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This was a very basic BUT very solid chapter, I’ve been around trading for a while so not sure if I learned anything, but that being said Tim did an awesome job describing all the basics of trading. If you are new to trading, especially Day Trading and all the little intricate details that come along with it, this chapter was great!
I think back to some of the books and DVD’s I started with years ago and feel confident that this much surpassed them when it came to the basics of orders, brokers, how to position size, how to short sell etc.
How to read quotes
-Bid and ask
-Discusion of fills and spreads
-Y Finance good for news research but not realtime
-Discussion of after hours trading
-After hours, reminder to use ARCA
Limit and Market Orders
Volume vs Liquidity
-Low float <10M
-Low float – volatile
Short selling description
-How to locate on DAS and Sterling
-How to find HTB on CP
Mechanics of Short selling
-Taking negative positions etc
Discussion of getting shorts to work on your time frame. Just because it will go down, will it do it so that you can make it work.
-Platform and Screens discussion
Account Building 101
-What to trade
-Good discussion about working with Commission Fee Structure
Have a realistic learning curve
-Lots of failures along the way
What setups to trade.
-Less trades and setups
-Never follow anyone
How to size
Losses are a fundamental part of trading
-Its better to miss than to lose/chase.
-Develop good habits
Be self aware
Opening Brokerage accounts
How to choose a broker
-Breakdown of different brokers
-How to use a scanner