All set to trade?

Pappon · 22 April 2009

Okay from what i've gathered here this is what i need:

1. Amibroker 5.2 (have downloaded it) i haven't bought it as of yet. It looks like it only has US markets on it? Don't rip into me i'm just beginning.

2. IB, interactive brokers so when i'm making a profit not getting smashed on brokerage. (This needs to be set up)

3. Sign up to 'The chartist' has been recommended by many proficient traders here (starting 1st May)

4. Adaptive analysis for australian stocks ( it's bought and on the way) i have a book on CFDs coming: Contracts for Difference (Cat Davey)
Making Money From CFD Trading (Cat Davey)
The way of the turtle (Curtis Faith)
Give Your Trading the Edge: A Guide to Success on the Financial Markets (has contributors such as Jim Berg, Louise Bedford, Dawn Bolton-Smith, Tom Scollon, Kel Butcher, Gary Norden and Kerry Johnston)

Are these books anygood? I realise The way of the turtle is basically a story more than an information book from what i can gather anyway.

Amiboker is totally foreign to me how on god's earth do i understand it?

Is there anything else i would need apart from time??

Trembling Hand · 22 April 2009

Pappon said:
Is there anything else i would need apart from time??

You should of named this thread 'all set to start to learn how to trade.'

You are seem a long way away from a positive expectancy sys. Why are you bothering with that CFD book?

Aussiest · 22 April 2009

Some trading capital.

No, seriously... Are you a newby?

You're doing the right thing by studying the markets first.

Aussiest · 22 April 2009

Trembling Hand said:
Why are you bothering with that CFD book?

Lol... TH hates CFDs.

Sean K · 22 April 2009

Sounds like you're jumping ahead a bit.

Maybe you've been 'investing' for a while and switching over?

Good suggestion above about some trading capital. Comes in handy.

Aussiest · 22 April 2009

Pappon said:
Contracts for Difference (Cat Davey)

I've got that book, haven't quite finished it yet.

Good story, but thus far, she hasn't talked about overnight holding costs for CFDs.

Careful of that

Trembling Hand · 22 April 2009

Aussiest said:
Lol... TH hates CFDs.

My point is why read about CFDs when you aren't going to trade them

tech/a · 22 April 2009

Trembling Hand said:
You should of named this thread 'all set to start to learn how to trade.'

You are seem a long way away from a positive expectancy sys. Why are you bothering with that CFD book?

Agree post back when youve done your 10,000 hrs.

AlterEgo · 22 April 2009

Pappon said:
Amiboker is totally foreign to me how on god's earth do i understand it?

I've just got Amibroker and going though the 973 page users guide now..... I think I'll be a while...

I've used MetaStock for many years, so AmiBroker looks totally foreign to me too. I notice there is an "Introduction to AmiBroker" book by Howard B. Bandy. Anyone here read it? Is it any good?

nomore4s · 22 April 2009

Regarding Amibroker - you download whatever data you want for it. So if you want to trade the ASX you need to get EOD data for the ASX from somewhere.

Also you don't need amibroker if you are going to use it only for looking at charts - ie no scanning or system entries etc. You could use something like incredible charts - free with 18hour delayed data.

The Chartist might be a good place for you to start so you can see how a very good trader trades.

You look to be very green and I suggest doing plenty more research before entering the markets.

johenmo · 22 April 2009

If Amibroker is foreign you are miles from using it. Good programme.

Don't know how much experience you have but can recommend the Chartist if it is minimal.

Search the forum re books. Van Tharp was good (Trade your way to fin freedom).

and learn Money Management FIRST (position sizing, managing capital, etc).

And it all depends on your stle of trading. Been learning one year so far & nearly ready to move from learner to newbie.....

There's no hurry.

Aussiest · 22 April 2009

Trembling Hand said:
My point is why read about CFDs when you aren't going to trade them

To learn how to trade them. Although i don't think Catherine Davies' book is a good representation of what will happen when you trade them. It is a rather glib account.

I'd just be careful of the overnight costs as she doesn't mention them in her book

nomore4s · 22 April 2009

Aussiest said:
To learn how to trade them. Although i don't think Catherine Davies' book is a good representation of what will happen when you trade them. It is a rather glib account of an experienced trader.

Be careful, *listen*, but don't take it too seriously

What TH is saying is why learn to trade them if your trading account is with IB.

Aussiest · 22 April 2009

nomore4s said:
What TH is saying is why learn to trade them if your trading account is with IB.

, lol.

In principle, share CFDs are similiar to normal share trading, but there are additional costs involved, such as overnight costs. Which, i don't think the average newby thinks of.

If you buy shares, they're in your name. If you buy CFDs and the broker goes under, i assume you will lose your $$$.

Can't you trade CFDs with IB? I'll have to look at their website.

Aussiest · 22 April 2009

Pappon said:
Contracts for Difference (Cat Davey)
Making Money From CFD Trading (Cat Davey)

Oh, and you have to remember, some of these books were written in very different times, during a bull market.

nomore4s · 22 April 2009

Aussiest said:
Can't you trade CFDs with IB?

No. IB are not a CFD provider.

Pappon · 22 April 2009

Aussiest said:
Some trading capital.

No, seriously... Are you a newby?

You're doing the right thing by studying the markets first.

$10,000 at the moment.

Aussiest · 22 April 2009

Pappon said:
$10,000 at the moment.

Okay, well, be very sensible.

Im starting to think the SPI is a good thing to trade. DYOR though.

And remember, my tip for the day, there are overnight holding costs for most things that you trade.

beamstas · 22 April 2009

Firstly. You don't need all those things to trade

But you are taking a good step in seeking them out

1. Amibroker - I highly recommend it - it's great for the small cost. I'd suggest signing up to Richard Dale's Premium data (it's what i use) for your charting data. It costs around $30 a month for ASX data, but it's worth it. Yahoo and Google data just doesn't cut it.

2. IB - You don't need an IB account to trade, plenty of others around especially if you are looking to trade the ASX.

3. The Chartist Subscription - Couldn't reccomend it more highly for someone trying to learn how to trade shares. Again, it's not essential. But the knowledge you gain from someone like Nick is invaluable

Cheers,
Brad

Pappon · 22 April 2009

beamstas said:
2. IB - You don't need an IB account to trade, plenty of others around especially if you are looking to trade the ASX.

Brad

Who do you have as a broker?

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