New Trader tired of breaking even - Help!

Discussion in 'Trading' started by Deb Trader, Jan 8, 2003.

  1. Quote from Deb Trader:

    "I started by reading Toni Turner's "Beginner's Guide to Short Term Trading," and Value Stock guides, plus some TA reference books. My favorite TA is Stochastics, but I also use RSI. "

    ***above methods will likely empty your wallet too.

    "My interest has been in penny stocks or value stocks, because I'm wishing I could find the ones that double or triple in value. So far, no luck. "

    ***Penny stocks are in same category as lotto tickets. More "good luck'' to you.

    "I generally buy 10 stocks at a time with Stops set fairly close and hope that some of them will go up. After losing 1/3 of my investment funds within the 1st few months, I seem to be holding steady - not really losing or gaining overall. "

    ***Since you likely haven't done much statiscal research of above methods what makes you think they work?

    "I have $22,000 to work with and want to make a living with it. Is that an unreasonable expectation? I would love to hear suggestions! I haven't set up a margin account, so haven't done any short selling yet. Maybe that is my problem. "

    ***22K is VERY little for any trading, much less make a living. My suggestion is to get a job if you're physically able.

    "I don't know much about e-minis or futures. Haven't read those chapters yet. What is your opinion of them?"

    ***At this stage of your learning curve, stay away.

    ***No offense, but the markets are less willing to give newcomers any break these days. The welcome mat isn't exactly out there.

    Wish you luck nevertheless.
    #11     Jan 8, 2003
  2. dbphoenix


    Also be cautious of people advising you to buy services or systems. All you wind up doing is shoe-horning yourself into somebody else's strategy and tactics.

    You don't have to pay for anything in order to learn. Once you have some experience under your belt, then you will at least be better able to evaluate what is available for a fee (at which point you will likely reject most or all of it).

    #12     Jan 8, 2003
  3. ctrader


    which service is this?

    #13     Jan 8, 2003
  4. dbphoenix


    You're not going to get hooked by the old "no losing trades" gag, are you? :p

    #14     Jan 8, 2003
  5. omcate


    Thanks for the info. I am surprised that the failure rate is so high. Need to get serious now.



    #15     Jan 8, 2003

  6. This definitely wins the prize as the most stupid thing I have read to date at this site......This kind of statement is what gives even the best forums/chat boards bad reputations.
    #16     Jan 8, 2003
  7. That what's the guy claimed to have done for several years and there is a book that explains the system so that you can even duplicate it with paying nothing. The service is for the compilation of the data. 2$ is not very risky for sure :)

    It is not based on TA.

    I would have posted the link if some of you didn't annoy me with stupid remarks about commercial links. So I will only give it by email.

    #17     Jan 8, 2003
  8. I am going to try to post a link

    If it does not work, I will repost the whole thing here.

    This is something I wrote for another novice some time ago. I think it is applicable info for any newbie.

    FWIW, I am still trying to find the lighted path too. Sometimes the fog lifts a bit and I can see around me. But it tends to decend again and I get lost all over. But we are making some progress.
    #18     Jan 8, 2003
  9. OK,

    The link looks like it worked.

    The QQQ information is a bit outdated though. Since the ISLD quotes cant be seen any more, the QQQ's are somewhat harder to trade.

    NEVER... NEVER.. route ANYTHING to the thieves and liars at AMEX.

    Hope this helps.

    #19     Jan 8, 2003
  10. dbphoenix


    A lot of people claim the same nonsense. I'm surprised you'd fall for it. As for $2 not being "risky", the amount of money one loses by following this stuff amounts to considerably more than $2.

    Now if the book is also free, that's another issue.

    #20     Jan 8, 2003