Comments on: 5 Career Saving Tips for New Traders. http://www.atradeaday.com/2007/10/09/5-career-saving-tips-for-new-traders/ A Source for Trading Ideas. Fri, 12 Mar 2010 20:30:14 +0000 http://wordpress.org/?v=2.6.1 By: Options Strategery http://www.atradeaday.com/2007/10/09/5-career-saving-tips-for-new-traders/#comment-16171 Options Strategery Wed, 20 Feb 2008 00:15:01 +0000 http://www.atradeaday.com/2007/10/09/5-career-saving-tips-for-new-traders/#comment-16171 I wish I had seen this earlier. #1 is probably the most valuable lesson. Even if you trade small, the drawdowns force you to sell at the worst times. On the advice of #2, I spent the day trying to write out my own trading plan (<a href="http://options-strategery.blogspot.com/2008/02/naked-put-selling-focused-options.html">A naked put selling focused options trading strategy explained</a>). I wish I had seen this earlier. #1 is probably the most valuable lesson. Even if you trade small, the drawdowns force you to sell at the worst times.

On the advice of #2, I spent the day trying to write out my own trading plan (A naked put selling focused options trading strategy explained).

]]> By: Anand http://www.atradeaday.com/2007/10/09/5-career-saving-tips-for-new-traders/#comment-373 Anand Fri, 12 Oct 2007 18:07:16 +0000 http://www.atradeaday.com/2007/10/09/5-career-saving-tips-for-new-traders/#comment-373 I will advise newbie to start with first only 1k and there are 99% chances that they will loss almost all of that but this will make them think and re think and go back to reading and research of their own rather than following someone else. Any newbie should atleast spend 1 year (correct 1 year) reading and learning about stocks also paper trade. After getting enough confidence and developing few systems of their own to make living by trading, 25 k to 50 k investment reqd (for daytrading or short term trading). I try to keep my gains 5% to 15% in 1 week to 1 month time frame for any stock I buy. Hope this helps to some newbies..... Anand I will advise newbie to start with first only 1k and there are 99% chances that they will loss almost all of that but this will make them think and re think and go back to reading and research of their own rather than following someone else. Any newbie should atleast spend 1 year (correct 1 year) reading and learning about stocks also paper trade. After getting enough confidence and developing few systems of their own to make living by trading, 25 k to 50 k investment reqd (for daytrading or short term trading). I try to keep my gains 5% to 15% in 1 week to 1 month time frame for any stock I buy. Hope this helps to some newbies…..

Anand

]]> By: Carnival Mania and More - Oct 12, 2007 | Million Dollar Journey http://www.atradeaday.com/2007/10/09/5-career-saving-tips-for-new-traders/#comment-368 Carnival Mania and More - Oct 12, 2007 | Million Dollar Journey Fri, 12 Oct 2007 07:32:27 +0000 http://www.atradeaday.com/2007/10/09/5-career-saving-tips-for-new-traders/#comment-368 [...] A Trade a Day has "5 career saving tips for new traders". [...] [...] A Trade a Day has "5 career saving tips for new traders". [...]

]]> By: SelfInvestors.com (Tate) http://www.atradeaday.com/2007/10/09/5-career-saving-tips-for-new-traders/#comment-365 SelfInvestors.com (Tate) Fri, 12 Oct 2007 03:26:32 +0000 http://www.atradeaday.com/2007/10/09/5-career-saving-tips-for-new-traders/#comment-365 Jonathan, nice list.. I'd have to say that mentoring is by the far the biggest key here. You can be a successful trader on your own and do all the reading, testing, discovering nuances, etc. In my opinion, going this route can take at least a few years. I would argue that finding a good mentor can push this up to a year. I provide mentoring at my own site and have seen absolutely green traders come into the live rooms on worden's telechart, learn from myself and other traders in there and begin doing quite well after just a few months. Jonathan, nice list.. I’d have to say that mentoring is by the far the biggest key here. You can be a successful trader on your own and do all the reading, testing, discovering nuances, etc. In my opinion, going this route can take at least a few years. I would argue that finding a good mentor can push this up to a year. I provide mentoring at my own site and have seen absolutely green traders come into the live rooms on worden’s telechart, learn from myself and other traders in there and begin doing quite well after just a few months.

