Basically, I'm not up for a big gamble, I want to take twenty dollars and make it fourty.
A friend of mine mentioned day trading, how and where do I start? What's it all about?
Any information or insight would be appriciated!
I prefer to go for weekend courses as it will not be possible for me to attend any on working days, I don't mind it being a Sunday too.
If there is an online course and I have to only attend an exam for the same, I don't mind going for that too!
Thanks.
You may also want to talk to other traders to find out what they think/use. Try:
http://finance.groups.yahoo.com/group/TradingZoom/
It's a free online stock picking group. We have a few Indian members trading US stocks.
(Keeping in mind I am using penny stocks)
I am confused about money figures when it is LESS than a penny.
For example, 0.0001
How would you say this? Would you start out on the right at Ones, Tens, Hundreds, etc…so this would be said "One one thousandth of one dollar"? Someone I was talking to said no, it would be TEN thousandths. That isn't correct, is it?
Ok, that was one Q, the others are along the same line – - I just do not know how to figure exactly HOW MUCH we are talking about once it drops down below a penny (or should we say penny increments) Can you show me HOW to figure it easily? Thanks.
Can you help?
Someone also mentioned moving the decimal over to the right TWO points would tell you SOMETHING. Not sure what she was trying to say, though.
Thanks for any help you can give!!!
Secondly, you should probably not even attempt day trading at this point. You need to have a much better understanding of how this all works. Take some time, take a course, read some books, learn from some other traders, but whatever you do, don't try and trade penny stocks!!
i am a newbie in trading FX, just wondering if FX also need 3 days settlement like stock? also, any recommendation which online FX broker is better. Thanks
Crawl, Walk, Run. Sen. Clay Davis – The Wire
Genesis provides the Laser platform, which offers direct access through all major US exchanges and ECNs. That is what I have had luck with. I felt it was very user friendly. At my last job I also worked with clients that use the Cybertrader platform, which is also a good Level II platform. The only other platform that I have worked with in addition to those two was HammerTrade, through Assent Clearing. At the time I used it (2004-2005) I found it to be relatively primitive, although I think they have advanced it since then. Other discount brokers like Etrade, etc. offer relatively good Level II platforms and even the major bulge bracket firms have tools available, if you meet capital requirements.
Oftentimes, you will find that it is trial and error-whatever works for you is the best. Different programs have different perks. If you are just looking at charting, I think ESignal is relatively good. You may want to check out Metastock too. Often charting systems will give you a free trial period to check out the software first. Good luck trading.
Also read Tom Busby's book, Winning the Day Trading Game.
They'll give you a good primer. Fantastic books to get you started. After that, you'll have a much better sense on what and where to go next.
One option would be to work with a mentor. Todd Mitchell looks interesting at toddmitchell.com for trading.
Though if you go to daytrading, you'll need to practice a lot more than a couple of weeks. Most successful day traders I know practiced at least months before being somewhat successful as there's all sorts of nuances, the shorter the timeframe that you trade in.
Let me know if you have any questions.
Hope that helps!
I use the Motley Fool website. However, if you want to get their Stock Adviser or Rule Breakers or any of the other many reports they issue, you have to pay for a membership.
There are other websites out there. A lot of them though, you have to pay for reports. Be careful if anyone of them tells you that some stock is going to go up 300% or something.
Day trading is very risky and not for armatures. It's a lot like going to Vegas. Learn the market first before you even attempt Day Trading.