Rank: Member
Groups: Registered, Registered Users
Joined: 4/14/2005(UTC)
Posts: 11
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Hi ppl,
I been playing around the stock market, forex and CFDs for a while read a few books and now started experimenting with some system tests.
I am still on the losing end of the spectrum!!!
I want to be able to trade full time but the way I am going I need my day job to keep trading!.
Everyone I speak to does not know of a successful trader. So if you are a successful trader can you plese give me a few words of advise and/or encouragement?
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Rank: Advanced Member
Groups: Registered, Registered Users, Subscribers
Joined: 3/7/2005(UTC)
Posts: 1,346
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hey wayne.... yours was a refreshing post.... brief, to the point, without ego and requesting that which we all need but seldom ask for.....thanks...
you mentioned books, have you by chance read david dremans contrarian investing..... if you read the first chapter you'll likely finish the book....
marking your trades on a chart with many experts attached can give a hint of possible success or lack of it.... going long when the indicators say go short, well you get my point....
it helps me to plot both technical and fundamental indicators.... many fund managers will balk once a certain pe or pb has been reached like clockwork....
sometimes having a group of close friends to go over each others trades can improve everyones .... my wife, everyday market day, asks me the same 5 questions.... after i answer all 5 she will say ' patience and discipline'..... it helps....
egos have been many a traders downfall, your candor implies you have it well in control.... all that's left is to study first, buy second, collaberate with friends, and remember, 'patience and discipline'......h
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Rank: Advanced Member
Groups: Registered, Registered Users
Joined: 3/19/2005(UTC)
Posts: 2,995
Was thanked: 14 time(s) in 10 post(s)
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Hey Wayne-
One thing I found helpful was to go back and review all of my old trades to analyze my efficiency. Keeping a journal seems to be helpful, you can remind yourself later why you got into the trade to begin with. Make sure you are setting your stop-losses to preserve your equity. Don't bounce around from method to method; unless you have a reason to change, don't. Even with a good method you will have losing trades. Consistency is the key to success. Speaking of consistency, try to learn about a particular group of securities. Get to know how they act and what their typical reaction is to news, SEC updates, etc. Then you will be better prepared to take advantage when something exciting comes along!
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Rank: Advanced Member
Groups: Registered, Registered Users, Subscribers
Joined: 9/8/2004(UTC)
Posts: 2,266
Was thanked: 1 time(s) in 1 post(s)
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GO WWWAYYYNEEE :D
:oops: sorry not funny, I know the exit :arrow:
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Rank: Newbie
Groups: Registered, Registered Users, Subscribers
Joined: 8/24/2005(UTC)
Posts: 1
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I am not a full-time trader, but took a 1 day seminar in technical analysis in February 2005 and have made 35% return managing my own IRA. I'm not sure what your definition of success is but with the proper guidance and discipline...trading can be quite rewarding. The key is to go slow, get educated, and apply/test 1 or 2 learned strategies. The best advice I was taught was simple.... price movement on stocks are about volume-price. If you know the volume-price trend of an equity you will most likely succeed way more often than you fail in any position. Also, I play the same stocks repetitively given the market conditions and/or the trend. I read book after book trying to simply improve the returns of my IRA and after taking a course that's when things came together for me. The other markets you mentioned trading in are way to fast/leveraged for my taste. Slow and steady I have found works best for me. Best of Luck!! :D
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