New to trading (Sorry if it's not okay to ask).

[callmate]

Not a surprise that my last post on this thread didn't survive. I saw that post, there was nothing wrong with it. Having spent sometime with her, I have utmost respect for Nodoji, it's not like her to make fun of newbies , she is very helpful to say the least. I just fail to see how she has managed to team up DP. I have him on ignore, so I never see his helpful hints!!!. I know he was absent from ET for many years, he migrated to a neighbouring country!!! therefore this place was not polluted with his postings. I see he has returned! The powers that be here find it acceptable for one of ET's sacred cows to tweak a guy who is discovered to have solicited others for $10K email training So money is being charged behind the scenes? but it's unacceptable to tweak the sacred cow my foot who also scrounges for followers to profit from. In my view, anyone who holds himself out as a veritable guide to the hapless is fair game for sarcasm and jeering from members of the peanut gallery who see him for what he is. Obviously that view doesn't comport with management's desire for increased post count.

It's all in good fun anyway. Having spent a year away from this place, I find myself less tolerant of the bullshit that goes on now that I'm back. I just request a fair warning to archive some stuff from my account before I am permanently banned, I would speak to Baron which I'm thinking is not too far off in the future.

Why should you get banned because you chose to speak up? What was the phrase? " two cackling chickens" !!!!! Let's see if my post survives.
I only look into the ES journal, that's about it these days.

 

[NoDoji]

Dennis,

Very important to watch out for SNAKE OIL SALESMAN who try to help you at first and then try to get you to pony up $10k for "education" through email correspondence.

Blotto does this.

I know this is the internet, but I'm still shocked, because he has been so condescending to me as if my goal was to be selling something to newbies. For the ET record, several people have offered me money for mentoring, for my trading plan, and to write articles, but I've declined all such offers.

Icarus, I think the (humorous to me) comment about cackling hens and its replies were removed because of irrelevance to the thread, not because anyone is a sacred cow.

Callmate, I have absolutely no link to DB other than my posts referring people to study his threads and his Trader's Lab article from 2008 about developing a trading plan, and I visited his chat room once (I don't even know where his chat room is now; the old link doesn't work). The only thing I know about DB is that he's a rooster, not a hen.

 

[foss]

I think you have taken the right step for seeing your way through the forum, since it is one of the way you can get info on where to start from and acquire more enlightenment about forex, demo can also help you learn the market properly.

 

[failed_trad3r]

Swingtrading > Daytrading, unless you get very very lucky.

Imagine you make 100k a year in your future career.

Which means if you delay your career for 5 years to start daytrading (and then fail) you LOSE $500k.

So success => need to make 500k in 5 years just to breakeven
failure => lose 500k.

My advice is to chase the dream in your spare time. Since right now you probably make only 10k a year MAX working a side job at Target, it might seem like a year wasted trying to make it daytrading is not that bad, but it is that bad. That year is not worth 10k, but 100k.

if you imagine you make 50% a year daytrading, this means you need a starting capital of 200k just to breakeven. And you dont even have an edge yet.

 

[bone]

Please balance your cash flows while pursuing this endeavor. Unless your are financially self-sufficient it would be smart to work a job and support yourself while learning what you can about markets during the evenings and weekends.

I'm not saying don't pursue your dream - I'm suggesting that you be smart about how you do it.

I cringe when I read posts from Newbies who proclaim to the world that they are taking their modest stake of money and intend to trade full-time.

Plan your work, and work your plan. This will take quite a bit of effort and discovery on your part. And it will not happen quickly.

 

[ras72]

...becoming a successful [trader]...

1.
Nobody who is successful wastes time posting on the Internet or gives away hard earned knowhow.
2.
Nobody on this site knows how to trade properly. The most insidious ones are those good faith, helping kind, frequent posters who think they know how to trade, or even worse those who actually make money doing the wrong thing that they do. On here I found only three posters, from years back, who have provided real, clear insights into trading.
3.
Think it through indipendently.

-ras72


"The tyro knows nothing, and everybody, including himself, knows it. But the next, or second, grade thinks he knows a great deal and makes others feel that way too. He is the experienced sucker, who has studied – not the market itself but a few remarks about the market made by a still higher grade of suckers. The second-grade sucker knows how to keep from losing his money in some of the ways that get the raw beginner. It is this semisucker rather than the 100 per cent article who is the real all-the-year-round support of the commission houses. He lasts about three and a half years on an average, as compared with a single season of from three to thirty weeks, which is the usual Wall Street life of a first offender. It is naturally the semisucker who is always quoting the famous trading aphorisms and the various rules of the game. He knows all the don'ts that ever fell from the oracular lips of the old stagers – excepting the principal one, which is: Don't be a sucker!" Jesse Livermore

 

[Pigsky]

Wow....... that Livermore quote is so scary in it's accuracy even now..... so many decades after he wrote it......