HI,
Been reading this thread and wanted to give my results in my quest to learn to trade. I have been trying to learn to day trade now for about year and half. I started out with $7000 with one of the props sub accounts through genesis 10 times margin. lost all that in 1 year. Moved my account to another prop where I got a much better deal now, but as with anything when starting out didn't know where to go. If you can keep your losses small and hold out though the learning phase you will make it, and it won't take that long to make the money back. 3 things you should do is come up with a system you like. Lots of books out there even free sites like stockcharts.com have good information. All of these systems work with good money management. There isn't any secret system out there. Because I have seen so many make money with different systems. The reason they make money is they keep losses low by stopping out when things go wrong, and only take trades with good Risk to reward. What ever indicator, candle stick, MA crossover, or coin flip that you want to trade with if you can measure risk to reward it will work. I am starting now to turn the corner. All of my losses were do to 3 things. Taking trades with too much risk(chasing) , not following rules (letting my stop go). and no plan in place before I took the trade. Keeping a log of what I did was a big help it will show your errors. If you are struggling with trading PM me I will look over your log and see If I can see what your doing wrong. Many times it takes someone else to just see what your doing wrong and point it out.
Been reading this thread and wanted to give my results in my quest to learn to trade. I have been trying to learn to day trade now for about year and half. I started out with $7000 with one of the props sub accounts through genesis 10 times margin. lost all that in 1 year. Moved my account to another prop where I got a much better deal now, but as with anything when starting out didn't know where to go. If you can keep your losses small and hold out though the learning phase you will make it, and it won't take that long to make the money back. 3 things you should do is come up with a system you like. Lots of books out there even free sites like stockcharts.com have good information. All of these systems work with good money management. There isn't any secret system out there. Because I have seen so many make money with different systems. The reason they make money is they keep losses low by stopping out when things go wrong, and only take trades with good Risk to reward. What ever indicator, candle stick, MA crossover, or coin flip that you want to trade with if you can measure risk to reward it will work. I am starting now to turn the corner. All of my losses were do to 3 things. Taking trades with too much risk(chasing) , not following rules (letting my stop go). and no plan in place before I took the trade. Keeping a log of what I did was a big help it will show your errors. If you are struggling with trading PM me I will look over your log and see If I can see what your doing wrong. Many times it takes someone else to just see what your doing wrong and point it out.
