Hi guys I've decided that I really want to work with trading stocks full time. I've been thinking about this for 6-7 years, and now I have taken the full step. Opened an account at a prop-firm which I was recommended by a colleague. I'm trading in a Sterling Trader platform. Case is that I got some strategies that I have been backtesting, they are not running too well. I am thinking of joining one of those groups that are online for traders to follow, like web-casts. I think I need some more fresh input, as these markets are in constant changes. Any experiences and advice would be highly appreciated regarding trading-groups. And to those cocky guys saying I should quit trading, I guess you are the same that 6 years ago said that I could not learn to code my own strategies in C# when I asked what programming language you recommended to learn. Well, guess what..... string txtToYou = "Get Lost" Well, I hope to get some constructive feedback. Thanks Espen
Make sure you have enough money to live on for at least 2 full years while you are learning. The vast majority of traders take, at minimum, this amount of time to become self sufficient from trading and many others require even more time. Good luck to you.
Thanks both of you. And yes, even if actually have been aware of the time perspective and the learning curve, I am glad to be reminded on it. It's easy to forget in the rush for success. Wanting to make a living of trading stocks is not the first thing to bring up at the family dinner... But I got the oppertunity now, hope that I can make use of it. Thanks Espen
Do not trade with money that you can't afford to lose Risk capital is just that. Losing all of it should not affect your lifestyle or living condition If it does then don't even start The only way to divorce yourself from the emotional aspect of the money is to follow the above rule
Thanks for the advice. Anyone who got some thoughts about those trading groups that are online, are there any good ones?
Ok, cool. I think most new traders are aware of the learning curve/time commitment but also believe that they are different and they will make it work faster. I'm glad you have more realistic expectations. 2 years can fly by, especially when crafting a trading approach so just wanted to make sure you were aware and had the financial means to support yourself during this learning period.
I shall not say for sure that I can stick that long without profits, but I lost my job - so the timing for taking the steps into trading is good. I'm not sure I'd done the same if I had to quit a job that paid me $100k a year. I sort of got help with making that desicion
The need to make money will force you to take trades that you shouldn't. You may have days where you scratch or are negative. But one trade makes up for those days and then some. It's like fishing, you throw your line in and if you get you get it. But some days you may loose your lure. Don't expect to catch fish everyday. Trading is more algorithmic meaning the chart patterns are driven by computers and not so much emotions any more. It's not brain cells reacting to world events it's just programming and the need for large institutions to take prices where they may. It's a rigged game or Ponzi scheme. Get a stable job and learn from afar, position trade or swing trade. Decisions don't need to be made second to second. Your brain will eventually get fried looking at all those screens and lines and bars. Most of trading is 8 losses 2 gains, meaning expect to stop out a lot when implementing your edge. And if you don't have a inefficiency or edge to take advantage of then don't even bother. I've watched chart patterns so much that it's even easy to figure out what the comps are programmed to do. Price patterns are dictated by agendas of large institutions and governments. The little guy has long been killed in the markets. Chris
Looking for an online trading group for "fresh ideas" is not a good sign for someone starting out. It indicates to me that you are inadequately prepared. Years ago when I first moved my trading out of an office into my home I joined a chat room run by the trading firm I was trading with. It was mostly to socialize, really. I also subscribed to a service run by TradeHard.com for trading alerts. It was a waste of money. At the office, traders formed groups more or less self-selectively. It was mostly social. We knew what the others in the group were trading and how they were doing but not much sharing of ideas per se. It's not practical. The one exception was for upcoming IPO's. We freely shared opinions on those and it was easy to have a constructive discussion. Starting to trade online by yourself is probably not ideal. But looking for "fresh ideas" from unknowns on the internet is not the way to go. You have to have the confidence to use your own judgment on your trading decisions. A super duper method that you have refined over time is the best instrument to rely on for doing that. If you survive and get yourself to an operational level, you can gain the knowledge, skill, and experience to understand the value of other people's "fresh ideas." Cheers.