Morning all! I'm a new trader, been studying Tim Sykes and Tim Grittani's video lessons, dvd's and youtube channels for about 4-5 months now and finally decided to dive into the trading world two weeks ago. My first week in I was down $360 in two days and out of day trades. Which was probably the best thing for me. It gave me some time to sit back and think wtf am I doing. Here's my advice from a newbie to newbies, which the Tim's have both said in numerous lessons:
1. Don't take a swing position if you have no day trades left. There's no worse feeling than watching a trade go against you post market and not being able to do anything about it.
2. Don't follow alerts. Find a setup that you're comfortable with and focus only on that. Trying to play someone else's alert no matter how much money they've earned will slow down your evolution as a trader.
3. Ignore chat room chatter. When you're new, you likely don't know who knows what they're talking about (aside from mod's and guru's) and who's just a paying subscriber throwing out everything they see moving. I personally don't even log into it anymore. The video lessons are more than worth the subscription in my mind.
4. Stockstotrade has the best live news feed out there. Being able to filter what tickers pop up on it is amazing. You'll pay for the monthly subscription with one trade.
I'll post more at a later date but I have wife agro and its gym time. Have a good weekend everyone!
Thanks! I'm trading slowly myself to try to put practice on small trades while I learn. How many hours do you feel you've studied/watched so far?
I've watched all the free content I could from his YouTube. It is inspiring. My most recent trade was TCW.TO that I got for an ASP of 2.08, currently just over 5.00. Im up around $40,000 but getting greeding and holding.
I studied for about two hours for a few months, went through trader checklist a few times and normally monitor the market every day even if I'm not trading to learn patterns. Knox take those profits man!
Two hours a day*
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