Hope you make it! Try looking at: http://www.elitetrader.com/vb/showthread.php?threadid=23657 it may be help in your quest. IN2WIN
though I have only been in the market for two phases I have gone from a loser to a winner. In my first pahse I lost 8,000 dollars which was a lot fo money for me at the young age of 18. Now 26, I came back to the market this June and have since made a 97% increase on my money. I think it is crucial to set yourself a method and be able to stand by your standard which should incorporate limitations on loss and gains. For example, I place a stop order on my holdings in order to manage my loss.
Many of life's failures are people who did not realize how close they were to success when they gave up. Results! Why, man, I have gotten a lot of results. I know several thousand things that won't work. Opportunity is missed by most people because it is dressed in overalls and looks like work. Thomas A. Edison It has taken me four years full time and did not give up. 12 ~ 14 hours a day, 7 days a week. Gerald M Loeb, Larry Williams, Jessie Livermoore: They all said that they made more money trading longer term than dancing in and out of the market during the day. I turned a leaf when I did two things. 1) Started to trade only 10 shares untill I got consistency. In the past you could only start by starting in futures as trading stocks was just too expensive etc but with todays commissions it is no longer true. 2) No longer listened to "guru's, newsletters, opinion's, etc" and stopped looking for a ready-made system. Remember the old Wall Street expression: "those who know do, those who do not know teach, write books, sell their failed garbage." The most succesfull stuff gets passed on in family and not given away for free. There are some wonderfull ideas here on ET and there is also a lot of garbage. The trick as a newbie is to know (recognize) what is garbage and what is not. And that will take time. Once you start recognizing what is garbage and what not then you are on your way and things will go in turbospeed from then onwards. Until that moment you'll feel as that you are banging your head against a brick wall. IMHO there are very, very few websites that are having useful information and ET is one of the more useful ones. Good hunting and reading!
How much did you made since June? Wow you almost doubled your money. Keep up the good work. But remember to always keep stops in your future trades.
when you get good at NOT taking the low probability trades (not trading out of boredom), you will become a consistent winner. Learning what not to do, is what comes first
LOL!! Of course going broke "requires" a lack of discipline. Who knows whether in one year, ten years, or thirty years when their own season will change? There is a prevalent yet dangerous fallacy among younger traders that getting over an arbitrary experience threshold guarantees long term monetary success. Nothing can be further from the truth. Many of you twenty something gentlemen are in your trading/personal prime. You're living in nice apartments, dating pretty girls, and making enough money to give you the illusion of both prosperity and security. Now let's look ahead as you perfect your craft with age. All of sudden you're now 45. You've been trading for twenty years. If skilled you may have a nice home virtually paid for, a million in your account/bank, a wife and kids. But inside you something has changed. Maybe you have an affair with that hot chick you met cross town. Then your wife finds out and voila', you're dream house...gone. Half your liquid assets...gone. The lolita that caused your life to turn into such turmoil...gone. Now you're back in that one-bedroom apartment that you started in, twenty years earlier. At 45 you clearly have more experience and savvy than you did starting out. Even post divorce, you have more money then you did back in those days of prop shop trading during the boom. But now your expectations, your longing for what you had and what you lost, places you in a position where the notion of regrouping and remembering what made you a success is as remote as the blind mans memory of squinting in the morning sun. Now you're pressing, overtrading, chasing the mythical dragon. Next thing you know, you're being sued for child support, and unable to afford an attorney, you spend a night in county jail, your jaw fractured by a fellow inmate who thinks you're some rich asshole. This story happens every day to some formally happy to be trading more than one year, now I've made it trader. ____________________________________________________ did you hit him back?