Good? Investing.
Bad? Gambling aka Trading.
How did you learn how to trade?
- Thread starter Sure Chap
- Start date
Bad? Gambling aka Trading.
Trading certainly isn't bad if one can make a living. If trading is 'bad' then leaving my job 20 years ago to trade was bad? I/we can live anywhere we want. I can trade WHEN I want. I have 100% control over each and every day. Most will fail often due to lack of discipline, trading too large, not cutting losses and/or being under-capitalized.
Investing, yes if you take a very long view, investing in equity indices is as close to free money as any individual can get, without doing anything. The challenge is most people, especially when they are young just do not have the patience and persistence to stick it out. By the time they realize the scheme works, they are out of time.
To be profitable, trading takes great skills and is hard work. It is gambling but not like the slot machine more like playing blackjack. If you are skillful and knowledgeable, like blackjack you can win consistently. For me the good part is there is no house that will kick me out and bans me from playing so in that sense it is way better and more profitable than playing blackjack.
It amazing the depth..., and intensity of frustration learning to be a trader entails
I've slapped my self - in frustration - hard enough to draw blood - more than once (and for the record - it doesn't work - no need to try it)
Yeah Ya do - memories..., born from actions we each found necessary to make it
We all have em
To wish otherwise - is to wish one never became a trader
Ask him to sit quietly and write out in painstaking detail - why he thinks he can do it now..., what he will do going forward to ensure he does..., what he will do when he backslides (he will)
If this ain't clear in is head now - damn sure it won't be when he's in the trenches and under fire
RN
I start trading 10 months ago. Didn't know anything how to trade.I made 150% profit until now on stocks.I think it was just luck.I got in when gold mining stocks was on bottom.I bought few and hold them till now.
Next i heard about options for day trading or longer. They have less risk,more leverage,webinar,software,seminar,make money,free money, send us money and the usual's money leeches and vultures said.
So i start reading for options.I think i learnt a lot so to place an order so i did.A very tiny one so to see how thinks work.
After reading here how difficult thinks are in reality with trading and losing situations now iam afraid to continue with the options approach.
Next i heard about options for day trading or longer. They have less risk,more leverage,webinar,software,seminar,make money,free money, send us money and the usual's money leeches and vultures said.
So i start reading for options.I think i learnt a lot so to place an order so i did.A very tiny one so to see how thinks work.
After reading here how difficult thinks are in reality with trading and losing situations now iam afraid to continue with the options approach.
If luck, what would you do if the trade was a loser? At what point (negative percentage of position/account) would you take action and what action?
Options are for those with long experience already and some established consistency in markets. Are you certain what's the max you could stand to lose?
Nobody can really provide advice for you, other than avoid the obvious, and not so obvious pitfalls. Trading with too much fear can cloud your mind, so better to research and be more certain first.
However, maybe trading is "easy" for you? You might just have to learn how to provide those safe boundaries, so you don't go on stupid emotional rollercoasters and losing too much. Depends how you want to trade though.. With time, you might want to make it more systematically, because sometimes we become "blind" and "deaf" to what the markets tell us. It's better to bet on well-researched bets than trying and failing too much with real money. Might consider sim-trading / backtesting in ie. Excel too.
I wouldn't wish too much luck on anyone who want to be a real trader. A little fear can be healthy, but it's a long road to overcome all what markets may dish out.
@Xela lol,tomato its just a username i frequently use.
i think around 5 percent i could handle that.
Based on what i learnt till now please tell me if these statements are correct:
For profit that takes between few months to years i need 3 things: research/due diligence of the company, some technical skills and a few drops of luck.
For profit that takes minutes to few days i need 2 things:more technical skills on charts and a bucket full of luck.
For now to me options smell like gambling,especially with same day trading.I mean you cant research/due diligence the company and go for a day trade.That works best for stocks or long term options,which iam more incline to use in the future if i do use options.
simulate trading you mean? Hmm yes that would be excellent training tool.
Thank you,helpful reply
Yes i see what you mean,maybe i was going to freak out as i put 100% of the money there.Now 10 months later i can see that was wrong.Now based on wisdom of experience traders and logic i should sell the initial budget and leave the profits to work.
i think around 5 percent i could handle that.
I agree,fortunately i try to read everything i can on options so to feel safe to trade having in mind i could loose a good portion of the money.
Based on what i learnt till now please tell me if these statements are correct:
For profit that takes between few months to years i need 3 things: research/due diligence of the company, some technical skills and a few drops of luck.
For profit that takes minutes to few days i need 2 things:more technical skills on charts and a bucket full of luck.
For now to me options smell like gambling,especially with same day trading.I mean you cant research/due diligence the company and go for a day trade.That works best for stocks or long term options,which iam more incline to use in the future if i do use options.
simulate trading you mean? Hmm yes that would be excellent training tool.
Thank you,helpful reply