After reading the comments on the PhotoReading forum I decided to check out the other forums for curiosity reasons and came across your Journal. I was amazed at how open you were with this membership about your thoughts and feeling and the pain that you have.
I first read your comments last night and said to myself don't get involved, what are you going to say that would make a differents in this persons life.Sleep did not come easy to me last night because I felt guilty for not commenting on something that I am very familiar with, and that my friend is the commodity market, trading futures.
DON'T DO IT! You and a lot of other people are not ready to trade. Let me give it to you straight, you will lose money. That is the truth. You don't need that in your life right now until you are at peace with yourself.
I lose money, all commodity guru's lose money, everyone that has ever traded the Markets lose money.
So what make's a successful trader you may ask? You must have a good plan that works for you. You must have a certain mindset before you call your broker and everyday after that you are in the market.You must keep your emotions in check, and you must have more winning trade's than losing trade's. I'm sure other trader's can add to the list but that will do for now.
Here is another thing you need to know about a trading course. No one trading course or even a combination of courses will prepare you for everything that you will need to know. What kind of trading are you going to do? Straight options, futures and options, are you going to be a seasonal trader, fundamental traders,( probably not )technical trader, combination of the two, will you get involved in commitment of traders as a tool, and speaking of tools,will you use software to help you with your trade's and if you do what indicators will you use? All of them, some of them, some on some markets and other indicaters on other markets.
and speaking of Markets, which are you going to trade. Some market are easier than others for new traders, some market you should stay away form all together. some markets you could not afford to trade.
You must also consider what kind of trading you would like to do, Long term, short term day trader, swing trader.
Will your commodity course tell you what to say to your broker and how to say it. A little mistake in your order to your broker can cost you some real money. Will your course tell you about the different orders that are necessary in different situations at different times to get in a market or get out of a market.
How about your seed money, ( account ) will you put in $1,000,$2,000,$5,000 or even $10,000 in your account. Don't even think about putting anything less than $5,000 in your account unless you are trading options and then you would have to be what they call out of the money to trade. Some may disagree with this, so be it. How many contracts will you trade at a time, you can't make any real money trading one contract at a time, but more is riskier. What kind of broker will you use? full service or discount service. You will pay a broker out of your account a commission and fees on every contract on ever trade going in the market and getting out of the market. I did not write this in any certain order, just as it came to me.
PAPER TRADING: I know the commodity guru's tell you to paper trade for three months or so. You will do this in vain. This will help you in no way when you or anyone else decides to trade for real. First of all you have nothing to lose, there is no emotion attached to the trade. You don't have to call your broker, and as they say pull the trigger. A big part of trading is emotional and being able to keep your negative thoughts under control.
One last thing on this subject. Don't ever, ever, ever borrow money now or in the future to trade the markets. PERIOD!!
I have more to say about your Journal but only if you ask.
Because I care.
Dennis
