The road to becoming a successful trader has been a long and interesting one for me. I made a feeble attempt to trade a couple years ago. I had Capital One as my broker and used iHUB for level two. Then I used a site called freestockcharts, or something like that, for my not so live charts. Yeah, what a setup!! I got lucky following a few Tim's alerts. Which I learned real quick not to do! Learn from them, don't follow them. Ever. So after a few nice wins then a staggering series of losses I decided I need to study.
I stopped trading with real money and started paper trading. I started learning somethings like candlestick patterns, how to find support and resistance how to find percent gainers and learned what Earnings winners are. I also learned the hard way. Don't ever guess earnings! No matter what the chart is doing leading up to the release. I got Fk'd on a EARS months ago because I guessed. Don't laugh lol. I knew better but held over night anyway... So I was familiar with the concepts and knew the meaning of each but I didn't really know them as intimately as I should. I also found out that I needed a real broker. So after some serious review I chose TD Ameritrade and use the ThinkorSwim platform. Very happy btw.
Back to paper trading. It's safe! I doubled my paper account in a couple months. I kept my position size inline with having a $2,500 dollar account. So 500-1,000 share buys.
This last October I tried trading with real money again and then suddenly I couldn't make a winning trade!?! Went back to paper, started winning again. What gives? Well I learned that the psychology of using and risking real money is a hell of a lot different than paper money! Paper money-Fine! Real money-not so fine! I ended up being unable to make a trade for the fear of losing my hard earned money! So I'm currently battling the laws of making a good entry. I'm getting over the fear of getting in the trade, but now I find I get out to soon because I want to profit and I want to have a winning trade. I'm leaving a lot on the table and I find that my losses are often bigger than my wins thanks to commissions. But I know what I need to work on now. $STUDY. Anyway, until next time.