Beginner seeking guidance

Read Market Wizards by Schwager to get a general overview of what a successful trader looks like. Most great traders were already successful with whatever their vocation was prior to trading.

IMO being a pro gambler is the closest thing to being a pro trader (even though many hate this comparison). 90+% fail, there's no guarantee of success even if you spend your whole life trying to make a profit and risk management is essential.
 
shatteredx said:
Most great traders were already successful with whatever their vocation was prior to trading.
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I'm sure this is true of very many (who had a prior vocation); yes.

And it's really a pretty significant point that should be made more often.

I've often expressed it the other way round, here, mentioning that in my opinion the small minority of trading aspirants who do go on to become steadily profitable are mostly people who would probably have become successful whatever other venture they'd decide to launch themselves into instead. It's probably saying much the same as you did, really.
 
the-iceberg-of-success.jpg
 
I have a background in RE, but not at your level.
I say go for it, either you make it or you quickly learn that it's not for you.
But let me ask you this.
How many millionaires do you know in RE?
How many millionaire daytraders do you know?
Most guys that do this for any length of time have a much longer time frame than they did when they started. That should tell you something.
 
shatteredx said:
Most great traders were already successful with whatever their vocation was prior to trading
More...

I would have to slightly disagree with this, o_O

Most people only truly excel in one thing in life, basically.
Which is loosely called their Calling.

Michael Jordan didn't excel in baseball for that one or two years he took a break from basketball.
Trader Dan Zanger bounced around from odd jobs...before hitting it huge.

That's generally the reason people try, or switch, careers and hobbies and stuff...
To find something they are magically, truly divine at,

Most people live menial existences day to day...We all, I think, strive to truly excel divinely at something,
 
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Getting much tougher to be doing daytrading and scalping. You don't hear Buffett doing any day trading, do you? Too many do not realize that the fees are often most of overall losses and on smaller accounts, 100-150% has to be made to breakeven from cost of fees. Whereas longer term, less trades, trade with trend, enjoy the gaps in your favor.

Learn more about options and can dance them around your long stocks.
 
A good point Handle - if returns are similar holding a portfolio of well performing businesses, why would you bother staring at a screen all day?
 
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