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New to Stock Market
- Thread starter TradingBillions
- Start date
10% of 8 grand on any one trade
O.P.
First thing you need to do is sit down in a quiet place and develop some REALISTIC goals. You need to assess your strengths and weaknesses and work on them. Mastering a piece of software isn't going to make you a good trader. The software makes a good trader better.
I trade every day with nothing spectacular other than the simplest of software, ALL OF IT IS FREE! I do not drop one penny of anything on any software right now and am profitable enough to have supported myself for the last 2 years fully on trading and several years before that augmented my earnings nicely.
With that being said, this year one of my trading goals is to expand the markets I am trading and look for some good software that will make me better. A trading plan is essential!
Set some goals on paper and stick to them. Read plenty and poke around here and learn. There's a ton of garbage you're going to have to sift through, but there's some gold to be mined at ET (very little, but it only takes a nugget or two to get going).
Your success in this game, first and foremost, is going to come from within. All you need is good access to the markets and accurate RT information (quotes, size, open, close, volume...etc.).
If you truly want to be a 'Market Demon', starting from Spartan means and growing out from there is the way to do it.
Good luck to you, but I assure you that the mastery of e-signal isn't going to be the path to success.
Keep at it and see you in the markets.
First thing you need to do is sit down in a quiet place and develop some REALISTIC goals. You need to assess your strengths and weaknesses and work on them. Mastering a piece of software isn't going to make you a good trader. The software makes a good trader better.
I trade every day with nothing spectacular other than the simplest of software, ALL OF IT IS FREE! I do not drop one penny of anything on any software right now and am profitable enough to have supported myself for the last 2 years fully on trading and several years before that augmented my earnings nicely.
With that being said, this year one of my trading goals is to expand the markets I am trading and look for some good software that will make me better. A trading plan is essential!
Set some goals on paper and stick to them. Read plenty and poke around here and learn. There's a ton of garbage you're going to have to sift through, but there's some gold to be mined at ET (very little, but it only takes a nugget or two to get going).
Your success in this game, first and foremost, is going to come from within. All you need is good access to the markets and accurate RT information (quotes, size, open, close, volume...etc.).
If you truly want to be a 'Market Demon', starting from Spartan means and growing out from there is the way to do it.
Good luck to you, but I assure you that the mastery of e-signal isn't going to be the path to success.
Keep at it and see you in the markets.
"What do you guys think I should do next?"
First thing you need is emotional support. Yah? You say you have 8k. Are you married? Have a girlfriend?
Take 3k of that 8k and buy a nice ring for her but don't give it to her just yet.
After several weeks give it to her and tell you made it in the markets. She'll tell all her friends what a swell guy you are and how smart you are.
When you improve your skills pick up a pair of those Kenneth Cole hedge fund shoes.
First thing you need is emotional support. Yah? You say you have 8k. Are you married? Have a girlfriend?
Take 3k of that 8k and buy a nice ring for her but don't give it to her just yet.
After several weeks give it to her and tell you made it in the markets. She'll tell all her friends what a swell guy you are and how smart you are.
When you improve your skills pick up a pair of those Kenneth Cole hedge fund shoes.
yes emotional support is the key. thank you so much guys for all of your support, i try to ignore the bashers but for all of you truly helping i cant thank you enough for all the support and emails i have been recieving sofar! please keep it up and i plan on being a longterm member of ET and making a living as a day trader using my knowledge along with the tips and advice from all of you. thanks again!!
~~TB
~~TB
> 10% of 8 grand on any one trade
Too much. Rule of thumb is only risk 2% of your account on any one trade.
Another rule: Don't enter a trade unless/until you have already decided under what conditions you will exit.
And of course don't trade until you have a system/strategy with a statistically positive expectancy.
Note you can't daytrade stocks or options (very much) with under $25K. This rule does not apply to futures.
Too much. Rule of thumb is only risk 2% of your account on any one trade.
Another rule: Don't enter a trade unless/until you have already decided under what conditions you will exit.
And of course don't trade until you have a system/strategy with a statistically positive expectancy.
Note you can't daytrade stocks or options (very much) with under $25K. This rule does not apply to futures.
Learn not to overtrade. Maybe limit yourself to one trade a day or a few positions a week; learn about profit targets and stops. Example, $8,000 x 10% = $800 max loss no matter what, on one trade. More realistic would be 1% of $8,000 or $80.00, if you can pull 1% per day, you're a hot potato. Good luck!!
thanks sofar ya'll!