while u are waiting to get more experienced, u should have a sim acct also and practice trading,it should speed up your experience miles,and when a great setup presents itself ,trade,you reeally can't afford to chop in and out ,you will die in brokerage fees,you could take 3 or 4 trades a week and make 4-500
Ammo, than you for advice. I trade Live from Title Trading office actually and at least half of my trades are made with limit orders so, most of the time I even earn by providing liquidity. I am trying to catch bigger moves, but not always can make it. Today I made more agressive trades in relation to limit orders, but because I was providing liquidity for %0.29 for 100 shares and removing for $0.18, I think I should be almost flat or just a little down on my fees today. Usually I even earnn on credits. I am done for today. Just watching BAC as it looks like break out on one hand and double top on another. Interestuing how things will turn.
I read what everyone said so far, and what you should grasp, is no matter what you do, the odds are probably 99%+ against you of becoming a longterm, lucrative trader. I highly doubt the place you are will lead to you becoming successful. Most of the people here are paper traders and wannabes. They may sound like mentors or gurus, but almost all are still trying to figure out how to make money. Things to focus on (independent of your branch/setup): 1) Money management (SERIOUS, not 101), trade management, portfolio management 2) stock market analysis (what causes everything to move - expectations, interest rates, dividends, news/reports, etc. 3) disaster/black swan prevention 4) what are the market sectors & market indexes doing while you are trading 5) read a lot - there are some recommended books on the book section of ET - focus on ones with a number of reveiws that are higher rate (70-75%+). Things like Schwager's two "Market Wizard" books are not bad, although dated. Trading in the Zone, Van Tharp and some others can teach you a few things. But books will not "make" you a successful trader, but learn as much as you can. 6) screen time - what do the market do? 7) Focus on the instruments you plan to trade and master how they work at diff parts of the day, when volatile/liuid/etc. whether things like Google/Apple or crude oil/grain, etc. 8) Stay away from forex (way too hard/efficient) and options (a lot of complexities involved). 9) If it easy to learn, it probably does not work. Avoid the easy stuff like tech indicators, Fib, Gann, Elliot Wave, and most TA. Stuff like support/resistance, trend, pure price action are probably where you should concentrate. The reality is, you will probably have to spend 8-12,000 hours of screen time, and even then, that is not a guarantee.
Tahnk you for this information however I really do not care about what odds are against me. From what i see i am making progress. I have been trading Forex for a while so, I have idea regarding all those indicators and support/esistance. Stocks are obviously different. I have no idea how long it will take me to start making living even trading firm's capital, but I think my chances are not that bad. I try to keep things simple. Support/ resistance. 1 indicator. Watch tape. Keep losses short.
I have read all of these books and then some. it's time to put it into practical trading but I am always on lookout for interesting reads regarding trading. I am watching only SPY for now. But it looks like we cannot see Nasdaq.
I think telling someone that his chances are nearly zero is not very encouraging and I am going simply to ignore this. I am not the one who expects immediate results and I am taking it step by step. If to add hours I have spent trading Live Forex, I have accumulated at least 6000 hours by now if not 7000. I think this time was not wasted in vain. Despite being newbie in stocks whatever I acquired in Forex does help me a lot.
I understand what you mean. My expectations are very modest, I understand it takes time, so let's see how things will develop. I have seen guys who made it and chances are higher to make it while trading prop than own account. My cousin made it actually with Swift. Generally from what i have heard it takes 6-12 months on average to start making money. I do not expect to make it before 1 year. However i will try to make it as early as possible. I do not trade any particular system. I am learning to read tape and watching support/ resistance. I also understand importance of knowing when to trade and when not to trade, patience and discipline. These factors are far more important that system.
the fact that you have expectations means you are setting yourself up for disappointment. You should be passionate about your goal to trade well, but do not be emotionally attached to the outcome. B/c if you are, psychology, you will have a very tough time and more than likely fail.