Why do newbies lose?

destriero said:
I have a TG chat (closed) with 30-40 members. It came about when a pro from P72 wanted something outside of trading message boards. Most have been on the sell and buy side. I cannot imagine charging for a chat when you're there to share.

IOW, no inst-trader has charged for a chat room. It simply doesn't happen.
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I’ll give you one example, back in 2005, Kevin Haggerty was running inner circle for 12 months after he retired from being a head trader from Fidelity Capital.

I think that cost me around 3K back then, and was worth every cent. He used to be one of the biggest institutional traders. There are other smaller and less known.

Either way, if you're a really good trader and you're running a chat room (or whichever way it is setup), then the people in the room are most likely to learn far more than they would from using the regurgitated retail stuff they find on internet.
 
PPC said:
I’ll give you one example, back in 2005, Kevin Haggerty was running inner circle for 12 months after he retired from being a head trader from Fidelity Capital.

I think that cost me around 3K back then, and was worth every cent. He used to be one of the biggest institutional traders. There are other smaller and less known.

Either way, if you're a really good trader and you're running a chat room (or whichever way it is setup), then the people in the room are most likely to learn far more than they would from using the regurgitated retail stuff they find on internet.
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I'm not referring to a MF head trader. Fido? Please.

I am talking about a group of pros. Not one former mutual fund desk head selling sht to noobs.
 
Don't give up @SimpleMeLike, if you are passionate, you can find a way. I am getting back into day trading because it is something I need to prove to myself.

Years ago I was a losing day trader but have done well in options since.

First thing I realized when I got back in is I needed a completely different mindset. I am rebuilding everything from that new mindset.

So far it works well (on paper). :D
 
destriero said:
I'm not referring to a MF head trader. Fido? Please.

I am talking about a group of pros. Not one former mutual fund desk head selling sht to noobs.
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What’s the avg size R are they risking on trades?
 
ninZa.co said:
Hi there,

I'm just curious.

What valuable lessons did you acquire as you progressed from being a novice trader to one who consistently turned a profit?

I can start with a few ideas that could be newbie's mistakes:

- Starting with real money too soon rather than practicing with a demo account
- Ignoring Risk Management
- Chasing Losses by high-risk trades
...

Please feel free to drop your own experience.
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I don’t know about others but for me it was not understanding probabilities, how to stack them in my favor nor that the biggest challenge is not “me against the market” but “me against me.”
 
Sprout said:
What’s the avg size R are they risking on trades?
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I cannot speak to individual R on single names. Daily variance of perhaps $50K. One guy is more like 2-300K. Biggest DD i've seen was $3MM. Biggest gain was probably close to that figure.

One guy went from <$100K to $6MM LNW in four years (CAD). He's still on ET ( I will not name).
 
destriero said:
I cannot speak to individual R on single names. Daily variance of perhaps $50K. One guy is more like 2-300K. Biggest DD i've seen was $3MM. Biggest gain was probably close to that figure.

One guy went from <$100K to $6MM LNW in four years (CAD). He's still on ET.
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Sounds legit.

When I start swinging large enough to route to dark pools I expect an invite.
 
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