Triathlete
Keep it Simple..!
- Joined
- 10 November 2014
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Did they not prove it to an extent with the famous turtle traders???
Did they not prove it to an extent with the famous turtle traders???All human being are different. Some are better with their hands, others with their minds. Some are aggressive go-getters, others are quiet and reserved. Some people suffer from anxiety and high pressure jobs would reduce them to a nervous wreck. You can teach someone business theory but that won't make them a good businessman. Temperament, natural talents and inclinations and other aspects of our personalities tend to rule us more than we give them credit for. I'd be a useless accountant because I hate crunching numbers and it bores me silly.
I have no doubt that you could teach most people about trading concepts, for example technical analysis and money management, but that won't make them good or successful traders simply because they may not be suited to it, may not have the temperament for it, or may not be able to successfully apply those concepts in a practical way. Maybe they'd rather be outside ploughing a field with a tractor?
As I understand it, thousands applied to be one of the turtles and only fourteen were accepted. There was a selection process that weeded people out. So in the end, you were left with people who had an interest in trading and who demonstrated some kind of aptitude for it. I have no doubt that you could train those people to be successful traders.Did they not prove it to an extent with the famous turtle traders???
Well lets take myself as an example....I had always been someone who only bought shares to hold for the long term... buy and hold and not to trade.Then one day a friend of mine asked me about trading as she wanted to get into it and I had no idea so I decided to find a way to learn to see what trading was all about...saw a company on the business channel that was running courses and as an experiment threw my hard earned money into it and began the process not knowing whether I would be successful or not or whether the course would be any good and even whether I would want to be a trader.As I understand it, thousands applied to be one of the turtles and only fourteen were accepted. There was a selection process that weeded people out. So in the end, you were left with people who had an interest in trading and who demonstrated some kind of aptitude for it. I have no doubt that you could train those people to be successful traders.
I'm very happy it worked out for you, but you've obviously got an interest in financial markets. I think it probably has less to do with your level of formal education than your willingness to learn and an aptitude for what trading entails - critical thinking, analysis, visual literacy, etc.Well lets take myself as an example....I had always been someone who only bought shares to hold for the long term... buy and hold and not to trade.Then one day a friend of mine asked me about trading as she wanted to get into it and I had no idea so I decided to find a way to learn to see what trading was all about...saw a company on the business channel that was running courses and as an experiment threw my hard earned money into it and began the process not knowing whether I would be successful or not or whether the course would be any good and even whether I would want to be a trader.
Glad to say that someone with only a Year 10 education could be taught to trade...
LinSa
I am in exactly the same boat as you. I am also new (just registered on this forum after I read your post) and did have all the same concerns. I also spend too much money in the property game, but as everybody knows, the property market is not the same anymore.
I will spare you all the detail, but I am halfway through my course with Ross Cameron from Warrior Trading.
I will spare you all the detail, but I am halfway through my course with Ross Cameron from Warrior Trading. I took the plunge and I must admit that I am quite impressed. This guy (obviously he is making money by selling you the course), but he takes you into his trading room and shows you how HE is doing it.
All payments made to Warrior Trading in connection with any product purchased or account or service, and any renewal thereof, are non-refundable; and Warrior Trading does not offer, and is not required to provide, any refunds or credits for any reason, including, without limitation, satisfaction or your failure to cancel your account or service prior to its automatic renewal. There is no circumstance in which you will be entitled to, or Warrior Trading is required to provide, a refund or credit for any reason, including, without limitation, satisfaction or your failure to cancel your account or service prior to its automatic renewal.
Everyone must find thier own way....
No Need to Pay $$
I would start with the ASX stockmarket education course
Then some basic fundamental analysis . plenty online. Decide if you want to invest or trade.
Investing probably requires better uderstanding of fundamentals, the shorter the timeframe the more technical analysis will be used.
Then look at some basic technical analysis.
I use a method called Wyckoff Method. So named after Richard wyckoff. I believe there is a Wyckoff institute that has been around for nearly 100 years.
Here is a good intro
https://stockcharts.com/school/doku.php?id=chart_school:market_analysis:the_wyckoff_method
on the same site
Go to April 2015 to start at the beginning .Some good basic info on how to draw trend lines reverse trendlines support and resistance .
https://stockcharts.com/articles/wyckoff/archives.html
Look up position sizing and risk management.
Paper trade on asx game , trade direct 365 Demo acc. with your new skillz
If you want to pay for a real course SMB capital are a real prop trading firm who also does education.
look em up on youtube.
Good luck .
The way I see it is :It's not really true that investing require a longer time frame while trading is for the quick buck.
Both approach ought to decided and act upon when profit is (believed to be) there for the taking.
That is, an investor (as opposed to a trader) should only invest when the profit is already there to be had. Just that often, it takes the market a few weeks or a few months or a couple of years... to see and recognise what was seen and slap themselves for their mistake.
So in that sense, people might see that investing is putting money into a stock/business and over time it'll grow to make you money. It might, it might not. Over time things might do well, or deteriorate and get worst.
Don't mistake the long-time investing for the long-term.
The way I see it is :
The bias towards which type of analysis to use shifts as the expected holding time shifts.
If F/A is used and the trade lasts a few weeks when months to years was expected then great . you timed it perfectly .
If you used T/A and the trade lasted a year when you expected to hold a few weeks then thats good to.
Not much point using an hourly chart for an invesment you see lasting months to years.
Nor is there much point pouring over P/E ratios , competitor prices , forward earnings etc for a breakout trade that should last a day or 2. I am talking about your expected holding time not the outlier.
Thank you to all members who have put in such interesting and useful responses.
I know I expected to hear differing opinions when I posed this question, but I didn't expect the huge rollercoaster nor that I would so easily join the ride. There were opinions of it being impossible to just learn from books, to ones that if I want to find an easier way to learn such as courses then I am just looking for an easy road :-/ . But I guess I knew that would happen.
I certainly didn't expect the nut bag who asked me to tell him who the course provider was, who I had no intention of disclosing until asked, and then turned around and accused me of trying to sell a course. I reckon that one isn't just the nut, he actually planted the nut tree!
There have been really interesting points of view, it was really surprising to hear of the psychological view. That one really intrigues me as I have a background in that area.
I am going through and taking notes of some of the really interesting responses, the resources, courses, books all mentioned and will go through all of them to decipher what might suit. Each and every response has been much appreciated, well maybe some of the nutty ones did my head in a bit and I might gloss over them haha, you have all given much food for thought. I most appreciate the ones who genuinely want to help me clear my path to learning, your responses really stood out.
When the post went a bit astray here and there I considered just pulling it down, but I want to leave this up here as in amongst it all there are some good ideas and food for thought mentioned, and even I will want to go back and have a look here and there. So thank you again, and if anybody else wants to weigh in with ideas as I see some are still coming they are most appreciated by me and I am sure anybody else who has this same question of 'how do we get started?'.
Hi sn, can you please elaborate more on how you get information by the market?u can get information on web or by the market..
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