TraderGary wrote: ↑Thu Dec 10, 2020 10:16 pm
Sexymarinersfan wrote: ↑Thu Dec 10, 2020 4:20 pm
Wow! Thank you so much. It is a lot to take in you're absolutely right. And I am at ground zero when it comes to know what I'm doing. But I am studying constantly everyday. I haven't taken any options out yet. They seem very risky, and even riskier for a beginner. I appreciate all the great advice. A lot of what you said I've never heard of before, but I'm sure its just a matter of time, as this has recently become my passion. You're never to old to learn. Thanks again Gary.
It's my pleasure, and I hope it helps. If you are truly passionate about this, and it sounds like you are, then you will likely be successful. You just have to really apply yourself, and realize that it will not happen overnight.
You need to decide what type of trader you're going to be..... technical trader, fundamental trader, trend trader, value trader, breakout trader, momentum trader, etc., and what time frame you want to trade. Do you want to be a scalper, day trader, short-term swing trader, long-term investor, etc. You need to determine what fits your personality and risk-tolerance. And you have to decide what you're going to trade..... stocks, options, futures, forex, or a combination of some or all of the above. All these things and more should be written into a detailed and objective trading plan. As you're just starting out, I would recommend concentrating on one market only.
We're all different, and you need to find out what works for you. There are so many different trading strategies out there. Find what works for you, and where your comfort level is. Study price action and support/resistance, and maybe add a couple technical indicators to your charts, but don't rely solely on those indicators. Many traders search for that "holy grail" indicator for years on end, of which I was one of them. It took me a long time to learn that it just simply doesn't exist because indicators are based on price action, and are inherently lagging price. That being said, I do use some technical indicators, but they're more for timing and confirmation.
I could go on and on, but I will leave you with this important suggestion that should be your number one rule above all else, and that is.....
PROTECT YOUR CAPITAL!
Without capital, we have no inventory for which to do business (trade or invest) with. Also, don't trade with money you can't afford to lose. You can't be successful trading scared money. It will cause you to make poor decisions. Trust me, I know
Your trading capital should be separate from any other account, and it shouldn't be money you need to pay your living expenses with. So if you were to wipe out your trading account, it shouldn't affect your living situation or quality of life in any way.
I'm not on this site every day, but I'll check in from time to time.
Good luck and happy trading
Actually I didn't get to see the game in my area. It was one of the few games I've missed in the history of the franchise. Well actually I did get to see bits and pieces of it on the Red Zone channel. But obviously I didn't miss much. If they don't come to play against the Jets, they're going to get embarrassed even more than they did against the Giants. They have a new DC, (I'm envious), and often times that gives teams new life on that side of the ball, at least temporarily. If only.....
