I've been daytrading for seven months. This is the first
thing I've done in my life that I truly love and have a passion
for. I'm not making a lot of money, but I'm learning
alot. I want to offer some guidance for others out there like
me. I have a $30k account (so $60k with margin). Yet I
seldom have more $10k in stocks at a time; usually no more than $2k
per stock. When I'm on the right side of the trade I only
make about $80. But when I'm on the wrong side, I only lose
about $80. It's not trite what they say about "capital
preservation". I would paper trade, but I found
nothing gets you more focused than when you're using real
bullets. I recommend only use the bullets that sting, not the
ones that kill.
I
see this time period as an apprenticeship to learn a very difficult
trade.
In the beginning it’s
not about making money, it’s about learning.
And there's no way to
rush the learning process. You pretty much have to make every
mistake along the way. Only look back to assess your
mistakes, learn from them and then move on. Maybe I'm just
slow, but I have a hard timing seeing how you can learn this trade
working less than 10-12 hrs/day. This blog has a room full of
teachers in addition to Steve & Matt. I try to learn
everything I can from you guys.
It may sound corny, but this is the best personal growth experience
I've ever had. This is a place where all your demons come out
and push your buttons at the worst possible time. I can't
tell you how many times I've felt like Charlie Brown. Lucy
promised she wouldn't pick up the football when I go to kick
it. But she does EVERY TIME! I'm convinced I will not
be a successful trader until I refuse to kick the ball and find
another way.
NEVER GIVE UP!
OH...and by the way. I learned about capital preservation
after losing $10k in the first two months!
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S&P TL
Posted by jd111 on 7th of Jun 2009 at 10:55 pm
This may have been posted before, but just in case it hasn't... Beginning point for the TL is 5/23/09, over a year ago!
IB vs TS
Posted by jd111 on 21st of May 2009 at 03:29 pm
Matt, I'm in the process of changing from TDameritrade to Tradestation. Now I'm second guessing myself. Is IB a better choice?
Newbies
Posted by jd111 on 15th of May 2009 at 01:27 am
I've been daytrading for seven months. This is the first thing I've done in my life that I truly love and have a passion for. I'm not making a lot of money, but I'm learning alot. I want to offer some guidance for others out there like me. I have a $30k account (so $60k with margin). Yet I seldom have more $10k in stocks at a time; usually no more than $2k per stock. When I'm on the right side of the trade I only make about $80. But when I'm on the wrong side, I only lose about $80. It's not trite what they say about "capital preservation". I would paper trade, but I found nothing gets you more focused than when you're using real bullets. I recommend only use the bullets that sting, not the ones that kill.
I see this time period as an apprenticeship to learn a very difficult trade. In the beginning it’s not about making money, it’s about learning. And there's no way to rush the learning process. You pretty much have to make every mistake along the way. Only look back to assess your mistakes, learn from them and then move on. Maybe I'm just slow, but I have a hard timing seeing how you can learn this trade working less than 10-12 hrs/day. This blog has a room full of teachers in addition to Steve & Matt. I try to learn everything I can from you guys.
It may sound corny, but this is the best personal growth experience I've ever had. This is a place where all your demons come out and push your buttons at the worst possible time. I can't tell you how many times I've felt like Charlie Brown. Lucy promised she wouldn't pick up the football when I go to kick it. But she does EVERY TIME! I'm convinced I will not be a successful trader until I refuse to kick the ball and find another way.
NEVER GIVE UP!
OH...and by the way. I learned about capital preservation after losing $10k in the first two months!
JD
mechanical systems
Posted by jd111 on 27th of Mar 2009 at 01:35 pm
Matt/Steve, when you say: When the fast MA crosses below the slow MA, go Short, are you saying (for example) sell SSO & buy SDS?