]]> By: Jonathan http://www.atradeaday.com/2007/10/09/5-career-saving-tips-for-new-traders/#comment-354 Jonathan Thu, 11 Oct 2007 12:28:39 +0000 http://www.atradeaday.com/2007/10/09/5-career-saving-tips-for-new-traders/#comment-354 dbae, I would start with Toni Hansen at tradingfrommainstreet.com I don't know if she still does mentoring, but it's a place to start. dbae,

I would start with Toni Hansen at tradingfrommainstreet.com

I don’t know if she still does mentoring, but it’s a place to start.

]]> By: dbae http://www.atradeaday.com/2007/10/09/5-career-saving-tips-for-new-traders/#comment-350 dbae Thu, 11 Oct 2007 05:36:49 +0000 http://www.atradeaday.com/2007/10/09/5-career-saving-tips-for-new-traders/#comment-350 My problem is 'afraid to pull the trigger', and see the stock prices running away from me so many times. Just can not accept a losing trade. How do you over come the 'gun shy' thing? Where do you find a proven trader/mentor via online? Your responds would be appreciated. dbae My problem is ‘afraid to pull the trigger’, and see the stock prices running away from me so many times. Just can not accept a losing trade.
How do you over come the ‘gun shy’ thing? Where do you find a proven trader/mentor via online? Your responds would be appreciated.

dbae

]]> By: Jonathan http://www.atradeaday.com/2007/10/09/5-career-saving-tips-for-new-traders/#comment-347 Jonathan Thu, 11 Oct 2007 03:04:57 +0000 http://www.atradeaday.com/2007/10/09/5-career-saving-tips-for-new-traders/#comment-347 Hey Jeff, Thanks for stopping by and taking time to comment. I'm a fan of thestockbandit dot net. I could go on and on about starting capital. There never seems to be enough discussion on how much you need to cover your losses as you learn. Hey Jeff,

Thanks for stopping by and taking time to comment. I’m a fan of thestockbandit dot net. I could go on and on about starting capital. There never seems to be enough discussion on how much you need to cover your losses as you learn.

]]> By: Jeff White http://www.atradeaday.com/2007/10/09/5-career-saving-tips-for-new-traders/#comment-345 Jeff White Thu, 11 Oct 2007 01:44:26 +0000 http://www.atradeaday.com/2007/10/09/5-career-saving-tips-for-new-traders/#comment-345 Jonathan, Great blog and this post in particular makes 5 excellent points. #1 is so true, I think the more a trader starts out with the less pressure is on them to make X dollars rather than a good percentage on their capital by the end of the year. A trader needing $50,000 to pay bills who only starts out with $25k will have to put up 200%, which for an experienced trader is a very tall order. However, a larger starting sum allows for more selective trades and scaling out into good moves rather than having to press every good trade to the limit. #5 is another good one. I'm a big believer in letting the wisdom of experienced traders provide some shortcuts for beginners. Keep up the good work! Jeff Jonathan,

Great blog and this post in particular makes 5 excellent points.

#1 is so true, I think the more a trader starts out with the less pressure is on them to make X dollars rather than a good percentage on their capital by the end of the year. A trader needing $50,000 to pay bills who only starts out with $25k will have to put up 200%, which for an experienced trader is a very tall order. However, a larger starting sum allows for more selective trades and scaling out into good moves rather than having to press every good trade to the limit.

#5 is another good one. I’m a big believer in letting the wisdom of experienced traders provide some shortcuts for beginners.

Keep up the good work!

Jeff

]]> By: Good to Go Pile . . . « Trading for the Masses http://www.atradeaday.com/2007/10/09/5-career-saving-tips-for-new-traders/#comment-344 Good to Go Pile . . . « Trading for the Masses Wed, 10 Oct 2007 19:57:33 +0000 http://www.atradeaday.com/2007/10/09/5-career-saving-tips-for-new-traders/#comment-344 [...] 5 Career Saving Tips for New Traders. [...] [...] 5 Career Saving Tips for New Traders. [...]

]]> By: anal yst http://www.atradeaday.com/2007/10/09/5-career-saving-tips-for-new-traders/#comment-343 anal yst Wed, 10 Oct 2007 17:34:20 +0000 http://www.atradeaday.com/2007/10/09/5-career-saving-tips-for-new-traders/#comment-343 I personally think that 1 million dollars is a good stake to start with, though there may be a few people that cannot meet this amount. I personally think that 1 million dollars is a good stake to start with, though there may be a few people that cannot meet this amount.

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