Investopedia

[edyzmedieval]

...and other trading platforms. (financial markets)

But mainly Investopedia because it's a free stock simulator, it allows you to first of all learn - and learn a lot! - and it also gives you a comprehensive portfolio of stocks that you can trade, to test it out. Investopedia is the Wikipedia of financial stuff, so even if you're not into trading, go for it when it comes to finance and economics because of the wealth of information. (www.investopedia.com)

Not much to say except hop on over there if you're interested in trading stocks and learning about financial markets.

Anyone trading?

[Husar]

While I like the theory of stock markets and people owning shares in their own corporation etc., my thoughts on the practical implementations of financial markets are for the Backroom.

To answer your question: No, I don't, I do not currently have the disposable income/will/priorities required to partake in such leisurely/serious activities.

[edyzmedieval]

Husar, you can go for the demo account, it's free to use and it gives you virtual capital to test out your skills.

[ztrain909]

Husar, you can go for the demo account, it's free to use and it gives you virtual capital to test out your skills.

Sorry, I forgot to address this. Demo accounts, otherwise known as " paper trading" are useless. They remove the one key ingredient to trading.......emotion.

When you paper trade you have no emotional connection to the trade. You will know exactly what I am talking about the minute you put on a trade with " REAL MONEY."

All the emotions of hope, fear and greed come into play. That is why it is of utmost importance why you should be in a good mental state even before you put on any trades.

Instead of using a demo account it would be best to " backtest " your trading ideas. This will give you a parameter of how your strategy would have worked, although past results are NEVER guaranteed.

You can even backtest strategies using excel. Here are some computer programs that might guide you through the process. http://quantpedia.com/Links/Backtesters

[edyzmedieval]

Well, I differ a bit on the emotion part - because I tried demo accounts, mainly to learn, and I was always into it 100% because I really wanted to see how my knowledge stacked up to proper trading.

So it depends.

But I do suggest trying out paper trading accounts to see how it goes.

[ztrain909]

mainly to learn, and I was always into it 100% because I really wanted to see how my knowledge stacked up to proper trading.

That's what backtesting your system is for. To see how your system stacks up against prior market action. Remember, the market is constantly changing so past results are NEVER guaranteed. It's why it is so important to know your trading rules.

You have follow your trading rules to the tee, to not let emotion rule you( you do have rules don't you?). In order to get to that point it takes great discipline. You cannot achieve that discipline without the risk of loss. Demo accounts have no risk. If this is your first foray into trading you will see that it's easier said then done to see how your knowledge stacks up in the heat of the market behavior.

Instead of a demo account, a good way to start would be to begin trading with a small account($5,000). If you lose it, it's not the end of the world.

It would be a good way for you to put your trading strategy into play with REAL money.

The experience you will gain will be much better than a demo account. You will learn to perform under intense pressure, thereby honing your trading skills and mastering your particular strategy in real time with real money.

[ztrain909]

I do not currently have the disposable income/will/priorities required to partake in such leisurely/serious activities.

This is a very important statement, although the leisurely part is concerning.

One thing about trading is you have to be prepared to lose money. YOU WILL LOSE MONEY, GUARANTEED. The question is how much can you afford to lose? How much of a loss can you take so it will not ruin you?

If anyone has a leisurely attitude toward trading with money, then that also is no reason to do it and a very surefire way to lose 100% of all that money.

Trading should be conducted as a serious LONG TERM business plan. I don't mean buy a stock and hold it for 50 years. I mean you should limit your losses to a manageable amount so that when a winner comes it will pay for any losses and then some. Therefore, allowing you to stay in the game over the long term and begin to create an additional amount of income for yourself.

This video is the very essence of trading. If you can understand it's meaning you have a very good start to trading profitably in the markets.

Investopedia is fine if you want to know what a term means, but it will not teach you how to trade. In all honesty losing REAL money is the best teacher. If you can learn from your mistakes. The problem is humans have the capacity to repeat their same mistakes over and over and over again.

A good place to start is to learn about the psychological aspect of trading. Jesse Livermore, one of the greatest traders of all time, said " it's not in the buying and selling that the big money is made, it's in the waiting."

One book I recommend is The Art of Contrary Thinking by Humphrey Neill.

Also, look at Dr. Van Tharp or Dr. Alexander Elder's books. Both deal with the truth about trading, that is, the state of our mind's at the time we begin to trade. Believe it not, some of my best trades are when I am at total peace and some of my worst have been when I was angry or sad or anxious, etc(I've blown up my account twice, last one was over 100k)

Trading is great way to earn a supplemental income on top of your primary career. You can succeed at it over time.

First you have to have goals and objective's of why you want to trade and how long you think it will take you to get there. If you think your going to become rich overnight just forget trading and go throw all your money on the roulette table. If you map out a plan, treat trading as serious business and make sure that your mind is in the right place, then you can and will succeed.