Trading Community Recommendation?

[phlgirl]

Hey guys -

A friend of mine is considering making the leap into trading full time and I was wondering if you could direct me to some trading specific forums.

I have, of course, told him about FTM but wanted to see if you guys had any other favorites.

I thought there was a thread out there about this but cannot seem to find it.

Edge? Randall? Kidgas? Anyone?

Thanks!

 

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[phlgirl]

bump

Anyone? Suggestions?

Thanks!

 

[kwerner]

It's not really a forum, but I seem to recall Randall suggesting to use Investor's Business Daily.

Hope this helps.

 

[Edge]

Sorry, I don't have any recommendations. I used to read a lot of trading blogs and communities, but I now consider them a waste of time and not helpful at all. The main reason is that there are 500 different people with 500 different opinions. Their opinions might be good for them with their way of entering and exiting trades, but I didn't have good luck trying to mold someone else's ideas with my personality.

I do still visit a few trading communities, mainly for entertainment and social reasons, but try not to let their crystal ball readings influence me. I also found that the bloggers I liked the most really had the motive of getting people to sign up for their trading services, or were fishing for hedge fund clients. Those types of motives are bound to skew their analysis and community members.

If your friend wants to find a community, he needs to define what type of trader he is (short term, intermediate term, long term, fundamental, technical, program, etc) first and let that lead him to a community. Once he figures that out, you should post that info here again to see if it matches the style of anyone else around here and see what communities they visit.

What he is looking for is out there, but without me knowing more about him, my recommendations wouldn't do him any good.

 

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[randallg99]

just saw this. Kasey is right, I've been following the IBD closely and it's been handsomely paying dividends.... Every night I read the market recap that's emailed to me (see below for last night's email) and I keep their site open pretty much all day (investors.com) ... another screen has Ameritrade on it.

I also belong to a paid forum, and I have a few "friends" working in brokerage houses who supply me reports (from GS, Barclays, ML, etc) ...

the paid forum I belong to specializes in MLPs, REITs, bonds and basically value investing.... probably not ideal for the full time trader by any means. Other subjects about the economy, currency, global rates, politics among others pops up but usually not relevant to trading.

good luck to your friend ... odds are stacked against traders and it's absolutely no where nearly as glamorous as it might appear. Most important advice that I can give is to keep losses small and gains big ;-) Surprisingly, it's much easier said than done

and good luck to your property endeavors. Where are you picking up properties in phila?

Jul. 20, 2009 Issue: Market Outlook | Stock Ideas & Analysis | IBD's Top 10 | Investing Strategy

Indexes Tack On Gains As Leading Stocks Rally

Stocks closed with nice gains Monday, thanks to reports that troubled commercial lender CIT Group would get $3 billion in emergency funding. CIT shares rocketed 82%. The NYSE composite climbed 1.7%, thanks partly to gold and steel producers.
Read Full Article

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CNinsure




China-based insurer CNinsure (CISG) is a new addition to the IBD 100 list of top performers. The company writes policies in the country for autos, homeowners, various forms of business insurance, life insurance, and other areas. Like many other Chinese stocks, this is a smaller company that went public fairly recently.

• CNinsure has a market cap of $698 million, and it trades just 150,000 shares per day.
• Its EPS Rating is 99. The company has an excellent history of profit and sales growth in the past eight quarters.
• Good sales growth indicates there's something new the company is doing to drive demand. As China becomes more affluent, more consumers and businesses will, of course, be buying insurance.
• Its three-to-five year EPS growth rate is 129%.
• There are some blemishes, too, with the fundamentals: Return on equity is lower than ideal, at 14%, and cash flow per share is low, too.
• CNinsure's group, Insurance-Brokers, is ranked just No. 188 among IBD's 197 groups. Use extra caution when you see a stock like this one, which is a lone standout within a poor group

 

[phlgirl]

Thanks guys.....much appreciated.

Makes sense - I will pass on the info. I think my friend has been trading for a good while, on the side, and is just thinking about the possibility of making a significant career change. He is extremely rational and even-keeled. There is (or will be) a plan/budget/strategy - no doubt.

