Any advice for a first time trader

Discussion in 'Business, Investing & Finance' started by LeeForThree, Jun 30, 2020.

  1. LeeForThree

    LeeForThree Let It Fly
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    I'm thinking about getting into trading stocks. I had pretty limited knowledge until the last month. I have been doing a lot of research and following of the markets to get some idea of what I'm getting into.

    Does anyone have any advice, it would be greatly appreciated
     
    • Taco Gratis

      Taco Gratis Clear eyes. Full hearts.

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      “Don't focus on making money; focus on protecting what you have.”
      “The most important rule of trading is to play great defense, not offense.”
      “At the end of the day, the most important thing is how good are you at risk control."

      ~ Paul Tudor Jones
       
      • FireFoley

        FireFoley Senior Member
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        Good advice @Taco Gratis. As someone whose entire career was in trading financial instruments, don;t ever think about or what you hope to make on a trade. Trading and Investing are 2 different things In trading always define what you are willing to lose and stick to it. Always know what the downside is!. In reality as a trader you don't care about the upside b/c that is what you are trying to do and that is gravy. Concentrate on the risks. Most investors always want to know what they can make, almost none asks how much can I lose? Lastly, never turn a "losing trade" into a long term investment.
         
        • Detroitgator

          Detroitgator Well-Known Member
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          The spate of these threads is evidence that we are not yet into the full mania phase, we're just getting there.
           
          • Concrete Helmet

            Concrete Helmet Hook, Line, and Sinker
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            Bend over and kiss your ass goodbye....never assume that corps are still cash heavy and looking to grow.....and there's no way you can lose a bet that the market will come up almost 5000 during the virus pandemic....ever...you are a lock to win.....signed Bammer...
             
          • Taco Gratis

            Taco Gratis Clear eyes. Full hearts.

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            "I'm leaving that to my grandkids." :lol:
             
            • bradgator2

              bradgator2 Rioting
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              What is your goal?

              Dividend producers? Long term holdings? Ultra-long term holdings? Day trading? Just playing around with a few bucks?
               
              • LeeForThree

                LeeForThree Let It Fly
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                I only have a small amount of money that I am going to be using to start. I was going to focus on day trades and short term swing trades at first trying to build up the total hopefully. If I lose it, it wouldnt bother me too much (just a few rounds of golf lol). I have been making trial runs the last 2 weeks trying to minimize losses and maximizing gains. I'm going in expecting to lose at first, even though the trials have been decent to good more often than bad. Switching to the actual trading system and not on paper I'm sure will take some getting use to
                Currently I'd say day trading/swing trading. Starting with a small amount trying to increase it as quick as I can, if I can lol
                 
              • bradgator2

                bradgator2 Rioting
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                I will admit... I dont think I ever seen a single post in here regarding anything along those lines. Enjoy the ride!!!
                 
              • Detroitgator

                Detroitgator Well-Known Member
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                I swing/momentum trade, but ain't gonna talk about it
                 

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