17 year old Beginner

Baruch · May 17, 2004

Quote from iLLywiLLy:

Hi everyone,

About me... I've always been interested in anything related to the financial world (That includes anything on businesses, real estate, and equities). I've sort of an entrepreneurial spirit and very ambitious. I have always had a relationship, if you will, a sort of love of the stock market (hopefully I will learn more about the futures markets also). I'm confident in myself.

I'm not here to pester anyone with 'newbie' questions. I've done a lot of research on how to actually get started in trading over the past month or so. I just want to state my plan (for personal motivational purposes and for critique/input)

I have bought stock in the past, but that was a few years ago (ha, 2001. right after bull market) and I lost all of my money. I now want to be serious about the markets. I know it's going to be a slow process, but im willing to put in what it takes. I hope my age will be to my advantage because I know I will have to put in a few years before I see concrete results.

Summer is fast approaching and I am looking forward to an intense ready frenzy. I have about 2.5 months off and I will read these books:
- Trading For A Living ~ Elder (sort of primer on trading)
- Come Into My Trading Room ~ Elder (followup to 1st book,
primer on trading)
- Techical Analysis of Stock Trends ~ Magee (good
fundamental TA knowledge)
- Reminiscences ... ~ Lefevre (read it, but reading again.
insights into thought process of livermore)
- Technical Analysis A to Z ~ (another good fundamental book)
- Schwager's books (motivation, maxims,....)
- HTMMIS ~ O'neil (read it, will again. CANSLIM seems
reasonable, maybe i will build a system around this)
- Phantom of the Pits (read it, will again. A few people may be
familiar with him, good sound rules)
- The Disciplined Trader ~ Douglas (must read, i hear.
Psychology)

That's what I have so far. If anyone is willing to give me input (good choices, discard...), much appreciated.

Also, as for charting, I'm not at the point which i know what kind of charts I will be using. I know that different kinds of charts and what they show (candles, bars, p&f), but as for now, I'm just reading on stockcharts.com's Education section. Any input here...

That's basically my plan so far. 1. Whole summer of reading (2-5 days per book) 2. Start trading halfway through summer, just to get a feel (maybe 10-30 shares) 3. I will be holding down a job (50-60 hrs/wk ~$360/wk)

I intend to pursue trading wholeheartedly as a full-time career, at this point. I have good grades, will be applying to few colleges in fall (NYU, Umich, maybe UPenn). I am not dropping out of HS or anything. I am also halfway through Cisco CCNA training if anyone is familiar with networking. So, I have much to fall back on also.

I am a beginner at this. I know nothing. Would ET be willing to guide me? Sorry for the lengthy post, I wanted to be thorough (for purposes of your evaluation and for personal reasons). Thanks for listening!

William
More...

Hi William,

You should also read:

Bernard M. Baruch: "My Own Story".

One of the best books written about trading/speculation. I wish I have read it when I was 17...

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17 year old Beginner

Baruch