Randall - nothing concrete yet - but we are putting together a couple offers on a few bank owned properties in Graduate Hospital. If we can get them down 10-20% from asking, there should be some significant margins. We are also seeing some potential in Fishtown and certain parts of South Philly. As you know, we are out of the buy & hold game, for now, but this buy and resell thing doesn't seem so bad after all. Would be nice if we could get the business moving in PHL, so we could stop flying to FL every 20 days!!

 

[randallg99]

did your friend make the leap into full time trading? and how are you doing in the PHL market?

 

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[celine]

Hi there, I think you must get educated to understand forex trading. There are lots of good resources out there to help. One of the best I have some across is XXXXXXXXXXXXXXXXXXX(URL removed by Runum) as they run free webinars and training. And they run a live portfolio so you can actually see if their strategies are making profit live.
They also send out a daily report each day with the trades

 

[JimN]

Hi, I have been trading from China to other countries for many years now. There is good many to be made, but it definately is not easy. Find something which your friend consider his expertise. Worldwide trading has become easy, so you need to add value having extra knowledge about the product and service.

 

[mcirl2]

Hi all,

Ok I will give you some advice based on my trading experience.

There are many forums out there but tbh I think a lot of them are a waste of time as trading should be kept simple - price action tells all and forums include lots of opinions / gossip which seems helpful but isnt.

I joined a Prop Trading firm in September and I am trading there since. We also build some algorithmic trading tools but the below advice is what they are built upon (Trend Trading / Do nothing if no trend). I have learned a ton since I started - mostly to keep it simple:

1) Read a trading Psychology book like Trading in the Zone or Trade Your Way to Financial Freedom (1 book is enough)

2)You need to put a structure on price action by using MTFs (Multiple Timeframes)

e.g. What do I want to see to be long or What do I want to see to be short:

What is most important is that the higher timeframe is making higher highs or lower lows and the time frame under that is doing the same.
Then you look for a consolidation / pull bk on the timeframe below the other two.

Let me use this example to make it simpler:

If daily chart is making higher highs and so is the hourly - I will wait for a consolidation / pull bk on the 15min chart BUT the pull bk must stay > the previous day's low. Then when price starts to move off in the direction of the existing trend (ie breaks last 15min high) I will take an entry.
I obviously use Key Support + Resistance levels so Im not buying resistance / shorting support - ideally you want a bit of 'fresh air' between the current price and next daily resistance.

Furthermore if a stock is going sideways on the hourly I do NOT trade it until it starts to trend.

The above method is simple, works well on both long and shorts and keeps you out of sideways action.

Also, do this analysis on the market - if market is weak (ie like it is today - last few months) then you should use 1/2 size on counter trend side and book profits / losses faster.

I will use the following chart examples to further explain this method:
CL (Crude Oil Futures)
CL Weekly Chart (Finviz)
Weekly chart is starting to make lower lows and possibly could roll over

CL Daily Chart (Finviz)
Daily chart has made a big move down today - looks very week

CL Hourly Chart (Finviz)
Hourly is starting to pause after the big move - I wouldnt short here as it has had a big move - let it bounce or break the low of pause and short there with tighter stop

*Im using the 60min as my lowest timeframe as finviz doesnt do 15min charts. This can be applied to stocks AND DO NOT TRADE THIS unless you absolutely know what you are doing as Futures are highly leveraged - this is EXAMPLE Only.

Ideally I would like to see CL bounce up and hold < 75 level and form a swing high and then as it starts to sell off again I would short it with an initial profit target @ 70.00.
Here I would sell 1 contract and hold the other to a flat, this way if it cracks 70 Im still in the trade.

Sorry about the extremely long post and bit off topic post but think it is important for people to know that trading needs to be kept simple - in other words - if it isnt trending DO NOT Trade!!!!!

See attached chart of SP500 Futures over last week - that is a picture perfect trend - push down, pause, push down, pause etc etc etc


Mike

 

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[JimN]

When you are looking to trade from China, finding the right trading partner is really very essential. When buying normal consumer goods, you can easily checkout Alibaba, or when you can read Chinese visit Taobao. But when you want to purchase goods in China which are not normal consumer goods, like car tyre or parts, airco's, parts, you better ask an agent todo an inspection before the goods are send you way, and before you pay. Not really need a special forum to check that out