Registered: Jun 2010
09-30-11 02:59 PM
Quote from ShinySox:
I am new to ET and trading, so I just want to introduce myself first.
I am 19 years old and I study finance at the moment. I find trading very interesting and dream of a job as a fund manager/daytrader and maybe a investor later if I succeed.
So, when I first enter the world of trading few days ago I read much about technical analysis and use this to find triggers. My first day I made really good profit. I started with 2000 NOK(not much, but I am a student), and ended with 3000 at the end of the day. Next day I made it to 5000 NOK. I thought I was king, and could make much more money!
Then, yesterday I entered the marked once again and started to lose money because I did not stick to the plan. I got nerves and desperate to get my money back. But I just lost more and more. And now I am sitting with only 1000 NOK. Its horrible. I was stupid who thought I was good enough to daytrade.
So now I want to do much research before I start trading again, because I am afraid to enter the market without knowing how to do it. When I did technical analysis I bought when it breaks the resistance line, but it just fell down even more and made huge losses for me.
-So could some of you guys give me some advice where to start?
-What kind of strategy and style of trading do you use?
-What are the triggers you are looking for to know when to enter?
-Is daytrading about only looking at price and trends, or is news and volume important too?
Would be grat if I got much advice where to read tips and how to be better as a trader!
Trade smaller and accept the losses. It ain't easy, no one is going to give you the magic beans. You're better off just watching the market - taking the losses if you're in - until you get a feel for it. You have to find the strategies and triggers yourself.