Any words for a rookie?

Discussion in 'Trading' started by mrsinister, Apr 3, 2003.

  1. Just wondering if you old cats out there had any advice or direction for a new guy. Good and bad, funny and not, let'em fly; I'm all ears, or eyes, rather...
  2. gnome


    Plant your corn early.
  3. maglia rosa

    maglia rosa Guest

    Don't do anything until you know what you are doing and acquaint yourself with common human decision traps before making a decision.
  4. Search through the threads menu of the Trading topic and read the dozens of previous threads that have asked the exact same question. You will see all the answers in them that you will receive in this one.
  5. Ditch


    "You need only one setup to make a decent living" - Linda Raschke
  6. There's so many tips out there in the market that your post is philosophical in content...

    therefore your answers will be more philosophical in content.

    Since you didn't tell us anything about yourself (what your trading, your style of trading, capitalization, trading methodology, etc)...

    I'll throw in my own philosophical opinion as the others have before me in this thread.

    Buy a good book on the psychological aspects of being a trader.

  7. ptt


    You need to get educated on the markets, methods, systems, psychology, and your own issues. You need to find a method that fits your personality.

    You need to be adequately capitalized. If you are undercapitalized it will amplify all kinds of psycho problems: fear and greed.

    You need to have realistic expectations. You are not going to get rich quick in this game. Most successful traders have blown out at least one account.

    Once you learn enough, you will need DISCIPLINE to implement what ever strategy you have chosen. You will need discipline to trade through all the emotions you will most likely feel.

    I would recommend going with a prop firm so you can avoid all the stupid mistakes there are waiting for you to make, and try to find a mentor. I don't have any recommendations on a particular firm, but if I was starting over I would do this primarily for the education.

    Use the search function on this site, answers are here, whether these answers will work for you is another matter. Be prepared for lots of cynical, smart ass posts throughout the threads. That is just part of the culture here.

    Good luck, and if you are serious about this game you will need perseverence.
  8. Check out Organized Systems Sharing under the Strategy Trading Forum.

    Otherwise, read up. Start paying your tuition. Keep an open mind.

  9. prox


    A. Watch, save, print out charts of whatever you're trading every single day for a year.
    B. go to A

  10. dgmodel

    dgmodel Guest

    its all about risk managment, and discipline...
    #10     Apr 3, 2003