Go back to work and save another $7,000: you've only covered the first semester. Don't give up but understand that your 'rules' are not RULES: they are general guidelines. (Number 1 will never be realized.) Focus on one stock: learn its behavior. Nobody can follow 1200 stocks effectively. Keep trying and good luck.
Many big traders blew up their accounts few times before making it big. Try again when you have enough money...
Thanks, that's comforting. I will come back to the market again with a new strategy once I save up some money. Any comments on my "5 simple rules" as somebody said they are just general guidelines!!?
Listen kid, don't daytrade. Find oversold good stocks and buy them,and wait. Buy before earnings expectations, and sell when story is out.
Thanks for your advice, but can you give me some rules if mine aren't? Whatever they are, they discipline me and save me from big losses! I read somewhere that, Jesse Livermore lost big money when he didn't follow his own rules.
You might want to test your next strategy on a demo acct to make sure it works before you trade with real money next time. If your strategy doesnt make you money on DEMO then you're not ready to trade for real.....PERIOD ....and get yourself a real job on the side(even part time nights) to keep yourself afloat. Your father shouldn't have to babysit your wallet.
I am working on developing a new strategy now and also looking for a job for a few months. And I borrowed that money from my father and will pay it back.
If I were you, I would pay my debt back before trading again. Trading while in debt will most likely make a bad situation worse.