Market Break in?

[bdwarr6]

Have you ever had a person, friend or college ask you what they need to do, to be able to work on the same level as you(i.e Trading stocks instead of working at walmart, or target, or even some boring office job?

If so what advice have you given them to start into day trading, and how successful were they?

About 9 months ago I had a friend in Highschool ( I started trading them) asked me howto do it. I pointed him to watch the news about new companies and mergers and that of the such. I then coached him into buying macromedia stock right before adobe bought them, in 3 months his stock doubled and he still loves me to this day

[feb2865]

	Quote:	bdwarr6
	Have you ever had a person, friend or college ask you what they need to do, to be able to work on the same level as you(i.e Trading stocks instead of working at walmart, or target, or even some boring office job? If so what advice have you given them to start into day trading, and how successful were they? About 9 months ago I had a friend in Highschool ( I started trading them) asked me howto do it. I pointed him to watch the news about new companies and mergers and that of the such. I then coached him into buying macromedia stock right before adobe bought them, in 3 months his stock doubled and he still loves me to this day

well

yes I did have friends that look into this business, and they inquired me on how it should be done and everything. I say that, knowledge is king. You need to know what you're doing. At least some basic concepts. Probably I am going to throw some old-fashioned rules here but, understanding the correlation between the economy sectors(bank, defense, semiconductors, pharmaceutical etc), the Dow Jones and the market itself to me is necessary in order to see what's going on. Other suggestion is to understand the concept of supply and demand and how the market create dynamics around these levels.

There's plenty of information available outhere. Soultrader has wonderful videos and books on this site . I sincerely doubt you can get any better input outhere that what you have here. With education comes experience. How long does it take to be succesful in this business? That's up to you. I never set a time table on anything. Whenever you're ready..well you're ready. What are you waitng for?

Once you now what you're doing and you have a set of rules in place, start trading. Jump in. Demo trade for a while if you want or go live with 1-2 contracts, pips, shares, whatever your market is.

Some traders prefer to jump in a go live in order to break the emotional barrier. Whatever works for you. If youd decide to go live, please be sure to know the pro's and con's.

Don't become yourself an educational junkie. It's good to be updated on what's going on. But some traders are looking constantly to plug their umbilical chords into everything they see or hear with the hope of getting close to have an A.B DIck printing equipment, that spits $100.00 bills every second. Especially those days when your own "set of rules" seems like not working at all.

Trading is a game of probabilities. Your job as a trader is to turn these probabilities into possibilities more often than not. You're going to get burned (for sure) sometimes. The key is to get burned but not roasted. Managing your bankroll is another thing you need to master. Again, there's plenty of help outhere.

This is basically what I tell friends and people who I helped in the past.

Regards

Raul

[Soultrader]

Thank you for the compliments Raul You basically said everything a new trader needs to hear.

One advice I give to all new traders is to listen. Many people hear but they never listen. Fools think they know everything. The moment you think you know it all is the moment you slipped down into mediocricy.

There is so much to learn about trading. The markets teach me something new everyday. This is why trading is so exciting. You never sleep without gaining regardless of whether you won or lost that day.

Have an open mind and listen to others. There is no reason to shut off your mind from other traders comments. Out of 30 irrelevant comments, you might find 1 comment that can change your life.