Serious newbie wanting to learn

[NewbieTrader1982]

Over the past 8 years or so I have been involved in property investment, mostly property development and have done very well for myself, turning 500k into about 10mil net worth and continue to develop real estate in Australia. I am in a position now (having 2 project managers help has freed much time) to try and learn some form of share trading using T/A and i want to give it a serious go. I understand the importance of mindset, discipline, risk mitigation, cash flow management etc as it relates to property development and have a very rudimentary understanding of it as it relates to stock trading from reading a few books. I guess what i am asking for is some direction on what to read, and specific strategies/techniques etc ? My main reason for wanting to learn is to A) create greater cash flow from a different asset stream and B) I have long had a genuine interest in TA and believe it just makes sense, to see the phycology of the crowd on a chart, and then be able to make sense of it a profitable way (something i would like to learn).

@tech/a many newbies here seem to look up to you mate, any direction/feedback/ help you can offer would be most appreciated. You said in 2004 " I know of 2 here (probably more) doing this right now returning every week at least and often way more than a decent wage.From Under $20,000 capital base." That's something I'm interested in, not using leverage but just a small capital base to create similar CF as that to start. Really would appreciate some direction.


regards
NT

 

[tech/a]

I would suggest futures minis or index.
You only need to trade 1-3 contracts.

Personally I trade the DAX while the missus watches
" Home and Away " and various other Reality Rubbish.

I find Price action and Volume analysis best for me.
While there is much available to the Retail Market the most useful is
That which you learn from observation. From the use and application of your
Chosen analysis to the nuisances of the instrument and those trading it that
You choose to trade. Only screen time will help here. It's not someone can teach
Which you'll understand when you have your style. Some is transferable but the
Stuff that really matters is developed.

Can Oz
T/H
Modest
Trade far more often and seriously than I do.

But you seem to have a background similar to my own.

You can trade short term or a position trade.
Keep it simple. It can be a long journey in fact it never ends
But you don't have to be perfect only profitable.

You have at least over come a huge hurdle
Capital Base. Enjoy it truely is fascinating to some of us and I have a feeling
Your going to be one of them.

 

[NewbieTrader1982]

I would suggest futures minis or index.
You only need to trade 1-3 contracts.

Personally I trade the DAX while the missus watches
" Home and Away " and various other Reality Rubbish.

I find Price action and Volume analysis best for me.
While there is much available to the Retail Market the most useful is
That which you learn from observation. From the use and application of your
Chosen analysis to the nuisances of the instrument and those trading it that
You choose to trade. Only screen time will help here. It's not someone can teach
Which you'll understand when you have your style. Some is transferable but the
Stuff that really matters is developed.

Can Oz
T/H
Modest
Trade far more often and seriously than I do.

But you seem to have a background similar to my own.

You can trade short term or a position trade.
Keep it simple. It can be a long journey in fact it never ends
But you don't have to be perfect only profitable.

You have at least over come a huge hurdle
Capital Base. Enjoy it truely is fascinating to some of us and I have a feeling
Your going to be one of them.

Thanks @tech/a for your feedback. You mentioned you find Price Action and Volume useul for yourself. Is there any specific resources/books you could direct me to that i would learn the basics? Any reason why you specifically mentioned Futures and Index mate as opposed to individual stocks? I have read some Wycoff stuff and it looks very interesting, there is just so much information out there and i guess i want to start the right way, learning a system or approach that is proven to work and then build from that.

Something I've noticed which I am sure is probably so basic and seems too easy is when a stock is trading within a range for a few days or weeks etc and has clear support and resistance. Quite often it would seem that if it broke the resistance line it tends to climb and keep climbing. Seems too simple and easy ?

So anyway what I have got from your post is maybe Price/Volume analysis is a strategy to employ. Any good/practical resources?

@CanOz and @Modest would also love some feedback from you guys re direction on how to start.

Also @tech/a I read somewhere you made a large chunk of profit and bought a Commercial Property - well done mate.

Thanks guys

NT

 

[fiftyeight]

I wish I had found this course from Adam H Grimes at the start of my learning. It wont tell you exactly how to trade or give you a system, but will give you a good understanding in what makes a successful trader or system. Its free with no up sell for the "secret" you need like some free stuff on the net.

http://adamhgrimes.com/TAAS/the-course/

I also really enjoyed a book Grimes recommended

Trading and Exchanges: Market Microstructure for Practitioners

Does a good job of explaining markets and who exactly you are trying to take money off

 

[NewbieTrader1982]

I wish I had found this course from Adam H Grimes at the start of my learning. It wont tell you exactly how to trade or give you a system, but will give you a good understanding in what makes a successful trader or system. Its free with no up sell for the "secret" you need like some free stuff on the net.

http://adamhgrimes.com/TAAS/the-course/

I also really enjoyed a book Grimes recommended

Trading and Exchanges: Market Microstructure for Practitioners

Does a good job of explaining markets and who exactly you are trying to take money off

Hi @fiftyeight

Appreciate your feedback and link to the course mate. Have you managed to find a trading style/system that suits your personality/risk profile and consistently be profitable from it?

