Intro and question

[TradingSuccess]

Hi Everyone!

i will rip the band-aid off and say that i am completely new to trading!

I have recently started my trading journey with youtube videos and setting up a paper trading account with Interactive Brokers.

I am really confused with all the different selections when it comes to buy or selling a stock. Does anyone know of somewhere on youtube that explains the different selections (options) when buying or selling? for example order types, time-in-force, outside rth etc?


Appreciate your support and patience
Sam

 

[divs4ever]

welcome to ASF ,

now while this is an Australian based forum , some members reside outside Australia , so if you are not an Australian resident OR intending to trade international stocks ( and other stuff ) you might make that clear so the other members can be more helpful

while this is a US site ( in the link below ) many concepts also apply ( with variations ) to Australian and New Zealand trading and investing

Financial Terms Dictionary

Investopedia's comprehensive financial terms dictionary with over 13,000 finance and investment definitions

www.investopedia.com

education , knowledge , and a good reliable calculator ( to double-check your figures ) will keep you in the game longer

and it is a rough and tough game for sure ( lots of reading , lots of research , learning to read charts ( even if just glancing at them briefly )

AND THE MOST IMPORTANT PART developing a style and strategy that works for YOU ( because it is YOUR money at risk )

and the other important part is where do you want to go in this adventure , short term , long term , set yourself up for an income for the rest of your life , or the hectic game of making enough to pay your bills ( once you have the experience and skills

cheers

there is also a thread here

https://www.aussiestockforums.com/threads/newbie-lessons-all-your-questions-answered.14370/

 

[TradingSuccess]

thanks divs4ever

i´m definitely an Aussie and live in Qld. looking to trade Internationally with short term trades, with the goal to setup for extra income

I didn´t realise there was a style when it comes to trading. I thought it was do your research on the stock, buy/short the stock based on your research and thats it.
Do these styles have names? what are they? can i just google trading styles and i´ll get some answers?

 

[divs4ever]

thanks divs4ever

i´m definitely an Aussie and live in Qld. looking to trade Internationally with short term trades, with the goal to setup for extra income

I didn´t realise there was a style when it comes to trading. I thought it was do your research on the stock, buy/short the stock based on your research and thats it.
Do these styles have names? what are they? can i just google trading styles and i´ll get some answers?

you can start here

Dump it Here

Sometimes you feel like dumping stuff & this thread might be the perfect place. Helping Others You might want to dump stuff here to help others Unload You might want to unload & dump something off your chest Gems You might even want to dump some gems here Let it go Sometimes you can't let...

www.aussiestockforums.com

in theory trading is simple

you buy low , and sell high ,

but unless you have inside information ( which is illegal to use ) or are a clairvoyant that is very hard OR you have to be very patient and very quick to act when you have a good exit

meanwhile you should find the name of a GOOD tax-accountant ( just in case you are good at this trading game , because the taxman wants his share

now with tens of thousands of retail ( that is small fellas/gals ) traders all trying to buy low sell high , everyone needs to do it better than average , because the name of ( the big boy's ) is to lure the retail folk into excessive greed and excessive losses

now basic styles include 'channel trading ' and trend trading

channel trading is fairly simple IF you pick the correct stocks

for this you need a share that bounces around between two price levels

as an example i have had some success with QBE ( but it isn't playing so well currently ) i worked out at the time QBE is hard to predict BUT seemed to drop to around $10 ( after some sort of bad news ) but eventually go up into the $13-$14 range , all you had to do was be patient

( obviously you can set your own price targets , but this is just an example )

trending trading is you believing a stock can rise 10%, 20% () or higher than you bought in , now this has all sorts of stuff , like charting etc to help you pick out which stocks and when to buy to give you some chance of success

there are several good traders that are members here ( and i am not one of those ) dig around here and even tiny lessons can help

please note it is a STEEP learning curve

ALSO ASF has some free ( paper trading ) competitions here , they can be very useful in testing your theories and skills

(i would rather have a failed paper trade than a trade with real cash go bad , and comps are very good at detecting bad strategies )

cheers and good luck

remember ALL trading and investing involve risk ( of losses )