Good trading skill is an essential skill no matter what instrument you want to trade and what time horizon you have in mind in holding onto a trading position.
There are core trading skills that will serve you well, from being a stock trader who only check on the stock market occassionally to an active day trader who make many trades a day in currencies and futures. Many of these skills can be learned given enough time and patience.
If you know absolutely nothing about trading but want to make money trading, may I suggest you to take a look at Timothy Sykes Tim Alert service. Mr. Sykes has a comprehensive program teaching his penny stock trading technique with excellent support. I have written a complete review of his service. There is no point to force yourself to learn something more complex in order to make money in trading, especially when you need a lot of handholding before you progress to a level ready for the challenges presented in Emini and forex trading.
For those who trade Emini S&P, SPY or other related markets you can read the How to Best Utilize This Site article to see what we offer will fit your need.
Our products and services guide is an excellent roadmap for newcomers to trading and daytrading with pointers to good online resources, books for beginners, etc. It also tells you what and where to look for useful resources from our website to help you improve your trading.
In case you have many questions about trading that you like to get some answers quickly, take a look at our Q and A style online guide book, Everything a Newbie Should Know About Daytrading – A Super Concise Guide online.
If you have some trading related questions, you can submit your questions thru our online form here.
If you are confused about the terms we use in Daily Commentary or other areas, then check out the Terminology page for explanation of commonly used short forms in this site.
In real-time chatroom, we use a lot of short forms because there is really no time to type the words out. An explanation of the short forms on price levels can be found here Real-Time Price Levels Explained.
Don’t forget that we have a discussion area. Feel free to open a thread to document your trading in the Journal section or start a serious discussion on trading related matters.
If you are interested in day trading, or that you are a struggling day trader, please read the following four part series on what it takes to become a profitable retail day trader. These are full length discussions on the subject. Expect to spend time to read and absorb the materials slowly.
There is also a PDF version, Is Day Trading For You, that you can download from scribd.
Many people have learned that top day traders can make a lot of money. The idea of being able to day trade and forget about the markets by the end of the day is very sexy. It is also toxic like an addictive drug to most of the people who give trading ...
In the first part of this series, I have explained that majority of traders have a misconception of the way trading skill is developed over time. That misconception leads to wrong expectations from the progress in their trading performance. The wrong ...
In second part of this series, I proposed a new paradigm to think of trading skills development and the related expectations on trading performance. By accepting the new paradigm, traders can handle changes to their trading performances from a better ...
In the third part of the series, I have covered the psychological makeup necessary to compete against the other traders in the extremely competitive field of day trading. Those foundations will help you making the right decisions both inside and outs ...
Following is an older article I wrote for those are not really determined in becoming a day trader but are thinking about the possibility. It is much shorter and written from a different angle that should be easier to read.
Some people think they can simply put hard work into trading and they will become proficient quickly. How hard could it be, many people asked, that it is just buying and selling something quickly to grab profit, right? Well, I can use a similar arg ...
Read the short eBook Know your odds before you trade. You may not like what is says in the book, because it is brutally honest.
Art of Chart Reading
Defensive Money Management Explained
Our discovery of the price behaviour model described in the eBook Special Theory of Price Discovery.
Worldwide Economic Calendar – Forex Factory
Free Charting – BigCharts Yahoo Finance
Nasdaq 100 ETF QQQ Component Weightings (Useful approx. for the cash index NDX)
S&P500 ETF SPY Component Weightings (Useful approx. for the cash index SPX)