Wow! My first two weeks have come and gone and I'm blown away. First, by how hard this is. I'm making mistake after mistake and it is costing me. Second, this is so fun and engrossing! In this short period of time I've come to understand a few things:
- A trade plan is an absolute must! You need to not think about what you are going to do when situation X happens, it must be a mechanical response
- DO NOT CHASE! It will only cause you pain
- Follow your plan! Having a plan is step 1, actually following is much harder than it seems because you are a machine driven by emotion
- Take notes! Seriously, every trade, every time. Always learn lessons from the market. Hope is not a strategy
- Update your plan! You will not think of everything, especially when you are starting out. Update your strategy to handle new types of situations.
- STUDY! There is so much to learn. I don't care how smart you are, if you are serious, demonstrate it.
- PRACTICE! Theory is great, but you need to practice that in the real world. Theory doesn't mean anything if you don't know how to execute
- Love the challenge! This is one of the most exciting things I've ever started doing. I'm glad to be here and I want to be good, I like winning
The reasons state above are why I will continue with this site. I have a baby coming in a few months and that constraint has me waiting to buy a full course (Tim's Millionaire Challenge or similar). I think it is good to wait till around June of next year so I can really get my feet working. Also, it will give me a chance to really feel out if I want to buy Trading Tickers.
I hope you all have a great weekend!
dtrades
Posted Oct 30, 15 11:40 PMbydtrades
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