Get Started Trading Now!
Start at the Beginning Welcome to Lesson 1. Today we will be discussing some of the basic fundamental decisions you will need to make before getting started with the actual “Money Making” process. If you do not already know much about the basic mechanics of how stock markets function, I have provided a download link here to an important pdf document that is entitled, Market Mechanics, A Guide to U.S. Stock Markets . I hope that you enjoy it. Click here to read the PDF in your browser, or right-click to download it
What Would You Like to Trade? One of the very first things for you to consider is exactly what you would like to trade. Many Day Traders love to trade e-mini S&P futures contracts. I trade QQQQ stock options which are directly related to the NASDAQ. I also love to trade the EUR/USD currency pair. It is really beyond the scope of this mini course to go in to all of your many possibilities. You will need to do some of your own research, perhaps on the internet, in order to make this decision for yourself. If you are somewhat undecided about what you would like to trade, please allow me to make a suggestion. I would suggest that you follow along on paper with what I am doing with STOCK MARKET TODAY + FOREX and how I am doing it. You can do this quite productively using only my Free Resources.
If you like what you see, you can continue to evolve in the direction of my work. If you come to prefer something else, that is great too. At least by following along with my method for a while, you will get a good feel for the trading business and how I maximize profits while I minimize losses.
What Time Frame Would You Like to Trade? The next thing for you to consider is in which time frame you would like to trade. The nice thing about this business is that you don’t have to quit your full-time job in order to get a great start and begin enjoying success in the market. What is a time frame? A time frame is the amount of time represented by one price bar on the price chart. Some of the shorter popular time frames for Day Traders to trade are 5, 15, 30 and 60 minute price bars. Some of the popular longer time frames to trade are 90 minutes, 240 minutes, daily and weekly price bars. If you want to trade a shorter time frame, you will likely need to sit in front of your computer screen pretty much all day long so that you can respond to the smaller changes in market direction and trend. If you would like to spend a lot less time in front of your computer screen and yet still begin to make great profits in the market, you can choose to trade one of the longer time frames. Please do not ever be misled by the Day Traders. It is actually entirely possible to make very large profits by trading only daily or weekly price bars! For example, to successfully trade weekly price bars, you really only need to check into your current trading position about two or three times each week for about 5 or 10 minutes each time! This longer time frame approach especially works just great for people who simply want to manage their retirement funds. Let’s face it, the days of “buy and hold” are long gone. Just ask the masses of baby boomers who lost the vast portion of their retirement funds in the volatile ups and downs of the stock market over the last few years.
My Own Personal Philosophy of the Best Time Frame to Trade
I am a very busy guy with diverse interests and projects. I have tried trading in many different time frames. I finally decided to focus mostly on 360-minute price bars with both my QQQQ stock options and my EUR/USD currency pair trading. What I like about the 360-minute bars is that I only have to very briefly glance at my charts and indicators about 2 or 3 times during the trading day.That takes a grand total of about 15 minutes per day! Because of the way I have my simple Trading System set up, I instantly know upon a brief glance at my computer monitor whether or not I need to take any action. If I do need to either buy or sell, that only takes about an extra minute to complete. If you subscribe to my daily STOCK MARKET TODAY + FOREX newsletter, you will see that I only make about one transaction every day or two. Sometimes I go for a week or more in only one position. You will also see that my Trading System is extremely profitable and low-stress. Some Day Traders sit in front of their computer screen all day long. Some of them make 10 - 30 transactions per day. That is great if it is your passion. It sure isn’t mine. My simple, 360-minute bar, Trading System allows me to engage in many other projects during the day. It even gives me the freedom to do my periodic market analysis and trading from my Blackberry mobile phone when I am traveling or on expeditions. Talk about flexibility and freedom!
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When I am especially busy with other projects and travels, I have been known to trade daily, or even sometimes, weekly price bars. It always keeps the profits rolling in with an extremely small amount of time and energy investment.
1. Personal Research 2. Price Charting Software Options 3. Data Sources 4. Broker Accounts 5. Ongoing Mentoring and Study
Click here for Course Introduction
Click here for Course Conclusion
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