very new in trading....

Maybe some people are naturals, but it seems like a bad bet initially. The hardest part is to face an industry, terminology and mindset you honestly know nothing about. This dire need for honesty though, will be totally overruled by the drive to make it, or better, a drive for understanding and a dose of humility. If not, being humbled by the markets is ensured, unless really unlucky, getting lucky winners and learning "the wrong way".

It's really about facing reality, yourself and making a business from nothing relying only on yourself.

Trading is so open-ended - and different, that even if you don't make above break-even (which is an accomplishment), it'll definately provide a mindset and experience that can help one see things in a different light in the many avenues of life.
 
Simples said:
Maybe some people are naturals, but it seems like a bad bet initially. The hardest part is to face an industry, terminology and mindset you honestly know nothing about. This dire need for honesty though, will be totally overruled by the drive to make it, or better, a drive for understanding and a dose of humility. If not, being humbled by the markets is ensured, unless really unlucky, getting lucky winners and learning "the wrong way".

It's really about facing reality, yourself and making a business from nothing relying only on yourself.

Trading is so open-ended - and different, that even if you don't make above break-even (which is an accomplishment), it'll definately provide a mindset and experience that can help one see things in a different light in the many avenues of life.
More...

Yes and No!

Most of us that last thru the initial silly stages, come out knowing that not only have we wasted so much money on books and courses, but we have also wasted many years.. which is far more important.

It is very hard for the inexperienced to understand, same as with everything else in life.

You get the odd one who is real smart, like the young chap that spends his money on buying some land, instead of flashy cars and long legs!

They are very rare, but are there none the less.

If anyone starting out, can clearly see that without experiences with winning and losing, they will not make any money worth talking about, and will more than likely lose money.

So, those experiences should be top of the list.

In order to get same, one must place many many trades, in many many different scenarios.

You can not place trades unless you have money.

So, preservation of capital is the number one priority.

Forget about profits, concentrate on keeping what you have. Profits will come when the experiences have been acquired, and no sooner, no matter how hard you try to convince yourself otherwise.

The OP is fighting an uphill battle from the start.

1k$ is not enough for to gain the experiences.

A more realistic amount would be access to $35k, with a max drawdown of $5k, and another $5k in reserve, just in case you lose track of your objective, which most do.

If a person can do it this way, then they have a much better chance of making some money.

The time taken to make money, will be in direct proportion to the time committed to trading live.

No gain, without the pain :)
 
markmark1983 said:
thanks for the feedback :)
More...

There is something else to consider...

Conceivably, you could enter a single-contract gold future (GC on Globex) for $1,000 in the morning (Daytrade margin depends on the broker of course. This is an example). By the time the market closes that day, your position could be down 200 ticks (-$2,000). At that point the broker will most likely close your position for the initial $1,000 loss, and then ask you to pay them the extra $1,000.

So you will owe them an extra $1,000 at the end of the day. So you have lost 200% of your initial investment. Harsh.

Heed MattZ's warning, and don't get into this until you understand your station.
 
Last edited:
MrScalper said:
Yes and No!

Most of us that last thru the initial silly stages, come out knowing that not only have we wasted so much money on books and courses, but we have also wasted many years.. which is far more important.

It is very hard for the inexperienced to understand, same as with everything else in life.

You get the odd one who is real smart, like the young chap that spends his money on buying some land, instead of flashy cars and long legs!

They are very rare, but are there none the less.

If anyone starting out, can clearly see that without experiences with winning and losing, they will not make any money worth talking about, and will more than likely lose money.

So, those experiences should be top of the list.

In order to get same, one must place many many trades, in many many different scenarios.

You can not place trades unless you have money.

So, preservation of capital is the number one priority.

Forget about profits, concentrate on keeping what you have. Profits will come when the experiences have been acquired, and no sooner, no matter how hard you try to convince yourself otherwise.

The OP is fighting an uphill battle from the start.

1k$ is not enough for to gain the experiences.

A more realistic amount would be access to $35k, with a max drawdown of $5k, and another $5k in reserve, just in case you lose track of your objective, which most do.

If a person can do it this way, then they have a much better chance of making some money.

The time taken to make money, will be in direct proportion to the time committed to trading live.

No gain, without the pain :)
More...

Thank you! And I agree with the importance of experience as part of life's failure and success cycle. And yes! No gain without the pain :-)
 
Overnight said:
There is something else to consider...

Conceivably, you could enter a single-contract gold future (GC on Globex) for $1,000 in the morning (Daytrade margin depends on the broker of course. This is an example). By the time the market closes that day, your position could be down 200 ticks (-$2,000). At that point the broker will most likely close your position for the initial $1,000 loss, and then ask you to pay them the extra $1,000.

So you will owe them an extra $1,000 at the end of the day. So you have lost 200% of your initial investment. Harsh.

Heed MattZ's warning, and don't get into this until you understand your station.
More...

Yep. Thank you for the explanation. :-)
 
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