Walid
130 posts
msg #67326
- Ignore Walid |
9/16/2008 11:59:42 AM
3. You will fail if you expect to get rich quickly.
This statement is very true. I would say, it is the most important reason that new traders get burned out fast in their first six months or so. What really amazes me is that they – most of them at least - may choose to approach other inherently dangerous endeavors with more discipline and caution until they reach a certain level of confidence. People who just got their driving license yesterday don’t street race unless they have a death wish. Most new traders approach the market as a job replacement. It might be in the future, but certainly not now. Any profession takes training time. Your main job during this training time is to stay one piece. Watch, learn, ask questions then take assignments in incremental difficulty.
Good trading everyone
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miketranz
956 posts
msg #67395
- Ignore miketranz |
9/18/2008 12:28:28 AM
Tomm,I want to throw in my two cents for what their worth.1)Come up with a plan or method that works for you in real time.Include what time frame you will trade,day,swing,long term.Also what kind of stocks,etfs,options,you will trade.Where your entrys are,stops are,exits are,and why you entered a position.Every trade you make,you will be given a lesson.Keep a notebook,log everything.2)Preservation of capitol will keep you in the game long enough until you get the experience of the markets.Learn how to take a small loss.Always use stops.Enter a stop right after you enter a position.3)Always know your downside risk before you enter a position.Know it in dollar terms and have the discipline to scratch a trade when that figure is met.4)Have no respect for the symbol,only the price at which it's trading.Its a numbers game,price is all that matters.5)Find one or two stocks to trade and observe on a daily basis.After a while you will have a feel for their movements.6)Discipline,self control,emotional control are the most important elements to successful trading.Good luck......
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tomm1111
202 posts
msg #67571
- Ignore tomm1111 |
9/22/2008 1:40:30 AM
Thanks guys for your excellent advice.
Good trading everyone.
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dforant1
76 posts
msg #67576
- Ignore dforant1 |
9/22/2008 12:28:18 PM
I used to stay up late checking in on stock reports, news, and stats. Drove me nuts. Mainly because I couldn't digest enough of it to make a difference. I was losing. I don't have the Grey Matter to invest that way. Started looking for a mechanical method. After much meandering Stock Fetcher came along on my path. This at first caused more pain. LOL. Then I said I have to try Milking the Cow. That's about as mechanical as any method can get, of course using the MTC filter also. I still don't have the nerve to catch most gaps because the action at the open is furious. So I pick the bones of what's left for the day. Some comes early, some late in the day. But it comes. I am going slow and easy but getting paid back much of what the Market took from me.
There are so many methods available here one should be able to find one to suit themselves.
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