Another newb looking for advice. :)
- Thread starter Cataplt
- Start date
If you are looking to get rich quick, don't do it. If you are looking for a challenge, you've came to the right place.
Having realistic expectations can help a lot. Just know that it's going to take a lot of time, work and effort. The 10,000 hours rule applies.
Problem with "i've excelled with everything in life" is that trading is unlike anything else. It just doesn't work that way. Expect to get your ass beat. There's a saying that "Wall street takes the brightest of the people and smashes them into the pavement on a regular basis".
I am not sure how accurate the data is, but i think i've read somewhere that doctors, lawyers and engineers are amongst the biggest losers in the stock market. They've done well so far in life, accumulated lots of money, they think that they can do it in trading too...... and they blow it all.
Starting to trade with lots of money is one of the worst decisions you could probably make so you are on the right way to start with a small amount. Once you learn some of the mechanics of the market you should size up though. Trading is 80% psychological and once real money is on the line, your decision making capabilities will be put to the test in real environment - under stress, uncertainty and randomness.
It's mandatory to journal on a daily basis. It's important to keep track of both the setups in the market and your mindset. Track the setups that are working, but at the same time record your feelings and decision making processes.
You will find the patterns in both the market and your own behavior. Keep reviewing and keep learning from your mistakes. There will be a lot of failure and mistakes, you can take that for granted. And it's okay, but you have to learn from the mistakes and adjust.
You want to be a doctor? Lawyer? Engineer? Study hard, get good grades, go to college and voila. Want to be a trader? Well what the fuck are you going to do, LOL. That's one of the bigger problems when it come to trading. Education is mandatory for success in any field. But there's no such thing in trading.
It's also highly personal and you have to find out what makes sense and works for you. Takes a lot of trail and error.
The best way to go about trading is to have a mentor who is already successful. All good traders had one. Good luck finding a proven trader who is willing to teach you though.
Can't give advice on those courses. I think you will get fucked if you buy them and if you don't
There's a trader on youtube who shared some tips too, so i recommend you to listen to him carefully multiple times so it settles in. He makes more than 10M per year.
Having realistic expectations can help a lot. Just know that it's going to take a lot of time, work and effort. The 10,000 hours rule applies.
Problem with "i've excelled with everything in life" is that trading is unlike anything else. It just doesn't work that way. Expect to get your ass beat. There's a saying that "Wall street takes the brightest of the people and smashes them into the pavement on a regular basis".
I am not sure how accurate the data is, but i think i've read somewhere that doctors, lawyers and engineers are amongst the biggest losers in the stock market. They've done well so far in life, accumulated lots of money, they think that they can do it in trading too...... and they blow it all.
Starting to trade with lots of money is one of the worst decisions you could probably make so you are on the right way to start with a small amount. Once you learn some of the mechanics of the market you should size up though. Trading is 80% psychological and once real money is on the line, your decision making capabilities will be put to the test in real environment - under stress, uncertainty and randomness.
It's mandatory to journal on a daily basis. It's important to keep track of both the setups in the market and your mindset. Track the setups that are working, but at the same time record your feelings and decision making processes.
You will find the patterns in both the market and your own behavior. Keep reviewing and keep learning from your mistakes. There will be a lot of failure and mistakes, you can take that for granted. And it's okay, but you have to learn from the mistakes and adjust.
You want to be a doctor? Lawyer? Engineer? Study hard, get good grades, go to college and voila. Want to be a trader? Well what the fuck are you going to do, LOL. That's one of the bigger problems when it come to trading. Education is mandatory for success in any field. But there's no such thing in trading.
It's also highly personal and you have to find out what makes sense and works for you. Takes a lot of trail and error.
The best way to go about trading is to have a mentor who is already successful. All good traders had one. Good luck finding a proven trader who is willing to teach you though.
Can't give advice on those courses. I think you will get fucked if you buy them and if you don't
There's a trader on youtube who shared some tips too, so i recommend you to listen to him carefully multiple times so it settles in. He makes more than 10M per year.
Hello all,
I did not see a introduction section so I will put it here. I will put some ---- lines below if you want to skip my intro and just get right into my question.
