Thinking about Trading
- Thread starter casamaya
- Start date
Hi Chris,
You're getting some good advice here. Don't listen to some of the earlier critical posts. Those are the ones not making any money.
If you are going to do this, keep in mind that it is essentially starting a business. Unfortunately most new businesses fail. But that doesn't mean you will. It takes a lot of hard work and patience. Learn how to read charts and interpret indicators, use a simulator and read the posts here and on other threads. A lot of it is very helpful.
Good luck.
You're getting some good advice here. Don't listen to some of the earlier critical posts. Those are the ones not making any money.
If you are going to do this, keep in mind that it is essentially starting a business. Unfortunately most new businesses fail. But that doesn't mean you will. It takes a lot of hard work and patience. Learn how to read charts and interpret indicators, use a simulator and read the posts here and on other threads. A lot of it is very helpful.
Good luck.
Ignore all the wise ass replies. They're only defense mechanisms from the insecure and failed.
I think it's important to move your focus from "how much can I make" to "how much can I lose". In other words, money management and risk management.
Also, you must be mentally ready.
"If you think you can or can't, then you're probably right."
Good luck.
I think it's important to move your focus from "how much can I make" to "how much can I lose". In other words, money management and risk management.
Also, you must be mentally ready.
"If you think you can or can't, then you're probably right."
Good luck.
Chris,
I've found that it's important to figure out who you are in regards to your trading strategy. Are you the type who needs instant gratification, or are you patient and can handle being in a trade for a few days?
I'm the latter, so I started with a swing trading strategy that I paper'ed for almost a year. It was very successful. I have now automated it...
I haven't learned too much other than that... I've tried to master one thing (swinging the equities market) before I head to the next... (although I am testing my strategy in currencies right now using a demo account...)
Good luck to you...
I've found that it's important to figure out who you are in regards to your trading strategy. Are you the type who needs instant gratification, or are you patient and can handle being in a trade for a few days?
I'm the latter, so I started with a swing trading strategy that I paper'ed for almost a year. It was very successful. I have now automated it...
I haven't learned too much other than that... I've tried to master one thing (swinging the equities market) before I head to the next... (although I am testing my strategy in currencies right now using a demo account...)
Good luck to you...
Honestly speaking, you will probaly lose all of your money if you just go for it. I lost all 20k in less than 1 year a few years ago. At one point I was up over 65k position trading futures, but I didn't have trailing stops in place so I got what I deserved.
Spend a good 4-6 months just reading and trying to make money on a simulator. Consider getting a mentor if you can find one. I did and it saved my butt. Search the forum threads and read as much as you, there is alot of good info here. I almost quit last fall after not making money on even a simulator. Then my mentor took it back to square one and I am making money consistently.
Try to make a consistent amount per day and then add multiple contracts or more shares, if your chosen maket can handle your desired volume. Rember this is a serious business. If you want to gamble go to Vegas atleast you will see pretty girls and get free drinks.
The people you will compete against get up early in the morning, study till late at night, and look for fresh blood like you to pick your pocket. You are competing against some traders that make 7 figures, this is a zero sum game Sorry, but it just that harsh. I wish you luck
Dan