PayPerView - some general points: - as (if) you get into this, you'll find that there is no end to the amount of information available. Books, forums, blogs, gurus, newsletters, tv, etc., etc. Like most things, 95+% of it is crap. You will have to trudge through a lot of it to learn, but you won't know which is which for a while, so approach everything skeptically for now, and read some of the classics, which are classic for a reason. - believe only what you observe/research yourself. Don't listen to gurus, tv "personalities," internet BSDs, tips, and worst of all government and corporate representatives. They have motives that do not include making you successful, and the latter group lie and mislead consistently. - although there are some very helpful and generous people, there is also no end to the negativity here (and on other trading forums). Losers, especially anonymous losers, are miserable and take pleasure in trying to hurt others. Get used to it. - you are going to have to go through a learning process, no way around it. So in the meantime, err on the side of caution, trade conservatively, and prioritize protection of capital. It will do you no good to be broke by the time you figure out what you should be doing. Best of luck.
Thanks for that advice Madison. Just finished Wall Street Wizards...Great stories for sure. Cautionary tales I take to heart. I am a jaded, streetwise, self made entrepreneur, high school dropout who has made it through instincts and gut my whole life. I have been listening to everyone and have my own theories. My whole life I have relied on my instincts and guts..I have the right personality for trading, good risk tolerance and very disciplined approach. I won't destroy myself but I certainly have and will continue to make mistakes. I did a stupid large trade the other day while I did limit my downside, I realized how idiotic it was and spent the rest of the day slowly getting out of it without too much damage. I am mostly in cash and have a meeting set up with someone to teach me one on one how to do puts and calls as well as just trading in general. My gut positively was screaming at me last January and I fired my financial planner but only got cold feet and gave him back 30% of portfolio to manage last June...You can guess how that went.. I did so many trades that were fundamentally wrong, it's amazing I am only down 10-15% from my all time high..But that loss still irks the hell out of me as I just didnt execute my ideas correctly. I didnt use stops, I added to losers, I got emotional..I bought too much of things I had no idea about... I know what I want to do, I just don't know the best way to do it. SImple thesis is this. I see the world as being always a reaction too strongly in one direction or another. I believe we will go lower at any point by 10% at least..I have been saying this for last few weeks that I felt we would rise to 8400 Dow and then at some point correct 10% or more. I believe the markets will test lows and end the year higher than where we started. We know this all means nothing other than finding ways to take best advantage of these moves, which frankly I lack the knowledge. I'm humble yet I know now that I can control my losses..and all I have to do in my mind is beat the performance that my buy and hold manager..I kicked his ass so far yet he is still smug that long term he will win. we'll see!
This forum will only cost you money. Read it only for a laugh. Take ONE indicator, any one. Learn it inside out. Then you will have a chance. Best wishes and good trading to all. RBurns
I hear you...Not looking for anyone here to tell me what to trade, although I am interested in hearing how some trades are constructed..
I was scared too when I joined here, scared someone would rip me a new one if I got it wrong, and they did. Today I'm hopefully ripping some other guy a new one when they're wrong! It's a good bunch. But do stay away from the Politics & Religion section.