Retail Trading

Discussion in 'Professional Trading' started by SaigonTed26, Feb 9, 2012.

  1. Hi All,

    I enjoy trading, but as a retail, small time investor all the information I get about the market is on CNBC and the internet. Also, I don't have the same training the pros have, although I would like to learn. Does anyone have any info on what it is like in the day of a retail trader or even someone who just trades regularly, but not a day trader? What info do the pros use to stay ahead? Also, in the past I got beat in trading, since I'd panic and sell my losses too early or I'd sell my winners too early and not ride my profits and there were a few other reasons; Especially since I was new and learned by trial and error. Right now I have a laughable amount (a couple thousand), and at times my pride got in the way and I wouldn't diversify and I'd put too much into the wrong stock(s), then I'd panic and lose. At least now I've learned a lot from my past stupidity and also I have time on my side (I just turned 27). I've been starting to trade options, which are good for their leverage and low capital to start. Ideally, I'd like to build my capital up, then buy good stocks and do covered calls on them as a way to enhance possible returns. But, bottom line, I'm 27 y/o, in the past I was a disgraceful trader :( but now I've learned a lot and want to build my pathetic amount of money (around $2k) into something decent down the road! Thus, any advice would be helpful. I know I can throw in the towel, but I was always taught "Winners never Quit, Quitters never win!" Thanks again!
  2. a few thoughts...

    turn off CNBC. your trading will NOT be improved by watching porn stars read a teleprompter.

    have a trading plan written down and stick to it. obviously first you need to develop one that suits your personality (e.g. don't day trade if you can't make quick decisions or don't position trade if you'd go crazy sitting on a position for months).

    never stop learning/reading/asking questions.

    you're right - never give up!

    always improve. analyze EVERYTHING you're doing, esp every aspect of every trade, and ask "what am i doing right/wrong and what is a specific solution to stop what i'm doing wrong and repeat what i'm doing rigiht". can you imagine how much better you'd be if you never made the same mistake twice?

    anyways there's a ton more i could say but some of us have multi million dollar SIM accounts to tend to:cool:
  3. 007Arb


    >>>> I've been starting to trade options, which are good for their leverage and low capital to start.<<<<<<

    Big red flag and contradicts the gist of your post.
  4. Hi,
    Thanks for your advice! Lol, I agree, I don't think the CNBC commentators should be listened to for financial advice. But, that's what I've figured, it's best just to stick with it and learn from my mistakes and just find any way I can to learn more! :)
  5. Bob111


    it's really have to turn everything off. everything that you are not using in your trading. that is. if you trading is based on cnbc or whatever news-then-keep it on. if not-off. it's create nothing but distraction,screwing your mind,creating doubts in your head. same approach applies to everything. my trading is based on simple math. no charts,no TA. so during the day-everything is off. EVERYTHING. i trade without charts,news or whatever. all job \plan is done overnight,stops,targets are calculated and placed once i'm in position and i'm not changing it no matter what. if something totally unexpected happens-you should be prepared for it and have an idea what to do. this also should be a part of your plan. it was free for you,but very expensive lesson for me.
  6. cfu


    I can not disagree with anything Bob said. That post is basically gold for anyone that has the discipline to carry it out.