A "First Steps" forum ? lol! Here is my advice: newbies, just quit !

This is a discussion on A "First Steps" forum ? lol! Here is my advice: newbies, just quit ! within the First Steps forums, part of the Reception category; Originally Posted by MoonRocket I've got the first 4. Four out five is not bad...Right? i only get 1...

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Old Mar 19, 2012, 9:30am   #15
 
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Re: A "First Steps" forum ? lol! Here is my advice: newbies, just quit !

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Originally Posted by MoonRocket View Post
I've got the first 4.
Four out five is not bad...Right?
i only get 1
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Old Mar 19, 2012, 9:47am   #16
Joined Oct 2011
Re: A "First Steps" forum ? lol! Here is my advice: newbies, just quit !

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Originally Posted by Lightning McQueen View Post
i only get 1
And can you tell us......
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Old Mar 19, 2012, 9:49am   #17
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Re: A "First Steps" forum ? lol! Here is my advice: newbies, just quit !

I got all 5
I'd add a couple.

6 - Ability to recognise that markets are not fair or equal, and understand why.
7 - Accept that trading is a business, the successful participants will do anything to stay in business and take your money.
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Old Mar 19, 2012, 10:05am   #18
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Re: A "First Steps" forum ? lol! Here is my advice: newbies, just quit !

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Originally Posted by Liquid validity View Post
6 - Ability to recognise that markets are not fair or equal, and understand why.
7 - Accept that trading is a business, the successful participants will do anything to stay in business and take your money.
No 6 is very good
No 7 is also right, however I would rephrase it to.....

Accept that trading is a business, the successful participants will do everything to preserve their money.
The way it is, sounds like they are all out to get you, which might make a person
unnecessarily fearful or aggressive.
It does feel like that at times but as we know the market is not personal.
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"Human beings are best understood as being risk-averse when making a decision that offers hope of a gain
but risk-seeking when making a decision that will lead to a certain loss." - Daniel Kahneman

"Men who can both be right and sit tight are uncommon.
I found it one of the hardest things to learn."
- Jesse Livermore
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Old Mar 19, 2012, 10:08am   #19
 
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Re: A "First Steps" forum ? lol! Here is my advice: newbies, just quit !

Perhaps it depends on how you trade. If my experience is anything to go by day trading is the most difficult of all. That newbies dive into it is rather like someone passing their driving test and leaping straight into an F1 racing car - sure, they might survive for a lap or two and even put in the odd fast spurt down the straights, but the crash barriers probably win the day.

I got involved in day trading when I retired ten or so years ago and I'm still not confident enough to do it on my main account. I might not write-off cars anymore , but they're still in and out of the repair shop too often for my liking

jon
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Old Mar 19, 2012, 10:13am   #20
Joined Sep 2010
Re: A "First Steps" forum ? lol! Here is my advice: newbies, just quit !

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Originally Posted by MoonRocket View Post
No 6 is very good
No 7 is also right, however I would rephrase it to.....

Accept that trading is a business, the successful participants will do everything to preserve their money.
The way it is, sounds like they are all out to get you, which might make a person
unnecessarily fearful or aggressive.
It does feel like that at times but as we know the market is not personal.
No its not personal, but I guarantee you institutional trade does not exist
to simply preserve their capital (of course that is a factor that can't be ignored).
Their goal is to take money from other traders by any means.
Whether thats front running, insider dealing, arbitrage or just plain experience.
Most of the time its just experience, greater size and much lower costs.
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Old Mar 19, 2012, 10:22am   #21
Joined Oct 2011
Re: A "First Steps" forum ? lol! Here is my advice: newbies, just quit !

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Originally Posted by Liquid validity View Post
Their goal is to take money from other traders by any means.
Whether thats front running, insider dealing, arbitrage or just plain experience.
At that level no doubt about it. Not that I know anything about it but from what I've read they sometimes have fair idea who they are up against.
It is very much a game for these guys largely because it's rarely their money.
For the small operator I think it is different.
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but risk-seeking when making a decision that will lead to a certain loss." - Daniel Kahneman

"Men who can both be right and sit tight are uncommon.
I found it one of the hardest things to learn."
- Jesse Livermore
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