Experience invester please give me an advice.?

Question

hi

i am a day trader. before market opens i look fo good news for the stock like earning report or anyother good news that indicate that the stock will go up and thats how i do it and i make some decent profit and i am also a beginer.

what other ways i can do day trading i mean stragadies i can use and please i u can tell me where i can learn about it.

Also i want to move on and beome more advance in this field. which i think is posdtion holder invester. please tell me is this the next step i should take or what.

Also i need a book for that will help me . i dont need a book or beginers cuz i have learned basic now i need the nest step.

Thank you

Answer 1

Here's some books to start with;

Mastering The Trade, John Carter

Trading In The Zone, Mark Douglas

High Probobility Trading, Link

Trade Your Way To Financial Freedom, Tharp

Most good traders are reading a few books a year. I'm doing about 7-8 a year. This is a constant education.

You started at the hardest type of trading (day)... most people start with position trading and then move on to swing trading.

Every trading day I watch the video on;

http://www.alphatrends.net/

Sunday's I watch;

https://www.shadowtrader.net/videoArchiv...

Good luck!

Answer 2

There is A LOT of trading methods that you can learn and use in your daytrading.

You can go to elitetrader.com and read some of the trading journal threads in there. Some traders are willing to share their methods, some won't. You can start off by reading the thread on 2008 P&L. Traders post their P&L for each trading day on this thread. When you find someone who is consistently making profits, look up their profile and read all of the posts they made in elitetrader to get an idea of how they trade. You can try sending them PM and ask if they can give you some tips.

Answer 3

The best thing you can do and what kills most day traders, is not knowing or planning for the tax consequences. If you play by the rules, that is the one that kills most newbies. Day Trading is a rough way to make a living and quite frankly, unless you have 100k and do not use margin, I don't give you a plugged chance in h**l.

Learn the taxes, open a second account for 60% of all profits and don't risk it. Doing so will put you out of business every single time.

Answer 4

I would be interested in the earnings release and the guidance for the rest of 2008.  Buy on the rumor, example Nike, NIKE, which releases next week.  It usu sally beats the street "whisper" number.  Go to Yahoo Fiance and then to "investing" go down to earnings calendar for next week and you will see a few names to consider for a quick trade.  The art of trading is to not trap yourself in large loss.  Accept the reality that some days the bear is going to eat you.  Other days you eat the bear!   I like a few research journals.  I think I understand the coal market; but, have punished myself by day trading rather than letting some of the coal stocks run.  It is best to trade in sectors of the market that you know. And be aware of buying a stock that has good track record with managing its earnings releases.  Some CEO cannot tell what is, in deed, a good story.  Others can spin a silk coat out of terrible earnings results. The quality of earnings is key to stock picking on growth prospects.