Thanks again

NT

 

[tech/a]

At the office.
So will do over the weekend for you.

To add a little.
Ive studied most analysis Types from Steidlmayer (Or Market Profile ) A Can Oz'z fav.
To VSA. All have aspects worth incorporating even Elliot Wave Principal.

You have even spotted a basic. Which will conform only when it doesn't!
Futures due to leverage/liquidity and range. You can trade $35 a point on the Dax for around $8K margin.Where as trading Say NAB for $35 a point would cost 3500 x Share Price.
Ive seen people trade shares and I do myself very short term--but if concentrating on one thing for me it would be that (Futures).

More later.

 

[fiftyeight]

Hi @fiftyeight

Appreciate your feedback and link to the course mate. Have you managed to find a trading style/system that suits your personality/risk profile and consistently be profitable from it?

Thanks again

NT

Ummmmm, that is not what the course is about. It is more designed to cover off the basics. No matter what style or time frame you choose stuff like random theory and how stop losses change a system need to be covered. Adam has his swing style which he uses as examples, but makes a point of saying that there are many ways to take money out of the market.

Nah I am still just newb who has read a few more books than yourself. I finally have a style that suits me and a few flashy charts I like but I need a lot more screen time. You will hear again and again from the experienced guys that screen time is king. Until I mange to get more screen time (on one market, I have flip flopped due to changing work schedule) I will be stuck at newb status, this should change soon though if a few things work out

 

[NewbieTrader1982]

At the office.
So will do over the weekend for you.

To add a little.
Ive studied most analysis Types from Steidlmayer (Or Market Profile ) A Can Oz'z fav.
To VSA. All have aspects worth incorporating even Elliot Wave Principal.

You have even spotted a basic. Which will conform only when it doesn't!
Futures due to leverage/liquidity and range. You can trade $35 a point on the Dax for around $8K margin.Where as trading Say NAB for $35 a point would cost 3500 x Share Price.
Ive seen people trade shares and I do myself very short term--but if concentrating on one thing for me it would be that (Futures).

More later.

Thanks Tech I would really appreciate that. Also, I will search Steidmayere to see what's available. It seems that there are so many ways to skin a cat and there isn't '1 Ultimiate' method. Much like property investing, surprise surprise Appreciate you taking the time to respond and help.

Cheers
NT

 

[NewbieTrader1982]

Ummmmm, that is not what the course is about. It is more designed to cover off the basics. No matter what style or time frame you choose stuff like random theory and how stop losses change a system need to be covered. Adam has his swing style which he uses as examples, but makes a point of saying that there are many ways to take money out of the market.

Nah I am still just newb who has read a few more books than yourself. I finally have a style that suits me and a few flashy charts I like but I need a lot more screen time. You will hear again and again from the experienced guys that screen time is king. Until I mange to get more screen time (on one market, I have flip flopped due to changing work schedule) I will be stuck at newb status, this should change soon though if a few things work out

Thanks Fifty, I will definitely look at the course link you sent, already joined. Would love to hear your journey as you progress too mate. Good luck to us both

Cheers

NT

 

[ThingyMajiggy]

Over the past 8 years or so I have been involved in property investment, mostly property development and have done very well for myself, turning 500k into about 10mil net worth and continue to develop real estate in Australia. I am in a position now (having 2 project managers help has freed much time) to try and learn some form of share trading using T/A and i want to give it a serious go.
NT

With that sort of capital available(or even a fraction of that) you're pretty much guaranteed to succeed at this. Enjoy

 

[Gringotts Bank]

The ASF breadcrumber strikes again. 500k to 10 mill. in 8 years. And he's asking advice on a web forum.

I started a search to find out who it is, and I've narrowed it down to fiftyeight. Only fiftyeight people left on my list, but I should be able to narrow it down further. Looks like he has a few new targets too. Don't waste your time guys - he'll be at it for a while.

 

[NewbieTrader1982]

The ASF breadcrumber strikes again. 500k to 10 mill. in 8 years. And he's asking advice on a web forum.

I started a search to find out who it is, and I've narrowed it down to fiftyeight. Only fiftyeight people left on my list, but I should be able to narrow it down further. Looks like he has a few new targets too. Don't waste your time guys - he'll be at it for a while.

