Questions for Traders

[hotstock]

Please could you help me and other beginners by outlining your path to where you are today...Answer under these headings please if you don't mind...

How did you get into trading?

What good books did you read?

Where did you source your information about trading from?

Which courses did you attend?

Did you use a Mentor?

How was your first trade?

What do you prefer to trade and why? (Stocks, Options, Forex, Futures...?)

How long have you been trading?

Do you consider yourself successful?

What's the most important advice you would give a beginner?

Feel free to add in any other info after these questions...

Thank you for your time...

 

[trader_dante]

Hello,

Here are my answers:

Please could you help me and other beginners by outlining your path to where you are today...Answer under these headings please if you don't mind...

How did you get into trading?

My sister, like many others, made money in the late 90's in technology shares and then lost everything in the downturn. I was somewhat influenced by her experiences and decided to try my hand at the market.

What good books did you read?

Some of the most influential for me were:

The Market Makers Edge - Josh Lukeman
How I made $2,000,000 in the stock market - Nicolas Darvas
Market Wizards - Jack D. Schwager
The New Market Wizards - Jack D. Schwager
Stock Market Wizards - Jack D. Schwager
Trend Following: How great traders make millions in up or down markets - Michael W. Covel
Technical Trading Online - Jerold Roth
High Probability Trading - Marcel Link
Reminiscences Of A Stock Operator - Edwin Lefevre
Jesse Livermore: World's Greatest Stock Trader - Richard Smitten
How To Trade In Stocks - Jesse Livermore

Where did you source your information from?

Which kind of information are you referring too? That on trading itself or on market fundamentals?

Which courses did you attend?

None.

Did you use a Mentor?

Not really but I became profitable after following the J16 thread over on FF in which J16 (James) is the mentor.

How was your first trade?

First trade ever was a loser. I bought shares in a company called Easynet for no other reason than it was a technology share, technology shares were going up and the name appealed to me. It didn't move for a couple of days, I got impatient and sold it for a small loss. Not long after it took off sharply to the upside.

What do you prefer to trade and why? (Stocks, Options, Forex, Futures...?)

I trade futures professionally now. I have limits in GBP/USD, EUR/USD, USD/JPY, Crude Oil, Mini Dow, US 10-Year T-Note and Wheat.

How long have you been trading?

I made my first ever trade late in 1999 (see above) but I didn't start studying the market intensely until mid 2005. So 8 years since my first forays but only 3 years of serious effort.

Do you consider yourself successful?

This is hard to answer as it depends on how you judge success. I am consistently profitable which is (supposedly) more than 95% of people that play the game so in that respect I am successful. But I am always pushing myself and I am not yet where I want to be.

What's the most important advice you would give a beginner?

Watch the market as much as you can and always, always, always: MAKE YOUR DECISIONS BASED ON THE MARKET AND NOT ON YOUR P&L.

Feel free to add in any other info after these questions...

Read through the forums. Listen to other traders but always keep an open mind.

Never listen to people that do not trade themselves. They will give you numerous reasons why you will fail to make money in this game. They are wrong.

Nothing much to add other than to say good luck.

 

[Gumping]

Please could you help me and other beginners by outlining your path to where you are today...Answer under these headings please if you don't mind...

How did you get into trading?

I wanted F-loads of cash

What good books did you read?

Unfortunately, not enough at the beginning!

Where did you source your information from?

A charlatan course teacher!

Which courses did you attend?

WIN Investing - AVOID!!

Did you use a Mentor?

Much more successfully than the above

How was your first trade?

Decent profit

What do you prefer to trade and why? (Stocks, Options, Forex, Futures...?)

Forex - 24 hour market, very liquid, allows leverage, amenable to trading sizeable accounts, can trade using Metatrader 4

How long have you been trading?

5 years

Do you consider yourself successful?

Still learning, but turning a small, regular profit

What's the most important advice you would give a beginner?

DO NOT PAY FOR COURSES!!!!!

Feel free to add in any other info after these questions...

Read these:

http://www.trade2win.com/boards/first-steps/26947-making-money-trading-255.html
Forex Training & Education: Beginner Foreign Exchange Currency Trading
http://www.trade2win.com/boards/forex-strategies-systems/33157-kiss-forex-methods.html

Book reviews found throughout the site. As well as reading, make sure you do actually watch the market - even if you choose only one instrument.

 

[mb325]

How did you get into trading?

Through my Dad


What good books did you read?

Reminiscences of a Stock Operator
The Day Trader Advantage
Technical Analysis; Plain & Simple
Trading In The Zone
Trading For A Living
Come Into My Trading Zone


Where did you source your information from?

??


Which courses did you attend?

None, doubt i ever will.


