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newb info. I missed the session last

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BooDog   Monday, 04/08/13 07:19:51 AM
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newb info. I missed the session last night. Just wanted to pass on some info that I found useful when I was learning. I'm still learning of course and there are some great people out there to learn from.
I'll try and explain this as best I can with a couple rules that have taken me round the corner from when I started.
The hardest part is learning what kind of trader you are and what your tolerances are. I am a swing trader because I can't babysit a stock. I have to be able to turn my back on the market at a moments notice so if it's not a hot runner for a quick flip then it has to be something I can hold or at least have a stop loss on. Many brokers don't allow S/L's on the OTC stocks. Trailing stops are very good too.

I like the 2% portfolio rule though you must keep in mind that if you are only putting $100 on a stock that is already over the $ then you have to consider the commissions added in on both sides to be able to clear a profit. A general rule for me would be to buy enough to clear with a profit with a 6% move and if it goes more great. And at least 100 share block to allow using the all or none if you want it. Setting a S/L is vital imo, but I don't always use it. Using the support levels or even the lows on the daily trading range works. As a swing player i look at both fundamentals and technicals. If the fundamentals are good then I can give my S/L a little more wiggle room.

I'm still no millionaire and still learning.

Some online and other useful books...

Toni Turner is very easy to read and understand without putting you to sleep.

A Beginner's Guide to Day Trading Online by Toni Turner www.toniturner.com
“Short Term Trading in the New Stock Market”

A Beginner's Guide to Short Term Trading by Toni Turner (for swing and position trading which i recommend)

How I made $2,000,000 in the Stock Market by Nicolas Darvas www.darvastrades.com (a good complimentary website to his trading style since he is not on this earth anymore to have his own official website)

The Candlestick Course by Steven Nison www.candlecharts.com

Trend Following by Michael Covel (some of the biggest traders in the world are Trend Followers including John Henry, Jerry Parker, Ed Seykota, The Turtles, Richard Dennis, William Eckhardt, Bill Dunn, Keith Campbell etc.) www.trendfollowing.com

Reminisces of a Stock Operator by Edwin Lefevre (about the legendary Jesse Livermore and how he thought about trading)

Market Wizards by Jack D. Schwager (about other traders mindsets)

New Market Wizards by Jack D. Schwager (same as above)

The Micro Cap Investor: Strategies for Making Big Returns in Small Companies by Robert Imperiale

The Guide for Pennystock Investing by Donny Lowy

Making Dollars with Pennies by R. Max Bowser

Penny stock Winners by R. Max Bowser

Mastering Microcaps by Daniel P. Coker


Bowser is old and out of date but his strategies/research techniques are fundamentaly good imo.

Thanks for reading, and as always feedback is welcome!!



Do your research! Play the TA. All posts are my opinion.
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