i want to be a good speculator in stock market?

Answer 1

Basic advice: if you're new to stocktrading start with longer term horizons first, to get a feeling for what you are getting into.

Then:
1. Read everything about daytrading you can get your hands on
2. Invest in some software
3. Develop a system
4. Paper trade the system for a few months
5. If you didn't make profit at point 4. go back to point 3.
6. Open an account with at least $20000
7. Start trading your system

70% of all new daytraders give up within a year, mostly because they skipped points 1,3,4 and 5.

Answer 2

Trading Tips from a Great Speculator

Join the Discussion

"Do you think that current market conditions are conducive to profitable day trading?"

Related Resources

• Day Trading Pitfalls

Elsewhere on the Web

• Technical Analysis of Stocks


Reminiscences of a Stock Operator by Edwin LeFevre is a timeless, classic investment book first published in 1923. The book is a slightly fictionalized account of the life of the legendary trader Jesse L. Livermore - a man highly regarded as one of the shrewdest stock traders and speculators of all time. Despite the fact that it was written quite some time ago, it continues to offer valuable insights into the art of trading and speculation.

The book tells the rather amusing story of a young trader's progression to day trading in the then so-called "bucket shops" and from there to market speculator, market maker and finally market manipulator. Over a period of about 40 years of trading, Jesse developed a keen talent in the art of speculating. Along the way, many lessons are learned by this trader which he shares with the reader.

I have read this book several times and am amazed at the new insights I have missed (or forgotten) since my last reading. It is no wonder that this book has been popular with traders for more than seven decades.
The following are some of my favourite excerpts from Reminiscences of a Stock Operator which outline some of Jesse's stock trading tips and thoughts based on his own extensive trading experience. All of them continue to be relevant to this day

Jesse Livermore's Stock Trading Tips & Comments

1. Remember that stocks are never too high for you to begin buying or too low to begin selling. But after the initial transaction, don't make a second unless the first shows you a profit.

2. If a stock doesn't act right don't touch it; because, being unable to tell precisely what is wrong, you cannot tell which way it is going. No diagnosis, no prognosis. No prognosis, no profit.

3. Always sell what shows you a loss and keep what shows you a profit.

4. The principles of successful stock speculation are based on the supposition that people will continue in the future to make the mistakes that they have past.

5. Don't argue with the tape. Do not seek to lure the profit back. Quit while the quitting is good--and cheap.

6. Never buy a stock because it has had a big decline from its previous high.

7. There is only one side to the stock market; and it is not the bull side or the bear side but the right side.

8. Never act on tips.

9. The speculator's chief enemies are always boring from within. It is inseparable from human nature to hope and to fear. In speculation when the market goes against you hope that every day will be the last day--and you lose more than you should had you not listened to hope--to the same pioneers, big and little. And when the market goes your way you become fearful that the next day will take away your profit, and you get out--too soon. Fear keeps you from making as much money as you ought to. The successful trader has to fight these two deep-seated instincts. He has to reverse what you might call his natural impulses. Instead of hoping he must fear; instead of fearing he must hope. he must fear that his losses may develop into a much bigger loss, and hope that his profit may become a bigger profit. It is absolutely wrong to gamble in stocks the way the average man does.

10. A man must believe in himself and his judgment if he expects to make a living at this game.

Answer 3

Well
You should try with Penny Stocks Trading (you can find more info here: http://pennystocks.toptips.org )

Penny stocks, also known as cent stocks in some countries, are common shares of small public companies that trade at low prices per share.
I've been subscribing to this PennyStock web site for about a year now and have loved the objective advice they give. He really does look for quality stocks and I've made some pretty nice profits on a lot of his suggestions. Being still fairly new to investing I have been dabbling a lot in penny stocks to try and grow my account. I may not have a big account, but it's a lot bigger than it was a year ago. On just one of Nathan's picks this year I managed to make my investment back ten-fold! Be careful! Penny stocks are notoriously risky but if you follow the right method the risk is almost 0. I suggest to invest only little money first and then reinvest the profits. This is the site I'm using: http://pennystocks.toptips.org

Answer 4

The best way to learn the stock market is to study what the best traders are buying and selling. This is the idea behind the site http://www.top10traders.com - this is a free site that lets you create a portfolio of stocks with $100,000 in "play" money. Each day the site ranks the best performing portfolios, so you can see how your picks perform compared to other investors. You can also read posts on investing from the best traders, as well as share your own investing ideas.

Here are this month's best traders:

http://www.top10traders.com/Top10Standings.aspx

Good luck!

Answer 5

I would suggest reading the book Market Wizards. The book will give you a better trading feeling on the markets. Pick up also the book trading for a living which guides you towards developing a good trading income from the investments that you make. Most important of all spread your trading risk...what i mean is also invest in other investment products. I would suggest mini foreign exchange products, mini futures contracts and contract for difference ( cfd ). A good website to learn on mini foreign exchange trading is www.fxcm.com . A good website to learn about other global investment products is www.saxobank.com . Happy trading !

Answer 6

Hi,
study attentively those books then practice, practice and practice... and you will be one of the best
Technical Analysis by Jack D. Schwager;

Comprehensive Course on The Wave Principle by A.J. Frost and Robert Prechter;

Candlestick Charting Explained- Timeless Techniques for Trading Stocks and Futures by Gregory L. Morris;

Trading Chaos – Applying Expert Techniques to Maximize Your Profit by Bill Williams;
New Trading Dimensions by Bill Williams

Then apply to me by pm or e-mail (press on my name) and I introuce you to the broker

But if you don't now anything about market then better trust your money to experienced trader

I accept private investments too.
Kindly inform you that now is perfect time for investment. As you probably know USD now has confirmed new direction. Since new trend direction confirmed accordingly to daily, weekly and even monthly charts. Last week pair EURUSD rose up from 1.2825 to 1.3094 and crossed psychological resistance level 1.3000 and even tested 1.3100; after weekend opened with gap 68 pips at 1.3162 and accordingly USDJPY felt down from 117.85 to 115.75 and usually December trading is very volatile it means that income could be extremely high. So now is the best time for investment. Reasonable investment amount is from US$10000 (ten thousand and above) but the minimum could be from US$2000.

It is real, stable and guaranteed

PM or e-mail me by pressing on my name and I provide you with further investment details.

Hope for a long and successful collaboration.

Answer 7

There are no good speculators in the market. The market moves randomly. Unless you have inside information, illegal by the way, you can't speculate in the long run. It's like Vegas, the house always gets their cut.

Answer 8

Trading is taken by 95% as speculation & they speculate. Those who are discliplined & take it as a science are 5%. They make money. www.tradersplace.in might be helpful. Give a try :)

Answer 9

to boot getting prepare debts, confirm you're properly recommended. Too many novices make the blunders of spending a large variety of money making an investment without proper understanding to make recommended judgements. you decide on persistence and make the hassle to verify each and every thing until eventually now leaping in.

Answer 10

for this u need to have dedicated time ..i mean sit online and check out tips on sites like moneycontrol.com, yahoo groups and be able to make quick decisions. not all ppl can become good speculators......so invest in good growth oriented stocks for 1-2 months they will surely give u good returns