LD Good luck for the future. This is ET's loss - you were one of the more positive, constructuve contributors around.
No... losses are part of being a loser. But hey pal you're making the right change for you. Good wishes for the future.
New lurker here.... Duck (and others) - thanks. You've confirmed pretty much what I have self taught myself over the past two months in my personal trial by fire. My plan is to continue to learn from the thoughtful posts here and shorten the curve. There are four levels of learning/knowledge: 1. Unconscious incompetancy (You are dumb and fail to know it!) 2. Conscious incompetancy (ME!) 3. Unconcious competancy (You got it, but do not believe it) 4. Conscious competancy Quit your job and trade for a living! It is good to know when you are not misleading yourself. I recently decided to get into this gig. I like it so far and I got a couple of great pieces of advice: 1. You will lose. It will not kill you. 2. Money Management is King. 3. Start small without regard to capital. Bet only a small portion as I learn. I also have learned these things: 1. I cannot beat the market - but I CAN *ride* it - (usually). 2. Use a few simple systems and find stocks that fit them. 3. There is no one system that fits all stocks. No system lasts forever. 4. Trade the System, Trade the System, Trade the System 5. Analyze all winners AND losers. Know WHY they won or lost. 6. If you have no trades to make, then do NOT make them. You cannot lose money on the sidelines. 7. Do not jump in on the middle of the Swing (OUCH!) 8. A couple of good trades does not an expert make 9. Emotions will kill you (see above) 10. A couple of bad trades does not make you a fool either. 11. Other peoples systems are just that. Let them be, but learn what you can from them. So, I have proceeded carefully - 4 or five small trades a week at most. (Swing!). I'll go long or short - no matter to me. So far I am ahead - not much, but I am learning at a very safe rate. Thanks all!
Here's another interesting thing to ponder. Most you guys play poker I'm sure or at least know how the game goes. In poker they say if you don't know who the sucker is at the table, it's you. In trading, if you're looking for other people's opinion and advice, you're in the 95% of losers.
Lets just correct StoragePro's 4 points of learning. 1. You are dumb and fail to know it! You fail to realize your level of deep ignorance plus inexperience which goes way beyond just knowing you were initially dumb. Deep ignorance is usually lasting for the player who fails or who does not become really successful. 2. You are consciously incompetent. Sure. What the horsesh*t do you know about anything real? 3. You got it, but do not believe it You haven't got it and are unlikely to get it. 4. Quit your job and trade for a living! This is the best part. Let your nightmare really begin. Happy hunting.
Thanks Cheese. Since that post I have made great strides each week. If it continues for more than 6 months - I'll be on my own. Right now, 63% of trades are winners. I'd like higher, but money mgmt is keeping me quite happy. Cheese, Keep up the great posts. Emotional responses like that are very encouraging to me, as I know there are plenty of people still out there I can calmly pick their pockets. Keep up the fine fight.