I get many of the same questions via email, Tweets, etc and therefore I thought it would be best to designate a specific page for the answers to these most popular questions.
How did you learn at such a young age? Who taught you about the stock market?
I am a self taught speculator. I learned by sitting in my bedroom reading books, reading internet web pages and watching videos. My passion for the stock market begun when I was 12 years old and has grown into much more since then. If you would like to read more about my story, you may do so here – http://www.bencbanks.com/about-me/
What are some resources you would recommend to help learn more about trading, technical analysis and the stock market?
1. The blogosphere, the internet is your best friend when it comes to learning about the stock market. This is where I learn and learned the most. Depending on your desired strategy, there is bound to be someone out there blogging about it. Head on over to http://stocktwits.com and join to get introudced to someone who trades like yourself.
2. Some books that I have read that I would recommend looking into would be; Stan Weinstein’s Secrets For Profiting in Bull and Bear Markets, Japanese CandleSticks by Steve Nison and Swing Trading by Markman. I will however caution you, don’t fall for the common misconception that a book will hold the secret to your trading. It does not.
3. Twitter, this goes hand in hand with the blogosphere but following, interacting, meeting other traders on Twitter was a huge help to me. By following them on Twitter you are able to read their thoughts real-time.
What do you use to scan for your stocks?
I use a website by the name of FinViz.com. Check it out, it is a free website and has tons of criteria to choose from. I also did a video on how and blog post on how I scan for stocks, you can view it here – http://www.bencbanks.com/how-i-scan-for-stocks/
What do you think of stock ‘XYZ’?
I think they make ‘ZYX’ but I haven’t got a clue about what their stock price is going to do. If you plan on asking this question please first determine your timeframe and risk parameters, I can’t answers those for you. Are you speaking on a 5 minute, 15 minute, daily, or yearly time frame?
What is the SECRET to Trading Success?
If you came here believing you would get a concrete answer to this question, you couldn’t be more wrong, though I am honored you think I have such a thing. However, I can describe some characteristics that I believe are important for trading to have.
Proper risk management, trading of high probability patterns (scenarios) and the right mentality. A combination of these three things IS the KEY to being a ‘successful’ trader.