take risk and invest.
in todays market, you better know what the heck you are doing or you will not make a dime i can guarntee you.
first thing, learn about stocks, how stock works, and all the terms pros use. http://www.investopedia.com
I'd start with http://vse.marketwatch.com and use imaginary $100,000 to begin with and trade on it to get a feel how trading works.
also.. i doubt you have that kind of money which you don't need that you can use for trading. unless you have at least 2000 dollars to start with and willing to lose it all for the worst possible. I suggest you get Mad Money from Jim Cramer and watch fast money on cnbc.
also visit Yahoo Finance
PS. Is this also a good way to make money or is it a waste of time and money?
Listen Max H, you shouldn't talk to your father like that or I might stop my child support payments. Tell your mom to have my kidney pies ready when I go see her or I might have to keep my pimp hand strong…. ya dig?
I wish you good luck. Don't hesitate to contact me if you have any questions.
The books recommended by others here are great. It's hard to advise you further not knowing how much you do/don't know about the market. The paper trading practice sites are an essential. Try those out in earnest and you'll save yourself from unnecessary mistakes later when errors cost real money.
I find that it's important to do a few things:
1. Chart the S&P for uptrends and downtrends – when you see an established trend the market will tend to move that way, and stay within the down slope and up slope "channel" in its daily activity for multiple days. This gives you added confidence as to when to "buy", when to "add to" your position, and when to cash out. When a stock busts out up or down that can be the opportunity to get in or out (depending on direction) of a given index, ETF, or stock. This will also help you stabilize your stock monitoring because you will focus on the stocks at present which are near "support (floor)" or ceiling (resistance)" positions. To help me do this, I've found it is incredibly valuable to have a second computer screen (I use two PCs because I'm mobile when I want to be) with several key screens of data/chart references.
One screen has no more than 6 stocks I'm watching that day, with charts on each screen.
One screen has all major sectors' charts on it – by sector fund (USO, OIH, etc.)
One screen has 52 week uptrending stocks I'm monitoring for pullbacks
Other screens are categoric (e.g., AG companies)
2. Using other resources such as the 52 week high stocks (WSJ, YahooFinance, Google Finance, etc.), and Top 100 (IBD.com) are also opportunities to check for trends, and determine whether to jump on this momentum during a given day, or to wait for a pullback and get in before a multi-day upswing for a multi-day "swing" trade. If you put in the time, you will identify pending breakouts.
3. Listen to Fast Money to pick up on hot trends and expert interviews that can indicate stocks to watch since they have such a wide audience.
4. Keep track of volume levels and beware of low volume days.
5. Track sector movement and rotations. Institutional buyers will dictate what will move, whether it "makes sense" to you or not.
6. Listen to Art Cashen (sp?) – every morning about 9:15 AM EST before the market opens. His insights are usually good indicators to align with or watch for. Good pulse on the market.
7. Know that a margin account can be traded every day with no interest if you don't carry it over night. Non-margin accounts will have a 3 day carry cycle until you can reinvest the funds.
Best wishes for success. Cramer can be a goof on some topics, but knowing what he's tracking can also give you one or two key stocks to watch for the next day if conditions align to support those stocks. His trading rules lists are very good.
How many shares (or amount of equity) of a heavily traded Fortune 500 company can you typically trade in a single transaction without getting partial fills. What about if you use Market orders vs. Limit Orders?
For instance, if you were to place an order for $100,000 of Google stock via a Market order, would you typically get the entire order filled immediately? What about if you try to sell $100,000 at Market?
What about if you do Limit orders vs. Market orders?
I would like to be able to trade very large quantities frequently during the day and would like to know if I'm going to need to account for partial fills.
Thanks so much!
(In response): Thanks, yes, I've been doing analysis for a couple of years now and know enough to be dangerous =).
The reason I mentioned the dollar amount as opposed to the number of shares is my assumption that there is a rough dollar amount to when you start reaching limits as opposed to quantities of shares.
For instance, which is more likely to get a partial fill (all other things being equal):
200 shares of a $500.00 stock
2,000 shares of a $50.00 stock
Is it better to day trader larger value stocks to reduce the chance of a partial fill or does it not matter?
Limit orders will only fill at your specified Limit price or lower (for a buy). If the stock goes up you won't get a fill.
If you don't want partial fills you can use "all or none" order. They will fill the whole order or nothing.
Another thing you should know is you don't place an order for $100,000 worth of stock. You bid for a number of shares at a specified price (limit price). Market orders you only specify number of shares.
No offense, but you should really do some reading before you start trading. It's a risky business and the more you know the better. The web is full of information, but so is a bookstore or a library.
Good luck.