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Old 03-23-2008, 05:55 PM
smwinc smwinc is offline
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Re: First Post, New Trader, Help Wanted!

Hello Nick,

Nice to see someone wants to actually do a little work for a change.

The problem with looking for a longer-term trading approach, is you are greatly reducing your frequency at which will learn at. Let me explain:

3 brand new traders, trade for a year:

1. Tries day trading. 20 trades a day x 250 trading days = 5000 opportunities to learn.
2. Tries EOD trading. 1 trade a day x 250 trading days = 250 opportunities to learn.
3. Tries Position trading. 1 trade a week x 50 trading weeks = 50 opportunities to learn.

Statistically it takes around 10 years to master a pursuit. The best way to speed it up is to increase your sampling rate.

At the trading firm I work at, the emphasis is just to get new traders trading, on a simulator, as much as possible. Hundreds of trades a day, every day. Developing a feel for the market. Understanding price action. Simply trying anything that comes to mind.

Mentally, you are constantly performing 'accept/reject' strategies in your head.

I would suggest to focus on day-trading ONE market outside of work hours. Because you are limited for time, you are going to need to 'compress' as much as possible.

Dr Brett Steenbarger runs a high quality blog - here is a link to a post with regards to 'practice trading' market data.

"Replaying the Trading Day: A Best Practice in Trading"
http://traderfeed.blogspot.com/2007/...actice-in.html

Hope it helps.

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