Well you dont look at the P & L for a market maker on one stock to tell you anything. A firm like Susequehanna trades on 100s of stocks and they make money in some and lose or break even in others. You can't expect a trader on his own without info or access to the order book to be able to trade for a living off one stock.
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Be the master of your domain
- Thread starter cashmoney69
- Start date
Quote from bitrend:
That's all I could say about. The biggest challenge is to know how to deal with ourselves, not with the Market but with our own emotions face to Mr. Market's action. There's some guys in the Market Wizards mentioned that it's not about to worry what the Market is going to do but worry about what are you going to do with the Market behavior. That's go in parallel with the notion that knowing too much about company business. Then we will argue with Mr. Market since we know very well, we're right! Yes we're right, but we're losing money! This is the truth.
The challenge above I can't help you since I'm still struggling with myself too. Yes I'm still struggling to deal with myself! You can get help from experienced trader like steve46. Send him a PM.
Bittrend I think that comment holds true for me, after I rape the market for a few days, and work my stock, I start to get cocky, and think i "Know" better then the market, this is something I am really working on, and something I definitely need to get better at. This is exactly what I was referring to in my above post, where you think its one of the games and it ends up not being one of the tricks.
Quote from cashmoney69:
I'm fairly new to trading and I want to ask this important question:
Do you think its wise to trade only ONE stock for a year or two, and learn everything about it...trends, most active market maker, the ax, and other important factors while losing opportunities in other stocks but in the mean time becoming the master of a certain stock JUST LIKE the market makers who obviously make a nice chunk of change a year.
your thoughts please...
- nate
This is a very dumb idea.
Focus on learning how to make money trading stocks instead.
Making money in trading stocks is not difficult and it is a very fast way to get wealthy at a very young age.
the person with the greatest advantage for fast tracking making money is the person with no experience and very little initial capital.
jia, that's madness to limit your strategy to one mkt; the biggest opportunities come to those who screen multiple products...there are so many issues that scream out excellent r/r, u just cant ignore them...a solid strategy also should work with any mkt and any condition.
I would also suggest to concentrate your efforts on the first 5min after the opening bell: most of the gains and losses are established during this period and u can participate in trades that offer the best opportunities and that statistically are the most profitable....for newbs and pro alike.
I would also suggest to concentrate your efforts on the first 5min after the opening bell: most of the gains and losses are established during this period and u can participate in trades that offer the best opportunities and that statistically are the most profitable....for newbs and pro alike.
It doesnt hurt to know one or two stocks very well though, that way you have a consistent income then allow some of the other ones to come to you. Or is my thinking dead wrong??
dwl603 I like your thinking. Some on this thread do not...oh well. What about specializing in one or two sectors rather than a single stock?..like the semi's?
- nate
- nate
Quote from dwl603:
It doesnt hurt to know one or two stocks very well though, that way you have a consistent income then allow some of the other ones to come to you. Or is my thinking dead wrong??
no, it certainly does not...and by trading multiple mkts u'll become aware of stocks that are the darlings of the moment, that are heavly traded and that range and trend like no others: u will begin to trade them constantly, therefore coming to know them very, very well and if they lose popularity rest assured it will be temporary; on the next rotation u'll be ahead of competition and at least your choice won't be a blind 1 but of a product with the best r/r.
The person want to start, right? And once he/she feels comfortable then he/she can handle more tasks, more responsibilities, meaning more stocks. You don't want the person get beaten and discouraged by the Market, right.
Sure, you need a lot of patient since you can't trade every day or every week on that single stock, you wait until opportunity comes. Of course, you cannot make a living on a single stock but it's a start of learning process in order to get accepted by Wall Street. Don't even expect to get money from Wall Street at the first start.
Sure, you need a lot of patient since you can't trade every day or every week on that single stock, you wait until opportunity comes. Of course, you cannot make a living on a single stock but it's a start of learning process in order to get accepted by Wall Street. Don't even expect to get money from Wall Street at the first start.
Quote from Bitstream:
jia, that's madness to limit your strategy to one mkt; the biggest opportunities come to those who screen multiple products...there are so many issues that scream out excellent r/r, u just cant ignore them...a solid strategy also should work with any mkt and any condition.
I would also suggest to concentrate your efforts on the first 5min after the opening bell: most of the gains and losses are established during this period and u can participate in trades that offer the best opportunities and that statistically are the most profitable....for newbs and pro alike.
Quote from bitrend:
The person want to start, right? And once he/she feels comfortable then he/she can handle more tasks, more responsibilities, meaning more stocks. You don't want the person get beaten and discouraged by the Market, right.
Sure, you need a lot of patient since you can't trade every day or every week on that single stock, you wait until opportunity comes. Of course, you cannot make a living on a single stock but it's a start of learning process in order to get accepted by Wall Street. Don't even expect to get money from Wall Street at the first start.
I started out trading the open and multiple products...those trades were the ones that saved me against many silly trades on silly stuck stocks that were popular to the masses.
if hes starting out i would suggest getting his feet wet with the qubes and once he gains some confidence deveolp a strategy to trade active and trending issues (the ones in the news): no matter what others say r/r there is umbeatable.
whatever the timeframe and the stock u trade the risk exposure is more or less the same if u use stops ....the same cannot be said for gains exposure.