A Good Start?

Discussion in 'Trading' started by Baker_Trader, Feb 17, 2003.

  1. Hey Guys....I would like to thank all of you for your amazing help and great replys to all my threads!

    Now here is what im thinking of doing....Please tell me what you think?

    Now since i have been trained in Stocks (And i dont mean reading a couple books, I mean iv been trainined one on one for 4 months straight on trading Nasdaq stocks) So i was thinking of starting really small just to get my feet wet. So, i want to open an account with IB for only 5k, trading 3 traders per week...Just to get the feel of trading for real, rather then trading with numerous demo's!...Then just trade 3 trades per day! Not with the ambition to make money, but just to get my mind in the game for real without risking alot of capital!

    Now i have got my money management system down to a point i believe, and my method of trading is pretty damm good i think! Iv been working on it for some time now! And i know this means 100% NOTHING, but i have done well in the IB demo for about a year now!

    So, please tell me what you think! Try not to be to harsh on me HAHAHA

    Thank you very much everyone!
     
  2. nkhoi

    nkhoi Moderator

    [​IMG]

    watching!
     
  3. And what does that mean?
     
  4. I don't even think he knows. :eek:

    F. P.
     
  5. You asked the question, "A Good Start?"

    My answer, "Yes."

    Here's why I say Yes:

    1. You have 4 months of one-on-one training
    2. You realize that getting a feel for the market supercedes the need to make money
    3. You are willing to start small (very important for a new trader)
    4. You are only going to do three trades a week. Therefore, you will not be overtrading, which is another newbie mistake
    5. You have traded a simulated account for an entire year. Above everything else, this shows me that you have both patience and discipline...two utterly indispensable traits common to almost all successful traders.

    Most people would be chomping at the bit long before a year had passed if they were only trading a "paper" account in a simulator. The mere fact that you have had the persistence and dedication to continue with your simulated trading for so long speaks volumes for your commitment to trading as a profession, and not some flight-of-fancy fantasy.

    Good trading, and Peace.

    PEG LEG JOE
     
  6. dis

    dis

    So far so good, but keep in mind that paper trading and trading are two very different things. You might want to limit your size to 100sh until you are confident you can replicate your paper trading record with real money.
     
  7. Peg Leg Joe and Dis mentionned some very good points. It took you sometime to learn trading your system on paper, it will take you some more time to learn/modify your system when you go live. The fills are different, as well as the psychology of real money involved.
    Stay small, and don't get over confident.

    Cheers!!:)
     
  8. Thank you very much everyone!


    So 5k sounds good? And should i set a stop limit on my account of 2k of loss?

    Also; When i only trade 3 trades per week, should i make them qucik day trades, or let them go long? I was thinking just make 3 quick trades, and then just wait till next week! That will better suit my trading method, but what do you think?

    Even though i have my eye on a couple stocks, what ones do you guys suggest i have a look at? Just curious :)

    Thanx again for the help...I will forsure post my results the first couple days


    :cool:
     
  9. nkhoi

    nkhoi Moderator

    so you plan to do 2 trades for this year:confused:
     
  10. Hi Baker_Trader,

    Now that we have a little more detail about you as a trader...

    I agree with peg_leg_joe and dis.

    However, I'm curious via the questions in your above quote...

    what does your mentor (the person you had a one-on-one training for 4 months) has to say about the above questions?

    Meaning...your mentor...whom already knows you in person as a trader...

    is probably the best one to ask such questions unless you had a mentor that is now dead or doesn't do follow-up sessions.

    Also, what is the trading style or trading methodology (scalping, swing/overnighters, position/exiting before close...indicators/if any...account size your mentor used while training you) your mentor has or was teaching you?

    The above should be easy for you to answer considering you two spent 4 months together :cool:

    Simply, via my questions and some sarcasm...I'm just a little surprised by the type of questions you ask when you had 4 months of training as a trader from a mentor.

    Geesshh...with one-on-one training...your mentor should have had you trading with real money in that last month of mentoring (the 4th month)...

    while he was looking over your shoulder and steering you through each and every trade.

    At the minimum...you two should have done a few real money trades together...

    or was it all hindsight mentoring?

    NihabaAshi
     
    #10     Feb 17, 2003