[PYenner]

It made me smile.
There is some truth in it, a demo account does not prepare you for the real thing. There is a whole lot of new psycho stuff goes on when you first trade live. It is so easy to spook yourself and feel like the world is turning upside down. Reliance on a tested plan can be the only solid ground you can find to stand on. It can be a lonely and testing experience. Thats where forums like this can be a sanity saver.

[jperl]

You need to read my post between the lines blowfish. Of course I don't believe in shock therapy; but no matter how many times you will tell newbies to practice before they leap and that they are going to lose half their capital otherwise, it's not likely they will listen. The lure of the markets are like the sirens on the rocky coast.
JERRY

[BlowFish]

Hi jerry,

I did have an inkling where you where coming from . Actually there are certainly a whole bunch of ducks that must line up before making it. Dealing with losing trades and equity draw down is perhaps one of the toughest 'ducks'.

In support of your view it is surprising how many of the market wizards reported wiping out before making it (Schwager). Actually what is more surprising (and kind of scary) is how many have subsequently wiped out (since the books where published).

Cheers.

[Reaver]

Originally Posted by Soultrader »

I completely agree. 2 years should be the minimum educational period for trading. If you can look back after 2 years and laugh at all your stupid mistakes, youre on the right track. If youre still using same methods from day one... then you may have to think of a new career.

Btw, welcome aboard thundertrader. It says you are from Jamaica. Very nice!

James is right. Some people get it (or at least think they do) after 6 months to a year...but really just like in anything there is no replacing experience. Two years is a good minimum for building the intuition and self-knowledge that is required. Like Soul said- it's always amusing to look back on stupid mistakes and laugh at yourself and realize how much you have learned since then.

Also, FWIW I would recommend trading on daily charts. But there may be better ideas from others. I just think that having three hours a day would alow for some very good research on dailies without having to be glued to the screen...

Even if you want to day trade one day I would still recommend starting on dailies to get a grip on the manner of the markets. Just like we used to say in the military when transitioning from running drills dry to going hot...slow is smooth, smooth is fast. Remember that.