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>At 08:43 AM 5/21/98 +0100, you wrote:
>>In U.k. tend to start trading, futures, initial cap. 7,000 -10,000 u.s.
>>and monthly injection of, 750 - 1000 u.s.
>>anyone have any advice on whether, to day trade, look longer term.
>>Sutitable markets, for limited intial capital ie.. mini s and p 500 ?
>> Also any advice, regarding setting up as a business,ie (trader status)
>>that way i can offset any losses against my other earned income... Work
and
>>reside in u.k. Any other Brits in the Same position.... Looking for
>>assistance.. Jonathan...
>>
>>
>
>Jonathan,
>
>I remember when I was asking similar questions. And I still have questions,
>the learning process never ends. Just when you think you are getting
>good - WHAM! the market teaches you another important lesson. A trader
>friend of mine has a hand-written sign on his wall: "We are only ONE trade
>away from humility", it says.
>
>No offence intended, but you need to slow down. You should have your
>question "whether, to day trade, look longer term. Suitable markets?"
>answered well before you start risking cash.
>
>The up-side is that you have some more time to accumulate capital. Every
>additional $1,000 of capital you add, improves your odds. Every additional
>month of study and preparation you invest before risking capital will
>improve your chance of success.
>
>Although actual trading is required before you can really have confidence
>in your methodology, paper-trading is a valuable money-saving and
>educational practice. Paper-trade while you accumulate capital. Also,
>consider learning in a low-leverage environment, or wait until you
>have enough capital to handle some high-leverage losses. Read as much as
>you can, there is a lot to be learned from the experiences of others,
>why learn the hard way? Treat this seriously, study hard.
>
>Most traders fail. Most **successful** traders fail before becoming
>successful.
>This means that you will probably lose enough capital to consider yourself
>a failure, along the path to success. (My opinion, but I know several
>successful
>traders).
>
>To avoid this unhappy/uncomfortable outcome, you should look for ways of
>learning without risking much capital. Time is your greatest tool. The more
>time that passes, the more experienced/wise/effective you become. You need
to
>make your capital last through this learning process.
>
>That is your first objective, to make your capital last through the
learning
>process.
>
>Most successful traders try many diverse techniques and methodologies
>before the find the ones which work for them. It can be a long and
expensive
>process if you are not careful.
>
>Wow! Sorry to be so negative! But consider how much money is lost by new
>traders every year, imagine that this is a message from all those
>silent ex-traders.
>
>If you are careful, you may buy enough time to learn how to trade
>successfully.
>
>Best wishes,
>-Neal.
>
>
You're absolutely right Neal !
I'm forwarded this email to my staff.
>From an ex.
Michel P.
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