Some questions from a newbie taking his first steps

[JJZ]

Hi All,

Been trawling through the forum for the last few weeks. My head is spinning. There a lot to take on, this forum is such a huge resource of information.

Anyway, I am a 45 y/old who's been mainly investing in Real Estate and I am looking taking a more active roll in my investments. Ideally in the long term I'd like to take a step back from working full time.

I have a solid income base and very low overheads. I see myself as being more of a Medium to Long Term investor focusing on EOD ASX trading. I work in IT so have access to the internet pretty much 24/7.

From what I have seen and read so far, the best thing for me at this stage (I think) is to start reading, buy myself AmiBroker a data service and start paper trading.

Am I on the right track? Anything else to add to my to do list? I want to give myself a solid 6 months before even considering making a real trade.

Might as well throw in a couple of questions while I am it...

Any must read books for someone in my position? I ready have some Guppy books, Unholy grail by Radge is on the way. I have seen lists on the forum but I am not sure which are truly applicable in my situation.

Which Version of AmiBroker- Standard or Pro? Any other options needed/recommended?

AmiQuote/AFL Code Wizard etc....


Recommended Data source for ASX EOD? Recommended Data history Source for ASX EOD?


Thanks in advance


JJZ

 

[Gringotts Bank]

I'd go with AB Standard and just get your EOD data from your broker for free. Buy an historical ASX data CD to backfill (about 100$ or so). Play around with sample codes from the AB library or WisestockTrader website. Start doing some testing. Code wizard is included anyway, but being an IT guy you'll know how to get started anyway (the wizard is very basic). You won't need Amiquote.

 

[CanOz]

Yeah, i agree. Learning to code is more valuable than just the ability to design and test systems. By being able to code and test, you can find out tons of interesting statistics that might take a discretionary trader years to see with screen time alone. Hard to beat it, plus its fun and better than spending your spare time watching TV. Who knows, you may stumble upon a nice edge somewhere...

Howard Bandy's books are great as well

 

[AlterEgo]

From what I have seen and read so far, the best thing for me at this stage (I think) is to start reading, buy myself AmiBroker a data service and start paper trading.

Am I on the right track?

Yes, I think that sounds like a good plan.

Which Version of AmiBroker- Standard or Pro? Any other options needed/recommended?

AmiQuote/AFL Code Wizard etc....

If you're intending to do a lot of backtesting, I'd recommend the Pro version of Amibroker. When you have purchased the Pro version, you can use the 64bit version of Amibroker, and it is significantly (about 2x) faster than the 32bit version in running backtests. This can be a big time saving.

I don't think you'd need those other options. Being in IT, I assume you have some idea about coding, so shouldn't need the code wizard. AmiQuote would only be useful if you are using free data sources. If using Norgate Premium Data (for example - mentioned below), you wouldn't need this.

Recommended Data source for ASX EOD? Recommended Data history Source for ASX EOD?

Norgate Premium Data for data source and history. All the data adjustments done for you, integrates well with Amibroker with stocks arranged in to the correct sector groups etc, also has useful watchlists already set up.

 

[cynic]

Hi All,

Been trawling through the forum for the last few weeks. My head is spinning. There a lot to take on, this forum is such a huge resource of information.

Anyway, I am a 45 y/old who's been mainly investing in Real Estate and I am looking taking a more active roll in my investments. Ideally in the long term I'd like to take a step back from working full time.

I have a solid income base and very low overheads. I see myself as being more of a Medium to Long Term investor focusing on EOD ASX trading. I work in IT so have access to the internet pretty much 24/7.

From what I have seen and read so far, the best thing for me at this stage (I think) is to start reading, buy myself AmiBroker a data service and start paper trading.

Am I on the right track? Anything else to add to my to do list? I want to give myself a solid 6 months before even considering making a real trade.

Might as well throw in a couple of questions while I am it...

Any must read books for someone in my position? I ready have some Guppy books, Unholy grail by Radge is on the way. I have seen lists on the forum but I am not sure which are truly applicable in my situation.

Which Version of AmiBroker- Standard or Pro? Any other options needed/recommended?

AmiQuote/AFL Code Wizard etc....


Recommended Data source for ASX EOD? Recommended Data history Source for ASX EOD?


Thanks in advance


JJZ

Reading your post reminds me of a friend of mine whom recently decided to revisit his earlier explorations of the ASX with a view to changing career.

This particular friend also works in IT and is due to celebrate his 47th birthday later this month.

I'm sorry that the books I had on hand weren't ideally suited to aspiring daytraders, so unfortunately, like my friend, I fear I don't have much more to offer than has already bèen provided by other contributors to this thread.

 

[cynic]

Reading your post reminds me of a friend of mine whom recently decided to revisit his earlier explorations of the ASX with a view to changing career.

This particular friend also works in IT and is due to celebrate his 47th birthday later this month.

I'm sorry that the books I had on hand weren't ideally suited to aspiring daytraders, so unfortunately, like my friend, I fear I don't have much more to offer than has already bèen provided by other contributors to this thread.

I just realised that you mentioned medium to longer term, so perhaps Stan Weinstein's "Secrets for Profiting in Bull and Bear Markets" might be worth examination if you haven't lòoked at it already.

 

[JJZ]

Reading your post reminds me of a friend of mine whom recently decided to revisit his earlier explorations of the ASX with a view to changing career.

This particular friend also works in IT and is due to celebrate his 47th birthday later this month.

I'm sorry that the books I had on hand weren't ideally suited to aspiring daytraders, so unfortunately, like my friend, I fear I don't have much more to offer than has already bèen provided by other contributors to this thread.

Yes sounds very similar, not even dreaming of a career change just yet

How is your friend progressing?

 

[JJZ]

Thanks everyone for the advice, off to start hitting the books

 

[cynic]

Yes sounds very similar, not even dreaming of a career change just yet

How is your friend progressing?

Last time I spoke to him he was doing almost the same as what you're doing. I expect he'll do weĺl if he sticks at it lo g enough.