I'm thinking of becoming a professional stock trader. Are there such things? What do I have to do to become one? Is there a specfic degree you need? Or do you just read a lot of finance and investing books?
I've been investing in stock since 2003 and have turned my initial $6000 investment into $110,000 today. But thats with just buying and selling three or four times a year.
I'd like to do it professionally. What does that take?
Also, what software trading applications do professional trader use? http://simulator.investopedia.com/home.a...
http://www.top10traders.com
http://investopedia.com
http://investing.sitesled.com/
http://futures.tradingcharts.com/learnin...
http://www.fool.com/school/basics/basics...
http://beginnersinvest.about.com/library...
http://www.mysharetrading.com
http://help.yahoo.com/help/us/fin/
Blogs
http://winners-and-losers.com/
http://strategiesforlife.blogspot.com/
Training & classes
http://bettertrades.com
http://investedcentral.com
IPO鈥檚
http://investing.thisismoney.co.uk/cgi-b...
Article: Trading is Timing
http://www.investopedia.com/articles/tra...
ETF news and analysis
http://ETF-World.Org/
Here鈥檚 a simple, three-fund portfolio consisting of low-cost ETF鈥檚 that is likely to outperform anything your stock broker throws at you over the next 10 years.
Vanguard's Total Stock Market ETF 鈥?VTI 鈥?total market
iShares International MSCI EAFE value fund 鈥?EFV 鈥?value fund
iShares Lehman Aggregate Bond Fund 鈥?AGG 鈥?aggregate bond fund
Preferred Stock quotes and Income Investing
http://www.quantumonline.com/
About.com: 'Becoming a Day Trader'
http://daytrading.about.com/cs/education...
About.com: 'Day Trading'
http://daytrading.about.com/#b
AskMen.com: 'How To Become A Day Trader'
http://www.askmen.com/money/investing_10...
Day Trading World:
http://www.daytradingworld.com/...
Daytrader's Bulletin:
http://www.daytradersbulletin.com/...
http://www.teachdaq.com/
http://www.tradejuice.com/
http://www.sec.gov/investor/pubs/daytips...
http://www.briefing.com/Investor/Public/...
Try to determine your time horizon. Short-term, long-term?
Take a look at charting and Technical Analysis for following trends in the markets. Why would you own a stock that is in an obvious decline, or a mutual fund that underperforms the idex it follows?
Realize right away there are two sides to the market, not just the upside. Not only can you short the weak ones while you go long the stronger ones, what goes up, eventually comes down at least part way. This is not a business of prediction, but rather knowing what to do if certain price points are reached, say at Support or Resistance levels, or Fibonacci retracement levels, or if a breakout to new highs or lows occurs.
Learn how to analyze risk, and make this your primary approach. We are not in the business of analyzing an unfounded theory of compounding profits and erroneously analyzing how much money you can make. For example, most traders don't make any money at all; more than 80% blow out.
Learn about money management techniques, and maybe you'll stick around awhile.
Try to find these books:
They say "Buy and Hold" for the long term is better, but that depends on when you get in, and what your definition of "long term" is. The phrase "Buy low and sell high" infers that you buy after a decline; but how much of a decline? If you had bought after a 1000 pt decline in the Dow in 2000, you would still be waiting to get back to even, six years later in most stocks.
How to start trading online:
http://www.bernanke.cn/stock-trade/........
http://www.stock-trading.jims-info.com/....
http://money.howstuffworks.com/.........
http://www.investopedia.com/
http://sharebuilder.com/
stockcharts.com
Beginner鈥檚 Books on Investing
"Which Is Better, Buy-and-Hold or Market Timing?"
"Do You Have What It Takes to Be a Market Timer
The Beginner's Bible in Technical Analysis is:
Edwards & McGee"Tech. Anal. Of Stock Trends"
Droke, ClifTechnical Analysis Simplified
Kahn, Michael N.Tech. Anal. Plain & Simple
Kamich, Bruce M.How Technical Analysis Works
Lefevre, EdwinReminiscences of a Stock Operator
Lofton, ToddGetting Started in Futures
Lowenstein, RogerBuffet (Warren)-The Making of a Capitalist
O'Neil, William J.How to Make Money in Stocks
Oz, TonyHow to Make Money From Wall Street
Develop a plan, then test your plan on a free simulator at Investopedia.com and when you start making "virtual" money, then you can risk your own. Assuming you would like to get your undergraduate degree, you could get a bachelors in finance.
In order to become a stock broker (a person who deals with the stock market professionally), you must pass your series 7 exam which is also called the General Securities Representative Exam.
I would suggest maybe doing some very basic research on wikipedia and then seek out more reputable sources from there.
Happy Trading ;o) |
