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whamm! Albania. Dec 02 2012 05:52. Posts 11625 | | |
So after my first 8 months of on and off trading, I learned this so far.
Lost 15% so far, so I still have 85% to burn lol
Basically it's a lot of propaganda and self fulfulling prophecies for chart technicians, very similar to passing the ball and whoever has it last is usually "it". Being a noob like me it's always tough to identify which is which so I keep acting on impulse and making bad trades with no exit plan resulting in a lot of commissions, fees and taxes being paid - basically all my losses so far is the "rake" haha
*Candlesticks - Identifying sentiment day to day
*MACD - for entry and exit points, also identifying trends(bullish, bearish, sideways)
*RSI - have an idea where support/resistance are (if a stock is overbought or oversold)
*Read SEC disclosures - Basically drives market sentiment
*News - usually late and fabricated(by some entity with an agenda etc) helps at times esp articles
*Forums are for bashing and hyping lol
Still need to learn position sizing and portfolio management, lot to learn and will start real learning in 2013. So much info and reading material out there with no real mentor I had to sift through this clusterfuck of information all by myself.
I'll update my progress as soon as I know what the hell I'm doing
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I think that the only way to actually be +ev in trading for someone like you or me would be to follow a maximum of maybe 3 stocks/whatever that you trade and try to keep up with that. We don't have an information edge so we need a concentration edge or something. |
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Balzamon Sweden. Dec 02 2012 09:09. Posts 2868 | | |
so after 8 months you would be a ton better of following an index, that would also saved you all the time you put into this, maybe thats a hint? =) |
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| | Last edit: 02/12/2012 09:13 |
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Naib Hungary. Dec 02 2012 09:39. Posts 968 | | |
Suggest rename to: "my road to busto" |
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| My favourite line is Bet/Fold. I bet, you fold. | |
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whamm! Albania. Dec 02 2012 19:33. Posts 11625 | | |
yeah patience is key. but i dont really need profits yet, just more exposure to how most things work in the market i particularly want to invest in. |
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bigredhoss Cook Islands. Dec 02 2012 21:40. Posts 8648 | | |
what made you decide that learning trading was the best use of your time and efforts? (not being sarcastic) |
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| Truck-Crash Life | Last edit: 02/12/2012 21:41 |
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2c0ntent Egypt. Dec 03 2012 02:07. Posts 1387 | | |
chart and other forms of relatively high frequency (HF) trading with such small money is a waste of time, seriously if u learned anything from poker u can think of the rake as being unbeatable for the limits. where HF equity trading is no longer like poker is that not only are u playing a -EV game due to rake but u can be unexpectedly dealt hands for your entire bankroll and not even realize it until you're already at showdown and have lost your roll.
you've already noticed on your own how a lot of what people say in the world of trading is bullshit self-fulfilling prophecies or unverifiable claims. you must understand the system for yourself, and that isn't what they're teaching u when they bullshit you with the interpretation of Candlestick graphs or their superficial analyses of "price supports" "oversold" "underbought" and such.
in trading, the quality of analysis varies comparably to when u see Daut reply to a strategy discussion vs when you see an nl10 player giving strategy on an nl5000 hand. the nl10 advice typically doesn't have fundamental analysis as the root of their logic. Same shit going on in the world of trading. U must learn the fundamentals. Chartist interpretations are easily confused as being a type of fundamental analysis by the lay person. In poker, fish confuse "reads" with fundamental analysis in the same way.
keep trying tho idc bro |
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| +- | Last edit: 03/12/2012 02:19 |
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whamm! Albania. Dec 03 2012 05:01. Posts 11625 | | |
| | On December 02 2012 20:40 bigredhoss wrote:
what made you decide that learning trading was the best use of your time and efforts? (not being sarcastic) |
it's a good skill to learn. you can work from anywhere, trade any market too. it's legal and won't be disappearing soon - plus fish are always coming in. anyway its better than playing video games lol. its something ive always wanted to learn, now's the best time when there is no pressure for me to make money while doing so. |
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Endo United States. Dec 03 2012 05:32. Posts 953 | | |
something like 70-80% of daytraders lose. just a statistic to keep in mind |
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whamm! Albania. Dec 08 2012 17:31. Posts 11625 | | |
almost break-even status. hehe. next year will be a lot better |
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