Showing posts with label New Trader Info. Show all posts
Showing posts with label New Trader Info. Show all posts
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3 Rules for Stock Trading

Sunday, June 7, 2009 0 comments


I've got a lot of my own personal rules in trading, but I think there are three important ones I've learned over the last year:

1) It's my money, and only I pull the trigger. I can't blame anyone or any organization for my decision to buy a stock.

2) It's my patience (or lack of it) that usually gets me into trouble. I recently lost tremendous gains in AXL, OSCI, CTIC due to my lack of patience.

3) It's my risk factor, and only I know what I can afford to lose. If you are in hysterics all the time, you need to find a new hobby or job.

I think we all have to understand that this is summertime, which is historically the worst time for stocks. We can possibly take smaller gains and be happy, or wait for larger gains and wait awhile (and sometimes it will be a long while). I have a goal, and I will achieve it, despite my frustration at times. Read the full story

 

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5 Great Tools for Stock Traders

Tuesday, June 2, 2009 1 comments


These are some great tools that every stock trader should utilize. If you have some input, please don't be afraid to mention some of your own in the comments.

If you have been around any stock boards, this one is probably one of the best and most customizable. Great interface, and easy to use. Screeners are okay as well. Delayed 15 minutes from realtime.

Not commonly mentioned, but I love the interface, and instant t/a that this site provides. I think this is updated once a day. Gives all the signals, resistances, key points of info.

This one has been my go-to resource for the last month. Love the customizable filters, and multiple charts that can be viewed in one screen. Lots of screeners, small fee for the service. One of the wisest decisions I made was to subscribe here.

This site seems to be evolving and I hope they find what they want to do. Seems like everytime I've visited, it keeps changing (kinda like this one your reading, but who asked you anyway, ;-)) It does have a lot of into for the beginnger on formulas and indicators, visuals and definitions.

Who hasn't used this? Seems like it has more information than my stockbroker at times. The one thing this has that Scottrade doesn't is afterhours info, and trades. Still a great resource, and I still use it from time to time.



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Becoming a Full-Time Trader

Thursday, May 28, 2009 3 comments


Have you ever dreamt of staying at home to work? Dreading that drive to the job? Tired of the boss, and all the office politics? How about the minimal two weeks of vacation and maybe you get some personal time? Sound good? It does to me to.

Fortunately, I have the ability to multi-task, and am able to trade at work. Don't know how long that will last, but I'm thankful for the time I am able to research and study the market trends, the blogosphere, and all the tidbits on what is happening in the world of finance. I have often wondered what I would need to trade full-time, and be able to free myself from the daily routine and restraints that a public job have. So here's my "to-do" list before I decide to walk off the job:

1) Have enough funds to pay off all debt. This one is a biggy. You do not want the restraints of a mortgage payments, car payments, and credit card payments if your income is uncertain.

2) Save enough for two years of your salary. This would be untouchable funds. In a savings account or something with minimal return. This is essential if you have a family, and you are the sole provider. If you are single, you could bring it down to a year.

3) An office or designated place for trading. This would enable to you to focus and keep concentrated on the markets and all the trading activity. You won't successful being a full-time babysitter and stock trader. You'll miss good opportunities.

4) Don't forget health & dental insurance. I haven't researched this out, but this would be an essential must-have, and will be expensive.

5) Don't forget about taxes. Yes, Obama is ready to take your profits. Nice guy, but he & his predessor have led/are leading our country into bankruptcy.

6) A Disciplined Strategy. You must have a defined strategy. Mine is 25% unless the trend is in my favor. And you must execute with a disciplined frame of mind.

So in a nutshell, here's my formula:

Stock Cash minus (Debt + 2 Yrs Salary + Insurance + Taxes) = Stay at home fulltime
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