On line trading?

Question

Hey guys,

This is what i like to get into, Not now but in the near future. I work full time. I like to make some extra income on the side. My uncle was telling me i should take the course where they teach you how to do online trading. Where you buy now and sell in few mins etc.

I like to know if you guys recommend it, and if so how much money should you start with and how much do you usually stop etc and if this is worth it. I was planning on doing online trading 3 times a week or something. Ofcourse i'm going to learn first. lol

thanks

Answer 1

As a trader I can tell you from personal experience that your vision of trading 3 times a week for extra cashflow is a bit difficult. I will not discourage you to try, but expect to invest about 5K- 10k in cash which will be lost and about 2 years to profitability. This is an average. Most programs out there on the TV that sell the get rich quick scheme will teach about MACD, Stochastics, RSI and other magical indicators that ensure you never have a losing trade. The truth is since everyone knows about them, they have little to no edge in the current trading environment.

Check elitetrader.com for real life info on trading.

Trading is not easy, nor glamorous, it is a real pain and extremely frustrating at times. You are matching your wits against the best of the best around the world and you have to be extremely alert and knowledgeable.

It takes a lot of time and nerves to understand the market and there is no way to learn other than experience. Once you learn it however, it can be rewarding. My best advice is to create a profitable strategy that has been backtested and work on discipline to follow it through ups and downs. Trade with fake money ina demo account, if you can make one profitable month then by all means go live with real money.

Answer 2

Unless you're very, very good, you can lose you a$$ online trading but you're a big boy so follow your heart. You might also be a prodigy and buy the Dow someday before the Dubai or Saudi oilers take it over.

Answer 3

TRADING STOCKS IS VERY RISKY. YOU WOULD NEED AT LEAST $500,000.00 THAT YOU CAN AFFORD TO LOSE. INVESTING MAY NOT BE AS EXCITING BUT A MUCH BETTER CHOICE. THINK VERY CAREFULLY.

Answer 4

go to top10traders.com and sign up for a free account

they give you 100k to invest, it is just a game

try this to see how you do.  Investing is very hard and if you don't have any idea what you are doing you will get wiped out

Answer 5

To reach a point where you can online trade profitably, you need to know a great deal about trading.

Do you know anything about how to read a stock?  Do you know how to do Fundamental Analysis, and Technical Analysis?

Do you know about things like RSI, Stochastics, Fibonacci series, candlesticks, MACD, and so forth?

I suggest you get a good book on trading strategies from your library, read it thoroughly, then decide if you can take the risk.

Even the best of traders lose money - sometimes, they lose a LOT of money.