Mitch W
Well some advice has been given.
Day trading does not necessarily follow successful position trading!
'Don't Relate Work Ethic To Profitability'
'Know That You Truly Have An Edge'
'Be A Manager Of Bad Trades Rather Than Attempt To Pursue Good Trades'.
'You'll Never Make A Big Profit By Taking A Small Profit'
'Don't Be A Dick For A Tick'
'Don't Give Up Your Day Job'
These are all small comments from Nick Radge of the Chartist.
Nick has written a book called the "Unholy Grails" and it is a book worth reading. It is not about day trading, but reducing the risk, and money management.
It has a number of strategies that have been back tested.
Nick writes and sends out small help items. Those listed above are from a series of "Overcoming Yourself".
Now you said you learnt a lot from HC. Not about trading you didn't.
Because traders guard what they have learnt like a secret.
As one poster suggested it takes years to learn. Well I can tell you why he has said that!
As you try to educate yourself, you read many books and you then become confused. Because they are all different in the concept and conflict with each other.
Currently I believe you need a sense of direction.
In the last one liner above, I will copy the rest of the article for you, then you see if that relates to yourself.
'Don't Give Up Your Day Job'
"It seems to be the goal of every aspiring trader but the reality is much different.
Making trading or investing your only source of income will place financial pressure on you and your family.
Trading can also be a very lonely endeavour, creating psychological issues.
No method is a quick road to riches.
Nothing good ever comes from a quick fix.
What we want is to build a nest egg over the long term and a lot faster than a Buy & Hold strategy.
Many strategies offer low stress and low maintenance.
Rather than trade for a living, run a strategy with a positive edge in the background.
Then go out and do the things you love to do or are good at.
All the best,
Nick
The Chartist
Now I have no affiliation with Radge, except I know he has got it all together. As mentioned by one poster I have no agenda.
But I have followed up a lot of trading education over the years, completed a seminar and came to a conclusion that its all out there to confuse a person.
It is all designed to, read another book or attend a follow up seminar.
But it can be done. You have to pick the correct bits, compile them together, and test your strategy.
Many traders on HC have no understanding of the difference between investment plans.
i.e. between:
Discretionary
Rule Based Discretionary
Systematic.
But you need a strategy or a plan of action to achieve a particular goal.
That is your first step.
Now when you compile this strategy, there are three factors that you need to consider if you are to be come successful, or profitable.
1 How much you win when you win.
2 How much you lose when you lose.
3 How often you win.
All the best.
- Forums
- General
- where do i start to become a trader
where do i start to become a trader, page-4
Featured News
Featured News
The Watchlist
NUZ
NEURIZON THERAPEUTICS LIMITED
Dr Michael Thurn, CEO & MD
Dr Michael Thurn
CEO & MD
SPONSORED BY The Market Online