Did you use a Mentor?

I suppose my Dad to a certain extent, although I wouldn't describe him as your typical mentor, we help each other.


How was your first trade?

I decided to invest £1k left to me by my Gran, 8 years ago (i was around 12), stuck it all in a .com because I liked the graph and it tripled over the next 3 days, I sold and it went bust a few months later.


What do you prefer to trade and why? (Stocks, Options, Forex, Futures...?)

Been spreadbetting on indices for a few years, looking at futures now.


How long have you been trading?

6 years, on and off since I was 14, I had a few years out to concentrate at school.


Do you consider yourself successful?

No, but getting close and always learning.


What's the most important advice you would give a beginner?

Protect your capital.

 

[hotstock]

Thanks for your comments.

By information I mean any info you sourced to help you get where you are...

 

[trader_dante]

Thanks for your comments.

By information I mean any info you sourced to help you get where you are...

Just the books I listed, the J16 thread and a whole lot of time watching the market.

It will help you immensely to recognise and experience paradigm shifts - e.g. bubbles that form and burst, major changes in sentiment - is the Dollar currently turning? etc. But these do not occur frequently.

Just keep watching, watching, watching and trading too!

 

[hotstock]

Just the books I listed, the J16 thread and a whole lot of time watching the market.

It will help you immensely to recognise and experience paradigm shifts - e.g. bubbles that form and burst, major changes in sentiment - is the Dollar currently turning? etc. But these do not occur frequently.

Just keep watching, watching, watching and trading too!

good advice thank you.

Where can I find the J16 Thread?

 

[mb325]

james16 Chart Thread i think

 

[new_trader]

How did you get into trading?

I have been investing in shares as a hobby for over 13 years but it is a very low risk, value investment philosophy. Good for building a retirement fund, no good to earn a day to day living right now! So I started to explore day/short-term trading.

What good books did you read?

Reminiscences Of A Stock Operator - Edwin Lefevre

Where did you source your information about trading from?

Study, Practice, The Internet.

Which courses did you attend?

None.

Did you use a Mentor?

Not strictly. Just followed the sage advice of a former member of this forum who posted under the username SOCRATES.

How was your first trade?

Loser!

What do you prefer to trade and why? (Stocks, Options, Forex, Futures...?)

E-mini S&P500 Futures. Liquidity, Market hours and it's cool

How long have you been trading?

Short-term - just over 3 years.

Do you consider yourself successful?

I can't define successful. However I would say I am consistently profitable, disciplined and have a thorough understanding of the instrument I trade.

What's the most important advice you would give a beginner?

ALWAYS TRADE WITH A STOP! Endeavor to make them tighter as you progress.

Feel free to add in any other info after these questions...

I like pizza with anchovies.

Thank you for your time...

You're welcome.

 

[barjon]

Here we go:


How did you get into trading?

Information from an insider about a takeover (ok in the old days )

What good books did you read?

How I made £2m - Nicolas Darvas

Where did you source your information about trading from?

FT prices and hand drawn point and figure charts

Which courses did you attend?

none

Did you use a Mentor?

no

How was your first trade?

big winner (followed by a succession of losers until it was almost gone)

What do you prefer to trade and why? (Stocks, Options, Forex, Futures...?)

ftse 100 shares and latterly (last 4 years) ftse index

How long have you been trading?

35+ years

Do you consider yourself successful?

my "active investor" wife who is towards the "buy and hold" end of the spectrum has outperformed me over most of the last 30 years (but I'm ahead this year so far ). My efforts can only be classed as a paying hobby and I couldn't have made a living at it.

What's the most important advice you would give a beginner?

1. Do not be seduced into believing that there is a "scientific" method to predict the market - you can't rationalise the irrational. Which leads to the oft quoted "trade what you see not what you think (or have worked out by some scientific analysis)".

2. Give your first priority to protecting your capital.

good trading

jon

 

[graemenash]

How did you get into trading?
Worked 9-5 for a couple of years after leaving school, didn't like it. Ran a catering business for a year but didn't like that either. Decided I needed a job which gave me complete freedom...

What good books did you read?
None. Reading sends me to sleep unfortunately.

Where did you source your information about trading from?
Websites, personal study and experimentation, people I met through trading chatrooms etc.

Which courses did you attend?
None.

Did you use a Mentor?
I learnt a lot from fellow T2W member bbmac.

How was your first trade?
I made +4 on EURUSD through little more than guesswork and luck; though at the time I thought I knew what I was doing!

What do you prefer to trade and why? (Stocks, Options, Forex, Futures...?)
FX. It's got the hours, the liquidity, and it works very well with technical analysis.

How long have you been trading?
Since 2004.

