Live free or die!

[snowman]

I love the stock market; I can’t help it and have always wanted to trade for a living!

Several years ago I travelled to the states on holiday and upon my return put my U.S. change in an old glass jar, recently I was counting my pennies and among the euros and Stirling I found a quarter from New Hampshire with the motto "Live free or die";

In true Todd Grimshaw style I came out as a closet day trader wannabe, then I gave up my job (I am 32) and have 27K in the bank, I want to take the time to learn to trade full time, I really want to day trade as I love the rush, I have traded options and made a killing, then through greed lost the same amount, I have read hundreds of books and feel that after learning the hard way about losing money I have developed the right physiology to do it for real!

There are hundreds of books, courses, CD's, seminars etc... All promising the narrow path to riches.

I understand that most of you have probably learnt the hard way and everyone’s trading style is different, but I want to make this work, to live free, hence time is precious and i want to start trading with the right tools from day one.

What can you suggest?

 

[nefariousbaffler]

Don't give up your day job. Hard to make it with such pressure to earn money in order to support yourself. That's probably the #1 piece of advice that I have come across in my research.

 

[STE1]

if you're doing it right trading should be relatively boring - the rush should come away from your screen when you appreciate your freedom. if you get excited by making and losing money you will fail.

of couse, sometimes, as with any job it will be exciting because there is a major political/economic event you are trading through but otherwise it should be dull - that way your judgement is not impaired by the adrenalin-rush fight/flight response.

Ste1

 

[Glenn]

if you're doing it right trading should be relatively boring - the rush should come away from your screen when you appreciate your freedom. if you get excited by making and losing money you will fail.

Ste1

Couldn't agree more !
"IF you can keep your head while all about are losing theirs...." etc.

And if you have an ego (e.g. there is a lot of use of the word "I" in your post snowman), then you will need to learn to suppress it imho. Pride comes before a fall.

Glenn

 

[Salty Gibbon]

Hi Snowman

I sincerely hope you don't screw up as badly as Todd Grimshaw

 

[Gordon Gekko]

I love the stock market; I can’t help it and have always wanted to trade for a living!

Several years ago I travelled to the states on holiday and upon my return put my U.S. change in an old glass jar, recently I was counting my pennies and among the euros and Stirling I found a quarter from New Hampshire with the motto "Live free or die";

In true Todd Grimshaw style I came out as a closet day trader wannabe, then I gave up my job (I am 32) and have 27K in the bank, I want to take the time to learn to trade full time, I really want to day trade as I love the rush, I have traded options and made a killing, then through greed lost the same amount, I have read hundreds of books and feel that after learning the hard way about losing money I have developed the right physiology to do it for real!

There are hundreds of books, courses, CD's, seminars etc... All promising the narrow path to riches.

I understand that most of you have probably learnt the hard way and everyone’s trading style is different, but I want to make this work, to live free, hence time is precious and i want to start trading with the right tools from day one.

What can you suggest?

Yee Hah!

Roll 'em dice cowboy!

He who dares wins!!

 

[Salty Gibbon]

I have read hundreds of books and feel that after learning the hard way about losing money I have developed the right physiology to do it for real!

Do you actually mean pyschology ? I am not sure what the right physiology for trading would be. Better check with my doctor I guess.

 

[neil]

oops

Do you actually mean pyschology ? I am not sure what the right physiology for trading would be. Better check with my doctor I guess.

At first glance I thought the title read " Live free or DIET."

 

[zow]

Do you actually mean pyschology ? I am not sure what the right physiology for trading would be. Better check with my doctor I guess.

Probably does mean psychology.... but physiology is also important. Can't trade when you're feeling like s**t. (Well I can't anyway). So important to look after your physical as well as mental health.

 

[Salty Gibbon]

The mark of a good trader is one who can trade under any conditions, including when he is feeling like dung.

IMHO of course

 

[henry766]

since when does losing develop the right psychology???

 

[neil]

Must buy some spectacles. At first glance I thought the title read "Live free or diet "

 

[FetteredChinos]

deja vu neil? viz your post on page 1 lol..

 

[Texas_Hedge]

Probably does mean psychology.... but physiology is also important. Can't trade when you're feeling like s**t. (Well I can't anyway). So important to look after your physical as well as mental health.

What's salt got to do with trading physiology

 

[commanderco]

i want to start trading with the right tools from day one.
What can you suggest?

Once you have found the right tools from day one I would suggest you give up the notion of trading and write a book instead.
I would call it "The right Tools from day one"

You will make a fortune by selling it to people who want the right tools from day one.
Trust me on this because I am most serious about this.
Also you could join the speaking & boot camp circuit and call it "the new new thing"

 

[SOCRATES]

Better still, if you do not succeed, then go on to write some silly book, put a fancy title on it, get some unscupulous people to comment on it, get even more unscrupulous people to publish it, get even more dishonest individuals to market it, and sell it to an unsuspecting public.

If you do succeed, and are able to create showers of points by pressing buttons, don't try to pass it on because it cannot effectively be done in a way that would adequately satisfy you.

It is your choice, but I can tell you one thing, and it is this, if you want a real challenge and you enjoy solving multidimensional problems you do not know even exist until you encounter them, then you have chosen the right environment in which to grapple with the greatest Rubik's Cube of all time.

As Rudeboy says elsewhere " it is your choice".

Good Luck and Best Wishes.

 

[charliechan]

I love the stock market; I can’t help it and have always wanted to trade for a living!

Several years ago I travelled to the states on holiday and upon my return put my U.S. change in an old glass jar, recently I was counting my pennies and among the euros and Stirling I found a quarter from New Hampshire with the motto "Live free or die";

In true Todd Grimshaw style I came out as a closet day trader wannabe, then I gave up my job (I am 32) and have 27K in the bank, I want to take the time to learn to trade full time, I really want to day trade as I love the rush, I have traded options and made a killing, then through greed lost the same amount, I have read hundreds of books and feel that after learning the hard way about losing money I have developed the right physiology to do it for real!

There are hundreds of books, courses, CD's, seminars etc... All promising the narrow path to riches.

I understand that most of you have probably learnt the hard way and everyone’s trading style is different, but I want to make this work, to live free, hence time is precious and i want to start trading with the right tools from day one.

What can you suggest?

id keep 1/2 of that money for living expenses in your first year while you learn

id keep 1/2 of the remaining 1/2 into savings for emergencies.

the remaining 1/4 put into a trading account. you need $10k for a good futures broker (forget us stocks - ypu need $25k), so about £7k will do it.

once you get the gig going, that money will quickly multiply and you will realise you dont need so much money in your account anyway.

no trader keeps his net wealth in a trading account (or needs to).

all the best.

 

[ANGELO]

if youve already made a killing and then lost it all , and you understand why this happened , then you are on your way to freedom my friend , because "failure is success!" . As for "PRIDE", as long as you admit your mistakes ( cut your losses short) and learn and then apply , Pride dont mean ****tt . sounds like youve got to keep "mr greed " in check , just like me ! even all these people that act as calm as budda are in this game to do exactly the same as you - MAKE A KILLING !!!! I love your get up and go attitude and wish you every success!!! I too have taken a similar path (run my own property business and trade heavily on the side!!!) and you know what it can be done!!!! please stay in touch as I would love to hear of your ups and downs !!!
CHARRRRRGE!!!!!! KILL ! KILL!!! KILL!!!!! (just kidding)