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.
Does anybody have any good experience with this software?
Your response will be much appreciated!
Thank you!
First, you're using Vantage Point to day trade, but they will tell you that Vantage Point is for position trading. Yes, they're predicted high/low is very accurate (granted, major moves can be outside the range, but how often do you have a huge 1 day move?), but it only tells you the possible high/low, now what the trading pattern for the day will be.
One thing I could suggest is this: Use the Short Term/Medium Term Predictive averages (the pink and light blue lines, I have mine set on the bottom part of the chart) to get an idea of when prices could be changing direction. Also, when you switch from the 10 day or 5 day average to the predicted high/low, you'll notice that the short/medium predictive lines will be different that from the 10/5 day chart. What I do is when the short predictive (light blue) line crosses the medium (pink) line on both the 5/10 day and predicted high/low chart, is when I get an indication markets will turn (and it's very accurate).
When that happens, since you day trade, use your technicals on whatever time frame chart you're using to take trade only in the direction of the crossover. For example, say you're watching the S&P 500, the market is trending up and you notice that on the 5 or 10 day chart that the short term predictive has crossed below the medium term, and when you switch to the predicted high/low chart that the short has not crossed below the medium predictive, but is about to, wait till the short crosses below the medium predictive on the predicted high/low chart (that is short has crossed below medium on both 5/10 and predicted high/low chart). When that happens, use your technicals to time short entries, don't go long. In other words, say you're using a 5 minute chart. If the market is trending up, and you're technicals give you a signal for a short, then take the short trade.
When the signals show the 5 minute chart starting to turn back up again, close your short, but do not go long, only enter again when you get a sell signal.
Trade in the direction of the larger trend. You should get less whipsaws and will be trading in the direction of the larger trend. When the short crosses above the medium predictive on both the 5/10 and predicted high/low chart, the only take long trades.
Hope that helps.
You could always open a new demo account after the 30 days is over and you can continue doing this forever with some brokers.
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I'll tell you what ….tell me what the market will do next Tuesday and I will strongly consider your offer.
Step-by-Step Stock Investing for Beginners
http://www.stock-investment-made-easy.com/
http://answers.yahoo.com/question/index;_ylt=As61UR4DWXZnVDIVK6se6XLty6IX?qid=20070717183111AAk8IIS&show=7#profile-info-kFApW5uJaa
If you can't get there directly try going to slotmarket.blogspot.com and click on the link to Green that's there.
P.S. If you are going to be a day trader, also listen to the interview with " muddy"…take notes.
Suspect that if it is in a book it will fail because of the pump & dump scam. The successful traders will know about such methods and will deliberately game them, thereby helping themselves to your money.
Other than that, stick only to volatile stocks, and good, er, luck!
However, finding a good opportunity tends to leave at least some cash floating around. Aside from dumping it into a placeholder stock like BRK.B, moneymarket, etc. I am interested in utilizing, to some small degree, daytrading.
Basically:
(1) How is risk managed in security day trading? Forex trading?
(2) Do the few successful traders operate by intuition or determinism?
(3) How wide of a scope to most traders take? Ten stocks? One hundred? All of them? Similarly, how wide of a scope do forex'ers employ?
(4) Is there a way to get a hold of raw market data, outside of the wacky software like eSignal, etc?
Please do not try and pitch a trading system. Thanks.
A Free Basic Hands-on Training is available at http://finance.groups.yahoo.com/group/currencytrader/.