Just a thought, since this thread is called Journals... First of all, I don't agree with some people bullying other people around. Just because under your nickname there is a 4 digit sum of posts... that does not express the number of your trades. I might have a 2 digit number of posts and i just might have a double number of trades and might trade over a double number of markets and take my decisions in half the time you take. Stop being amateurs and stop calling yourselves pros. You are not. If the market hasn't taught you to be tolerant , it hasn't taught you anything. TraderEO: Stop this now! You don't need anyone to agree or not with your picks or trades. I don't think anybody is really interested in it but to pick up a few tips... And it's not worth it. YOU KNOW YOUR STUFF BETTER THAN ANYBODY ELSE. Take my advice kid, set up a spreadsheet of your own. Post every trade there, in detail, then set up a diary and post your charts and everything. Do that for some months day in and day out, and you will be way way way ahead of 90% of the people here. Try to look over your week trades in the weekend, see where you went wrong and pay attention to your risks/trade. Set up weekly conclusions, and make a plan for the coming week and make sure you avoid the past week mistakes. If you get to overcome your common mistakes and hang on to your system for months, you are on your way to being profitable. YOU SHOULD HAVE A WEEKLY GOAL OF NOT LOSING MONEY, NOT A 10%-20%/month GAIN!!! YOU HAVE 3 POWERS YOU HAVE TO USE: 1. THE SWORD 2. THE DIAMOND 3. THE MIRROR as in ... technique money self-analisys If you don't trust me go read a few books about Japanese army generals and you'll figure this out. One thing is for certain. Don't read this post and understand it on a working day. Try accepting this advice in the weekend when you are calm. Good luck man! It all depends on you! If you don't listen to my advice, just remember not to give up...
Some things I have learned ... 1. Picking stocks is not hard. 2. Trading psychology is hard (btw, I am using real money now, and doing this opened my eyes to a lot of issues I had not planned on). 3. Money management may be the most important thing (I am studying that now). 4. Paper trading is very helpful. It gave me a lot of experience that I would have had to pay dearly for, if I had used real money during this time. So, with real money I am down 2.5% for the week. With paper money, I'm up 11% for the past week. Just goes to show how much of an idiot I was when I started this thread. Thank you to everyone who gave constructive advice. It has been very helpful. Thanks again, Trader(WantaBee)EO
I am very happy you took my response the positive way. You are not an idiot. You did the only positive thing you could have done. Interaction. You should consider your real money the "tuition fee" for your becoming a trader. If you can trade small fractions the tuition fee will last longer and you won;t have to pay that much In any case, only a stroke of genius will save you from NOT paying your fee (although that might prove itself to be only a delay in payment ). All of us have payed it, and the ones who were conscious and alert, had much to learn. In this life nothing is for free and freedom (eg financial) is no different. It costs time, money and requires sacrifices. Think about it: You are going against some of the most trained professionals. The ones who have no time to waste on forums and the such, the ones who spend a great deal of effort just to stay focused on their markets, not losing their grip.... You have to start thinking like them. But most important, it's not easy and it's not free to get there. It's a business like any other. You have to treat it like a business. How many forums for car dealer managers do you know, or how many forums for cardboard box manufacturers do you know.... I think none... Serious people keep it to themselves. Don't get too caught up in this hype that is trading, because it's a business like any other, with different levels and different responsabilities... Again, good luck...