Looking to Start a Home Based Business?
This business is very easy to start. Use your on-line connection, open a trading account and add some trading capital. There are no employees, no travel and no boss to worry about. Work right from home during market hours. Trade anytime during the day you want or on any day of the week. You can leave the weekends free to do whatever you want or get in a little research if you want to. Well, that is the easy part. Banking profits on a consistent basis is the harder part. This takes some real life trading practice. There is absolutely no substitute for live trading experience. But that is part of working this business; and you will want to treat it as such by keeping good records. Also keep a journal of some kind that details your experiences. It will help you to improve along the way.
The nuts and bolts of trading can be summed up in three words: method, money, mind. There is the trading methodology, the money management plan and the mental aspects to consider. Methodology is the actual system you will follow to make buy and sell decisions. Money management will involve taking losses and profits and deciding how to use your trading capital. The mental side of trading is how you will treat your trading results. Overcoming your fear and greed tendencies will go along way toward improving your trading outcome. Plan on spending some time and money getting acquainted with the markets. Read some books and explore various sites on-line. Do not pay attention to all the hype and promises of quick returns. That is only a selling tactic. This is a real business and it is fun when done properly. It can be used as a supplemental income source or even as a full time occupation. But not until you have mastered your emotions and learned a profitable trading system. If you have the slightest inclination to become a trader, take the time to find out what it involves. Anyone with a little desire can learn how to become a profitable trader.
The biggest mistake you can make is to jump in expecting to reap huge rewards from the start. Taking the time to learn about the markets can pay huge dividends if you decide to become a trader. This is a list of some quality resources to check out. Many of these books/sites cover all aspects of learning to trade. The listed trading courses offer a variety of methodologies and money management techniques.
Books:
Mark Douglas…The Disciplined Trader and Trading in the Zone
Alexander Alder…Trading for a Living, Come Into My Trading Room
John J Murphy…Technical Analysis of the Financial Markets
Van Tharp…Trade Your Way to Financial Freedom
John Carter…Mastering the Trade
Ari Kiev…Trade to Win
Larry Williams…Long-Term Secrets to Short-Term Trading
Bill Johnson…Investor’s Guide to Understanding and Mastering Options Trading
John Hayden…The 21 Irrefutable Truths of Trading
Dave Landry…Dave Landry’s 10 Best Swing Trading Patterns
Trading methodologies:
www.rsofhouston.com Offers an extremely simple methodoldgy for any type of market. The course is expensive and geared toward the serious trader. Worth the price when you consider all the other methods you might end up trying.
www.hardrightedge.com Offers learning courses reasonably priced. Lots of information and resources at this site by Alan Farley.
www.tradethemarkets.com Offers trading courses and a variety of related information from John Carter.
www.tradingmarkets.com Offers a variety of trading courses and services. Wide variety of related information. Features courses from Dave Landry and Kevin Haggerty. His course featuring the RS5 method is reasonably priced.
Other resources:
www.thestreet.com Commentary and other useful information. Trader Jeff Cooper offers expert advice for trading the markets. www.investools.com Offers a variety of useful services including charts and courses. www.stockcharts.com Offers free stock charts and resources. Also a paid stock charting service. www.cbot.com Offers a variety of information that is free and useful. www.briefing.com Offers up to the minute news and commentary. Extremely timely information
and reasonably priced monthly subscriptions. www.optionsxpress.com Stock/options/futures broker with discount commissions and excellent service. More sophisticated trading ability than others.
There are hundreds of other books and sites to explore. With the Internet, you may become overwhelmed and overloaded with information. However, if you keep a limit on the number of resources you choose to explore, you will have taken the right first step. Do not be overly impressed with all the hype you will find during your research. Make it a point to discover for yourself what is truthful or not. If you become determined to learn to become a successful trader, let nothing or no one dissuade you. Decide from the start how much you might be willing to invest in starting your trading career. Learn a good method, stick to a trading plan and move confidently forward. You don’t need to spend a fortune to be successful. I would stay away from the many packaged trading systems that offer back testing. These include Metastock and Omnitrader. Trading is not as easy as they would want you to believe. Most of the trading systems you might backtest will not work in real time. If it was that easy, everyone would buy these systems and become instant millionaires. Pass by the infomercials on TV as well. The rock bottom truth is that you can be successful as a trader. It will take time, planning and real life trading experiences. And your own heartfelt determination!