I am new to trading. I have always been interested in the stock market, but never had much interest in making money (I know that sounds crazy, but I have always lived a very vibrant and exciting life well below my means). Now I am 43 with two very young children and my body is starting to show its age (still very active and run under 9 min miles, it just hurts a little now). I expect that this trend will only continue
I opened a E-trade IRA (on top of other investment accounts) in 2014 to play around in the market. Mostly for fun. I have increased it by 400% since then. The trades were slow and honestly mostly luck. I just traded companies I knew.
Last year I was in San Diego with my brother and we got into a late night argument about the stock market. He said it was all about technical data (EPS/DIV/etc), I said it is all hype and has nothing to do with real world data. The price is simply set by what someone is willing to pay for it. Anyway that argument got me more interested in the market.
When the market crashed in March I knew I had to get in, but I really didn't know how. Sure I could put a few thousand into my IRA, and buy what?
A friend at work suggested a ALLY bank account. Sounded good to me. So I opened one up with 10K and got to work. I made 250$ in the first two weeks, but struggled to find anything to buy. I learned about stocktwits and started buying a few things from suggestions on there, but was really struggling to find any movers. I found a guy on stocktwits that offered a discord channel for 200$ and he was going to "Teach me everything and send me trades everyday. I will make my money back in a week and make a million by the end of the year" (Well sh*t, all that for 200.... I'm in!).
Needless to say two weeks later I was down 1150$ (11.5%) and realized this was not working. All was not lost, in all actuality this was a great experience. Between my brother and the guy above (not going to say his name) I decided I was going to just figure this out and learn how to do it.
I excel at everything I do. Now don't take this the wrong way, I do not do everything, or even most things. Once I decide to do it though I will at the very least be better then average at it. I set realistic goals and then set a path to get there. I decided my goal was 370$ a day. I have 100K in capital to work with (NOT RISKING ANY OF THAT RIGHT NOW!!!, I NEED TO LEARN) so if I could make .4% a day (or more
In June I started listening to audio books at work, watching Youtube videos after the kids went down, and gathering knowledge in anyway I could. I started tracking fake trades on a excel spread sheet and I was making money..... HOLY SH*T!. I then learned about paper trading (sounds dumb now, but you don't know what you don't know). I set up a Webull account with a 200$ and started paper trading. My anxiety went through the roof. All the sudden there was a real accountable number there. So I decided to take the leap to real money.
I started trading and found my entries and exits were not even close to as fast as paper trading was. I was still making a small amount of money, but nothing to great. I read that TOS may be faster then Webull so I took another 100$ and opened a TDAmeritrade account. I then found that my old computer just could not run TOS, especially if I asked to to do two or three things at the same time. So I went and bought a new gaming computer with multi monitors. Wow what a difference. I really wonder if the slow Webull trades were really my old computers fault. Either way I had got used to and preferred the TOS interface, charts, and then I discovered scanners.
I started following a lot of advice from Ziptrader. I had RSI/MACD/VWAP/9EMA/200EMA and just found a lot of those to just give mixed signals and make me hesitant to enter anything and have no idea when to exit. But from him I also learned a lot "We don't buy losers" and other things.
The I started following Warrior trading videos and learned about shooting from the hip and it is ok to lose (his last week has been rough). Also learned a lot more about entry and exit points.
Between the two of them and many other sources of knowledge. I have been doing really well for the last month. Taking a single trade in the morning before I take the kids to school. Usually 2-10$ share and making .02-.10 each. I did take a big loss trying to use a trailing stop loss.... yeah, not going to use those.
The on the 9/10 I took a large loss on YTEN followed by another lose on STSA. I went back and reviewed my trades (I always do that) and my entry on YTEN was not great, but I see nothing wrong with STSA. It shook my up (lol shook up over 2 dollars, but it is the proof of concept here and 2% of my account value)so I did not trade on the 11th. On the 14th I made .07$ on a 6$ trade. Today I lost .04 overall on 11 trades.
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So today I was thinking about signing up for one of these classes. ZiptraderU, Warrior trading. While looking up reviews on trading schools I found Trade Ideas has TIuniversity (while searching for TIU reviews I found this forum) included in there packages. I figured at some point I will be spending the money for Level 2, Trade ideas, and a faster paid broker like Light speed.
