Preferably in a retirement account that you will hold for at least thirty years....
Berkshire Hathaway is something you can do this method with as well, and would be my first choice out of the SPY, QQQ, and Berkshire Hathaway.
Best strategy for a new person.
- Thread starter tedmos38
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Preferably in a retirement account that you will hold for at least thirty years....
Berkshire Hathaway is something you can do this method with as well, and would be my first choice out of the SPY, QQQ, and Berkshire Hathaway.
Yep.
Seswuehnna International Group is one place to apply if you seriously want to be a trader. Most people will not be accepted, though.
And most gurus-for-hire are hustlers who used to win, never won, or who are front running their chatroom.
However, developing a personal relationship with someone who currently is successful (not successful in yesteryear) would be a big plus:
Be around people who are better than you.
I wouldn't know about "most gurus-for-hire" as I don't pay attention to the space but there are those who have done the technical work to be able to teach and guide but have not mastered the personal disciplines to trade money real time. I have no problem with them offering services should those services have value. There are also those who choose to maintain a higher professional profile within the trading community, some of which also might have something to offer. The problem for the beginner or journeyman is to differentiate the wheat from the chaff. And yes, given the opportunity, be in the company and counsel who know what they are doing.
I have always been happy to help others learn and grow as I've been helped along the way but one on one mentorship is a whole other level of commitment and responsibility.
Successful traders and investors rarely pay a human stock broker for advice or to place a trade
You should not go through a human stock broker.
If you are a pro needing best fills through direct access (no sale of your orders through the free commission shops), paying a firm like Interactive Brokers a by the share fee is a legitimate way to go.
If you invest for years/decades (hopefully in a retirement account like a 401k), you can even get away with O fees.
This question is really hard to answer.
First of all, the most depressing thing is that if a newbie doesn't have any knowledge or experience, he will not be successful in trading even if he has some working trading strategy. It is hard to find a trading strategy which will be efficient in every financial situation. If the situation changes, the trader needs to make his own decisions outside the scope of trading strategy. In this situation a beginner may find himself at a loss and can become depressed. So, a beginner should learn the market and gain experience in order to get used to this whole activity. Only after this step is done, can a trader look for some trading strategy or create his own strategy.
Secondly, money management and risk management are usually not included in trading strategies but these tools are of utmost importance to keep your budget safe. Even if the strategy is very efficient and has the potential to bring lots of profits, market remains unpredictable and you can have losses. The importance of money and risk management boils down to the fact that it doesn't let your budget disappear after several failures. They regulate the size of lot, stop losses and take profits. If you don't know how to set these things in a proper way, your deposit is in great danger.
To cut a long story short, it is better for the beginners to learn the fundamentals and get accustomed to trading. Only after it can a trader concentrate on making decent profits and look for trading strategies.
First of all, the most depressing thing is that if a newbie doesn't have any knowledge or experience, he will not be successful in trading even if he has some working trading strategy. It is hard to find a trading strategy which will be efficient in every financial situation. If the situation changes, the trader needs to make his own decisions outside the scope of trading strategy. In this situation a beginner may find himself at a loss and can become depressed. So, a beginner should learn the market and gain experience in order to get used to this whole activity. Only after this step is done, can a trader look for some trading strategy or create his own strategy.
Secondly, money management and risk management are usually not included in trading strategies but these tools are of utmost importance to keep your budget safe. Even if the strategy is very efficient and has the potential to bring lots of profits, market remains unpredictable and you can have losses. The importance of money and risk management boils down to the fact that it doesn't let your budget disappear after several failures. They regulate the size of lot, stop losses and take profits. If you don't know how to set these things in a proper way, your deposit is in great danger.
To cut a long story short, it is better for the beginners to learn the fundamentals and get accustomed to trading. Only after it can a trader concentrate on making decent profits and look for trading strategies.