Those should have a badge next to their name , like [Sponsor], but something equivalent to an [Asshole]
Have an open mind. Stick to the percentages. Trade with the trend, not against it. Otherwise, you would be like the Las Vegas gambler, hoping the next spin hits the jackpot. Trading with the trend, you would be right probably, 80% of the time atleast. Observe risk management and position sizing which is very important to your survival as a trader. Now, finding a mentor? That is like looking for a needle in a haystack. Remember too, they do not come cheap. They probably, will charge you upwards of $5,000 for starters. Most of the information the mentor will teach you is already out there in the internet and You Tube videos which are all free.
%% LOL; I don't know why some confuse trading with gambling' , like WSJ. Some one asked Kenny rogers after he made big bucks on his gambler song, if he liked to gamble. ''NO, Kenny remarked with a rebuke, never made enough gambling to excite me so I did not gamble''.........................................................................LOL/true don't know if they fill my QQQ order again today; if I have to, I can buy maybe some more QLD-- I have enough TQQQ....................................................................................Sold my UPRO/I like to get paid every week or so, trader/ original poster,
Years ago I had dreams of being a professional poker player. I'm actually pretty good having played as high as 400NL. Problem is I do not have the patience to deal with the variance against shitty noobs who suckout insanely lucky hands. The irony is these are the players you want to play because probability wise, over the long run these are the players that fund your career. Anyways, I was completely enthralled with that Kenny Roger's Gambler song. Used to play it over and over.
I would drop the Mark Douglas orientation and go back to being at inquiry to do a restart. This will require a leap of faith on your part because it is not possible for you currently to understand you have made a very poor beginning. Tabula rasa your mind is not.
Actually I do currently understand from Mark - what he is saying isnt rocket science and most of what he says people should have came to the conclusion themselves depending on how much life you have lived. Nothing wrong with Mark IMO, and you havent stated anything was wrong with him either. The psychological part is something that lines up with most of my psychology already. You have bad judgement although I dont expect you to know since you have no idea who i am anyway. All you have stated is that im wrong and to "search more." which really aint shit.
Ok, here is what I have come up with. Im sure some things I will need direction on: I would like to make it a career, and I am going to work like it already is. What to trade: To start, I need cash flow because I will not have the funds to pass the PDT rule. So I was thinking of doing futures on ES. I also like the idea of it being open basically 24hrs. WHat I dont know is if there are decent "active and inactive" periods at "odd hours" (im in the US). Id like the idea of being able to wake up/work at whatever time. If i cant make that happen then I can adjust. Eventually Id like to go to trading stocks while I also start looking long term. When to trade: To start, either scalping/day trading. The only reason Id do scalping is so I can hone my abilities faster - considering how many trades can be done in a day, not to say a lot of volume for day trading cant be done. Lets not forget, Ill be doing this on a demo account to begin with so I can start getting feedback first. As I move to stocks Id probably switch to swing trading. I like the idea of being able to have days where I can sit down and work if I want, or trades I dont have to pay THAT much attention to considering their nature. I do realize the idea of what I want may not be practical once I actually start doing it. As far as when to actually trade. Im not going to put on a trade until my TA (whatever TA I end up finding) confirms it. Once confirmed, I am then obligated to put on the trade, regardless of how i feel about it. How much to trade: 1-2% of available capital. Once a good TA is down and I feel comfortable with it after looking at my sample sizes, then its just all about scaling. I will not do any leverage to begin with because I dont know the ins and outs of it and I do not want to owe a broker anything. Maybe once I have some XP I can dabble in using half the available leverage and see what happens. A lot depends on how comfortable I feel with my TA and how consistent Ive been up until that point. Leverage I dont control sounds like risk to me. When to sell: At a predetermined SL. Although Id like to know if there are any good ideas on how not to get stopped out early. Say you have a SL in and right when the market opens someone drives prices down. However, since anything in the market can happen maybe it isnt preventable. If I am on a runner, SL gets moved to the previous profit tear. FOr example, if i am trending up and I am at 4% profit return, SL gets moved to the 2% tier so I am AT least getting the bare minimum of what I want to profit. Rinse repeat. Let me know what yall think.
I was passing through here yesterday and I read your initial post. It seemed sincere and revealed where you are. You are starting out and want to get to a worthwhile place. Unfortunately for you, you have begun by digging yourself into a little hole. However, I wasn't extending you a helping hand. My post was merely a suggestion by a passerby to stop digging and to hop out to reconsider the scenery. As suggestions go, it is very limited and ain't worth shit, I know. Carry on.
Good luck to you. Perhaps you already know this: Your chances of keeping your money, much less making any is very small. Still, good luck.