Soultrader

Thank you for the compliments Raul You basically said everything a new trader needs to hear. One advice I give to all new traders is to listen. Many people hear but they never listen. Fools think they know everything. The moment you think you know it all is the moment you slipped down into mediocricy. There is so much to learn about trading. The markets teach me something new everyday. This is why trading is so exciting. You never sleep without gaining regardless of whether you won or lost that day. Have an open mind and listen to others. There is no reason to shut off your mind from other traders comments. Out of 30 irrelevant comments, you might find 1 comment that can change your life.

Just to point out... don't get too caught up in finding the best tools of the trade. You don't need a super charting software to trade profitably in the markets. Give me a simple bar chart, a plain market profile chart, and some market internals and I am good to go. Learn price action. This will never fail you. Good luck

Hi syamster, Are you trading stocks or futures? If you have $10,000 capital and decide to trade the emini's, $150/day is a realistic goal. This is 30 points of the Dow or 3 points of the S&P 500. If you plan to make $600-$800 a day, I would recommend starting off with at least $40k for the emini's. This is because I recommend 1 contract per $10k. $40,000 would get you 4 contracts. 30 points a day with 4 contracts will get you $600. Trying to make $12,000 - $16,000 a month with $10k is not impossible but highly unrealistic.

Hey Deb, Take your time to learn the game. Sooner or later you will figure things out and approach the market with a clearer view. Right now you are still driving the the fog. Once the skies clear up youre trading should improve significantly. While you spend the time to demo trade, develop setups that offer high probability trades. These should become your bread and butter. Because you have risk capital, you will not be undercapitalized. With the proper amount of time training and applying money management, the risk capital should give you plenty of time to learn. Good luck.

Very good points ant. Real money is made by staying in a trend. Although I have strict rules in partialling out on a winning trade, I will always try to hold on to my last portion as much as I can. I consider the first portion as covering commision costs and the last portion as my income. TREND vs RANGE requires different entry/exit strategies.

I get burnt everyday at the close. Although I am not 100% focused all the time, whenever I am in a trade or watching a setup I use 200% concentration. This takes alot out of me. Plus the 2-3 hours of daily homework and analysis.

US Economy and the Impact of Indian Economy on the Global Market! Since the dawn of the 21st century very few nations have been recognized or emerged to have the largest economic stability in the world. Leading nations like the United States entered the 21st century with an economy that was bigger, and by all means more successful, than ever. Despite enduring two world wars and an everlasting depression in the first half of the 20th century, it faced challenges which ranged from a 40-year Cold War with the Soviet Union to the existence of sharp inflation, huge unemployment, and enormous government budget deficits in the second half of the century. Finally this great nation had the opportunity to relish a period of economic calm in the 1990s. Prices on goods were steady, unemployment dropped significantly, the government posted a budget surplus, and the stock market experienced an unprecedented boom. The United States however has been undergoing philosophical economic change right at the start of the 21st century. They witnessed a wave of technological innovations in telecommunications, computing, and other biological sciences, which profoundly affected Americans work and play. At the same time, the growing economic strength of Western Europe and the emergence of powerful economies in Asia and the increased global integration of business and finance posed new opportunities as well as risks. All of these rapid changes resulted or lead to the Americans in re-examining everything from how they manage their workplaces to the role of government. Perhaps this is the reason why many workers, while contented with their current status, looked to the future with uncertainty. Moving to the third world, according to economics experts and various studies as conducted across the globe envision, India and China should rule the world in the 21st century. Its been over a century since the United States has been the largest economy in the world but major developments have taken place in the world economy since then, leading to the shift of focus from the US and the rich countries of Europe to the two Asian giants India and China. With the arrival of the 21st century, there has been a dramatic shift in India's approach to external sector management in accordance to the changing situations. With the materialization of marginal current account surplus, the sustainability of India's current account deficit may not be a problem though the deficit on her trade account persists and has been increasing. The main providers to the positive outcome in India's current account are workers' remittances and export of software, both being a result of process of global integration. The exchange rate system as well as external debt management has served India well. The new policy regime assisted India to withstand several global crises while maintaining a respectable growth. It has become obvious that the management of the external sector is closely linked to the domestic sector and the major thrust of Indian public policy is now on managing the integration. Further, the simultaneous emergence of China and India with significant competitive strengths in trade in goods as well as services will have to be accommodated by the global economy. Thus, the future for both these nations seems to be bright as they struggle to correct current global imbalances. In brief, India has moved from managing external sector to implementing an optimal integration of domestic and external sectors, thus providing itself a better position when it comes to global economy.

I think young age does help in trading/poker because there is no fear. I remember when I was younger I was alot more aggressive. More of a cowboy type. Now with experience, I do not think I will ever be as aggressive as I once was. Agressive play is exciting but as one gets older, you are no longer in it for the excitement. I am more concerned about being conservative and stable. Kinda ironic when you apply conservatism to trading. Trading to me is a daily grind. I have better odds of survival grinding my way in this game then dumping my entire chips in one hand.

yea... and mistakes in this business is very costly. Monetary losses are usually associated with emotional pain. This turns to fear and can cause new traders to hesitate to pull the trigger.

Welcome mayank! Welcome to Traders Laboratory.com. We have a variety of educational resources related to trading and investing. Please feel free to start a thread, post comments, and discuss with other members of the forum. If you are looking for a particular topic, feel free to use the search function located in the left hand navigation module. If you have any questions about the website or your account, contact me via private message and I will help you get started. Looking forward to your participation here at Traders Laboratory.com All the best, Soultrader Founder of Traders Laboratory

A short sale must be covered at some point. You are basically buying back the same amount of shares and returning it to your broker. If the price drops on the stock, you are able to buy it back at a cheaper price and profit from the difference. In the futures market, you can hold on to a short as long as you like until you meet a margin call. In the stock market, brokers can not lend out stocks they do not have. So it is possible you might get a call to return the borrowed shares. Thus, you may need to cover your shorts.

