Please Advise...

Discussion in 'Professional Trading' started by hii-society, Mar 3, 2006.

  1. Hey winners. First of all thanks for offering such wonderful resource for someone who is just getting started to learn about trading. I found the search function to be very helpful in locating threads on techniques, info on trading in general. After doing some reading. I've came up with several questions.

    I'm a IT professional and is getting tired of industry and is currently looking else where for income opportunity. Since I was young I've always been interested in getting involve in the stock market. With that in mind. I'm planning to give trading a try. Before I start, I have several questions.

    First is 150-200k enough to start with? Which book should I read from to learn from first? Should I pass the Serie 7 and Serie 66 and work within a stock firm first to get a better understand of the industry first?

    Thanks ahead of time for all your help!
  2. Trade retail.

    Put 3 - 5k in a futures account and see how long you last with it. I've lasted 10 months now with 3k total.

    I've also been interested in the IT field, but decided not to go that route because as you said, the industry is screwed.

    Only 5% - 10% of traders make it. I can't say I'm in that group yet, but I'm still surviving and I'm 19.

    Trade small. If you trade stocks, trade 100 - 200 shares at first. If you trade futures, trade one contract at a time.

    Read Mark Douglas' books on trading psychology, because it's all in the head. My emotions are limiting me from being successful, and that is fact. So be aware that you need your emotions in check unless you are going to go automated.

    I'm struggling and been at it for 10 months and I probably study charts at least 12 - 14 hours a day, and dedicate 100% of my time at this and although I have seen so much progress, I'm not anywhere near profitable, I'm working on changing that around, but nothing is certain.

    So realize, it is hard work, you just have to dive in and do it, but be smart about it.

    That's probably the best advice you are going to get right there besides other book suggestions and such.

    Just get out there, do it, play small until you are consistantly profitable, and slowly move up.

    And it's 3 am, so I'm going to go pass out on my bed.

    Good luck to you.