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It is very commen for someone to be a good trader while
they hold a job. The trouble starts when they leave their job. They
then tend do develop a mindset that they have to trade so they will make
money. They then start entering positions that they
would have passed up while they held a job. Ron D
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----- Original Message -----
<DIV
>From:
b
To: <A title=amibroker@xxxxxxxxxxxxxxx
href="">amibroker@xxxxxxxxxxxxxxx
Sent: Thursday, March 04, 2004 6:37
PM
Subject: [amibroker] Help for an aspiring
Trader (FOCUS ON MONEY MANAGEMENT)
Robert,Yikes! If you have to ask questions like these you are
noteven close to being ready to consider trading as a careerpath.
There are hundreds if not thousands of traders out therewho have
10, 20, 30 years experience taking money way fromnewcomers. If you are new
to trading, start small, goslowing, gain experience by paying small chucks
of money astuition in the school of hard knocks. Above all, keep
your day job -- or at the very least makesure your wife is willing to keep
hers and support youduring the learning years -- and we are talking not
monthsbut years. A couple additional comments are in BLOCK LETTERS
BELOW.b--- Rock Fish <<A
href="">tf_rockfort@xxxxxxxxxxxx>
wrote:> Hello List ,> > I'm at a cross path and would
like to choose trading as a> career.> > But the question
is, how should one go about.> > How do I start ?READ
ELDER AND THARP AND GIVE AMPLE ATTENTION TO WHAT THEYSAY ABOUT MANAGING
MONEY AND EMOTIONS.> What all should I know ?BY FAR THE
MOST IMPORTANT THING TO KNOW ABOUT IS 'MONEYMANAGEMENT'. THIS IS THE MOST
IMPORTANT TOPIC TO MASTER. > How much do I need to have to start
trading ?TO LEARN, AN ACCOUNT OF 5K OR 10K WITH A LOW FEE
BROKERWOULD BE FINE.BUT TO MAKE A LIVING TRADING, YOU SHOULD HAVE
SEVERL TIMESMORE CAPITAL THAN YOU THINK YOU NEED. THE REASON
ISPSYCHOLOGICAL. IF ONE CAN ONLY AFFORD TO LOOSE A LITTLETHEN WHEN THE
FIRST 10% LOSS IS FOLLOWED BY TWO MORE IN AROW AND ONE IS DOWN OVER 25%,
ONE'S MIND (OR GUT) IS GOINGTO WRECK THE BEST TRADING STRATEGY. IF
YOU DO NOT HAVE A LOT OF EXPERIENCE TRADING, YOU MAYNEED A VERY LARGE
"CUSHION". IF YOU CAN AFFORD TO LOOSE 2/3OF WHAT YOU START WITH AND FEEL
NO EMOTIONAL OR FINANCIALPAIN, THEN YOU "MIGHT" HAVE ENOUGH TO TRADE FOR A
LIVING. THIS OF COURSE ASSUMES YOU HAVE A GOOD STRATEGY.
MONEYMANAGEMENT WILL HELP KEEP ONE'S GUT FROM TURNING A GOODSTRATEGY
INTO A BAD ONE, BUT MONEY MANAGEMENT WILL NOT TURNA BAD STRATEGY INTO A
GOOD ONE. > What are the benefits or short comes ?>
How rewarding is it ?> How much of technical analysis is helpful in
trading ?> Trading is very risky - is it a myth or reality ?YES
THERE IS CONSIDERABLE RISK. FOR EXAMPLE, ONE OF MYCURRENT TRADES IS DOWN
50%. A TRADITIONAL STOP LOSS ORDER WOULD NOT HAVE PREVENTED
THISLOSS BECAUSE IT GAPPED DOWN AT THE OPEN DUE TO NEWS AFTERTHE
PREVIOUS DAY'S CLOSE. NO STOP LOSS WILL PROTECTION FROMSUCH A CRASH. ONLY
APPROPRIATE MONEY MANAGEMENT CAN MAKETHAT SURVIVALBE. DO YOU KNOW
HOW TO STRUCTURE YOUR TRADES SO THAT YOU CANSURVIVE SUCH A BLOW UP?
DO YOU KNOW HOW TO MANAGE YOUR EMOTIONS SO YOU COULD KEEPYOUR HEAD
WHEN SUCH A THING HAPPENS? OR WOULD YOU PANIC ANDDO SOMETHING
FOOLISH? READ ELDER ON MONEY MANAGEMENT AND READ HIM
AGAIN. > Basically, I want to know a lot and hope some well
wisher> in this list> would answer my questions. If someone
could point me to> right> resources, in terms of free books,
courses, etc. it would> be very useful.> > I did saw a
nice note in stockcharts.com and want to know> some good teaching
matrial.> > Can the list please help me ?> > Thank
a lot in advance.> > Regards>
Robert__________________________________Do you
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