Thanks for good inputs!
I have been trying to see parallells to hunting, but of course fishing is more realistic. I seldom hear about hunters that lose their rifle. But fishing gear I lose frequently
I'm going to become a daytrader - looking for a trading group / network
- Thread starter lordoftrades
- Start date
Thanks for good inputs!
I have been trying to see parallells to hunting, but of course fishing is more realistic. I seldom hear about hunters that lose their rifle. But fishing gear I lose frequently
Thanks, good idea. I got a twitter account, same name as here, but haven't been very active user. I'll check it out.
I think it has the same rate of failure as in all entrepeneurial fields. After three years most of them are gone.
I don't say it's easy to succeed, but if I'd listened to all people telling me how hard everything would be then I'd probably be working on my 15th year as a grocery store assistant.
When that's said, I think you are very close to being right. But I'm not looking for the easiest path to follow.
Then you are on the right track. Day trading is the farthest thing from an easy path there is and at the same the most alluring due to the dream of fast, easy money.
Without a proven strategy for most it is a dream turned nightmare. The pressure of paying monthly bills, mouths to feed etc... is not the optimal environment to embark on such a difficult endeavor.
I for one have become weary warning people who think they can jump in cold to the markets day trading and extract a living. Augment an income, is much more plausible, no stress to make the monthly nut. Initially position or swing trading developing a successful strategy while working, or getting a night job to pay the basic bills while trading during regular trading hours. Considering you live in Norway, a day job and trading US markets during your evenings may be an option.
Your post wasn't asking if or how you can make it day trading, it specifically asked about trading groups/networks. The answer to that is simple.
There is no trading group or network which will make you profitable. Trading is a solitary and lonely endeavor. Trading groups/networks are fine to socialize, stave off boredom, but to enhance performance? No way, they will hinder more than they help. Once you become experienced you may meet others with similar skill sets and create personal relationships, but it is a pipe dream thinking a public room, group etc... will be of any benefit. Those that have a profitable strategy, guard it. Those that share a strategy, most likely aren't profitable. Those that sell a strategy, calls even worse.
Those that can't do teach, those that can't trade sell.
You as many before you believe you can beat the odds. Time will tell.
Good Luck
one thing in response to golden's post: a group - or rather, individual traders - CAN be of help for a couple areas.
one area would be to tell you if a strategy is plausible. most traders i know recognize there are many strategies that work, and have focused on a few that they have become experts in. but they also know something that DOESN'T work - for example, continually doubling down (martingale) on a stock with no stop in place. or putting 100%+margin in a longer term trade. or something like that.
another area is psychological. if you hit a drawdown and can talk with other traders who have been in similar experiences, it can help cope with the situation.
unfortunately, both of those require people who have achieved some level of trading success.
one area would be to tell you if a strategy is plausible. most traders i know recognize there are many strategies that work, and have focused on a few that they have become experts in. but they also know something that DOESN'T work - for example, continually doubling down (martingale) on a stock with no stop in place. or putting 100%+margin in a longer term trade. or something like that.
another area is psychological. if you hit a drawdown and can talk with other traders who have been in similar experiences, it can help cope with the situation.
unfortunately, both of those require people who have achieved some level of trading success.
yes, experienced traders can assist, as I alluded to in my post.
[Public] Pay room's and IRC chat room's consisting of novices [noobies] and unsuccessful traders will not.
Gaining access to experienced, successful traders is probably more difficult than becoming profitable on your own. It can happen, but not likely via the internet.
The individual who quit his job as a pro trader from the bank has a better chance of networking than the OP, but even he faces the obstacles and added stress of needing to support a family, not an easy task by any measure.
http://www.elitetrader.com/vb/showthread.php?goto=newpost&t=2813dy73
I am not trying to be overly negative. With the proper mindset, dedication, research, study, patience, resources & capital, success is possible. I am just pointing out people must have realistic expectations.
#1, Success does not come overnight
#2, Day Trading is much more difficult than it appears
#3, The chances of finding a mentor or gaining access to successful traders willing to network with a novice are extremely rare
etc...