Dabbled in trading before, now want to be serious

[Penguinfan]

I know the very basic ins and outs of trading stock, how it works, etc... and I have traded on-line before, but quite honestly they were just tips I got from others, some good, some not so good, but I would like to get involved in the market on a daily basis. I am not the type that will just buy a stock, hold it for a while and see what happens, thats just not my personality. I am a risk taker and honestly just don't envision myself working till retirement, again not my personality. Can anyone recomend a good book or series of books or even on-line classes that can teach me to trade? I am a decent learner and very dedicated to acomplishing goals, very task oriented. I have my hands in quite a few things when it comes to making money out-side of work and this just seems like it would fit right in.
Any and all help would be appreciated.

Penguinfan (Mover and shaker wannabe)

 

[selkirk]

Penguinfan here are a list of rules that a famous stock trader came up with almost 80 years ago. I believe the markets do not change, that can be debated.

some of these may not pretain to you, and if you invest in currencies, and commodities you may trade out of your position on a daily basis. still you will need a list of rules to trade/invest by, some of these could be usefull.

thanks
selkirk



Jessie Livermore's Rules For Captial Gains

1.Nothing new occurs in the business of speculating or investing in securities.

2.Money cannot consistently be made trading every day or every week during the year.

3.Don't trust your own opinion and back your judgment until the action of the market
itself confirms your opinion.

4.Markets are never wrong; opinions often are.

5.The real money made in speculating has been in commitments showing a profit right
from the start.

6.As long as a stock is acting right, and the material is right, do not be in a hurry to take
a profit.

7.One should never permit speculative ventures to run into investments.

8.The money lost by speculation alone is small compared with the gigantic sums lost by
so-called investors who have let their investments ride.

9.Never sell a stock because it seems high-priced.

10.Never buy a stock because it has had a big decline from it's previous high.

11.I become a buyer as soon as a stock makes a new high on it's movements after having had a normal reaction.

12.Never average losses.

13.The human side of every person is the greatest enemy of the average investor or speculator.

14.It is not well to be too curious about the reasons behind price movements.

15.Wishful thinking must be banished.

16.Big movements take time to develop.

17.It is much easier to watch a few than many.

18.If you cannot make money out of the leading active issues, you are not going to make money out of the market as a whole.

19.The leaders of today may not be the leaders two years from now.

20.Do not become completely bearish or bullish on the market because one stock in a particular group has plainly reversed it's course from the general market trend.

21.Few people ever make money on tips. Beware of inside information. If there was any easy money lying around, no one would force it into your pocket.

 

[rrc]

Books...

Books...

Reminiscences of a Stock Operator by Edwin Lefevre

Market Wizards by Jack Schwager

The Disciplined Trader by Mark Douglas

Pit Bull by Marty Schwartz

You might want to look into trading futures electronically. Can trade pretty much anything you want from sps,nasdaq,bonds, notes.... Good luck

 

[Penguinfan]

Thanks to both of you for the insight.

 

[KMA]

DON'T TAKE INVESTMENT ADVICE FROM ANYONE ON-LINE.



When you have time look into Motley Fool.

http://www.fool.com/

 

[selkirk]

DON'T TAKE INVESTMENT ADVICE FROM ANYONE ON-LINE.

I disagree. There is quite a bit of information online. The motley fools are one source but there are many others. This stock forum is just a chance to exchange views and ideas, sometimes these ideas are wrong. However often they are from average investors who have learned from there mistakes.

Why bother visiting a stock forum if there is nothing you believe you can learn from

Have read most of the books listed by RRC my favoirte is Reminiscences of a Stock Operator by Edwin Lefevre
you can learn qutie a bit from this book which is over 80 years old.

Most people who talk about stocks/bonds on online sites do it to share ideas, some good, some bad they are not trying to sell anything like books.

thanks
selkirk

 

[DOGS THAT BARK]

KMA Your statement would have been closer to accurate if you would have inserted

DON'T TAKE INVESTMENT ADVICE FROM ANYONE(you are not familiar with) ON-LINE.

I like stocks but do not take the time I should in research and am not that savvy on interpreting what I see.
However I do not think I have missed reading a post by Selkirk since 1999. Time has proven that has been one of my wisest decisions.
If you can a find someone with similiar temperment on stock performances who is not, here today and gone tomorrow, they can be a most rewarding assett longterm.