more today for those trying to get a handle on what goes on here, as its always good to get perspective from more experienced members. This small essay from Selma B, from aftermarket. Thanks S.
Newby Daytrader Tips
Don't fall in love with a stock.
What goes up, always comes down. What goes down, might come up.
When someone says they think it's a buy, they mean right then at that second they write it and that opinion may change any moment without notice. When changes happen, traders are busy executing trades and watching for re-entries and they won't be babysitting you through your $10k loss.
Talk percentages & pips not cash amounts. Share the great news that you got in at 3 and out at 4.8 not how much moola you dropped on it. The competition is with yourself and bragging about size makes you look desperate and leaves you vulnerable.
Handle the boredom and your ego. It won't always be runners and bubbles and re-rates so find a way to deal with the boredom. Practice entries and exits on stocks you don't hold. Research microcaps, nano caps with options. Share your research not your bullshit or bad manners.
Wolves and sharks. Accept that the stock market is the home and breeding ground for wolves and sharks from the top down and deal with it in whatever way you need. Is the stock market fair? No, it's not. But no one asked you to play. If you're going to go head to head in a field of sharks and wolves, be thick skinned and realise you'll cop a few nasty bites along the way. We are just little fish trading here, along for the ride - if you can't handle the waves - don't jump in the pond.
Leave your logic at the door. Long version: Logic is good for investors. We are traders. The day to day market behaves like a psychopathic narcissist, it does whatever it wants and manipulates whoever it wants. While logic is great to analyse a stock whether TA or FA and judge risk through awareness, the day-to-day market herself is a bitch who will squeeze your logic to extremes while you pander to feed her and just when you see you have given her all she has asked for, she will tear you to shreds and give your evil grubby neighbour a luscious apple pie with diamonds rings in the crust.
Leave your logic at the door. Short version: Protect your Capital
Etiquette: Be nice. If you don't have something positive to add to the thread, just shut up. We are not here to be a/holes. We are here to share our work day as we strive in similar directions on similar platforms. It's a privilege to have each other's company to share and offer support and it makes the work day a lot easier with the shared news anns and charts, research, heads up and help offered. Respect that and enjoy it. This workplace is what you make it, what we all make it. Let's make it great.
Stock Threads:
If you're venturing out to the stock threads - have a thick skin - you, the daytrader, are the sole reason their stock's share price went down. And you are stupid for selling at that price. Throw them a chart. But remember, charts may not work for that stock, it may be different - "special." Lol (And take a rope!)
And finally, try and develop a sense of humour. We like that sheet! A little compassion goes a long way too.
A little compassion goes a long way too.
