Posted by califman4u on 24th of Mar 2009 at 01:27 am
You are right on position size for sure matt. I learned
that the hard way with the gold stocks. My problem is that I
work and can't access the blog during the day. I guess Steve
posted a 780 possible long. I wasn't able to see
that....maybe I just missed it on the Sunday newsletter. I
took a reasonable trade in FAZ at 803 Spx with a tight stop and a
loss I could live with if it broke through the resistance. It
did and I'm happy I have learned to assess what I am willing
to lose up front before making a trade. Rather than paper
trade, I have concentrated on keeping my position sizes small so I
could learn without suffering insomnia. I truly believe it is
better to trade small than to paper trade. I've learned the
psychology has so much to do with being a success and you can only
gain that experience when you have some money on the line.....even
if it is a small size.
I have used many of your ideas on here and I have made some
incredible entries on stocks and commodities. I now have to
learn to let my winners run a bit more and not press the button so
quickly when I see green. Being comfortable with gains seems
to be important as I have heard that from many other
traders on here and elsewhere and found that they exit their trades
too early also. I'm working on that part of my trading.
Lastly, there is no way anyone should blame you or Steve for any
losses. I believe your site is for intermediate to advanced
traders. I would suggest that any new traders allow
themselves to go through a learning curve before they take too much
risk with any trade. By the way, tomorrow is a new day and
you have to have a new plan for trading it.
Good luck to everyone on here with their trading. I've
really appreciated my time spent here.
Well said Dave. Let me add to those that have encouraged newer
traders to trade small. There's nothing wrong with using your
system or analysis to trade 10 shares of something -- especially if
it's SRS or SKF! Trading always sounds like it would be great to
just start out and make a ton of money quickly. IMO the truth for
many traders is that if they manage to not blow their accounts out
for the first few years of study, practice and learning they will
be doing better than most -- it's not easy! It should be thought of
as study towards a career path rather than a trip to Las Vegas.
califman4u- exactly! you make a good point. my problem
with paper trading is that you are emotionally detatched and it's
so easy to trade perfectly that way. however throw some real
money beind your trades and the game changes. So I
agree with you; paper trading is fine in order to get your system
down pat and automatic, but you have to trade with real money to
experiece the ups/downs greed/fear of he psychology.
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You are right on position
one thing I've noticed is that the posters on the ...
Posted by califman4u on 24th of Mar 2009 at 01:27 am
You are right on position size for sure matt. I learned that the hard way with the gold stocks. My problem is that I work and can't access the blog during the day. I guess Steve posted a 780 possible long. I wasn't able to see that....maybe I just missed it on the Sunday newsletter. I took a reasonable trade in FAZ at 803 Spx with a tight stop and a loss I could live with if it broke through the resistance. It did and I'm happy I have learned to assess what I am willing to lose up front before making a trade. Rather than paper trade, I have concentrated on keeping my position sizes small so I could learn without suffering insomnia. I truly believe it is better to trade small than to paper trade. I've learned the psychology has so much to do with being a success and you can only gain that experience when you have some money on the line.....even if it is a small size.
I have used many of your ideas on here and I have made some incredible entries on stocks and commodities. I now have to learn to let my winners run a bit more and not press the button so quickly when I see green. Being comfortable with gains seems to be important as I have heard that from many other traders on here and elsewhere and found that they exit their trades too early also. I'm working on that part of my trading.
Lastly, there is no way anyone should blame you or Steve for any losses. I believe your site is for intermediate to advanced traders. I would suggest that any new traders allow themselves to go through a learning curve before they take too much risk with any trade. By the way, tomorrow is a new day and you have to have a new plan for trading it.
Good luck to everyone on here with their trading. I've really appreciated my time spent here.
Dave.
Well said Dave. Let me
Posted by bkout3 on 24th of Mar 2009 at 10:49 am
Well said Dave. Let me add to those that have encouraged newer traders to trade small. There's nothing wrong with using your system or analysis to trade 10 shares of something -- especially if it's SRS or SKF! Trading always sounds like it would be great to just start out and make a ton of money quickly. IMO the truth for many traders is that if they manage to not blow their accounts out for the first few years of study, practice and learning they will be doing better than most -- it's not easy! It should be thought of as study towards a career path rather than a trip to Las Vegas.
califman4u - exactly! you make a
Posted by matt on 24th of Mar 2009 at 01:57 am
califman4u - exactly! you make a good point. my problem with paper trading is that you are emotionally detatched and it's so easy to trade perfectly that way. however throw some real money beind your trades and the game changes. So I agree with you; paper trading is fine in order to get your system down pat and automatic, but you have to trade with real money to experiece the ups/downs greed/fear of he psychology.