So i'm new to trading and have been learning for the past 4 months and now i'm having some difficulties and truly in need of a mentor. Question is where does one find such a good mentor?
Hi I'm New & Need Help!!
- Thread starter Mr_Icy_Penguin
- Start date
Honestly, the best thing you can do is just study, and test in the marketplace what you learn. Trading in the stock market isn't about using someone elses system it's about discovering your own and your own taste for risk and your own taste for profit. Me for example, I'm fine risking 2 to 5% of my account, with high swings of 20 to 30% down turns in my account, because when I'm correct I often make 25% to 30% in a trade, meaning I need to be right 2 out of 8 times to be profitable. My usual is 40/50 or 50/50 or on good markets 60/40.
My trading style is my own, I'm a global macro long short trader that looks for converging correlations in diverging correlated markets and sectors, using trending entry points to get into high leveraged positions, buffered by markets that are rising or descending together that don't usually. Another portion of my account trades futures and commodities in uncorrelated markets to buffer from a bad move in another market. And my final is buying far out of the money put options in 6 to 8 months times from companies that have had bad quarterly, and breaking down technically.
My trading style is my own, I'm a global macro long short trader that looks for converging correlations in diverging correlated markets and sectors, using trending entry points to get into high leveraged positions, buffered by markets that are rising or descending together that don't usually. Another portion of my account trades futures and commodities in uncorrelated markets to buffer from a bad move in another market. And my final is buying far out of the money put options in 6 to 8 months times from companies that have had bad quarterly, and breaking down technically.
What do you want to learn?
How to get rich with minimal effort and no risk...
Marrying rich should work.
Penguin:
Read as much legitimate text books on the subject matter as you can stomach (not the get quick ones, the ones that cover the theory and contain studies). If you can't handle some books on this you won't understand what you are trading or what people are talking about.
Read un-biased articles that explain the theory behind certain instruments and trades. I recommend Seeking Alpha for good literary articles, and here for some spot questions and pointers/feedback.
Spend a lot of time continuously monitoring the market: Not just tick charts, but company reports, news, sentiments, how markets on the whole move, how companies behave and report and improve or not.
Spend time learning how to use the tools (paper trading accounts are good).
After doing this for 5 years, stick your toe in
Remember:
Investing in the stock market is literally *purchasing* a portion of a company. Would you go outside and start buying up a company when you have no idea what the company is or what's involved in purchasing, holding, and selling a company?
Trading, without knowing what you are doing, is like gambling: Would you want to gamble with valuable capital?
Trading, with knowing what you are doing, is like gambling, with an edge
: You get that edge after years of practice.
Think of Trading like playing poker. Either you're the newbie who looses all his money, or you're the old timer pro who knows how to trade, when to get in, when to get out, when to take his winnings or when to cut his losses.
Good luck out there!
Read as much legitimate text books on the subject matter as you can stomach (not the get quick ones, the ones that cover the theory and contain studies). If you can't handle some books on this you won't understand what you are trading or what people are talking about.
Read un-biased articles that explain the theory behind certain instruments and trades. I recommend Seeking Alpha for good literary articles, and here for some spot questions and pointers/feedback.
Spend a lot of time continuously monitoring the market: Not just tick charts, but company reports, news, sentiments, how markets on the whole move, how companies behave and report and improve or not.
Spend time learning how to use the tools (paper trading accounts are good).
After doing this for 5 years, stick your toe in
Remember:
Investing in the stock market is literally *purchasing* a portion of a company. Would you go outside and start buying up a company when you have no idea what the company is or what's involved in purchasing, holding, and selling a company?
Trading, without knowing what you are doing, is like gambling: Would you want to gamble with valuable capital?
Trading, with knowing what you are doing, is like gambling, with an edge
: You get that edge after years of practice. Think of Trading like playing poker. Either you're the newbie who looses all his money, or you're the old timer pro who knows how to trade, when to get in, when to get out, when to take his winnings or when to cut his losses.
Good luck out there!
Mods edited the OP to take out his stealth vendor link.