Hi GB,

I'm a genuine newbie in the world of trading mate. I understand property development very well and have done well for myself and I am interested to get some feedback from successful traders who are hopefully unbiased on materials out there and can give their feedback. Forums are a great resource and in fact, it really started my property development career getting in touch with the right mentors etc those years back. Not looking for any squabbles mate, just asking for some direction is all.

Thanks
NT

 

[NewbieTrader1982]

With that sort of capital available(or even a fraction of that) you're pretty much guaranteed to succeed at this. Enjoy

Thanks @ThingyMajiggy. In the world of trading, does a larger capital base = more success? I am not looking to leverage but rather just use a small amount of capital approx. 200k to start when I am ready. No idea when that will be though as I am still trying to figure this out and get some solid direction going.

Looking at Adam Grimes course and it seems quite in depth. Anyone else go over the material and believe it is worth learning?

Cheers
NT

 

[ThingyMajiggy]

Thanks @ThingyMajiggy. In the world of trading, does a larger capital base = more success? I am not looking to leverage but rather just use a small amount of capital approx. 200k to start when I am ready. No idea when that will be though as I am still trying to figure this out and get some solid direction going.

Not more success but makes it a lot easier, if you keep going about it how you are, asking the right people and listening to what they say and putting in some hard work and lots of screen time most importantly. I wouldn't be working again if I had 200k to start with, but I don't. You're approaching it the right way so far. But I'm not one to listen to, just saying that one of the biggest hurdles is already behind you so you're off to a good start!

I would say listen to Trembling Hand, tech/a, minwa and check out Modest's thread to see about what kind of work/effort is required to put in. They are the guys I know can trade here. All the best mate, hopefully you get the two skills I'd love to be an expert in but never will, real estate and trading

 

[Wysiwyg]

The ASF breadcrumber strikes again. 500k to 10 mill. in 8 years. And he's asking advice on a web forum.

You are So Cynical, aren't you? (pun intended) Yeah my first thought was to ask for evidence then thought it improper. They could be genuine looking to have a play with some spare cash but they could also be using the wealthy persona to attract better responses from the members here. I give people the benefit of doubt usually (unless blatant b.s.) and if they turn out false well it is to their own detriment.

 

[NewbieTrader1982]

Not more success but makes it a lot easier, if you keep going about it how you are, asking the right people and listening to what they say and putting in some hard work and lots of screen time most importantly. I wouldn't be working again if I had 200k to start with, but I don't. You're approaching it the right way so far. But I'm not one to listen to, just saying that one of the biggest hurdles is already behind you so you're off to a good start!

I would say listen to Trembling Hand, tech/a, minwa and check out Modest's thread to see about what kind of work/effort is required to put in. They are the guys I know can trade here. All the best mate, hopefully you get the two skills I'd love to be an expert in but never will, real estate and trading

Thanks for the encouragement mate and I will read up on Modest's threads over the weekend. By no means have I mastered real estate mate..just had the right mentors and also the markets I developed in have done exceptionally well over the last few years from organic growth, so when combined with projected profit margins and 80-90% leverage, it just snowballed. Some developments had a calculated return on Total Development Costs at 25% but when the project was completed..it was more like 60% thanks to organic growth Luck? I'm sure luck played a good part too

Thanks again
NT

 

[NewbieTrader1982]

You are So Cynical, aren't you? (pun intended) Yeah my first thought was to ask for evidence then thought it improper. They could be genuine looking to have a play with some spare cash but they could also be using the wealthy persona to attract better responses from the members here. I give people the benefit of doubt usually (unless blatant b.s.) and if they turn out false well it is to their own detriment.

Hi Wysiwyg,

I understand the cynicism - its really part and parcel of wealth creation and some attitudes from the masses and its completely fine. In hindsight I should probably have not mentioned the net worth part - seems to be unnecessary on my part. Really I am only here to try and get some good direction on starting my education on stock training to see if I can get the knowledge and then develop the skills to be profitable. That's my only intention.

Cheers mate
NT

 

[Wysiwyg]

There is a property thread here with thousands of posts. Would you be interested in posting 2 cents worth there?

https://www.aussiestockforums.com/threads/the-future-of-australian-property-prices.17967/

 

[NewbieTrader1982]

There is a property thread here with thousands of posts. Would you be interested in posting 2 cents worth there?

https://www.aussiestockforums.com/threads/the-future-of-australian-property-prices.17967/

I didn't even know there are property threads here as my intention was to just learn about trading and get some direction. I'm more than happy to look at the property threads and contribute though.

NT

 

[Wysiwyg]

http://adamhgrimes.com/TAAS/the-course/

Have you looked at the first units and have an opinion? Hard to believe someone would give so much time and resource for free.