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Need help? 1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first. 2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses. 3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make. 4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance. 5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers. 6) Help using the forum? Watch this video to learn general tips on using the site.
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The following user says Thank You to Big Mike for this post:
Hi, And thanks Mike. Glad to join the community. Yes I also blew out a huge account and lost much more after that. Mainly because I really didn't know what I was doing, had no control of my emotions, and was too focused on making money. A lethal combination! I have now realized the utmost importance of knowing who I am and my weaknesses and the psycological side of trading as well as having a well tested system. I am now focuses on honing my skills trading micro Forex pairs and eventually work up to trading the NQ. Glad to be here and to learn and hopefully help others, now that I know what not to do when it comes to trading.
The following user says Thank You to Richp2 for this post:
What an ingenious idea setting this site up. Not only does it help you with your own trading but everyone else too. I like the contest you have going on as well, to weed out the best of the best... yet another great idea.
I have been trading off and on for 25 years and have had a roller coaster ride learning different trading methods. But I have to admit... I love it.
I am so glad to join this site. I hope that I will be able to contribute some worthwhile ideas.
Been dabbling in the markets for the past 5 years, mainly equities (ASX).
I hope to use this site as a continual source of learning and hopefully meet some like minded traders.
Some background info on me:
Having graduated University I moved to NY at the start of this year for 7 months to complete a training program at a prop firm and have a shot at trading within their broker-dealer. After finishing the training course and trading within their broker-dealer for several months I decided to return home and attempt to trade my own account, as what I was paying to live in NY could be used to fund my account. There was also the issue that I only had a 1 year work Visa and getting sponsored was going to be a bit of an issue.
So I packed up and moved back to the other side of the world and am now attempting to trade for a living while I'm young and have no commitments.
Am now getting into futures (ES/6A/6E) due to the cost of doing business purely in equities was hurting my bottom line in the current market environment. Am hoping the switch won't be too hard to adapt too and that I can continue to trade a mixture of equities and futures depending on the markets environment.
I've given my self 1 year to prove I can make a similar wage to what I would get if I were to get a job as a recent graduate else I'll switch to part time trading till such time I can double my account size and try again. So let the journey begin
Hello all! I am new to trading but have been interested for a couple years now. I have a few stocks that I just let sit and I check on every now and then, more hobby than anything, but am planning on stepping up to the proverbial plate! I guess I worried about the risk involved and since I don't have tons of expendable capitol I never really got started. Well, this weekend I was on my honey moon and spent about $300 in slot machines at the casino and just felt sick. Not like me to throw money away like that . Then I searched for a positive and figured out that with trading I would have had more control over that $300 and could have turned a little into a little more with due diligence. After doing a lot of soul searching I decided that I will slowly learn the ins and outs of day trading and short term trading and I can use simulators to get my feet wet while I begin to put together and earmark some savings intended just for trading. I look forward to learning a bunch and hope to make a few trading buds along the way!