Do you consider yourself successful?
It's what I do full time and it pays the rent, but I'm a long way from being wealthy. Successful enough at this stage I guess.

What's the most important advice you would give a beginner?
Study the concept of support and resistance in as much depth as you can.

Feel free to add in any other info after these questions...
It took me three years to learn that good money/risk management is far more important than having a high strike rate in your trading...

 

[trader_dante]

Did you use a Mentor?
I learnt a lot from fellow T2W member bbmac.

It's been a long time since I've heard from him!

That guy is the real deal.

 

[fxfxforex]

What's the most important advice you would give a beginner?

well,the most important advice you should follow is to practice well before you start trading with real money so that you dont risk any money,you should read alot about trading and study the trading strategies and how the platform works..many brokers ofeer trading school for novice traders and offer a free demo account to improve you skill in trading.

Good Luck

 

[hotstock]

well,the most important advice you should follow is to practice well before you start trading with real money so that you dont risk any money,you should read alot about trading and study the trading strategies and how the platform works..many brokers ofeer trading school for novice traders and offer a free demo account to improve you skill in trading.

Good Luck

Thanks.

Do you know of any brokers that do offer trading school?

 

[jiggly]

Please could you help me and other beginners by outlining your path to where you are today...Answer under these headings please if you don't mind...

How did you get into trading?
I am a techie through education but had no luck getting a job after graduation, the longer this went on the more unemployable I became as technology keeps moving and becomes outdated. also my degree was generalist, i decided that it wasn't for me and that i would need more investment in education to get anywhere with it, so I looked into my other interests, financial markets always fascinated me and I was interested to know more, specifically how I could make lots of money as you know traders do. Was I in for a shock, especially as I turned away from what i have already mention for those reasons, education, money, time
What good books did you read?
everything i could get my hands on, I read more books in 6 months on trading than i did in 4 years at uni. forums, ebooks, bought some books and plenty of websites.

Where did you source your information about trading from?
the internet

Which courses did you attend?
none, I am self taught, the only course i took was the one given by the peaks and troughs of the market
Did you use a Mentor?
No, i am self taught, I was my everything

How was your first trade?
cable, opened up a mini account with £300, lost it all pretty quickly

What do you prefer to trade and why? (Stocks, Options, Forex, Futures...?)
forex, can trade any unit size I like, but ultimately take the scale off of any chart and everything is more or less the same, unless you are a super large trader then liquidity will become an issue. its just my opinion and the style i approach trading in.

How long have you been trading?
3 years

Do you consider yourself successful?
by my standards yes. I can only compare my achievements based on how i was when i first begun, I am turning a minor profit and I have lots of knowledge about the markets. another year or two and I should be full time

What's the most important advice you would give a beginner?
be the casino, not the punter, discipline, find a method/system and stick to it, dont overleverage your account

Feel free to add in any other info after these questions...
stick with it if you believe in yourself, trade real money from the beginning, a very small amount of money you can afford to lose so you can get the psychology down, find a broker that allows you to trade very small units. dont bother getting involved unless you are willing to put in 200% and are willing to lose money.

Thank you for your time...your welcome

read above i have inserted my comments below your questions

 

[strongboes]

How did you get into trading?
Because it's an ideal way of earning a living

What good books did you read?
Trading in the zone - only one I have found useful

Where did you source your information about trading from?
Lol, my 4d brain

Which courses did you attend?
Would never have even considered this

Did you use a Mentor?
No

How was your first trade?
Around 8 yrs ago ish, long on the dow, doubled my account then blew it

What do you prefer to trade and why? (Stocks, Options, Forex, Futures...?)
Any market which fits with my method, favour dow, ftse, fx

How long have you been trading?
8yrs infrequently

Do you consider yourself successful?
You wouldn't believe

What's the most important advice you would give a beginner?
Think for yourself, also you need the desire to want to be exceptional

 

[Geerge]

Trading questions

Please could you help me and other beginners by outlining your path to where you are today...Answer under these headings please if you don't mind...

How did you get into trading?
I got in with a company called Better Trades

What good books did you read?
None

Where did you source your information about trading from?
Better Trades

Which courses did you attend?
Better Trades 2 day workshop.

Did you use a Mentor?
Sure. Several . Darlene Nelson and several others

How was your first trade?
It was great. Then on the 2nd, I did a silly thing and lost what Id made

What do you prefer to trade and why? (Stocks, Options, Forex, Futures...?)
Options. Why? They are cheaper. Why would you want to buy an expensive stock when you can buy an option at a fraction of the cost.

How long have you been trading?
5 Months

Do you consider yourself successful?
yes

What's the most important advice you would give a beginner?
Dont try it on unless you are educated. The market can be very risky if you dont know what you are doing, and even then there is risky so get educated somewhere somehow.

