Newbie looking for practical advice

dead trader · 2 February 2007

Hi everyone,

I'm 17 (almost 18) and I've been interested in the stockmarket for about as long as I can remember. Can anyone recommend good books to read particularly on options and/or psychology? At the moment I'm reading Options in a Nutshell by Brad Booth and I've finished Rich Dad Poor Dad.

Techbuy · 2 February 2007

Hi Newbie,
I read over and over this one while it's geared to general trading the overall advice is very good on the psychology and money management sides.

Trading for a Living: Psychology, Trading Tactics, Money Management by Alexander Elder.

The other stuff I read is:
Market Trading Tactics: Beating the Odds Through Technical Analysis and Money Management by Daryl Guppy

Cheers

yogi-in-oz · 2 February 2007

Hi greasy_p,

..... here's a freebie, that may help you get
started, as well .....

http://www.authorsden.com/SampleWorksPDF/10134.pdf

happy days

paul

Riesling · 2 February 2007

As well as books I would suggest reading discussion boards like this, and the ASX website. Set up a simple spreadsheet and do pretend trades for 3 months. See what your pretend balance is at the end of the 3 months then do it again for another 3 months (remember to charge yourself $20 a trade LOL!)

By then you may have a general understanding of the market and a variety of companies, and know of a share that you think has some medium-long potential. Buy whatever you can afford of that share and hold onto it.

Keep your pretend trading going for another 6 months then do another buy.

Don't rush into anything, and good luck!

pacer · 2 February 2007

Do you download off torrent sites, like mininova and spynova, using azureus as your download tool, if you do then you can download heaps of free books and stuff without expense...which is a real bonus for beginners...and every dollar counts.....otherwise there are books for sale here or free to borrow at a good library....try trading for dummies....seriously!

As for psychology.....when it becomes boring you know you are doing it right.

CanOz · 2 February 2007

Can't go past this one for good info, and a free trading account with $100,000 of play money!

http://www.investopedia.com/

Cheers,

nioka · 2 February 2007

Riesling said:
As well as books I would suggest reading discussion boards like this, and the ASX website. Set up a simple spreadsheet and do pretend trades for 3 months. See what your pretend balance is at the end of the 3 months then do it again for another 3 months (remember to charge yourself $20 a trade LOL!)

By then you may have a general understanding of the market and a variety of companies, and know of a share that you think has some medium-long potential. Buy whatever you can afford of that share and hold onto it.

Keep your pretend trading going for another 6 months then do another buy.

Don't rush into anything, and good luck!

You probably won't get better advice than that. Best of luck ( you will make most of your luck all by yourself. Both good and bad.)

Techbuy · 2 February 2007

Riesling said:
As well as books I would suggest reading discussion boards like this, and the ASX website. Set up a simple spreadsheet and do pretend trades for 3 months. See what your pretend balance is at the end of the 3 months then do it again for another 3 months (remember to charge yourself $20 a trade LOL!)

By then you may have a general understanding of the market and a variety of companies, and know of a share that you think has some medium-long potential. Buy whatever you can afford of that share and hold onto it.

Keep your pretend trading going for another 6 months then do another buy.

Don't rush into anything, and good luck!

Gee I wish someone had given me this advice when I started out... Would have had a few more $$$$ left on the bank. Good one Riesling.

Naif · 4 February 2007

I recommend you to read:

1-The Psychology of Trading: Tools and Techniques for Minding the Markets. by Brett N. Steenbarger

(( you should read it before trading )) its the best book i`ve read in the psychology of trading.
http://www.amazon.com/gp/product/0471267619/103-7174386-3638229

2- Technical Analysis of the Futures Markets: A Comprehensive Guide to Trading Methods and Applications . By John Murphy

(( if you want to learn technical analysis then you should read this, its the bible of technical analysis ))

http://www.amazon.com/Technical-Ana...ef=sr_1_9/103-7174386-3638229?ie=UTF8&s=books

Newbie looking for practical advice

dead trader

Techbuy

yogi-in-oz

Riesling

pacer

CanOz

Home runs feel good, but base hits pay bills!

nioka

Techbuy

Naif

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