Welcome to my first blog. This intention of this blog is simple, I want to show those who are interested, how easy it is to make some extra money or build wealth by trading the financial markets(whichever you choose to do). I've never been the greatest teacher and don't really discuss my finances with too many people, so this blog is the closest that I will ever come to sharing my views on wealth building and how I handle my personal funds to ensure that I never have to rely on a paycheck to get by. I am also not a writer so this may not be the best blog that you have ever read but hopefully you will see "the picture that I am painting" through discussing my daily positions and rationale for making certain stock picks. For those who have never traded before....great, I hope you learn something here. For those who already trade.....great, maybe you can give me some tips to help me on my road to a million.
I am not a professional trader but I have been trading the markets for some time now and have been pretty successful. I don't always win but my motto is: "Never Lose Big, Win Often". It would be virtually impossible to always win in the stock market. For the most part I am a technical trader and use Japanese candle stick patterns, MACD, Full Stocastics, Volume, the 20-50-100-200 Simple Moving Averages, Chaikin Volatility, Fibonacci Retracements and sometimes Bollinger Bands as my indicators. You're probably thinking that those are way too many indicators to follow. This can be overdoing it but I use different indicators for different reasons. We will probably get into that as I start posting my daily/weekly picks.
Here's how this blog is going to work. I will be opening a new Account with E*TRADE(where I have my current brokerage account) and deposit $1000. With this money I will be trading stocks and options and will post my every move so that others can see exactly how I make my money work for me. I will always post my picks before the market opens at 9:30am so that there is no discrepancy as to whether I really made a particular trade or not. It would be very easy to lie about what I traded after the fact and that won't be happening here. If I post it then I'm really trading it with REAL money. Throughout the day, if I decide to sell I will also post that as well along with my rationale for selling, just so that we are all on the same page.
Below are a few websites with great information that will help you along your path to financial freedom through trading stocks and options:
All you need to know about options strategies - http://www.theoptionsguide.com
Free online Webinars from ETRADE and The Market Guys - https://us.etrade.com/e/t/toolsandresearch/onlinewebinarsandeducation
Lots on investing Stuff - http://fxwords.com/
Look forward to my next post on Monday before the bell!
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