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Old 06-10-2007, 03:44 PM
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Re: Newbie Questions.....

In addition to paper trading, put down some rules and trading plan with details. Because once you're on the battlefield, that's your bulletproof vest and helmet. Why? Paper trading is nothing like real trading, bullets are real and they kill so these rules will keep you focused and put emotions and stress aside. Remember, day trading is no walk in the park, everything happens fast and you'll be tempted to participate and before you know, you're committing mistakes already (i.e. overtrading, a very common trap, long, then short, then long, then short, etc. vicious cycle). Get John Carter's book "Mastering the Trade", there's a sample trading plan at the end of the book that's very helpful. It should give you an idea how to go about getting started and modify to your own preference. Long-term investment may or may not use trading plans, but day trading, it's your life vest to survival. The biggest obstacle to success is not knowledge or skills, but psychology. Good luck.

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Last edited by torero; 06-10-2007 at 03:47 PM.
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