Frequently Asked Questions
Q: What tools/books/courses/seminars would you recommend to become a profitable intraday trader? It seems that while seeking to profit from stocks that fit the O'Neil criteria, there are also opportunities to capture many of the 1-5% intraday (long/short) moves.
I am in the software/systems engineering business, but would like to become a successful independent trader/investor. This is a difficult task given my full-time career/family responsibilities plus the general distractions of life. My career preference would be to pursue full-time trader/investor, but not sure how to acquire the skills/discipline necessary for success.
I am considering the IBD Level III Chart School (http://www.investors.com/products/?id=wshp_l3&eid=445), but this is a lot of money for me to spend on a one-day course. I am reading your new book and have read many on your top 50 list, but still struggle to make significant progress in my trading/IRA accounts. Any advice greatly appreciated.
A: Go read "One Good Trade" by Mike Belliafore - that might point you in the right direction as Mike is much more experienced in the day-trading business as the co-owner of a very successful day-trading firm. We don't operate as day-traders, so we have no insights to offer in this regard. Otherwise, the only way we know how to become a profitable trader is by actually doing it, learning from your mistakes, and improving over time. It took me 3 years before I really got it all down after studying all of O'Neil's books and other material as well as attending an IBD workshop, but in those days there was only one one-day workshop for $795. In my 4th year I finally made big money, 525% in my own account.