POLL: If you could give one piece of advice to a new trader

[Aok]

Understand that you're not going to own New York or Chicago in the next 6 months.

Understand that if you can't take 5 grand to your local casino and be totally emotionless about losing all of it, and comprehending a)why you lost and b) being able to explain your so called "edge" to a total stranger in your game of choice, then you probably have to do a little more work on yourself and methodology first.

 

[lescor]

Trade the smallest size you can, the smallest incremental size the exchange will allow. Then when you think you're hot shit, move the size up very slowly.

9 out of 10 newbies seem to think they should just walk in and start trading 1000 shrs of a volatile stock like that's just the way it's done. Quick route to the poor house.

If you need to trade more size so you can make enough money to live, then you shouldn't be trading.

 

[rcanfiel]

Quote from lescor:



9 out of 10 newbies seem to think they should just walk in and start trading 1000 shrs of a volatile stock like that's just the way it's done. Quick route to the poor house.

That is generally the impression that the TeachMeToTrade and WizeTrade people give

 

[ksonsinc]

I would say
Never average down and average down
And try to take a loss and cut you losses
Try to be wrong and get the fuck out of the position when u know you are wrong
There is an another trade waiting for you

 

[FightTheFuture]

Follow the rules. Stop changing the rules.

 

[increasenow]

easy...totally focus on the eminis and $300 daytrade margins... ...more seriously...TOTALLY focus on only 1 stock or 1 futures contract...FOCUS on 1!!!!!.I.E..AAPL, GOOG...or YM,ES etc.

 

[pv150]

Quote from Wayne Gibbous:

Never play cards with a man named Red?

Or with man named Lucky.

Wanna know how to end up with a million bucks?

Start with 2 mil and daytrade.

 

[TudorJones]

You left out: Start looking for your next job..

 

[watchdaride]

Alot of my friends ask me to teach them trading but i talk them out of it . Its not worth getting the fever . It took me 3 years to stop loosing and way too stressfull . Now i am making money but just as stressfull and time consuming . I thought it would get easier as you get more experience.

 

[MGJ]

You want my advice? Go back to Bulgaria.

Richard Blaine