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Pepper

Two Steps Forward

By Pepper, in Beginners Forum

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Pepper    10

Pepper
Posted

Greetings!

 

A Newbie Alert of sorts. After way to long at one job, 31 years, I will be retiring real soon now and will now take a very active roll in family finance management. Exciting and scary at the same time. I've done a bit of investing years ago, but not much in the last 12 years, but have continued to follow the economy, the markets, maintained a focused interest in money management.

 

I will have a lot of questions. Basic concepts of "ultimate security" for retirement funds as was common in past days I'm not sure are valid anymore, what with national debt levels and intentional economic chaos. After studying Chris Martenson Crash Course, listening to the on-line economic news and commentary I am only sure of one thing, life is getting real complicated really fast.

 

I'll have lots of questions and appreciate this forum for a great place to start.

 

Let's get on with it.

 

Cheers,

 

Pepper

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brownsfan019    17

brownsfan019
Posted

Welcome pepper!

 

Just a heads up - this forum mainly deals w/ trading of stocks, futures and forex. Some guys hold their trades for SECONDS. If you are looking for a long-term investment forum, you might be better served elsewhere. Otherwise, enjoy yourself as there's a lot of stuff here.

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Pepper    10

Pepper
Posted

Seconds!!!

 

I can barely hold my breath for seconds!

 

I figure that investing means you buy a stock and every year or so check it. A day trader buys a stock and holds it for seconds, or at least until she can refill the coffee cup. I think of myself as a trader. I'll try to get into a position at what seems like a favorable time and get out at such time that the position swings against my decision. That might be 2 hours, 2 days, 2 weeks, 2 months or 2 years. I don't mind getting rich slowly.

 

Am I in the right place?

 

Cheers,

 

Pepper

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brownsfan019    17

brownsfan019
Posted

Pepper,

There's an old saying that floats around trading boards and books that goes something like - you start as a day trader but if you are unwilling to get out of a losing position you turn into a swing trader and finally you turn into an investor when you just know a position will come back...

 

If you want to DAY TRADE, this is a good site. Anything else and I personally would say you're barking up the wrong tree.

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DbPhoenix    42

DbPhoenix
Posted
Seconds!!!

 

I can barely hold my breath for seconds!

 

I figure that investing means you buy a stock and every year or so check it. A day trader buys a stock and holds it for seconds, or at least until she can refill the coffee cup. I think of myself as a trader. I'll try to get into a position at what seems like a favorable time and get out at such time that the position swings against my decision. That might be 2 hours, 2 days, 2 weeks, 2 months or 2 years. I don't mind getting rich slowly.

 

Am I in the right place?

 

Cheers,

 

Pepper

 

You needn't go elsewhere. While much of what is here is geared toward the daytrader (i.e., someone who closes his trades at the end of the day, but who may hold those trades for hours, not just seconds) or short-term trader, there is also much that is timeframe-independent (see the Wyckoff Forum, in particular, or perhaps the Market Profile Forum).

 

How long you hold something depends on your goals, and developing clear goals is a large stumbling block for many traders, whether new or not. Given your flexibility in how long you intend to hold your trades, this is as good a starting place as any.

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Pepper    10

Pepper
Posted
Pepper,

....

 

If you want to DAY TRADE, this is a good site. Anything else and I personally would say you're barking up the wrong tree.

 

OK, given that, are there any active forums, discussion groups, lists anywhere that someone who's anticipated trading time horizon might be in the several day-to-several months+ range might feel a warm and glowing welcome?

 

Cheers,

 

Pepper

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brownsfan019    17

brownsfan019
Posted
OK, given that, are there any active forums, discussion groups, lists anywhere that someone who's anticipated trading time horizon might be in the several day-to-several months+ range might feel a warm and glowing welcome?

 

Cheers,

 

Pepper

 

Pepper - look around here and see if anything interests you but bear in mind that the forum is really built around traders (hence the name of the forum). I didn't mean to give you a cold shoulder or anything, just letting you know what to expect if you decide to stay w/ us. As for where to start, not sure as that depends on you.

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