The knowledgeble persons out there,will you guide me to be a day trader from the basics-books and softwares?

Question

Technical analysis of stocks is one of the many things that I know nothing almost. But I want to become a successful day trader one day.I had watched several sites like the ebay,amazon and found that the books on technical analysis are priced out of my rich. Then the softwares needed for them are priced in lakhs. I want to know the basics,the advanced and everything of this subject. Will you people help me to get the requisite knowledge and resources and guide me from top to bottom ?

Answer 1

The best thing to do is start paper trading. That means you just keep a log of trades you would have done and keep track of the fictional profit and loss. You can also use services like Yahoo Finance or Google Finance to keep fictional portfolios of investments.

You can do most technical analysis using Excel or OpenOffice (the real heavy financial math is another matter). You should also become familiar with asset valuation and accounting (in order to effectively research companies and financial instruments). You can also look at companies like Interactive Brokers (www.ib.com) who offer low cost trading tools and data.

Trading is like most skills, it requires time to develop an understanding, the best thing to remember is that you cannot "learn the basics" and then trade. On last thing, depending on where you live, there may be trading houses that will high novice traders and train them, this is one of the better way to become a trader. Good Luck.

Answer 2

I am not in favor of frequent trading because I think it only makes money for the people that charge commissions. But, with that said, you can make a lot of money in the market if you can find the right stocks to buy. I think the best way to go is to study what the best investors are buying and selling. You can find this information at 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. There is also a charting feature , so you can see how your portfolio performs compared to the S&P 500.

Here are this month's best traders:

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

Good luck.

Answer 3

read this book first:
http://www.amazon.com/Rule-Freakin-Markets-Profit-Market/dp/0312303076/sr=8-1/qid=1166780558/ref=pd_bbs_sr_1/102-6493041-3870548?ie=UTF8&s=books

can get used one cheap!