We all start off as beginners artp01 But from my experience, its important you find a mentor or professional trader who can teach you the right steps to take. I must of wasted thousands of dollars on the stupidest things. If only if I had known back then! Trading can take time. Treat it as a business. The amount of time lawyers spend on higher education, should be the amount of time you need to spend training and educating yourself on trading. Always have capital you can afford to lose. I say this because you will most likely pay your dues to the markets as part of tuition. I do hope you beat the odds but losing first is better than winning first. Why? New traders who win straight off the bat are getting lucky. This luck usually gets mistaken for intelligence. And these traders never fully learn the markets. It is only a matter of time before their luck runs out. Traders who lose it all in the beginning but are able to learn from their mistakes have a better chance. This is because the markets humble them and in return dedicate their time to education and training. You should also determine what time-frame you are planning to trade. Do you want to daytrade? Swing trade? Position trade? etc... Different trading styles require different strategies. It is important to know the difference. Good luck

Hello Suzy, With the edge you can gain in direct access trading, trading online should be considered standard. Unless you are looking to lease or buy a seat on the exchange and become a floor trader, online trading should be the only way to trade. Of course, if you are looking for investing and not trading a traditional phone call to the broker would do just fine. The only risk involved in online trading is if you do not understand the mechanics of your platform and the different types of orders available. It is also important to have a backup internet connection or perhaps a stop in place. The advantage floor traders had back in the days is now minimized as online traders are now filled instantly and you can easily obtain pit noise for a fee. If it wasnt for online trading, I would be jobless. If it wasnt for technology and the internet I would be penniless. Technology is my life.

Great advice ezduzzit. It will come in handy for me in the future.

Many of my friends in real estate in Japan keep on mentioning Macao is the next place to invest. The government is also promoting small business startups by any foreign citizen and the laws are very flexible for entrepreneurs.

Welcome Suzy! Welcome to Traders Laboratory.com. We have a variety of educational resources related to trading and investing. Please feel free to start a thread, post comments, and discuss with other members of the forum. If you are looking for a particular topic, feel free to use the search function located in the left hand navigation module. If you have any questions about the website or your account, contact me via private message and I will help you get started. Looking forward to your participation here at Traders Laboratory.com All the best, Soultrader Founder of Traders Laboratory

You should read this post made by feb today. It's an excellent guide for a new traders journey: http://www.traderslaboratory.com/forums/30/new-trader-should-i-call-quits-217-2.html#post1579

Very informative and well explained earsha. Im going to be making a table of contents for the forum and will include this post as well.

Wow feb, you just made this thread into a "Great Thread". I agree with your approach in learning the markets. New traders will find it hard to incorporate advanced strategies of pivots or market profile before they actually understand the auction of the markets. Traders must understand the law of supply vs demand and learn to view the markets from a bigger picture. Many traders get too caught up in the fast action in day trading that they completely miss observing for balance vs imbalance. Once you understand price action, then you can apply advanced strategies into your trading methodology. Price action is pure. If you learn to trade with price only, you will always stay in this game. Learning to trade with indicators alone is a bad way to start and you will always be clueless on what the markets is telling you. When I first learned how to trade, I used no indicators, no pivots, or market profile. I simply watched a 5min candlestick chart with price only. I watched for support/resistance to understand price acceptance vs rejection. After months of training I was able to understand price action. The time I dedicated myself to this has paid off for me. Trading takes determination and passion. New traders often rush from promises of the quick buck. There is no such thing as easy money in trading. Learn, practice, experience. Craft your skill gradually and improve on it day by day. Keep a journal and write a business plan. I remember when times were tough for me.... passion and ambition helped me push through to the next level. If you want to succeed in this game, you need the mind set to do whatever it takes to succeed. This even means transforming your conflicting beliefs and changing your mental makeup. You need to set yourself apart from the hundreds of thousands of losing traders. Good luck.

From my understanding you are a trend based trader? What is your timeframe for trading? Remember the markets only trend 30% of the time so having only a trend based strategy can lead to losses if you are not able to identify a trend from a range. Also the markets change everyday so if you are relying on a system that worked in the past, expect it to give you different results tomorrow. You need to adapt to market conditions and adjust your strategies accordingly.

Hello Johalber, You mention you follow your seutps. Do you have proven setups that are profitable? Do you have rules for your setups and do you develop a trading plan each day? I would like to know a little bit about your methodologies. Do you understand why you are losing money? Instead of focusing first on winning strategies.... study your trading behavior and point out what you do to lose. You can either fix that losing strategy or eliminate it all together. Regards, Soultrader

Yea.... I also recall hearing that in Alex's presentation. Check this thread out for the links: http://www.traderslaboratory.com/forums/f6/market-profile-education-resources-376.html

If you are worried about spreads why don't you trade currency futures? Also, you never use a price chart?

Wouldn't all stocks do this? This is simply a rangebound stock bouncing off support and resistance. Try checking out "How I Made $2,000,000 in The Stock Market." There is a similar theory called the box theory which you might find interesting. A stock trader will probably have better answers than me.

Hi nebraska, Most of the trading rooms cost around $300+ a month. Each mentor has their own trading style and you will be asborbing his style. So before you look... I think it is important to know what kind of trading style you want to learn. Do you want to be a fib trader? Pivot? Market profile? etc... I know of several trading rooms that are fairly decent for someone to learn the mechanics of trading. Some are only through referrals. If you have a trading style in mind, let me know and I can make a suggestion. Also a trading room is different from a chat room. The visual element of the trading room is important to understand what made the trader take his/her trades.