Best Advice You Could Give A Beginner?

Discussion in 'Trading' started by kteira, Dec 27, 2019.

  1. kteira

    kteira

    Hello to everyone,
    I just wanted to thank you all for actually taking the time to reply, it means a lot. And I do admit, a year is definitely "overly ambitious", but I really do believe that I can do it. And when I said I was passionate about trading, I didn’t mean passionate about the idea of money. I am aware that money is not real and I'm not trying to learn how to trade because of money. It’s something that I see a career in. Nonetheless, the tips so far have been so helpful and I wanted to thank you all again.
     
    #41     Dec 28, 2019
    Ak7373 likes this.
  2. jago25_98

    jago25_98

    Do some self introspection with a shrink about attitudes to money. Questions like:
    "On a scale of 1-10 is money evil?"
    and
    "Why do you deserve to be wealthy?"
     
    #42     Dec 28, 2019
  3. [​IMG]
     
    #43     Dec 28, 2019
  4. On the internet a girl is still a boy.
     
    #44     Dec 28, 2019
  5. Only advice I have is this: keep it simple. Market is going up? Buy the dip. Market is going down? Sell the pop. Market is ranging? Do both.

    Eventually you will be wrong, you will lose some money and it will be obvious that the market has changed. Then switch your approach to match.

    Perhaps the pros can tell me how far off I am.

    And remember: it can take hours to wipe out years of gains. So size appropriately. This is why I like options. My stop loss is the entire trade.
     
    #45     Dec 28, 2019
    heavenskrow and MarkBrown like this.
  6. MarkBrown

    MarkBrown

    the holy grail actually it is that simple. yet almost everyone ignores this simple truth.
     
    #46     Dec 28, 2019
    _eug_ and nooby_mcnoob like this.
  7. I had a sneaking suspicion this was true. When the market was ranging recently I kept trading the range thinking exactly "OK eventually I will be wrong" but the craziest part was the market signaled to me when it was changing so I didn't even lose anything when it popped. I had a short at SPY $320 at that point because I was trading the range.

    Although I guess if you're trading $SPY just buy the dip all the time.
     
    #47     Dec 28, 2019
  8. southall

    southall

    What simple truth?

    That top and bottom picking is the holy grail?
     
    #48     Dec 28, 2019
  9. Forget it for now. Your mind is not ready for trading.
     
    #49     Dec 28, 2019
  10. the best tip I can give you is use Bookmap pro software
     
    #50     Dec 28, 2019