Where to learn trading?

[andriodengineer]

Hello,
I'm a new member of the association. I have come to know the this forums as a result of covid 19, I'm unemployed. I'm thinking that the trading field can save me in this crisis Because I have read the newspaper I find that newspapers talk a lot about famous traders' profits, I wish I could be like them. but I'm starting with a zero And I don't know where to start yet. My biggest question right now is which trading class should I join? Where would be best for me, help me to my greatest success. We hope to enjoy the love from you, those who go before

 

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[alexkuzmov]

Hello,
I'm a new member of the association. I have come to know the this forums as a result of covid 19, I'm unemployed. I'm thinking that the trading field can save me in this crisis Because I have read the newspaper I find that newspapers talk a lot about famous traders' profits, I wish I could be like them. but I'm starting with a zero And I don't know where to start yet. My biggest question right now is which trading class should I join? Where would be best for me, help me to my greatest success. We hope to enjoy the love from you, those who go before

First of, dont join any class.
Secondly, what do you consider trading? What do you plan to trade?

 

[Mario_fastlaner]

You should read the book(s), that’s the starting point. Then start to apply the concepts.
By the way, if you’re currently unemployed and you need cash, find another job for now. Before profiting with trading (or with anything else) you need time.

 

[trylks]

The Intelligent Investor -- Benjamin Graham

But perhaps you should consider a plan B before zeroing on investment. Probably DeMarco wrote something like "the compound interest scam", I am too lazy to search for it now, sorry for that.

 

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[ZF Lee]

Hello,
I'm a new member of the association. I have come to know the this forums as a result of covid 19, I'm unemployed. I'm thinking that the trading field can save me in this crisis Because I have read the newspaper I find that newspapers talk a lot about famous traders' profits, I wish I could be like them. but I'm starting with a zero And I don't know where to start yet. My biggest question right now is which trading class should I join? Where would be best for me, help me to my greatest success. We hope to enjoy the love from you, those who go before

Having traded stocks since last year, here's some resources I'll recommend:

1. Anything by Rayner Teo. Has tons of free blog and YouTube content. Check out his Price Action Secrets book, and his latest website Shooting Stocks. His starter book The Ultimate Guide to Price Action Trading is a good starter on market stages (i.e. Accumulation to Distribution stages)

He debunks lots of myths on indicators (eg ATR, trendlines), and shows some better ways on using them.

But what he doesn't teach is VOLUME, since most of his trades are on currencies. Volume is important because they reflect demand-supply of the counter, which is vital to market psychology.


2. The Volume Spread Analysis doctrine
This was what completed the piece of the puzzle for me.
I think it was started by Richard Wyckoff, before being expanded formally by Tom Williams, who himself used to be part of syndicate traders.

Some books you can read:
Tom Williams' Master the Markets
Trading in the Shadow of Smart Money by Gavin Holmes
A Complete Guide to Volume Price Analysis by Anna Couling

Even with these books, it is MORE useful to learn by reading realtime charts.
Even though I have no interest in certain stocks, I might just peek at their charts to see how smart-money sold down, build-up, low-vol test, etc....all about demand-supply in the markets.

However, if you are close to broke, don't use trading as an escape plan!
Just because newspapers are reporting success stories, it doesn't mean it applies to everyone!

I'm a member of quite a few stock groups on Telegram, and every day I just watch folks jump onto the stocks bandwagon, only to be cut down bad. Now I feel rather numb just reading their rants and rages, blaming the SEC, the managements, IBs, their grandpa...

Only use capital you can afford to lose.
Trading is a game of patience and planning...if you are desperate, your emotional bank account gets thinner, and you'll be more likely to make mistakes.

Even I don't put all my chips on the table...I keep some spare cash to deal with fees and average-downs.
Or park them in dividend stocks where volatility isn't that harsh.