Rookie Trader On The Loose

Discussion in 'Trading' started by tshin01, May 13, 2003.

  1. tshin01


    I know you guys hate rookies...or maybe you do because it gives you guys a chance to take our money... :D

    I'm studying for the S7 and 55...and am wondering HOW IN THE HELL IM GOING TO LEARN HOW TO TRADE....

    I wanna make the big bucks..can you guys tell me ROUGHLY how much you guys make starting? and how much you make ending?
    Thanks guys..
  2. My advise, pass the exams first, then work on taming your ego. Ego is a killer. Good luck.
  3. JT47319


    Start by not losing money first. You'll be in the top 5% if you can do that.

    How's this for an excerise. Exercise a market order to buy at the ask. Immediately turn around and sell at bid. Take the commission hit and loss due to the spread. Understand your emotions and understand that those feelings of greed and fear will most likely cause you to blow your account if you can't control it.

    Survive for six months.

    Then come back here.
  4. tshin,

    Why are you studing for the s7 and the 55? Share with us your rookie thoughts on how you imagine your job will be. Why would you want to take those tests just to be a glorified telemarketer?

    Michael B.
  5. nitro


    The Series 55 and 7 are required to trade a propietary firm. To trade at a professional firm, you just need the 7.

  6. "I wanna make the big bucks": very bad mentality for beginning generally of course there can always be exception :D

    First you must come to trading because you feel it is your stuff, second you must be conscious that most people although helpfull are essentially seeing a newcomer conciously or inconsciously as a competitor and that what they learned could have cost a lot of money and they don't feel like just give what they learn to someone that just come there saying : give me the money :D. Further more it is not possible to transmit knowledge and experience easily.

    First do you have a capital. No capital no trading. Trading can be very costful to learn especially in future, I said the other day 50000$ on average for loss according to futures truth a trading system service. For stocks I don't know but technically I don't think stock is easier than Futures I would even say the contrary except for undercapitalised people.

    Second you must be willing to learn. Read a book on Technical Analysis. Do not read "modern" authors, read the founders of TA. If you have a feeling for TA then you can come back. If you don't have I think it's better to never trade.

    Third, 4th etc. I won't detail.

  7. Foz


    I can answer this one... It's a large negative amount -- big losses -- or the trader wouldn't be ending.
  8. prox



    How about negative income,
    toss in more stress than anything you've imagined in your life,
    more emotional ups and downs than you knew existed

    this is perhaps the toughest profession in the world with some of the most wiley minds all trying to cut your throat financially.

    You simply cannot pass some pointless tests, read a few books and expect to make any money.

    If you do plan on doing this for a living, remember the following:

    hard work
  9. dgmodel

    dgmodel Guest

    you want to know how to make a small fortune in the market???

    start with a big one... :D