Matt, You're already smarter than 99% of the people on this site and I'll tell you why.................... . . . . . . . . . . . . . . . You decided to keep your day job.
Oh, and 3. system hopping. Although that's a potential transgression which has not been committed yet. Anymore? Talking a load of bs on trading forums? ..................................... correct. the shop thread will wind up at 100 pages. all the answers as to how i have traded are in this tome. cheers, d
Ha ha. Yeah thanks, I have always been quite practical like that. Still nothing wrong with making some money from the markets on the side.
................................... trading. many apply, very few are chosen. it is a calling. you will know if you are suited for it. the purest form of delegating capital for risk/ reward on the planet. s
Well, even if I was suited: 1. 33 years old 2. limited capital 3. married with baby no 1. on the way 4. Mortgage got to be realistic.
................................... you have 3 stikes out of 4. lots of time down the road. playing thru. shop, out.
Two pieces of advice: First, if you're getting scared out of your position, then your position is too big. Start with a much smaller position. You can take losses easier and you will let your winners run longer. Second, every new career requires two things: education and experience. Can you imagine a doctor operating on a patient right out of med school? How about an attorney taking on clients right out of law school? Point is that you have the education by reading and following the markets, but you can't win until you gain experience with trading real money. You will lose. And that's part of it. The temptation is always there to trade big for big profits. This is also how to lose big. So accept the fact that you need experience first. And accept the fact that you will lose until you learn. The smart thing to do is to trade very small until you learn. This will keep losses in control. There is nothing wrong with taking a 25 or 50 share position in Microsoft. Then you can learn to add to your position later...maybe 25 shares at a time. Also, right off the bat, you seem to be entering your trades based on technical indicators, and then exiting based on fundamentals. If you trade on technicals, then stop reading the news. Jesse Livermore, as quoted in this thread, makes some damn good points. If you haven't read "reminiscence of a stock operator", then get the book and read it! It was the best book in trading that I ever read. Good luck and welcome to the biggest Casino in the world.
Hey thanks for the advice. Yeah it was me who quoted Jesse (we're on a first name basis). As I said before I didn't take profit on a trade due to fundamentals, it was more a "what the fuck am I doing trading a longer term strategy when at any moment the stock market could melt down", which is slightly different, more of a paranoia really. I hear you on the position size. It's money I can afford to lose (if there is such a thing), but maybe I could downsize a bit while I 'm learning.