Brand new traders..........read this
- Thread starter lilduckling
- Start date
Quote from lilduckling:
Alot of the advice is good.... its when someone tries to tell you that a new trader, with no market experience can make money right off the bat just by following certain methods.... walk away from those.
Remember... there are thousands of different methods to make money in the mkts..... there is no "specific" secret.....
Thousands of methods.... and all of them extremely difficult.
Casper..... that dead end job that i was at for 15 years....... they had a 401K plan
You truly are an inspiration. I just read this thread today and thanks to NYOBScalper for pointing it out. All the best to you lilduckling, and thank you for sharing your story.
Ansare
I guess there is nothing new to learn in this thread. All this is very public information for those that care to read before jumping into the lion's den. There are that folks who know what to do about making big money and do it, then there are folks who know what to do about making big money but can't do it.
The only difference between these folks is mental.
The only difference between these folks is mental.
Quote from Shagi:
There are that folks who know what to do about making big money and do it, then there are folks who know what to do about making big money but can't do it.
The only difference between these folks is mental.
I don't believe this is true -- not anymore.
If you know how to make money, really know, the execution is simple, and pulling the trigger or even holding through a drawdown is not painful at all. Sure it takes getting used to, but eventually it becomes routine. There should be no mental blocks whatsoever, once you've learned the pattern, getting yourself to that point is another story, but once you're there you should be on cruise control.
read this blog-post it is most precious i've ever read before
Entitled "See how a FISH can improve your trading"
http://club.ino.com/trading/2008/04/11/see-how-a-fish-can-improve-your-trading/
Take the fish test: What kind of fish is this?
Here are the answers in no particular order
If you said this was a â¦
Happy fish
Yellow fish
Yellow perch
Lady fish
Lipstick fish
A #3 fish
or any other combination of names you would be right!
There is no wrong answer
If you overthough the question like that guy from the government with that ultra high security clearance, then you may want to train your mind to think about the market in simpler terms.
It the line going up,
or is it going down,
that is the question?
Here's an easy way to train your mind to think about the market in simpler terms.
The "TRADERS WHITEBOARD" Series
Trading videos that teach you how to trade the right way
http://club.ino.com/trading/traders-whiteboard-series/
Entitled "See how a FISH can improve your trading"
http://club.ino.com/trading/2008/04/11/see-how-a-fish-can-improve-your-trading/
Take the fish test: What kind of fish is this?
Here are the answers in no particular order
If you said this was a â¦
Happy fish
Yellow fish
Yellow perch
Lady fish
Lipstick fish
A #3 fish
or any other combination of names you would be right!
There is no wrong answer
If you overthough the question like that guy from the government with that ultra high security clearance, then you may want to train your mind to think about the market in simpler terms.
It the line going up,
or is it going down,
that is the question?
Here's an easy way to train your mind to think about the market in simpler terms.
The "TRADERS WHITEBOARD" Series
Trading videos that teach you how to trade the right way
http://club.ino.com/trading/traders-whiteboard-series/
do not ask those questions! when you ask those questions, you lost! the questions themselves mean you are looking for the answer!
the fun thing about trading lies in the paradox of uncertainties. it is an odd game. that means, under what kind of situation, using what kind of indicators, if you do it many times, you should ask what are the statistical results!
but trading is not purely about odd. it is also an intelligent thing, need brain work. the market is like a big pond full of fish, vaerity fish eat different kind of baits and they have their own lifestyles or living habits, if you do not know when the fish to feed, where they will present most possibly, even you go fishing, sit tight day and night, change bait types after another, your dream fish will not bite your hook.....
you ask those questions like a beginning fishing man asked an experienced fishing man what bait he use...
my experience told me:
1) focus on one market or one kind of market, like me, just focus on panic sell and hype rally, recently I stumbled upon BSC because I forget my margin level, but I did pretty well in PTRY (gained 30%+), FRNT (gained 200%+), know the market
2) I can not ride a trend since I easily lost patience, and I hate whipsaws, if I ride a trend I hope the market just keeping going down or going up, I just want quick profit, I can not hold overnight since I will be worried and have bad sleep, I do not care whether gap up or gap down, I demand quick solution to any problem, so I figured out that I am fit to trade those stocks with bad/good news, jump in and get what I want and leave it and forget it, then find next one, everyday I traded different stock symbols, I just traded top losers and top gainers.
know yourself!
in "the art of war ", the first rule is "know yourself and know your enemy, then fight whatever wars you win
the fun thing about trading lies in the paradox of uncertainties. it is an odd game. that means, under what kind of situation, using what kind of indicators, if you do it many times, you should ask what are the statistical results!
but trading is not purely about odd. it is also an intelligent thing, need brain work. the market is like a big pond full of fish, vaerity fish eat different kind of baits and they have their own lifestyles or living habits, if you do not know when the fish to feed, where they will present most possibly, even you go fishing, sit tight day and night, change bait types after another, your dream fish will not bite your hook.....
you ask those questions like a beginning fishing man asked an experienced fishing man what bait he use...
my experience told me:
1) focus on one market or one kind of market, like me, just focus on panic sell and hype rally, recently I stumbled upon BSC because I forget my margin level, but I did pretty well in PTRY (gained 30%+), FRNT (gained 200%+), know the market
2) I can not ride a trend since I easily lost patience, and I hate whipsaws, if I ride a trend I hope the market just keeping going down or going up, I just want quick profit, I can not hold overnight since I will be worried and have bad sleep, I do not care whether gap up or gap down, I demand quick solution to any problem, so I figured out that I am fit to trade those stocks with bad/good news, jump in and get what I want and leave it and forget it, then find next one, everyday I traded different stock symbols, I just traded top losers and top gainers.
know yourself!
in "the art of war ", the first rule is "know yourself and know your enemy, then fight whatever wars you win
Absolutely right. Piss yourself buying and shit yourself selling is the type of move I look for and I will try and buy the exact bottom or sell the exact top.
"know yourself and know your enemy, then fight whatever wars you win"
Exactly Right and don't fight a battle unless you know you can win it. Why would you fight anything else?
"know yourself and know your enemy, then fight whatever wars you win"
Exactly Right and don't fight a battle unless you know you can win it. Why would you fight anything else?