A lot of nonsense presented as universal truths in this interview. Neither stops nor profit targets are a necessity. They have their place but that's strategy dependent. Neither is stopping trading after X number of losses. Some of the best time for me to increase size would be in a drawdown.
Advice for all the noobs who want to be a full time trader...
- Thread starter vincentnyc
- Start date
Unless one can trade consistently and profitably in a simulator, don’t use real money. Of course that takes time. Good news is that simulator trading also provides adrenalin, which may have been the real purpose of trading. More good news is that simulator trading lets you explore position sizes, strategies and holding periods that your current real account will not.
I think for someone learning the ropes without a mentor, very tough.I disagree and shame on @themickey for liking
to me the best part of the interview is him telling noobs to be prepared to lose money for several years...so keep bets small. I dont know why (yes i do, its call retard level hubris), but when i started i thought i would be hitting home runs after 6 months...2 years later still dont have it figured out.
The best part for me is when he said you as a noob trying to compete against ppl smarter or have more experience than you while you as a noob trying to take money from them.
I had one mentor, in real life. I dislike con men and book writers, who pretend they know a thing about trading, with passion.
So true man that was something I never took into consideration early on...as if taking money from people who have devoted their entire lives to taking money is going to be easy lol.
naïveté deluxe.