ksonic, You're most welcome and thanks for the constructive and polite discourse. Please feel free to drop me a line anytime you wish to discuss trading. Cheers, Tfuad.
No augment there FWIW, I think you have a need to be right and that's probably what slowed your assent to trading success. Meanwhile.....some of us turned the corner within 3 months, and completed our first double within 6. I was just more interested in making money. Could care less about being right! What does it take? Discipline, attitude, absolute expectancy, hard work, and determination, helps to have a model to work with, to study under other experienced traders, OH yeah......did I mention you need to be an optimist? 20k is enough to get it done. Especially since your cost of living is so low. I started out with 25k and had one years worth of expenses, and haven't looked back since. Don't let the naysayers bring you down, this place is notorious for that, instead choose to focus only on what information you can use and will help you, forget about the rest. Final tip, don't trade any larger then a one lot until you know you can make money. If you make money 4 out of 5 days, then add some size. Repeat the process. Have an absolute stop loss for the first trade of the day, and a daily max stop that you will stick too! WHen you have a bad day.....study it, learn from it, ask yourself how can I use that information to make money in the future? The next day, next trade, try to make it a winner. This has a tremendous effect on your psychology, it let's you know that bad day was just an anomaly, that going forward you can make money. Good luck....hope to see you in the winners circle!
excellent plan and thoughts. i agree, but only came to this knowledge the hard way. excellent plan to start with 10 and scalp a point, then kick back and not try so hard after that.
speculation in the future market is a dangerious business, especially for individual traders. over 90% would lose money in this market. trade stocks on the other hand is relatively safe.
yes, stocks can be risky but no where as risky as futures. if you trade i recommend trade crude oil, the most traded commodity future. it rarely has price gaps. futures like metals or other grain commodities has huge price gaps.
So I assume stocks rarely have price gaps as well. Every negative argument you have for futures works for stocks as well. I am not advocating one over the other but stocks have their fair share of risk as well. The bottom line is that if you have no idea what you are doing and have no experience you will lose money no matter what you trade. Research before reward....