Intro and question

Hi Everyone!

i will rip the band-aid off and say that i am completely new to trading!

I have recently started my trading journey with youtube videos and setting up a paper trading account with Interactive Brokers.

I am really confused with all the different selections when it comes to buy or selling a stock. Does anyone know of somewhere on youtube that explains the different selections (options) when buying or selling? for example order types, time-in-force, outside rth etc?


Appreciate your support and patience
Sam

welcome to ASF ,

now while this is an Australian based forum , some members reside outside Australia , so if you are not an Australian resident OR intending to trade international stocks ( and other stuff ) you might make that clear so the other members can be more helpful

while this is a US site ( in the link below ) many concepts also apply ( with variations ) to Australian and New Zealand trading and investing


education , knowledge , and a good reliable calculator ( to double-check your figures ) will keep you in the game longer

and it is a rough and tough game for sure ( lots of reading , lots of research , learning to read charts ( even if just glancing at them briefly )

AND THE MOST IMPORTANT PART developing a style and strategy that works for YOU ( because it is YOUR money at risk )

and the other important part is where do you want to go in this adventure , short term , long term , set yourself up for an income for the rest of your life , or the hectic game of making enough to pay your bills ( once you have the experience and skills

cheers

there is also a thread here

thanks divs4ever

i´m definitely an Aussie and live in Qld. looking to trade Internationally with short term trades, with the goal to setup for extra income

I didn´t realise there was a style when it comes to trading. I thought it was do your research on the stock, buy/short the stock based on your research and thats it.
Do these styles have names? what are they? can i just google trading styles and i´ll get some answers?

TradingSuccess said:

thanks divs4ever

i´m definitely an Aussie and live in Qld. looking to trade Internationally with short term trades, with the goal to setup for extra income

I didn´t realise there was a style when it comes to trading. I thought it was do your research on the stock, buy/short the stock based on your research and thats it.
Do these styles have names? what are they? can i just google trading styles and i´ll get some answers?

Click to expand...

you can start here


in theory trading is simple

you buy low , and sell high ,

but unless you have inside information ( which is illegal to use ) or are a clairvoyant that is very hard OR you have to be very patient and very quick to act when you have a good exit

meanwhile you should find the name of a GOOD tax-accountant ( just in case you are good at this trading game , because the taxman wants his share

now with tens of thousands of retail ( that is small fellas/gals ) traders all trying to buy low sell high , everyone needs to do it better than average , because the name of ( the big boy's ) is to lure the retail folk into excessive greed and excessive losses

now basic styles include 'channel trading ' and trend trading

channel trading is fairly simple IF you pick the correct stocks

for this you need a share that bounces around between two price levels

as an example i have had some success with QBE ( but it isn't playing so well currently ) i worked out at the time QBE is hard to predict BUT seemed to drop to around $10 ( after some sort of bad news ) but eventually go up into the $13-$14 range , all you had to do was be patient

( obviously you can set your own price targets , but this is just an example )

trending trading is you believing a stock can rise 10%, 20% () or higher than you bought in , now this has all sorts of stuff , like charting etc to help you pick out which stocks and when to buy to give you some chance of success

there are several good traders that are members here ( and i am not one of those ) dig around here and even tiny lessons can help

please note it is a STEEP learning curve

ALSO ASF has some free ( paper trading ) competitions here , they can be very useful in testing your theories and skills

(i would rather have a failed paper trade than a trade with real cash go bad , and comps are very good at detecting bad strategies )

cheers and good luck

remember ALL trading and investing involve risk ( of losses )