Regarding John's situation: Well since lot of you already
gave good advice, I only have few words. I started with
Virtual Trading and learned a lot even though it is slow. I
learned to keep losses short and used trailing stops for the ones
giving profits. I also called for help by using different
brokers. I learned by doing all paper money (not real money)
for a while. Finally, I stopped loosing and started making
profits and got into real market (still very cautious).
Following are my recommendations to start with (I am sure there is
a lot more):
Review pre market gainers/losers (before market opens0 and
market trend (dow, nadaq, S&P, oil etc.).
Only trade money with 2-5% risk during learning, then trade more
once you are confident.
Charts: Always draw channels & look at mac D
etc. Use the mechanicals.
Have a plan for your exit & entry points) and keep an
eye on those charts or use automatic system (to keep emotions
out).
Minimize your losses (stop loss)
Listen to Matt & Steve's wrap up everyday.
Use the strategies that work best for you.
I hope this helps :)
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Stop loss & do the homework
Posted by vanbaelf on 9th of Apr 2009 at 06:04 pm
Regarding John's situation: Well since lot of you already gave good advice, I only have few words. I started with Virtual Trading and learned a lot even though it is slow. I learned to keep losses short and used trailing stops for the ones giving profits. I also called for help by using different brokers. I learned by doing all paper money (not real money) for a while. Finally, I stopped loosing and started making profits and got into real market (still very cautious). Following are my recommendations to start with (I am sure there is a lot more):
Review pre market gainers/losers (before market opens0 and market trend (dow, nadaq, S&P, oil etc.).
Only trade money with 2-5% risk during learning, then trade more once you are confident.
Charts: Always draw channels & look at mac D etc. Use the mechanicals.
Have a plan for your exit & entry points) and keep an eye on those charts or use automatic system (to keep emotions out).
Minimize your losses (stop loss)
Listen to Matt & Steve's wrap up everyday.
Use the strategies that work best for you.
I hope this helps :)