This Monday I will start paper trading. I am brand new to the trading world, and a little worried about building a small account. Well, start small, smart, and cut losses early.
In regards to compound interest… take a $1000 account. If you take that $1000 account and build your account by 10% every week for a year the $1000 account will add up to be around $142000.
So my conclusion is to just keep it safe(cut losses early) and stay in the game.
Posted Nov 28, 15 3:38 PMbyzacllbird
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Basics
longer you're in a trade, the harder it is to focus rationally. Anyways, welcome to the community, feel free to ask questions and good luck in your paper trading journey! Treat it like real money.
Add to your winners, cut your losers. If you are consistently winning on a certain stock keep playing it. Stick to what you know. The market has been going up for 7 years now so know the bear market might be creeping in or is already here. Buffet says 5 years up 2 years down. Also, making one great trade is better than make 50 good trades. Why swing on every pitch? Wait for your pitch and take it deep. Cut your losses early and let your winners ride. Always take profits along the way. The first
two hours and the last two hours are the best trading times. The most important part in entry points being as close as possible to youe exit points. Remebmber, you are not just buying or selling. You are managing uncertainty and need to plan with that in mind. GOODLUCK on your journey.
Thanks for the advice Tunde and PWN, I really appreciate it.
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