Motas I've been trading for about 6 months as well. After being down about $5K in the first two weeks, I stopped trading for a week and did some serious introspection. I strongly suggest that you do the same! If you have read the books thats you listed, then you are not exercising what you have read. Here are the most important aspects of trading that I have learned so far. Trading is 1.) Psychlogy 2.) Money Management 3.) Methodology Money management is discipline above all else. You know the rules (Risk/Reward Ratio, Probability, Stop Losses, MAx position size, etc.) If you can't learn the discipline, then don't trade! Methodology is very subjective, but I believe that every successfull trader comes into his own. Go with what works for you. Backtest and trade small lots until you see results. Psychology could very well be the most important aspect of trading. For many people it is very difficult to remain objective when trading. It is also difficult for many to learn the rigid self discipline that is absolutely necessary to be successful. You should already know that most who attempt this profession loose everything because they lack the discipline. You have difficulty with these aspects and you need to develop the proper pshchological techniques to overcome them. In closing, trading is not for everyone. Perhaps the best advise I could give you is to stop trading alltogether. At least you will stop loosing money. Mike
Actually , if he never sells this second lot in 2002, (maybe waiting for it to go to 50), it will be a Wash Sale and not deductible this year. Wash sale rules suk large. Claiming mark to market staus this year for that very reason.
claim trader status and he can write off more than 3k limit, if he declare intention to file as mark to market status last year then he is eligible to write off even more this year.
The learning curve is ALWAYS the same. 70k$ yes but in%? I lost 40% of my trading account on the first month several years ago beginning day trading. Then time of hard working, paper trading and back on duty. Now i win consistently( not each day but each month for sure) and i live of my day trading. My advice would be : Trade only 2 or 3 stocks in order to know them like the back of your hands( more than 1mio shares a day and more than 15$). Trade only 9H30-11H30 / 14H30/16H ( very important specially with the lack of volume and liquidity we have this time). always have a trading plan Have a good money management : Mine are post it on my computer!! when reached stop that day. Risk management is a key issue in a day trading strategy Profit booking rules are key factors to achieve regular performance: for example ( it is just an example):- a 1% gain on the net asset value generated during the course of one particular day will trigger up the maximum drawdown of the day to 0% instead of minus 1%. etc.. Sorry for the mistakes but i am french
This has been a good thread for newbies, true story of not. If his story is true Motas needs to get some type of gambling addiciton counseling, or maybe he's just silly rich on stock options from his corporate job. For those who don't know, mota is Spanish slang for pot.
STOP. You need Trading Rules firmly established before you execute another trade. You can find reasonable trading rules with respect to execution and stop/loss on this web site and in any number of web sites/books. If you say that you have good, effective trading rules, then you don't have the ability to follow them, and in that case you need to find another profession. You need a sizing plan. Start with the smallest quantity of stock. If you have three winning days in a row, bump up your size 10%. If you lose two days in a row, or if you lose the amount of money you made in the last three winning trading days, then you need decrease your size 25% until you put together three winning days in a row. Bumps up go NO MORE than 10%. You need to survive. You need to learn how to put together three winning days in a row. Then you need to learn how to put together a winning Week. Then a winning Month. Then a winning Year. Then you will be able to call yourself a professional trader who supports himself and his family from the markets. That is how I do it. The mortgage and the 1040 says "professional trader". Good Luck and be true to yourself. Bone
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