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The Water Cooler
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Help a Dummy Get Started Day Trading
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<blockquote data-quote="zghorner" data-source="post: 2876873" data-attributes="member: 35089"><p>reviving an old thread. opened up an account with optionshouse.com today and excited to get this started. For now I am just using their simulated/paper trading account. After I feel comfortable with their layout and my strategy proves itself to me I will begin with 3 trades per day to get my feet wet and prevent being labelled as a pattern day trader / PDT (which requires a $25,000 margin account). Once again when I feel comfortable I will move into the realm of PDT and basically then become a millionaire in no time <img src="/images/smilies/tongue.png" class="smilie" loading="lazy" alt=":P" title="Stick Out Tongue :P" data-shortname=":P" /></p><p></p><p>I have been obsessively researching the stock market with a focus on scalping and finally able to understand the basic fundamentals. I sat down a while back and asked myself the question "what is the best way for <u>ME</u> to make money? With my personality type, hobbies and interests, family orientation, and hatred of "The Man"...I decided to go through with the day trading venture. I know a handful of small business owners, and that stuff aint for me. Land lords / real estate...aint for me. I had a decent job where my talents were exploited to make someone else rich...and that aint for me either. So enter da market...no boss breathing down your neck (outside of the wife), no employees to manage, no maintenance to perform on your property, etc...IF (big IF, I know) IF I can be successful trading stocks then why not? I usually sip coffee and search craiglist till about noon every day anyway lol.</p><p></p><p>One thing I read that stood out heavily to me when looking into forex trading tips & tricks was the % of winning trades to losing trades. Then looking at the overall money gained or lost based on those trades. In nearly every currency, traders had more winning trades than losing.</p><p></p><p><strong>[Broken External Image]</strong> </p><p></p><p>And yet the vast majority of people lose money overall.</p><p></p><p><img src="https://www.okshooters.com/data/MetaMirrorCache/www_forexfactory_com_attachment_php_10b0afefef7fd3556bd5ae3fdf67d199._.png" alt="" class="fr-fic fr-dii fr-draggable " style="" /> </p><p></p><p><em>"The above chart says it all. In blue, it shows the average number of pips traders earned on profitable trades. In red, it shows the average number of pips lost in losing trades. We can now clearly see why traders lose money despite bring right more than half the time. They lose more money on their losing trades than they make on their winning trades."</em> - David Rodriguez</p><p></p><p>Basically, as I understand it, People naturally WANT to win and feel like every trade has to be a winner so they end up holding on to the losers with high hopes they will turn around. On top of that, people tend to sell their winners short due to fear that they will soon turn south. People are emotional, and money is not...people throw their plan out the window in favor of their hopeful emotions and they lose in the long run. I'm definitely not trying to lecture on a subject I am just beginning to understand but that simple principle just made a lot of sense to me and I wanted to share with the class haha.</p></blockquote><p></p>
[QUOTE="zghorner, post: 2876873, member: 35089"] reviving an old thread. opened up an account with optionshouse.com today and excited to get this started. For now I am just using their simulated/paper trading account. After I feel comfortable with their layout and my strategy proves itself to me I will begin with 3 trades per day to get my feet wet and prevent being labelled as a pattern day trader / PDT (which requires a $25,000 margin account). Once again when I feel comfortable I will move into the realm of PDT and basically then become a millionaire in no time :P I have been obsessively researching the stock market with a focus on scalping and finally able to understand the basic fundamentals. I sat down a while back and asked myself the question "what is the best way for [U]ME[/U] to make money? With my personality type, hobbies and interests, family orientation, and hatred of "The Man"...I decided to go through with the day trading venture. I know a handful of small business owners, and that stuff aint for me. Land lords / real estate...aint for me. I had a decent job where my talents were exploited to make someone else rich...and that aint for me either. So enter da market...no boss breathing down your neck (outside of the wife), no employees to manage, no maintenance to perform on your property, etc...IF (big IF, I know) IF I can be successful trading stocks then why not? I usually sip coffee and search craiglist till about noon every day anyway lol. One thing I read that stood out heavily to me when looking into forex trading tips & tricks was the % of winning trades to losing trades. Then looking at the overall money gained or lost based on those trades. In nearly every currency, traders had more winning trades than losing. [b][Broken External Image][/b] And yet the vast majority of people lose money overall. [IMG]https://www.okshooters.com/data/MetaMirrorCache/www_forexfactory_com_attachment_php_10b0afefef7fd3556bd5ae3fdf67d199._.png[/IMG] [I]"The above chart says it all. In blue, it shows the average number of pips traders earned on profitable trades. In red, it shows the average number of pips lost in losing trades. We can now clearly see why traders lose money despite bring right more than half the time. They lose more money on their losing trades than they make on their winning trades."[/I] - David Rodriguez Basically, as I understand it, People naturally WANT to win and feel like every trade has to be a winner so they end up holding on to the losers with high hopes they will turn around. On top of that, people tend to sell their winners short due to fear that they will soon turn south. People are emotional, and money is not...people throw their plan out the window in favor of their hopeful emotions and they lose in the long run. I'm definitely not trying to lecture on a subject I am just beginning to understand but that simple principle just made a lot of sense to me and I wanted to share with the class haha. [/QUOTE]
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