12/30/2009

If you are new trader do this first



One of the first thing you need to have if you want to succeed in trading is right software and right broker. I would say first get the right software in place. 

You cannot learn trading unless you have a scanning software and also historical data. 

In learning stage you need to go through history and unless you have easy access to historical data you will not be able to  learn much.
When selecting a trading software look for something which is widely used by most traders. 

Often I come across new traders using some exotic and niche software not routinely used by traders. You are just complicating your learning phase by doing this. 

For a widely used software there are ton of resources to help you learn trading quickly. If you select some exotic niche software , good luck, you are on your own.
The most commonly used software amongst active traders are:

  1. Telechart
  2. Amibroker
  3. esignal
  4. Stockcharts
  5. Trade Ideas
  6. Trade Station
  7. Bloomberg
Telechart is the most commonly used software by most traders. And it is the best starting point for most new traders. Once you outgrow Telechart then you can think of other things. 

Amibroker is second best choice. You need a bit of programming knowledge to use Amibroker. 
It will take you few weeks to months to become very good at using any software. That is typical learning curve. You can pray for miracles, but unfortunately that is the reality. So set your expectations accordingly. 
Once you set up your software the next important thing to look at is which broker to use. 

If you are planning to be a swing trader or a trader that is going to do at least 20 to 25 trades in a year, look at your choice of broker. 

The number one broker used by most active traders I know of is  Interactive Brokers. There is a reason for that. It is the cheapest and most reliable broker around.

If you are using any of the broker typically used by retail traders like TD Ameritrade, Etrade, or Scottrade or Fidelity, you are paying too much and your execution slippage will be higher. 
If you want to trade profitably, these two things, software and brokers are the first thing to get in place.




Are you serious about your trading?

If you are serious about your trading and want to build an enduring edge the Stockbee Member site might help you. Members tell me they have tried lot of things before coming to my site and it has offered them the most extensive and detailed methods to swing and position trade.

It is only for those who want to develop their own self sufficient trading method. It is not a stock picking service. It is service for you to build your own scans and trading method to have your own daily pick based on your method.

Be warned it will take you time to learn to trade. Learning to trade is difficult art and unless you are willing to spend months or years to perfect your strategy and also develop your mental edge you are unlikely to succeed in this game. Unless you understand that no site, no service, and no mentoring is going to work.

Why traders come to stockbee?

The member site is one of the most recommended site for learning to trade by other traders and bloggers. You will see no advertising, no hard marketing, no promotions, no free offers, no affiliate marketing, no incentive to other bloggers to promote the site, no constant twits self promoting the site, no free trial  and no tall claims of making you instantly wealthy, and yet the site attracts new  members everyday. Members come from all walks of life and all kinds of trading size and trading styles.

You will see that many trading bloggers have been using my market timing methods, scans , stock ranking lists and chart templates. They have developed their own methods based on my methods. Many paid newsletter site recommend my site to their subscriber for learning about trading and market.

Over the years thousands of traders have been members and those who benefited from the learning talk about the site to others or talk about the methods used and that is how new members learn about the site.





What will I learn in the members site?

The members site will give you in depth understanding to develop your own trading method. The emphasis is on making you self sufficient and confident of your own trading method and style.

As a member you will learn the basics of swing trading, momentum investing, growth investing and risk management.

You will learn about Stockbee Trend Intensity Breakouts method that uses momentum based swing trading to find 3 to 5 day swing trades for 8 to 40% profit.

You will learn about Stockbee Episodic Pivots Breakout method which uses Post Earnings Announcement Drift (PEAD) to find stocks that had a game changing earnings and that are likely to rally for 3 months to 12 months.

You will learn about  Stockbee Dollar Breakout method that uses momentum, range expansion and swing trading approach to find 5 to 40 dollar moves in high priced stocks.

You will learn about  Stockbee Lemonade Strategy for 401k which uses market timing and momentum to invest in 401k. You will get weekly update on how I am using the strategy on our 401k to do allocation decision.

You will learn about Stockbee Market Monitor method for market timing using breadth. It allows you to avoid risky periods in market and allows you to identify market turns. It is used for 401k allocation decisions.

You will learn about Stockbee Double Trouble method to find stock with confirmed upside momentum using anchored momentum and that are likely to continue their up move.

You will learn about Stockbee Night Time is Right Time method to find news catalyst based trade ideas for short term day trade and swing trade.

You will learn about Investor's Business Daily’s IBD 200 list and how it can be used to find swing trading candidates for explosive moves.

You will learn about Telechart 2000 and how to use it effectively to scan for swing and position trade ideas and to set up your 401k strategy.

You will learn about Jesse Livermore Range Breakout, Darvas Box setup, and many other member shared methods.

You will learn how to set up your own scans, select right kind of stocks, how to set up stops, when to enter , when to exit, how much to risk, how to track your trades and all other details about trading. You will learn about developing your own methods and not relying on others for trade ideas.

The site has hundreds of videos and trading methods and variation of methods. Members help each other in developing the methods and share actively their research and finding. A collaborative spirit allows you to get input from others on your trading ideas or problems.

The site gives you opportunity to interact with some of the most successful traders and learn from them about their trading methods. It is a vibrant community with members from different background and experience willing to help each other. The emphasis is on continuous learning and up gradation of market knowledge and setup knowledge. The members range from hedge fund employees, financial advisers, active swing traders, investors and new traders.

If you are looking to develop your own trading strategy the membership site might be for you. You have to be willing to put in the effort to build your own method. There are no silver bullets offered on members site. Every method, every scan, every nuance is detailed and all possible help is offered to design your own method.

Do you have a trial?

If you are just looking for trial you are better off trying thousands of other trading sites that offer free trial or one month trial and offer you promise of riches.

It is for those who are ready beyond the trial phase and ready to put serious months or years  of efforts to learn to trade on their own. It is for those who want to learn to find their own fish.

The free blog has all the details about the methods I trade and if you go through the posts highlighted in the sidebar you will learn about them.



How can I become a member?

To sign up go to www.stockbee.biz and follow the sign up process. The site uses Paypal for payment processing.

15 comments:

cordura21 said...

Hi. Do you know of a scanner that can go back in time, for example "scan for stocks doing n days breakouts on 3/20/20009"?
I know Trade Ideas goes a couple of months back, but maybe there's some other way to go further.

Cheers, Cord

Pradeep Bonde said...

Telechart can do that.

MP said...

I was wondering if Telechart can be used for SGX(Singapore) or HKSE(Hong Kong) stock charting and scanning ? In general, can it be used other than US stocks ?

Just curious..

Pradeep Bonde said...

No.

MP said...

Pradeep, your ans "no" is for my question ?

Pradeep Bonde said...

yes it is for US market only.

badar_basim said...

to MP,

what charting software do you use for HK stocks?

thanks

badar_basim said...

to stockbee,

did you catch seed?

how did you do it?

MP said...

I use Chartnexus for HK stock, EOD data.

a7an said...

stockbee, what level of telechart do you recommend?

Is gold level sufficient for doing the scans that you write about?

Thanks.

Pradeep Bonde said...

gold

bulu said...

Hi,
Great post! How do you feel about Prophet charts, which comes as part of ThinkorSwim?

Pradeep Bonde said...

I have not used it but any software is essential.

RonGC said...

Does any one know where to get historical Info on De-listed Co's and Historical options prices?

Pradeep Bonde said...

Compustat