Feel free to add in any other info after these questions...
Probably 70 to 90% or more of the folks that play in the market loose. Investing, in my opinion is far riskier than trading. Investing is buuying stock with the hope that in 1 year, 3 year, 5 years etc, that it wil go up in value. In trading, Im in an out in a few minutes, or hours.

Thank you for your time...

ffffffffffffffffffffffffffff

 

[mr_cassandra]

Good questions all

I'll attempt to answer in the same order as your questions.

Please could you help me and other beginners by outlining your path to where you are today...Answer under these headings please if you don't mind...

How did you get into trading? My family has been involved in the stock market since prior to the crash of 1929. It was therefore a fairly common subject to us all. And my grandfather left several of us our initial stake.

What good books did you read? Marty Zweigs 'winning on wall st' is by far the best I read as far as having real world applications to how I make money in the market. Articles, courses and the media can almost paralyze you with an immense blizzard of information. You're one overriding thought when taking this input shoudl be: can I take this and DO something with it, or is it just speechmaking.

Where did you source your information about trading from? From my own research. I have built a 10+ year data base of various stock market indicators into my program, many of which were learned from various boards and researched on my own.

Which courses did you attend? None, I did all this myself with over 2,000 hours programming work.

Did you use a Mentor? I had mentors who were excellent at fundamentals but all my success has been with TA in a computer program.

How was your first trade? That was a long time ago, no idea.

What do you prefer to trade and why? (Stocks, Options, Forex, Futures...?) I trade the sp400 index because it produces the most profit when used with my program.

How long have you been trading? Since 1982

Do you consider yourself successful? yes, imo investing success is if you do not need your day job any longer. That is my current situation.

What's the most important advice you would give a beginner? There is no shortcut to success. It takes a lot of work, persistence and diligence. You have to be realistic and see what IS happening, not what you THINK should be happening. In addition, take everyones advice with a grain of salt and do not take anything they say for granted, no matter how learned they sound. Be willing to investigate any idea but take nothing for granted just because they sounded confident or learned. Listen to naysayers but be aware that many have never studied the subject they are pontificating about.

Feel free to add in any other info after these questions...You CAN succeed if you approach this realistically. By that I mean you'll need to trash the three most dangerous meme's on the internet.

1. you can catch every swing every time
2. you'll never have a loss
3. you'll never have a drawdown.

Drive around anyone who talks like that as if they were a leper.

Concentrate instead on capturing as much as possible of your target moves, time after time, year after year. Be wiling to look at any idea, especially if someone vehemently says it won't or can't work.

Thank you for your time...

 

[wasp]

Please could you help me and other beginners by outlining your path to where you are today...Answer under these headings please if you don't mind...

How did you get into trading?

Job advert in a paper for trainee required - no experience necessary in Hong Kong in the 90's

What good books did you read?

None

Where did you source your information about trading from?

Screen time - years of it

Which courses did you attend?

None

Did you use a Mentor?

Nope

How was your first trade?

Wonderful

What do you prefer to trade and why? (Stocks, Options, Forex, Futures...?)

FX - 24hours a day - liquid - decent movement - easy to read

How long have you been trading?

15 years - on and off

Do you consider yourself successful?

Guess so

What's the most important advice you would give a beginner?

Screen time - screen time - screen time - dump indicators - remember what the market is (people) and learn to read it till you know the players better than yourself

Feel free to add in any other info after these questions...

Thank you for your time...

...

 

[Dustin]

First post on T2W, same screen name on ET.

Please could you help me and other beginners by outlining your path to where you are today...Answer under these headings please if you don't mind...

How did you get into trading?
Interned at Dean Witter in '97 and met a guy who daytraded. That side of the biz sucks so I gave it a try. Happy I did.

What good books did you read?
Reminiscences is great, but no books will make you profitable.

Where did you source your information about trading from?
In '98 there really wasn't any besides ET and SI.

Which courses did you attend?
None, don't ever ever ever pay for these.

Did you use a Mentor?
No, don't ever ever ever pay for one of these either.

How was your first trade?
Don't remember my first daytrade. It's not important.

What do you prefer to trade and why? (Stocks, Options, Forex, Futures...?)
Equities, they have more inefficiencies. It's important, trust me.

How long have you been trading?
10+ years

Do you consider yourself successful?
Satisfied yes...content never.

What's the most important advice you would give a beginner?
Only buy stocks that are up, only short stocks that are down. Only trade stocks that have higher than average volatility that day. It will cut your learning curve in half.

Feel free to add in any other info after these questions...
You will never stop hating losing days no matter how much you make. And you shouldn't.

Thank you for your time...