Monk's Den

[travelbuff99]

Observations and recommendations from a recent Monkinar graduate. Having attended both the basic and advanced monkinars, here are some suggestions that I would make to anyone attending the basic Monkinar:
• Get a subscription to Stockcharts – preferably the RT version
• Look at the charts BEFORE you attend the basic class. This will provide a degree of familiarity so that the learning process is enhanced. It would be nice to have a video of the actual live chart during the basic class so newbies like me could actually have seen what it would actually look like once you left the class. Seeing static charts can be very deceiving since hind sight is always 20/20. The actual thing is quite different.
• I think being familiar with basic stock market and trading terminology would be good. Understanding what are candles and their types, moving averages, and the MACD was would have been very helpful for me.
• The Atlanta class I attended was around 75 people and I got stuck at the back of the class in the last row. So, get to the room early and reserve your spot to be closer to the front so you can see the screens and hear the discussions as they take place.
• If you are proficient with Word, or a fast note taker, take notes and screen snapshots of the charts to emphasize the points that are being made. I actually took snapshots of the indicator parameters so I wouldn’t lose or forget them.
• After the class, you will be excited. The idea that money can be made so easily is very alluring, but true. Caution is definitely needed here so don’t get caught up in irrational exuberance. It all about paper, paper, paper as in paper trading. It might look easy but until you get comfortable with the process, and can successfully paper trade with at least an 85% success factor, don’t go live – you will lose money if you don’t follow the process and the rules. When I started paper trading, I lost money until I got more comfortable with the process.
• Get familiar with your trading platform. I use E*Trade and didn’t realize that it times out after a certain period so when I was ready to buy one time, I had to re-login and I lost the moment. Follow the recommendations as to what type of account to open and then get familiar with the environment.
• To be successful you have to also learn the “personality” of the funds that you will be trading. Funds behave very differently depending on several factors – time of day, market events, day of week, etc. Look at all of them – it helps to always look at the big picture – no blinders on here.
• Be patient and don’t get greedy. It's better to take a 5 cent profit than to try to wait for that extra 3 or 4 cents and end up taking a 3 cent loss.
• Keep the emotions out of the process – it's just another transaction. Look for the indicators, make the purchase, and then fly the coop when the time comes.
• HAVE FUN!!!
Sorry for being so long with the feedback but I hope it helps. If you have any questions or want to discuss this in more detail just give me a call [phone].