posted
Just wanted to know if I was the only new investor with tons of questions. Any rookies in here?
Posts: 46 | From: texas | Registered: Jun 2005
| IP: Logged |
posted
I am not new,bin in the market off and on for 40 yrs. Before you get in,do your DD,read,if you do'nt know how to read charts,learn. This like poker,you must learn when to fold,or hold. Above all do not get greedy. Charts may not be every thing but they are way ahead of whats #2.Read the boards,you will learn alot. Good luck.
Posts: 280 | From: w.sacto.ca. u.s.a. | Registered: Feb 2004
| IP: Logged |
posted
Im new myself, and can not stress enough, to do your own DD. And then decide if the stock is just a "pump and dump". Also as the old saying goes, DO NOT FALL IN LOVE. Most on this board are very good, and try to be honest. But others will flat out lie, in hopes of moving their stock just a little, and leave you holding the bag.
-------------------- Never underestimate the power of stupid people in large groups. Posts: 222 | From: Southaven, Ms. | Registered: May 2005
| IP: Logged |
posted
Welcome none. One thing, stay away from the group plays. They look appealing at first, but when you are new and don't understand the dynamic of a group play you end up holding the bag like I did. I lost about 90% of my money on 3 trades and it is taking forever to get back up. Slim is absolutely right about the charts. That was the one thing I learned as much as I could about before I started trading. I did best and made good money trading stocks in the 1.00 to 2.00 range. Set my limit and got out. 5 grand turns into 10 grand quickly if you get out as low as 4 to 6 percent consistently. That is what I was doing and it was working well. I fell I jumped into micropennies too early. If I knew four months ago what I know now, I would be in a lot better shape. And most important, don't get greedy.
-------------------- If it wasn't for bad luck I'd have no luck at all. Posts: 1529 | From: Tacoma WA | Registered: Apr 2005
| IP: Logged |
posted
Welcome. Good advise above. Try paper trading for a few months or till you can average out a profit. Learn when to buy, when to hold, and when to fold then teach me. Learning to fold is still my biggest weakness. You must limit your losses so you can trade another day. Don't take my position away from me. I'm bag holder #1. Good luck.
Posts: 758 | From: FOREST,MS | Registered: Feb 2005
| IP: Logged |
posted
Thank you for the advice. I joined a pretty neat group 2 days ago and I am up over 120%. My account is frozen for 3 days because my funds have to claer. Is there anyway around that. I'm holding one other stock and once I sell that I will have nothing to trade for 3 days.
Posts: 46 | From: texas | Registered: Jun 2005
| IP: Logged |
posted
Your worst enemies in trading are Fear and Greed... if you let your emotions get the best of you , you will lose by letting them make your trading decisions.. you have to be as unemotional as possible in stock trading... much like in poker you dont want to show any emotion on your face or else your opponent will pick up a "Tell" as to what you are holding and intend to do with that hand... stocktrading is very much like poker.. both are gambling games.. but both require skills to take the gamble out of the game and put the odds in your favor... in the short run anything can happen in both games but with skill you will come out ahead in the long run... you are looking for "Tells" when stocktrading as to what the market or stock your interested in is going to do... the only way to require skill is through reading... I been playing poker for 4 years now and i win on a consistent basis because I read books on Poker first before i went to the tables... but at the tables.. whether online or offline you see suckers who bet every hand as well as raise/reraise and bluff every hand... needless to say i take their money LoL ... the most important lesson i learned in poker is folding.. protect your profits and limit your losses (Stop/loss orders come to mind & folding comes to mind when it comes to poker of course)...psychology is important in both trading and poker... like i said earlier you have to be as unemotional about every hand/trade as possible.. if you lose.. shrug it off and move on to the next trade.. if you let your emotions get the best of you and you can't bring yourself to fold your hand/trade when your losing then either use a stop/loss order to do it for you or quit the game/trading because it isn't for you...your just gambling your money away...have a Trading plan and stick to it (this also means have Stop/loss orders on all your trades to limit your losses and protect your profits) below are books to help you learn how to trade and also to see what makes a professional trader's mind tick... hope this helps you (also im more of a technical analyst then fundamental analyst.. you have to determine your trading style.. maybe you like TA more then FA or vice versa.. or a combination of both.. FA doesnt tell you when to enter or exit a trading position while TA does.. thats why i favor TA more.. FA just tell you the health of the company or economy or sector/industry etc.. but let's face it most if not all penny stock companies are penny stocks for a reason so thats why i dont bother with FA but thats just me)...
Learning to Trade books:
A Beginner's Guide to Short-Term Trading by Toni Turner www.toniturner.com (I highly recommend this one for beginner's especially ones who are interested in swing/position trading.. she also has one for Daytrading but i dont recommend beginner's get into Daytrading until they have gained some experience in trading first and to me at least Swing/Position trading is less risky then Daytrading... also Toni's new book comes out in July... i Pre-ordered it and recommend others buy it too if your a fan of her books)
posted
I also find trading much like hold'em Mach, you need to be able to handle big swing of money without flinching, if you lose a big hand you might do something dumb on the next one if you let your emotions get involved. you need to get away from a hand (stock) when you know your going to lose, and when you have a big hand (stock) you need to find a way to get the most out of it... finding just the right amount of aggression to make the most from it. in the short term luck can win alot but in the long run skill will prevail, the more skill you have the less luck you need. I learned playing poker and stock that you will probably lose some money during the time it actually takes you to learn how to play. learn from your mistakes, dont get greedy and as Mach said have a plan and stick to it, every time you sell a stock to soon and it goes up (after trade), you will have sold one on time and it goes down (after trade)sometime you feel like kicking yourself, I lost about 10,000 on a penny stock becuase I sold it too soon, but I had tripled my money and felt good at the time, a felt like kicking my azzz for weeks because Im small time and thats big money to me, but I also sold others at highs and they dropped like rocks after and I pat myself on the back, Im far from an expert in trading, but I am pretty good at poker Posts: 103 | Registered: Jun 2005
| IP: Logged |
posted
I prefer 7 card stud poker.. but hey no one's perfect lol.. to me Hold Em is overrated and overplayed .. Stud is more of a challenge.. but i get what you mean..
-------------------- Let the world change you... And you can change the world.
Ernesto "Che" Guevara de la Serna Posts: 4669 | Registered: Mar 2004
| IP: Logged |
posted
Well like him or not, Jim Cramer has been my salvation.
His concept of learning the fundamentals of the game, staying in the game, and being enthusiastic which helps keep you in the game is sound advise. Reading "Real Money" isn't going to turn me into a stock picking guru, but it has already improved my approach.
What if you're a go-fish kind of guy?
Posts: 4 | Registered: Jun 2005
| IP: Logged |
posted
dont know if you read the article about Jim Cramer in the NY Post last Sunday.. but it basically said he is all hype... he was only right about his picks 46% of the time since he first aired on TV 3 months ago... that out of 198 stocks he was only right like 82 of them...he basically got trashed in the article because he is no stock picking guru... most of his picks were duds..
-------------------- Let the world change you... And you can change the world.
Ernesto "Che" Guevara de la Serna Posts: 4669 | Registered: Mar 2004
| IP: Logged |
UBBFriend: Email this page to someone!
Printer-friendly view of this topic
![[Big Grin]](biggrin.gif)
![[Smile]](smile.gif)
