Short Term Trading Weekend Lounge: 18 - 20 June, page-26

First 26 Last

Share
Profile

Follow
gypaetus

1,572 Posts.

93

19/06/21

09:38

Post #: 53939254
Share

Originally posted by gypaetus: ↑

What advice would you offer a person who is new to trading?

Forget about making money, your job for the next 2 years is to make mistakes, you are to make as many mistakes as possible. You are only allowed to have a stake size of $500 (minimum market parcel), you are only allowed to buy 1 parcel per stock, you are not allowed to sell losers for 2 years, if you can't afford to lose your entire stake go away and come back when you can.

Extra TA questions
linear charts
bars not candles coloured based on previous close and preference to extremities not closes for trendlines/support/resistance

Extra Extra TA
Start with the highest timeframe available in your charting software, working from left to right mark horizontal line at every pivot high/low
Drop to to the next highest timeframe and repeat
Continue until you arrive at your desired timeframe
Trendlines are only visual aids and horizontal support/resistance lines trump a trendline every time.
Everybody understands the price they paid, double, triple, half, one third, 2 thirds, regardless of whether they use TA or not .

Expand

One further piece of advice, if you're consistently making money in your first 2 years, you're not a genius you're in the midst of a bull market, immediately take half your stake and half of all subsequent winning trades and quarantine those funds until the market turns, then go back to the initial advice.
5 Upvote

0 Great analysis

Reply