Learning material for beginner

[bsh]

Hi everyone,

New member and a bit of back ground. I have always been interested in finance/economics and the stockmarket, the psychology behind it and how different things can effect it really interests me.

I am a social worker and have been researching, reading and watching a lot of youtube on different subject matters over the last 3-4 months more intensely you could say, taking notes and understanding more and more from what effects price, level two, and working at developing a strategy. I also opened an IG broker account more to look at different stocks and taking notes.

I would like to actually take more of structured approach to learning to day trade or even swing swing trade stocks mostly between $1-$10.

I have read a lot of material, watched a lot of youtube, creating watch lists, developing a strategy to work towards.

Lately I feel like I need a more structured program that I can learn because as much as I learn I feel like I have more and more questions. Don't get me wrong I love learning before I even start to trade but I would like to learn as much as I can with more guidance and possibly a mentor.

So my question would be; Can anyone recommend any specific training that I could use/buy etc. Books or anything I can use?

Also what was your method of learning before you became comfortable to trade?

Thank you very much for your time

Steven

 

[Indoril]

Hi bsh,

I'm surprised nobody has responded to you yet but it may be because there are not many "structured" programs for learning how to trade. I started learning through an accredited program which I will not name (Google search term "accredited trading course"). I got a lot of value from the course because I knew nothing about trading but in hindsight, a lot of the material can easily be found online for free and in books. Even after completing it, I'm still reading and learning so I'm not even certain the money was worth it in the end. The only real benefit is that it is a structured program like you are looking for.

Right now I am taking what I learned and applying it in both live and demo accounts, reading as much as possible and learning how other people do and see things from forums such as this one and Elite Trader. I don't post on Elite Trader, such a terrible and unfriendly community but there are nuggets of useful information once you sift through the crap.

I would probably recommend that you keep reading, do some paper trading and learn from people here. Questions usually get answered fairly quickly. Something to be aware of though; a tool or technique that one person uses, another person will claim is useless. Example, Fibonacci numbers or Elliot Wave theory. Take everything with a grain of salt and test things for yourself to come to your own conclusion.

 

[tech/a]

I'm surprised nobody has responded to you

Id suggest its because its the same question every week.

People don't use the SEARCH function!

It gets tedious going over the same thing every week for the last 10 yrs!

 

[Indoril]

Yeah fair enough. I guess I'm too new to have noticed.

 

[Modest]

Same question but a lot of people contributed to this thread: https://www.aussiestockforums.com/threads/serious-newbie-wanting-to-learn.32911/

May wanna check that out

Good luck!

 

[Gringotts Bank]

You don't just "learn how to trade" the same way you learn how to lay bricks. You have to find an edge and most people never find one. It's like prospecting.

Anyone who has an existing edge isn't going to share it with you unless it's weak. If all you have is a weak edge, stick to your day job because it's not worth the effort.

Think about it - if you could just "learn it", then all you'd have to do is automate the process, leverage up and rake in the big bucks while you swing in a hammock somewhere.

 

[howardbandy]

... reading as much as possible and learning how other people do and see things from forums such as this one and Elite Trader. I don't post on Elite Trader, such a terrible and unfriendly community but there are nuggets of useful information once you sift through the crap.

I'll second the lack of civility on Elite Trader. The slightest break of one of the well hidden rules results in a fire storm of vitriolic response. I was banned by one of the moderators after making a post similar to those I make here on ASF.

 

[Modest]

I'll second the lack of civility on Elite Trader. The slightest break of one of the well hidden rules results in a fire storm of vitriolic response. I was banned by one of the moderators after making a post similar to those I make here on ASF.

Is it because you went around the site claiming Technical Analysis doesn't work because you said so?

 

[Indoril]

Here's a good example: https://www.elitetrader.com/et/threads/language-comparison.287162/page-4#post-4078656

Some people are just jerks.

 

[howardbandy]

Here's a good example: https://www.elitetrader.com/et/threads/language-comparison.287162/page-4#post-4078656

Some people are just jerks.

I think that was the final message I posted and read at the time. I see from the dates in the thread that It continues for some time after. Thanks for reminding me. I guess.

Best, Howard

 

[howardbandy]

Is it because you went around the site claiming Technical Analysis doesn't work because you said so?

I am always willing to discuss techniques.

 

[Quant]

Is it because you went around the site claiming Technical Analysis doesn't work because you said so?

Are you serious ?

I am always willing to discuss techniques.

Howard ignore this guy

Re technical analysis , much of it is rubbish . Subjective muliple choice TA is next to useless whereas objective binary type TA def has uses and is easily quantified to ascertain relativity in defining an edge . This is a debate best done in another thread . And one im certainly not participating haha

 

[Modest]

Are you serious ?

Howard ignore this guy

Re technical analysis , much of it is rubbish . Subjective muliple choice TA is next to useless whereas objective binary type TA def has uses and is easily quantified to ascertain relativity in defining an edge . This is a debate best done in another thread . And one im certainly not participating haha

If Howard believes TA is on its way out (AND not worth learning) then what does he use in his daily decision making during trading? Please let the traders, who like myself use charts on a daily basis, learn what we are missing. Howard cannot justifiably make a blanket statement like that, without the facts that would substantiate his claim. To do so is the height of irresponsibility.

His characterisation and indictment of traders who use charts begs for a better response.

Cheers

 

[Gringotts Bank]

One thing that will never change is price movement. Price will always fluctuate and swing.

Even if machines make up 99% of trading activity, and even if they are extremely clever and fast, there will always be competition. Competing machines, no matter how powerful, will result in price fluctuations which will probably/maybe mimic the sort of fluctuations and patterns we see now.

I think there will always be a place for those little birds that eat insects off the back of rhinos.

 

[Quant]

If Howard believes TA is on its way out (AND not worth learning

I suggest you read what he has said carefully and understand it , no where do i see the statement TA doesnt work . Maybe a suggestion subjective TA is past its useby date and i got no qualms with that . Cant speak for Howard nevertheless i totally agree with his favouring of binary and quantifiable methods . Anyway this probably not the place to " Call " people out ...

 

[Gringotts Bank]

On the other hand we have this:

http://www.reuters.com/article/us-artificialintelligence-poker-idUSKBN15G5NP

I know I'll never be a proficient programmer. And I know machines will overpower humans within the next 20-50 years. However at some point we will have to understand what it is that creates success. Is it only the result of processing power or is there a human element?

 

[OmegaTrader]

On the other hand we have this:

http://www.reuters.com/article/us-artificialintelligence-poker-idUSKBN15G5NP

I know I'll never be a proficient programmer. And I know machines will overpower humans within the next 20-50 years. However at some point we will have to understand what it is that creates success. Is it only the result of processing power or is there a human element?

Oh no are we starting this debate again ?


Singularity is coming...


Yeah my programming attempts have failed. I think with the internet there is an abundance of resources out there and programs etc. But that still doesn't guarantee success.

I think people just want to be told what to do and that 2+2=4 then you win.


Eventually though it will lead to the metaphorical 5 hour work week as the robots become the new slaves. The transition period is the key to sucess.

Enough off topic

+1 what Tech/a said

I'm surprised nobody has responded to you

Id suggest its because its the same question every week.

 

[bsh]

Hi Everyone,
yes I get the question maybe asked everyday but I guess I was a bit more specific about the trading courses aspects about it.
Any which way with reading I think I will be fine, taking notes and researching.

Anyways I haven't checked back here for some time, I've been reading like crazy, hitting up youtube and learnt so much of late and just studying everyday