POLL: If you could give one piece of advice to a new trader

Discussion in 'Professional Trading' started by rcanfiel, Nov 11, 2007.

POLL: If you could give one piece of advice to a new trader

  1. Find a mentor

    14 vote(s)
  2. Stay away from trading

    17 vote(s)
  3. Paper trade for a while first

    5 vote(s)
  4. Hang out on forums like this and absorb what you can

    3 vote(s)
  5. Read a few good books

    5 vote(s)
  6. Find a trading service/advisory

    2 vote(s)
  7. Don't quit your day job

    25 vote(s)
  8. Trade small for a while

    35 vote(s)
  9. Make sure you are well capitalized

    10 vote(s)
  10. Don't expect riches, just focus on making a steady income

    16 vote(s)
  1. POLL: If you could give one piece of advice to a new trader
  2. I would chose - don't waste time creating polls on elitetrader and stalking Timmy Sykes.
  3. FCCT


    Depends on their personality, managing their expectations is key.

    Also realizing you can have a good position and lose money, and thats a good loss.

    Proper position sizing and risk management will be the toughest to master.
  4. Never play cards with a man named Red?
  5. Dont listen to naysayers, failed people will always try and convince you that you will ultimately fail too. Learn TA in a way that allows you to see consistent repeatable patterns and exploit them whenever they come up.
  6. dtan1e


    find a profitable trader & offer to be his sex slave if u have to :D
  7. Stock your basement with canned foods, bottled water, and lots of ammunition.
  8. It's easy to make a small fortune trading, all you have to do is start with a large fortune.
  9. remove all pressures to make money
    1) paying rent,
    2) food

    Focus on executing right trades, with no emotions each and every time.

    Try not to be excited when you win
    Cut losses faster then you can get depressed when you lose.

    Always think contratian, when you are winning $$$, step away from the sheeps and sell. Focus on where the big players execute their trades.

    Good luck for the next 3 years.
    #10     Nov 12, 2007