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Novice Daytrading - Answers (cont)
We published a Mentor Update, Guidelines for the Tick, regarding the
Tick. You can review all the previous Mentor Updates via the link on the
Performance page. Use the drop-down box to find the one you want,
and then click on "Get Prior Mentors." Adobe Reader should open either
independently or in your browser to display the document.
Actually we do not provide this kind of assistance. Our service is geared for spotting potential low risk - high probability trades. The trader must be either proficient at trading already, or in the process of learning.
If you are set up to paper trade with a service that actually allows you to input the trade parameters (without actually risking any money) this is an ideal way to "get your feet wet."
That is exactly right. There are a few services that allow you this type of trading and it is an excellent idea. They usually cost a bit of $, but are well worth it, as the majority of traders learn the hard way and at the cost of multiple thousands of dollars.
Here is one site that seems to have a good explanation of how to learn to paper trade.
Remember, paper trading is not the same as actually trading. It is much easier to make a decision when there is not any real fear of loss. That is why, learning to paper trade should give you the confidence to know you can trade and how to follow your own rules. Then when you begin to trade in the real world, you can overcome your reluctance (if any) to take trades by simply remembering that it does work, if you follow the rules.
21) Thank you for your prompt and informative response, I will take your advice on paper trading. Hopefully in the future I may be able to avail of your service, however I have a lot of research and study to do before that.
There is a lot to learn: just remember, professional traders are learning more every day, so it is an ongoing process. Send us questions, if you can't find answers, and we'll help all we can.
Another book I learned a lot from when first studying is Computer Analysis of the Futures Markets. It presents many technical studies and explains how to go about using the various studies in your own trading. (It's in the bookstore section on Technical Analysis).
Money spent on yourself is an investment in your future. Don't forget your local library, you just don't get to keep the books ;-)
|Daytrading tips for Novices (cont)
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