My question is what would your next course of action be? Spend 4000 for Warrior trading (EEK!), 400 for ZIP, 400 for a few months of Trade ideas including school, or keep on keeping on kid, you have been doing this for a few months and you just need more experience. Or any other course of action suggested(on any point) is really appreciated. I just don't know enough to know what to ask....
I made such a long post in effort to not be one of those people who comes in and asks how to make a million dollars by next Tuesday and never makes second post. I have nothing to offer here (unless you need car/house/pool/kid type advice), but when I have something to give I will give it.
Thank you for your time
Be very careful about who you take advice from and which advise to take serious and which not.
There are people here believing we didn't went to the moon, space exploration is pointless, ... People who think they know it all and only their knowledge is the truth.
You have to read between the lines, ignore the guys with thousands of posts in just a few weeks or months, ignore the ones who act like they know it all and everything else is BS, they are full of hot air and are full of BS themselves.
There is a lot of value here but you will have to put a huge filter on all the stuff you see posted here.
Thank you orbit23.
I do not have big dreams, well they are big to me, but not to most. My big dream it to make 370$ a day before my body starts to fail me (5-10years). I was trading with 100$, but After taking a 2 dollar loss a week ago I am defiantly shaken and making poor decisions. So I am starting to back test and trade Ondemand in TOS at night. I need to get my moxy back. I don't think I am going to by any courses yet, or maybe ever. I will watch the video tonight.
Thank you DevBru.
I will at some point have a better filter, but when you are completely ignorant it is had to know who to listen too. I am learning and will continue.
I do not have big dreams, well they are big to me, but not to most. My big dream it to make 370$ a day before my body starts to fail me (5-10years). I was trading with 100$, but After taking a 2 dollar loss a week ago I am defiantly shaken and making poor decisions. So I am starting to back test and trade Ondemand in TOS at night. I need to get my moxy back. I don't think I am going to by any courses yet, or maybe ever. I will watch the video tonight.
Thank you DevBru.
I will at some point have a better filter, but when you are completely ignorant it is had to know who to listen too. I am learning and will continue.
%%
Good.
SPY is much better than some junk in the stock market. I bought a used tire, Goodyear or Good rich from a junk/recycle dealer. He wrote ''good'' on the tire '' LOL/true.
Man, you told me this once already%%
Good.
SPY is much better than some junk in the stock market. I bought a used tire, Goodyear or Good rich from a junk/recycle dealer. He wrote ''good'' on the tire '' LOL/true.
Must be getting rusty M ;D
Away from that, if it happened unintentionally - then happens to me as well,
if it was a joke, +1
I mean, 4 grand for a course... Why in the earth. One pattern among folks buyin courses, gym memberships, >>herbal life<< beginners package & etc -
not that many of em are serious about their stuff.
If you're serious, then youtube, forums and sims will give you the best course that there is.
- The course of patience.
After all, in 2000s, based on analysis of Zacks, only 24 analytics out of 8 000 , said to sell, so da hell we know.
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%%Man, you told me this once already
Must be getting rusty M ;D
Away from that, if it happened unintentionally - then happens to me as well,
if it was a joke, +1
I mean, 4 grand for a course... Why in the earth. One pattern among folks buyin courses, gym memberships, >>herbal life<< beginners package & etc -
not that many of em are serious about their stuff.
If you're serious, then youtube, forums and sims will give you the best course that there is.
- The course of patience.
After all......
True;
its an intentional + repeating market pattern.
Its worth repeating. And have a Goodyear/Goodrich.
NOT a stock tip ;they're good names. Good
[That's the stock market; a good name or good co does NOT mean a good stock price/LOL]Hey there, another Newbie here infact this is my first day/post on this forum. I have been researching various educational programs as well for a while now to get some direction however I'm still not sure about what to really expect from these "trading Gurus", I've been going back and forth between Ross Cameron's (Warrior Trading) free morning live sessions and Steve Dux's recorded youtube videos they have been helpful but then hey who would complain when its free?
Like you I've also been using TOS paper money for practicing my trades, I found out how you can get realtime data while using PM, you need to go into your TD account and under subscriptions activate the free realtime NYSE data subscription by checking the radio button, then deposit $500 into your TD account, login to your TOS PM console contact support via chat and ask them to give you real time data and you'll have it enabled in a few seconds.
Feel free to PM me I can share a few more resources with you, perhaps we can join forces to defeat a common enemy ;-)